Document:

hone_Ex10_5

		

			Exhibit 10.5

		

		

			 

		

		
			INCENTIVE STOCK OPTION AGREEMENT
UNDER THE HARBORONE BANCORP, INC.
		

		
			2017 STOCK OPTION AND INCENTIVE PLAN
		

		
			Name of Optionee: 
		

		
			No. of Option Shares:
		

		
			Option Exercise Price per Share:$
		

		
			Grant Date: 
		

		
			Expiration Date:
		

		
			Pursuant to the HarborOne Bancorp, Inc. 2017 Stock Option and Incentive Plan as amended through the date hereof (the “Plan”), HarborOne Bancorp, Inc. (the “Company”) hereby grants to the Optionee named above an option (the “Stock Option”) to purchase on or prior to the Expiration Date specified above all or part of the number of shares of Common Stock, par value $0.01 per share (the “Stock”), of the Company specified above at the Option Exercise Price per Share specified above subject to the terms and conditions set forth herein and in the Plan.
		

			
	
			
				 1.
			Exercisability Schedule.  No portion of this Stock Option may be exercised until such portion shall have become exercisable.  Except as set forth below, and subject to the discretion of the Administrator (as defined in Section 2 of the Plan) to accelerate the exercisability schedule hereunder, this Stock Option shall be exercisable with respect to the following number of Option Shares on the dates indicated so long as the Optionee remains an employee of the Company or a Subsidiary on such dates:

			
					
						Incremental Number of
Option Shares Exercisable*

					
					
						Exercisability Date

				
	
					
						_____________ (___%)

					
					
						____________

				
	
					
						_____________ (___%)

					
					
						____________

				
	
					
						_____________ (___%)

					
					
						____________

				
	
					
						_____________ (___%)

					
					
						____________

				
	
					
						_____________ (___%)

					
					
						____________

				

		
			* Max. of $100,000 per yr.
		

		
			Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan.
		

		
			

		 

		

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			Exhibit 10.5

		

		

			 

		

		

			
	
			
				 2.
			Manner of Exercise.

			
	
			
				 (a)
			The Optionee may exercise this Stock Option only in the following manner:  from time to time on or prior to the Expiration Date of this Stock Option, the Optionee may give written notice to the Administrator of his or her election to purchase some or all of the Option Shares purchasable at the time of such notice.  This notice shall specify the number of Option Shares to be purchased.

		
			Payment of the purchase price for the Option Shares may be made by one or more of the following methods:  (i) in cash, by certified or bank check or other instrument acceptable to the Administrator; (ii) through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the Optionee on the open market or that are beneficially owned by the Optionee and are not then subject to any restrictions under any Company plan and that otherwise satisfy any holding periods as may be required by the Administrator; or (iii) by the Optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company to pay the option purchase price, provided that in the event the Optionee chooses to pay the option purchase price as so provided, the Optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure; or (iv) a combination of (i), (ii) and (iii) above.  Payment instruments will be received subject to collection.
		

		
			The transfer to the Optionee on the records of the Company or of the transfer agent of the Option Shares will be contingent upon (i) the Company’s receipt from the Optionee of the full purchase price for the Option Shares, as set forth above, (ii) the fulfillment of any other requirements contained herein or in the Plan or in any other agreement or provision of laws, and (iii) the receipt by the Company of any agreement, statement or other evidence that the Company may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under the Plan and any subsequent resale of the shares of Stock will be in compliance with applicable laws and regulations.  In the event the Optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the Optionee upon the exercise of the Stock Option shall be net of the Shares attested to.
		

			
	
			
				 (b)
			The shares of Stock purchased upon exercise of this Stock Option shall be transferred to the Optionee on the records of the Company or of the transfer agent upon compliance to the satisfaction of the Administrator with all requirements under applicable laws or regulations in connection with such transfer and with the requirements hereof and of the Plan.  The determination of the Administrator as to such compliance shall be final and binding on the Optionee.  The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Stock subject to this Stock Option unless and until this Stock Option shall have been exercised pursuant to the terms hereof, the Company or the transfer agent shall have transferred the shares to the Optionee, and the Optionee’s name shall have been entered as the shareholder of record on the books of the Company.  Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to such shares of Stock.

		
			

		 

		

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				 (c)
			The minimum number of shares with respect to which this Stock Option may be exercised at any one time shall be 100 shares, unless the number of shares with respect to which this Stock Option is being exercised is the total number of shares subject to exercise under this Stock Option at the time.

			
	
			
				 (d)
			Notwithstanding any other provision hereof or of the Plan, no portion of this Stock Option shall be exercisable after the Expiration Date hereof.

			
	
			
				 3.
			Termination of Employment.  If the Optionee’s employment by the Company or a Subsidiary (as defined in the Plan) is terminated, the period within which to exercise the Stock Option may be subject to earlier termination as set forth below.

			
	
			
				 (a)
			Termination Due to Death.  If the Optionee’s employment terminates by reason of the Optionee’s death, any portion of this Stock Option outstanding on such date, to the extent exercisable on the date of death, may thereafter be exercised by the Optionee’s legal representative or legatee for a period of 12 months from the date of death or until the Expiration Date, if earlier.  Any portion of this Stock Option that is not exercisable on the date of death shall terminate immediately and be of no further force or effect.

			
	
			
				 (b)
			Termination Due to Disability.  If the Optionee’s employment terminates by reason of the Optionee’s disability (as determined by the Administrator), any portion of this Stock Option outstanding on such date, to the extent exercisable on the date of such termination of employment, may thereafter be exercised by the Optionee for a period of 12 months from the date of disability or until the Expiration Date, if earlier.  Any portion of this Stock Option that is not exercisable on the date of disability shall terminate immediately and be of no further force or effect.

			
	
			
				 (c)
			Termination for Cause.  If the Optionee’s employment terminates for Cause, any portion of this Stock Option outstanding on such date shall terminate immediately and be of no further force and effect.  For purposes hereof, “Cause” shall mean, unless otherwise provided in an employment agreement between the Company and the Optionee, a determination by the Administrator that the Optionee shall be dismissed as a result of (i) any material breach by the Optionee of any agreement between the Optionee and the Company; (ii) the conviction of, indictment for or plea of nolo contendere by the Optionee to a felony or a crime involving moral turpitude; or (iii) any material misconduct or willful and deliberate non-performance (other than by reason of disability) by the Optionee of the Optionee’s duties to the Company.

			
	
			
				 (d)
			Other Termination.  If the Optionee’s employment terminates for any reason other than the Optionee’s death, the Optionee’s disability, or Cause, and unless otherwise determined by the Administrator, any portion of this Stock Option outstanding on such date may be exercised, to the extent exercisable on the date of termination, for a period of three months from the date of termination or until the Expiration Date, if earlier.  Any portion of this Stock Option that is not exercisable on the date of termination shall terminate immediately and be of no further force or effect.

		
			

		 

		

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			Exhibit 10.5

		

		

			 

		

		

		
			The Administrator’s determination of the reason for termination of the Optionee’s employment shall be conclusive and binding on the Optionee and his or her representatives or legatees.
		

			
	
			
				 4.
			Incorporation of Plan.  Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan.  Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.

			
	
			
				 5.
			Transferability.  This Agreement is personal to the Optionee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution.  This Stock Option is exercisable, during the Optionee’s lifetime, only by the Optionee, and thereafter, only by the Optionee’s legal representative or legatee.

			
	
			
				 6.
			Status of the Stock Option.  This Stock Option is intended to qualify as an “incentive stock option” under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), but the Company does not represent or warrant that this Stock Option qualifies as such.  The Optionee should consult with his or her own tax advisors regarding the tax effects of this Stock Option and the requirements necessary to obtain favorable income tax treatment under Section 422 of the Code, including, but not limited to, holding period requirements.  To the extent any portion of this Stock Option does not so qualify as an “incentive stock option,” such portion shall be deemed to be a non-qualified stock option.  If the Optionee intends to dispose or does dispose (whether by sale, gift, transfer or otherwise) of any Option Shares within the one-year period beginning on the date after the transfer of such shares to him or her, or within the two-year period beginning on the day after the grant of this Stock Option, he or she will so notify the Company within 30 days after such disposition.

			
	
			
				 7.
			Tax Withholding.  The Optionee shall, not later than the date as of which the exercise of this Stock Option becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event.  The Company shall have the authority to cause the required tax withholding obligation to be satisfied, in whole or in part, by withholding from shares of Stock to be issued to the Optionee a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding amount due; provided, however, that to the extent necessary to avoid adverse accounting treatment such share withholding may be limited to the minimum required tax withholding obligation. 

			
	
			
				 8.
			No Obligation to Continue Employment.  Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this Agreement to continue the Optionee in employment and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Optionee at any time.

		
			

		 

		

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			Exhibit 10.5

		

		

			 

		

		

			
	
			
				 9.
			Integration.  This Agreement constitutes the entire agreement between the parties with respect to this Stock Option and supersedes all prior agreements and discussions between the parties concerning such subject matter.

			
	
			
				 10.
			Data Privacy Consent.  In order to administer the Plan and this Agreement and to implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the “Relevant Information”).  By entering into this Agreement, the Optionee (i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Optionee may have with respect to the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate.  The Optionee shall have access to, and the right to change, the Relevant Information.  Relevant Information will only be used in accordance with applicable law.

			
	
			
				 11.
			Notices.  Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or delivered to the Optionee at the address on file 

		 

		

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			Exhibit 10.5

		

		

			 

		

	with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing.

		
			HARBORONE BANCORP, INC.
		

		
			By:
		

		
			Title:
		

		
			The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.  Electronic acceptance of this Agreement pursuant to the Company’s instructions to the Optionee (including through an online acceptance process) is acceptable.
		

		
			Dated:
		

		
			Optionee’s Signature
		

		
			 
		

		
			Optionee’s name and address:
		

		
			
		

		
			
		

		
			
		

		
			 
		

		 

		

			6Exhibit
10.2

 

DEBT
CONVERSION AGREEMENT

 

This
Debt Conversion Agreement (this “Agreement”) is made as of August 1, 2017, by and between International Western Petroleum,
Inc., a Nevada corporation having an address at 5525 N. MacArthur Blvd, Suite 280, Irving, TX 75038 (the “Company”)
and Riggs Capital, Inc., an entity having an address at 10530 Normont Drive, Houston, TX 77070 (the “Lender”).

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to that certain assignment of account attached as Exhibit A hereto (the “Assignment of Account”),
the Company has outstanding indebtedness to the Lender in the aggregate amount of $379,428.00, comprised of both principal and
interest (the “Indebtedness”); and

 

WHEREAS,
the Lender desires to, and the Company has agreed to, convert the Indebtedness into an aggregate of 5,900,000 shares of the Company’s
restricted common stock, par value $0.001 per share, at an effective conversion price of $0.064 per share, on the terms and conditions
as set forth herein (the “Conversion”), it being agreed and acknowledged that subsequent to the Conversion, the Indebtedness
shall be cancelled.

 

NOW,
THEREFORE, the parties agree as follows:

 

1.       Conversion
and Cancellation of the Indebtedness. Effective automatically upon the execution and delivery of this Agreement by all the
parties (the “Closing”), the Indebtedness shall be cancelled and converted into an aggregate of 5,900,000 newly issued
and outstanding restricted shares of the Company’s common stock (the “Shares”).

 

2.       The
Closing. The Closing shall take place on August 2, 2017. At the Closing, the following actions shall take place simultaneously;

 

	 	(i)	The Lender shall deliver the original Assignment of Account to the Company for cancellation; and

	 	 	 
	 	(ii)	The Company shall instruct its transfer agent to deliver to the Lender and an affiliated person (Patrick L.
Riggs) certificates representing, in the aggregate, the Shares.

 

3.       Representations
and Warranties of the Company. The Company represents and warrants to the Lender that:

 

3.1
       Authority. The Company has all requisite corporate power and authority to execute
and deliver this Agreement and consummate the transactions contemplated hereby. The execution and delivery of this Agreement and
the consummation of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the
Company. The Company has duly executed and delivered this Agreement and, assuming due authorization, execution and delivery of
this Agreement by the Lender, this Agreement constitutes a legal, valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, except to the extent that enforceability may be limited by bankruptcy laws or other
laws affecting creditors’ rights generally and by general principles of equity. Neither the execution, delivery and performance
of this Agreement, nor the performance of the transactions contemplated hereby, including without limitation the issuance of the
Shares will: (i) constitute a breach or violation of the Company’s constituent documents; (ii) conflict with or constitute
(with or without the passage of time or the giving of notice) a breach of, or default under any material agreement, instrument
or obligation to which the Company is a party or by which its assets are bound; or (iii) violate any court order, judgment, administrative
or judicial order, writ, decree, stipulation, arbitration award or injunction or statute, law, ordinance, rule and regulation
applicable to the Company.

 

    	 	 1	 

     

    

 

3.2       Issuance.
The issuance of the Shares pursuant to this Agreement will not violate any (i) preemptive right, right of first refusal or other
rights of any person to acquire securities of the Company or (ii) applicable federal or state securities laws, and the rules and
regulations promulgated thereunder.

 

4.       Representations
and Warranties of the Lender. The Lender represents and warrants to the Company that:

 

4.1       Authority.
The Lender has all the power and requisite authority to execute and deliver this Agreement and consummate the transactions contemplated
hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly
authorized by all necessary action on the part of the Lender. The Lender has duly executed and delivered this Agreement and, assuming
due authorization, execution and delivery of this Agreement by the Company, this Agreement constitutes a legal, valid and binding
obligation of the Lender, enforceable against the Lender in accordance with its terms, except to the extent that enforceability
may be limited by bankruptcy laws or other laws affecting creditor’s rights generally and by general principles of equity.

 

4.2       No
Prior Transfer. The Lender has not previously transferred any interest in the Notes or incurred any obligation to do so.

 

4.3       Investment.
The Lender is acquiring the Shares pursuant to this Agreement solely for investment purposes, for the Lender’s own account
and not with a view to resale or distribution. The Lender understands that (i) the Shares are not registered under the Securities
Act of 1933, as amended (the “Securities Act”), or any state securities laws, (ii) the Company is under no obligation
to register the Shares, and (iii) the Shares cannot be transferred, resold or otherwise disposed of by the Lender without such
registration unless the Company receives an opinion of counsel, reasonably acceptable to the Company, stating that such transfer,
resale or other disposition is exempt from such registration requirements, or other evidence satisfactory to the Company that
demonstrates the applicability of such exemption.

 

    	 	 2	 

     

    

 

4.4       Investment
Qualifications. The Lender has such knowledge and experience in financial and business matters and familiarity with the Company
as to be capable of evaluating the merits and risks of converting the Indebtedness into the Shares. The Lender is an “accredited
investor,” as defined in Regulation D promulgated by the U.S. Securities and Exchange Commission under the Securities Act.

 

5.       Survival.
The representations and warranties in Sections 3 and 4 shall survive the Closing and continue in full force and effect
thereafter.

 

6.       Post-Closing
Cooperation. From and after the Closing, the parties shall cooperate with each other and take such actions as may be reasonably
requested and are consistent with the provisions of this Agreement to obtain for the requesting party the benefits of the transactions
contemplated hereby.

 

7.       Miscellaneous.

 

7.1       Entire
Agreement. This Agreement supersedes and cancels any prior or contemporaneous agreements among the parties relating to the
subject matter of this Agreement. There are no representations, agreements, arrangements or understandings between the Lender
and the Company relating to the subject matter of this Agreement that are not fully expressed herein.

 

7.2       Amendment.
This Agreement may not be amended except by an instrument in writing signed on behalf of each of the Parties.

 

7.3       Successors
and Assigns. This Agreement may not be assigned or transferred by any party without the prior written consent of the other
parties. Subject to the foregoing restriction on transfer or assignment, this Agreement shall be binding upon and inure to the
benefit of the parties and their successors and permitted assigns.

 

7.4       Governing
Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of the State of
Nevada, without regard to conflict of law principles. Any litigation arising out of or related to this Agreement shall be instituted
and prosecuted only in the appropriate state or federal court situated in Clark County, Nevada.

 

7.5       Interpretation.
The captions of the sections of this Agreement are for convenience and reference only, and shall not be held to explain, modify,
amplify or aid in the interpretation, construction or meaning of this Agreement.

 

7.6       Expenses.
Each party will bear its own costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby.

 

7.7       Counterparts;
Facsimile Signatures. This Agreement may be executed in counterparts, each of which shall be considered an original instrument,
but all of which together shall be considered one and the same agreement. Facsimile copies of the signature page hereof shall
be deemed originals and shall be binding for all purposes.

 

[-Signature
Page Follows-]

 

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

 

	THE
    COMPANY:	 
	 	 
	INTERNATIONAL
    WESTERN PETROLEUM, INC.	 
	 	 	 
	By:	/s/
    Ross H. Ramsey	 
	Name:	Ross
    H. Ramsey	 
	Title:	Chief
    Executive Officer	 

 

	THE
                                         LENDER:

        

	 
	RIGGS
    CAPITAL, INC.
	 	 	 
	By:	/s/
    Patrick L. Riggs	 
	Name:	Patrick
    L. Riggs	 
	Title:	Chief
    Executive Officer	 

 

    	 	 4	 

     

    

 

Exhibit
A – Assignment of Account

 

Please
see attached.

 

    	 	 5

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