Document:

EXHIBIT 10.8.9

 

SUPPLEMENTAL AGREEMENT

 

THIS SUPPLEMENTAL AGREEMENT, dated as of November 1, 2009 (this “Supplemental
Agreement”), is entered into by and between Oglethorpe Power Corporation (An
Electric Membership Corporation), an electric membership corporation organized
and existing under the laws of the State of Georgia (the “Seller”), Flint
Electric Membership Corporation, an electric membership corporation organized
and existing under the laws of the State of Georgia (the “Purchaser”), and the
United States of America (the “Government”), acting through the Administrator
(the “Administrator”) of the Rural Utilities Service (“RUS”).

 

WHEREAS, the Seller and the Purchaser are entering into a contract for
the purchase and sale of electric power and energy, which is attached (the “Wholesale
Power Contract”); and,

 

WHEREAS, the effectiveness of the Wholesale Power Contract is subject
to the approval of the Administrator under the terms of the loan contract
entered into between the Government and the Purchaser;

 

NOW, THEREFORE, in consideration of the mutual undertakings herein
contained, and the approval of the Administrator of the Wholesale Power
Contract, the parties hereto agree as follows:

 

1.                                       The Seller, the
Purchaser and the Government agree that if the Purchaser shall fail to comply
with any provision of the Wholesale Power Contract, the Seller, the Government
(or the Administrator, if the Administrator so elects), shall have the right to
enforce the obligations of the Purchaser under the provisions of the Wholesale
Power Contract by instituting all necessary actions at law or suits in equity,
including, without limitation, suits for specific performance.  Such rights to enforce the provisions of the
Wholesale Power Contract are in addition to and shall not limit the rights that
the Government (or the Administrator) shall otherwise have pursuant to the
assignment of such Wholesale Power Contract and the payments required to be
made thereunder as provided in the “Indenture” (as defined in Schedule C to the
Wholesale Power Contract).  The
Government shall not, under any circumstances, assume or be bound by the
obligations of the Seller under the Wholesale Power Contract except to the
extent the Government shall agree in writing to accept and be bound by such obligations.

 

2.                                       If the Seller
shall fail to comply with Section 5.2 of the Wholesale Power Contract, the
Government (or the Administrator, if the Administrator so elects), shall have
the right to enforce the obligations of the Seller under the provisions of the
Wholesale Power Contract by instituting all necessary actions at law or suits
in equity, including, without limitation, suits for specific performance.  Such rights to enforce the provisions of the
Wholesale Power Contract are in addition to and shall not limit the rights that
the Government (or the Administrator) shall otherwise have pursuant to the
assignment of such Wholesale Power Contract and the payments required to be
made thereunder as provided in the Indenture. 
The 

 

 

Government shall not, under
any circumstances, assume or be bound by the obligations of the Purchaser under
the Wholesale Power Contract except to the extent the Government shall agree in
writing to accept and be bound by such obligations.

 

3.                                       If either the
Seller or the Purchaser is a borrower from RUS at the time an amendment to the
Wholesale Power Contract is executed, such amendment to the Wholesale Power
Contract shall not be effective unless any notice to RUS required under the
terms of the loan agreement entered into between the Government and the Seller
shall have been given and the time period provided for therein for objection by
RUS to such amendment shall have expired without objection by RUS, or the
Administrator shall have otherwise approved such amendment in writing.

 

4.                                       The Purchaser
and the Seller agree that the failure or threatened failure of the Purchaser to
comply with the terms of Section 8 of the Wholesale Power Contract will
cause irreparable injury to the Government, which cannot properly or adequately
be compensated by the mere payment of money. 
The Purchaser agrees, therefore, that in the event of a breach or
threatened breach of such Section 8 by the Purchaser, the Government (or
the Administrator), in addition to any other remedies that may be available to
the Government (or the Administrator) judicially, shall have the right to
obtain from any competent court a decree enjoining such breach or threatened
breach of such Section 8 or providing that the terms of such Section 8
be specifically enforced.

 

5.                                       The Seller and
the Purchaser acknowledge and agree that the consent of the Administrator to
any assignment by the Seller or the Purchaser of the Wholesale Power Contract
which is subject to consent by the Administrator pursuant to Section 9.1.1
of the Wholesale Power Contract shall be subject to such conditions as the
Administrator may require, including obtaining from the assignee a written
agreement satisfactory to the Administrator to the effect that the assignee
will be bound by the terms of this Supplemental Agreement.

 

6.                                       The Government
is an intended third party beneficiary as provided herein within the meaning of
Section 18.6 of the Wholesale Power Contract.

 

7.                                       This
Supplemental Agreement shall terminate when neither the Seller nor the
Purchaser is a borrower of RUS.

 

8.                                       Except to the
extent governed by applicable federal law, this Supplemental Agreement shall be
governed by, and construed in accordance with, the laws of the State of
Georgia.

 

9.                                       This
Supplemental Agreement shall be binding upon and inure to the benefit of the
successors and assigns of the parties hereto. 
Neither the Purchaser nor the Seller shall assign this Supplemental
Agreement without the consent of the Administrator, except that this Supplemental
Agreement may be assigned by the Seller or the Purchaser without the consent of

 

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the Administrator in
connection with any assignment of the Wholesale Power Contract permitted by the
Wholesale Power Contract.

 

10.                                 This
Supplemental Agreement shall be effective when and if the Wholesale Power
Contract is effective pursuant to its terms.

 

(Signatures on next page)

 

3

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Agreement
to be duly executed as of the day and year first above mentioned.

 

	
   

  	
   

  	
  SELLER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  OGLETHORPE
  POWER CORPORATION

  
	
   

  	
   

  	
  (AN
  ELECTRIC MEMBERSHIP CORPORATION)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [CORPORATE
  SEAL]

  	
   

  	
  By:

  	
  /s/
  Thomas A. Smith

  
	
   

  	
   

  	
   

  	
  Thomas
  A. Smith, President and Chief Executive Officer

  
	
  ATTEST:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/  Patricia N. Nash

  	
   

  	
   

  	
   

  
	
  Patricia
  N. Nash

  	
   

  	
   

  	
   

  
	
  Secretary

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PURCHASER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FLINT
  ELECTRIC MEMBERSHIP CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [CORPORATE
  SEAL]

  	
   

  	
  By:

  	
  /s/  Robert Ray, Jr.

  
	
   

  	
   

  	
   

  	
  Robert
  Ray, Jr.

  
	
   

  	
   

  	
   

  	
  President/CEO

  
	
  ATTEST:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/  Neal L. Talton

  	
   

  	
   

  	
   

  
	
  Neal
  L. Talton

  	
   

  	
   

  	
   

  
	
  Secretary-Treasurer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GOVERNMENT:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  UNITED
  STATES OF AMERICA

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/  Victor T. Vu

  
	
   

  	
   

  	
   

  	
  Director,
  Power Supply Division

  

 

4Terrace Ventures Inc.: Exhibit 10.8 - Filed by newsfilecorp.com

AMENDMENT AGREEMENT TO SHARE PURCHASE
AGREEMENT

THIS AMENDMENT AGREEMENT is dated as of the 31st day of
December, 2009 (the “Effective Date”)

AMONG:

MARKTECH ACQUISITION
CORP., a corporation duly formed under the laws of British Columbia
with its principal office at 3045 Quennell Road, PO Box 13, Nanaimo, BC V9X
1K5

(hereinafter called the "Vendor")

OF THE FIRST PART

AND:

WORLDBID INTERNATIONAL
INC., a company duly continued under the laws of Nevada with its
principal office at Suite 201, 801 Peace Portal Drive, Blaine, WA 98230

(hereinafter referred to as
“Worldbid")

OF THE SECOND PART

AND:

TERRACE VENTURES INC., a
Nevada corporation with its principal office at 810 Peace Portal Drive,
Suite 202, Blaine, WA 98230

(hereinafter referred to as
“Terrace")

OF THE THIRD PART

AND:

GEOBIZ SYSTEMS INC., a
Nevada corporation with its registered office at 8275 S. Eastern Avenue,
Suite 200, Las Vegas, NV 89123

(hereinafter referred to as the
"Purchaser")

OF THE FOURTH PART

WHEREAS:

A.      The Vendor, Worldbid, a wholly
owned subsidiary of the Vendor, Terrace and the Purchaser, a wholly owned
subsidiary of Terrace, entered into a Share Purchase Agreement (the “Purchase
Agreement”) dated April 29, 2009 pursuant to which the Vendor has agreed to
transfer all of the shares of Worldbid to the Purchaser in consideration of
$250,000.

B.      Under the terms of the
Purchase Agreement, the closing of the Purchase Agreement was to occur no later
than August 12, 2009.

C.      On August 12, 2009 the parties
entered into an agreement to extend the closing date of the Purchase Agreement
to December 31, 2009.

D.      The parties have agreed to
further extend the closing date of the Purchase Agreement to June 30, 2010 upon
the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of $10.00 and for other
good and valuable consideration, the parties agree as follows:

	1. 	
      Definitions. Except as otherwise set out herein,
      capitalized terms used in this Agreement shall have the same meaning as
      specified in the Purchase Agreement.

	 	 	 
	2. 	
      Amendment. The Purchase Agreement be amended as
      follows:

	 	 	 
		(i) 	
      Section 1(b) of the Purchase Agreement is replaced in its
      entirety with the following:

	 	 	 
			
      “(b) 
	
      “Closing Date” means the tenth (10th) business
      day following the day on which the Vendor delivers the financial
      statements referred to in Article 5 to the Purchaser or such other date as
      may be mutually agreed upon by the parties hereto but in any event no
      later than June 30, 2010.”

	 	 	 
	3. 	
      No Other Modification. The parties confirm that
      the terms, covenants and conditions of the Purchase Agreement remain
      unchanged and in full force and effect, except as modified by this
      Agreement.

	 	 	 
	4. 	
      Counterparts. This Agreement may be executed in
      two or more counterparts, each of which shall constitute an original, but
      all of which, when taken together, shall constitute but one instrument,
      and shall become effective when one or more counterparts have been signed
      by each party hereto and delivered to the other parties.

	 	 	 
	5. 	
      Successors and Assigns. Except as otherwise
      expressly provided herein, the provisions hereof shall inure to the
      benefit of, and be binding upon, the successors, assigns, heirs, executors
      and administrators of the parties hereto.

	 	 	 
	6. 	
      Independent Legal Advice. This Agreement has been
      prepared by O’Neill Law Group PLLC as legal counsel for Terrace and the
      Purchaser, and the Vendor and Worldbid acknowledge and agree that they
      have been advised to seek separate legal counsel with respect to the
      matters contained in this Agreement.

-THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT
BLANK-

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	7. 	
      Entire Agreement. This Agreement constitutes the
      full and entire understanding and agreement between the parties with
      regard to the subject hereof.

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

	MARKTECH ACQUISITION CORP. 	 
	by its authorized signatory: 	 
	  	 
	  	 
	/s/ Mark
      Reynolds 	 
	Mark Reynolds, President and Secretary 	 
	  	 
	  	 
	  	 
	  	 
	WORLDBID INTERNATIONAL INC. 	 
	by its authorized signatory: 	 
	  	 
	  	 
	/s/ Logan B.
      Anderson 	 
	Logan B. Anderson, President 	 
	  	 
	  	 
	  	 
	  	 
	TERRACE VENTURES INC. 	 
	by its authorized signatory: 	 
	  	 
	  	 
	/s/ Howard
      Thomson 	 
	Howard Thomson, President 	 
	  	 
	  	 
	  	 
	  	 
	GEOBIZ SYSTEMS INC. 	 
	by its authorized signatory: 	 
	  	 
	  	 
	/s/ Howard
      Thomson 	 
	Howard Thomson, President 	 

3

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