Document:

ex10_4.htm

    
      

    

    
      Exhibit
10.4

      

      AGREEMENT

      

      AGREEMENT
(this “Agreement”)
dated as of October 15, 2008, by and between Gregory O’Reilly, a resident of the
State of New Jersey (the “Executive”),
and International Energy Inc., a Nevada corporation (the “Company”).

      

      WITNESSETH

      

      WHEREAS, Executive presently
serves as the President, Chief Executive Officer and as a Director of the
Company;

      

      WHEREAS, Executive and the
Company are parties to an Employment Agreement dated July 29, 2008, (the “Employment
Agreement”) and capitalized terms used in this Agreement, but not
otherwise defined, shall have the respective meanings attributed to such terms
in the Employment Agreement;

      

      WHEREAS, the Executive has
tendered his resignation, effective as of 5:00 pm on October 15, 2008 as
the President, Chief Executive Officer and as a Director of the Company (the
“Executive’s
Resignation”);

      

      WHEREAS, the Executive desires
to terminate the Employment Agreement, subject to the terms hereof;

      

      WHEREAS, the Company has
accepted the Executive’s Resignation

      

      NOW, THEREFORE, in
consideration of the premises and the mutual covenants and promises hereinafter
provided and of the actions taken pursuant thereto, the parties agree as
follows:

      

      1.                 
Effective
Date. This Agreement shall be effective as of 5:00PM (EST) on October 15,
2008 (the “Effective
Date”).

      

      2.                 Termination
of Employment Agreement. As of the Effective Date, the Employment
Agreement shall be deemed terminated and shall have no further force or
effect.

      

      3.                 Resignation as a Director of
the Company and the Subsidiaries.

      

      Effective
as of the Effective Date, the Executive shall be deemed to have resigned from
any other positions which the Executive may have held or hold with the Company
and or any of its subsidiaries and shall have submitted his irrevocable
resignation from such positions.

      

      4.                 Records and Return of
Property.

      

      4.1     Return of
Tangible Property.  The Executive hereby certifies that he has
returned to the Employer all property of the Employer in the Executive’s
possession, including, without limitation, cellular telephones, Blackberry
units, computers, printers, peripherals, software, hardware, and any other such
property.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      4.2    Return of
Confidential Information. The Executive hereby further agrees that,
by no later than October 15, 2008 (the “Certification
Date”) he will certify, in writing, that he has returned to the Company
and he will have returned to the  Company or have made arrangements
deemed satisfactory by the  Company for return to
the  Company of all tangible material embodying Confidential
Information in any form whatsoever, including, without limitation, all paper
copy copies, summaries and excerpts of Confidential Information and all
electronic media or records containing or derived from Confidential
Information.

      

      4.3    Pro Rata
Reimbursement of Signing and Other Advances. Anything hereing to the
contrary notwithstanding, the Executive acknowledges that there is due and owing
the Company, in accordance with the terms and conditions of the Employment
Agreement the amount of $3,365.39 plus an additional amount of $4,115,97, or an
aggregate of $7,481.36 (the “Executive’s
Obligation”).  It is understood and agreed that the aforesaid
amount will be paid to the company on October 15, 2008; the Executive may offset
against the Executive Obligation the amount of $922.00 provided that he provides
appropriate receipts for the disbursement thereof.

      

      5.                 Confidentiality;
Non-Solicitation; Non-compete.

      

      For a
period of twelve months following the Effective Date, the Executive expressly
agrees:

      

      5.1    Agreement
not to use or disclose confidential information. Not to use for the
benefit of himself or anyone else, or disclose to anyone else, any Confidential
Information belonging to the Company or its Subsidiaries, without first seeking
and obtaining the express written approval of the Company. For purposes of this
provision, it is mutually agreed that “Confidential Information” is
defined exclusively to mean all information that is not readily known to the
public in usable form and includes, without limitation, all financial,
operational, strategic, corporate, and product information pertaining to the
Company and its subsidiaries.

      

      5.2    Non-compete. Unless
otherwise agreed to in writing by the Company, the Executive, for a period of 24
months from the Effective Date, the Executive will not directly or indirectly on
his own behalf or on behalf of any other party or entity engage in any work or
other activity or render any assistance to any person that would compete with or
negatively affect the Company’s efforts to realize any specific opportunity in
the area of algal biochemistry and photosynthesis.

      

      6.                
Stock and
Options.  As of the
Effective Date, all of the options granted to the Executive shall be deemed
terminated and of no further force or effect as of the Effective
Date.

      

      7.                 Statements
Concerning Executive’s Resignation. The Executive and the
Company shall jointly release a press statement, in the form attached hereto as
Exhibit
A, that provides (a) notice of the termination of the Executive’s
employment with the Company (b) stipulates that the Executive has no
disagreement with the management, internal financial or disclosure controls or
accounting policies of the Company, and (c) covers such other matters as
the parties may mutually agree. Both the Executive and the Company shall
otherwise refrain to the extent possible from publicly discussing the
circumstances surrounding the termination of the Executive’s employment with the
Company and shall, in all instances, refrain from making any statements that
could reasonably be interpreted as disparaging of one another or their
respective affiliates.

      

      8.                 Employment
References.
Nothing in this Agreement shall prevent either party from stating the fact that
Executive was employed by the Company, the address of his work location, the
dates of his employment, his job titles and job duties, his rate of pay, or that
he resigned from his position as the Chief Executive Officer and President and
as a Director of the Company, and the termination of the Employment Agreement
on  the Effective Date.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      9.                 Non
Confidentiality of Agreement. Parties acknowledge that this Agreement
shall be filed as an exhibit to the Company’s Form 8-K to be filed with the
United States Securities and Exchange Commission.

      

      10.               No
Admissions.
Nothing contained in this Agreement or the General Release incorporated herein
shall be considered an admission by  the Executive of any wrongdoing
under any Federal, state or local statute, public policy, tort law, contract
law, common law or otherwise.

      

      11.                No Third
Party Claims. Each party represents and warrants that no other person or
entity has, or to the best knowledge of such party claims, any interest in any
potential claims, demands, causes of action, obligations, damages or suits
released pursuant to this Agreement; that it or he is the owner of all other
claims, demands, causes of action, obligations, damages or suits so released;
that it or he has full and complete authority to execute this Agreement; and
that it or he has not sold, assigned, transferred, conveyed or otherwise
disposed of any claim, demand, cause of action, obligation or liability subject
to this Agreement and the General Releases contemplated hereby.

      

      12.               Releases.
Executive agrees and acknowledges that the consideration received by him for
this Agreement and the General Release attached hereto as Exhibit
B and incorporated herein (the “Executive
Release”), and for the execution hereof and thereof, shall constitute
full payment, satisfaction, discharge, compromise and release of and from all
matters for which he is providing a release herein and in such General
Release.

      

      13.               Expenses. Each party shall pay its own
costs incident to the negotiation, preparation, performance, execution, and
enforcement of this Agreement, and all fees and expenses of its or his counsel,
accountants, and other consultants, advisors and representatives for all
activities of such persons undertaken in connection with this
Agreement.

      

      14.               No Third
Party Beneficiaries. Except as expressly stated herein, the parties do
not intend to make any person or entity who is not a party to this Agreement a
beneficiary hereof, and this Agreement should not be construed as being made for
the benefit of any person or entity not expressly provided for
herein.

      

      15.               Voluntary
Execution; Interpretation. The parties hereto declare
that they have completely read this Agreement fully understands its terms and
contents, and freely, voluntarily and without coercion enters into this
Agreement and are not aware of any matter that would adversely affect the
enforceability of this Agreement by the other party hereto. Each of the parties
hereto have been apprised of their opportunity to have this agreement reviewed
by independent counsel and such other advisors as they may deem appropriate. The
language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rules of strict construction will
be applied against any party.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      16.               Entire
Agreement. This
Agreement constitutes the entire agreement of the parties with respect to the
subject matter hereof, and all prior negotiations and representations are merged
herein or replaced hereby. No amendments or modifications of the terms of this
Agreement shall be valid unless made in writing which specifically states that
it is intended to amend or modify a provision hereof and is signed by all of the
parties hereto.

      

      17.              
Severability. Should any provision of this
Agreement be declared or be determined by any court to be unenforceable or
invalid as drafted, it may and shall be reformed or modified by a court of
competent jurisdiction to the form of an enforceable and valid provision that
achieves, to the greatest extent possible, the result intended by the parties in
drafting and agreeing to the unenforceable and invalid provision. Should a court
of competent jurisdiction decline to so reform or modify such a provision or
determine that no enforceable and valid provision can be created to achieve the
intended result, the unenforceability and invalidity of the remaining parts,
terms or provisions of this Agreement shall not be affected thereby and said
unenforceable or invalid part, term, or provision shall be deemed not to be a
part of this Agreement.

      

      20.              
Counterparts. This Agreement may be
executed in counterparts, all of which shall be considered one and the same
agreement, and shall become effective on the Effective Date.

      

      22.              
Notices. All notices, requests and
other communications under this Agreement will be in writing (including
facsimile or similar writing) and shall be sent by hand delivery, overnight
express carrier or facsimile transmission to the parties at the following
addresses or such other addresses as the parties may later designate in writing
pursuant hereto:

      

      To
the Company:

      

      C/o
Sierchio & Company, LLP

      110 East
59th
Street

      New York,
New York 10022

      Tel.
(212) 246-3030

      Fax (212)
486-0208

      Attention:
Joseph Sierchio, Esq.

      

      And

      

      To
Executive:

      

      Gregory
O’Reilly

      109
Hamilton Street

      No.
207

      Newark,
New Jersey 07105

      

      24.               Governing
Law. This Agreement shall be
construed and enforced in accordance with the internal laws (excluding conflict
of laws rules and principles) as is the Employment Agreement.

      

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

      

      
        
          
            
              
                	
                        The
      Executive:

                      	 
	
                        /s/
      Gregory O’Reilly

                      	 
	
                        Gregory
      O’Reilly

                      	 

              

            

          

        

      

      

      The
Company:

      International
Energy Corp.

      /s/ Derek J.
Cooper

      Mr. Derek
J. Cooper, Director and Authorized Signatory

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
A

      

      STATEMENT

      

      The
Company and Mr. O’Reilly acknowledge that:

      

      
        
          	
                   
      

                	
                  ·

                	
                  Mr.
      O’Reilly resigned  as the Company’s  President and
      Chief Executive officer and as a director of the Company for personal
      health reason and in conjunction therewith  his Employment
      Agreement with the Company was terminated (the “Termination”) as of
      5:00PM (EST) on October 15, 2008 (the “Effective
  Date”);

                

        

        
          	
                   
      

                	
                  ·

                	
                  Neither
      Mr. O’Reilly’s resignation nor the termination of his employment agreement
      was the result of,  any disagreement with
      the  management, internal financial, disclosure controls,
      or  accounting policies of the
  Company;

                

        

        
          	
                   
      

                	
                  ·

                	
                  The
      Company thanks Mr. O’Reilly for his efforts and contributions to the
      Company’s continued development during his tenure.
  .

                

        

      

      
      

      
      

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      EXHIBIT
B

      

      GENERAL
RELEASE

      

      I, Gregory O’Reilly, having
resigned on behalf of myself and my heirs, successors, agents, executors,
administrators, attorneys and assigns, in consideration of the terms of the
Agreement effective as of 5:00PM (EST) on October 15, 2008 by and between
International Energy, Inc. (“International Energy”) and
myself (the “Agreement”)
hereby release and forever discharge International Energy and any and all of its
present, former and future direct and indirect affiliates, subsidiaries,
departments, officers, directors, Executives, representatives, agents,
attorneys, successors and assigns, from any and all claims, rights and causes of
action (whether known or unknown, accrued or unaccrued) which I have or may in
the future have against them based on facts and circumstances existing on or
prior to the date hereof, in law or equity, relating to or arising under:
Federal, Michigan, or other state or local law; any employment contract; any
employment statute or regulation; any employment discrimination law, including
but not limited to Title VII of the Civil Rights Act of 1964, as amended, and
the Age Discrimination in Employment Act of 1967, as amended; the Executive
Retirement Income Security Act of 1974, as amended; any other Federal, state, or
local civil rights, pension or labor law; contract law; tort law; and common
law, including but not limited to (a) any claim arising out of or relating
in any manner to my Employment Agreement with International Energy
dated  September 4, 2007; (b) any claim relating to a sales
commission or otherwise arising out International Energy revenues, or
(c) any other claim arising out of or relating to my employment with
International Energy, including any claim for wrongful discharge, constructive
discharge, unintentional or intentional torts, or misrepresentation or
infliction of emotional distress;  provided,  however, that I do
not hereby release International Energy from any of its obligations under the
Agreement. For purposes of this General Release, International Energy shall be
deemed to include each and every one of its affiliated entities described in the
Agreement.

      

      I further
agree not to sue or otherwise institute or cause to be instituted or in any way
voluntarily participate in the prosecution of any complaints or charges against
any persons or entities released herein in any Federal, state, or other court,
administrative agency or other forum concerning any claims released
herein.

      

      Except as
required by law or as necessary to fulfill the terms of the Agreement or this
Release, or as necessary in connection with personal business, legal or tax
affairs (in which case disclosure shall be on a confidential basis to the extent
practicable), I agree not to disclose the terms or provisions of this Release to
any person or entity (including Executives of International
Energy).

      

      I
understand and agree that nothing contained in this Release is to be considered
an admission by International Energy of any wrongdoing under any Federal, state,
or local statute, public policy, tort law, contract law, or common
law.

      

      I
acknowledge that I have been advised to consult with an attorney prior to
executing this Release and I have voluntarily elected to freely execute this
Release and waive any applicable review periods.

      

      This
Release is executed in connection with, and is subject to terms of, the
Agreement.

      

      
        
          
            
              	
                      /s/
      Gregory O’Reilly

                    	 
      
	
                      Gregory
      O’Reilly

                    	 
      

            

          

        

      

      

      Subscribed
and sworn to before me this 15th day of October 2008.

      

      /S/Joseph
Sierchio

      Notary
Qualified in the State and County of New York

      My
commission expires: 02/23/2010

    

     

     

    6ex10_5.htm

    
      

    

    
      Exhibit
10.5

      

      

      International
Energy, Inc.

      1 Gateway
Center, Suite 2600

      Newark,
NJ  07102

      October
15, 2008

      

      Mr.
Charles (Chuck) William Bell

      1020
Irwins Choice

      Bel Air,
MD  21014

       

      Re:
Employment Agreement

        

        

      Dear
Chuck:

        

      This
letter sets forth the terms and conditions of your employment by International
Energy, Inc.  (the
“Company").

      

      1.
Position and Duties.

      

      You shall
be employed by the  Company as its President and Chief Executive
Officer; in performance of your duties, you shall be subject to the direction
of, and be reporting directly to, the Company's Board of Directors (the
"Board"); provided that, if requested by the Board, you will immediately resign
as an officer of the Company. You shall be available to travel as the needs of
the business require. You agree to devote your full business time, energy and
skill to the duties assigned to you by the Board.

      

      2. At-Will Employment.
Anything herein to the contrary notwithstanding, your employment with and by the
Company is “at-will employment” and may be terminated by you or the Company at
any time, with or without cause, and for any reason whatsoever, upon written
notice to the other.

      

      3. Compensation. You shall be
compensated by the Company for your services as follows:

      

      (a) Salary. Commencing October
15, 2008, you shall be paid a monthly salary of $8,333.33 ($100,000.00 per
year), subject to applicable tax withholding, payable in 24 installments on the
15th
and last day of each calendar month during the term of this Agreement. Such
salary shall be subject to a 12-month review, and any periodic review and
adjustment in accordance with the Company's salary review policies and practices
then in effect for its senior management.  Your annual salary will
increase to $150,000.00 per year if, within the first 12-months of your tenure,
you are able to successfully create sufficient prototypes of products related to
the Company’s ongoing research program at The Regents of the University of
California, to the satisfaction of the Board of Directors.

      

      (b) Stock Options. Within 60
days of execution of this Agreement, you and the Company shall have entered into
a Stock Option Agreement (the “Stock Option Agreement”),
pursuant to which you shall receive a total of 750,000 options (the “Options”) to purchase up to an
aggregate of 750,000 shares of the Company’s common stock; the Options are
subject to and shall have such restrictions, vesting requirements and exercise
provisions as are set forth in the Stock Option Agreement, the terms and
conditions of which will be identical to those previously discussed, and
detailed overleaf:

      

      
        	
                 
      

              	
                1.

              	
                225,000
      vest and become exercisable in three equal annual installments of 75,000
      options commencing on January 1, 2010, and annually
      thereafter;

              

      

      

      
        	
                 
      

              	
                2.

              	
                275,000
      vest and become exercisable in the event that the Company, or any
      subsidiary thereof, with the prior approval of the Board of Directors:
      successfully executes any partnership agreement or joint-venture agreement
      of any technology under current or future development; or successfully
      completes the sale any subsidiary; or any technology under current or
      future development;

              

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                3.

              	
                250,000
      vest and become exercisable upon: commencing commercial sales of products
      derived from any technology under current or future development; or
      successfully achieving commercial gross annual sales exceeding $10,000,000
      of those products and/or services which are not derived from technologies
      under current or future research and development by the Company; or
      successfully completing the sale of International Energy, Inc. to a third
      party, subject to shareholder and Board of Directors
    approval.

              

      

      

      The
granting of the Options shall be effective only upon delivery of a fully
executed Stock Option Agreement.  All unexercised Options, whether
vested or not, expire immediately in the event that you are removed from your
position by the Board of Directors or shareholders, or voluntarily resign from
this position.

      

      (c) Additional Benefits. You
shall be entitled to two weeks of paid vacation annually. Nothing contained
herein shall preclude you from participating in the present or future employee
benefit plans of the Company for its senior executive staff, provided that you
meet the eligibility requirements for participation in any such
plans.

      

      4.
Expenses.

      

      (a) Medical Expense. During
the term of this Agreement, the Company agrees to pay your current monthly COBRA
insurance premiums (“COBRA
premiums”) up to a maximum of $1,200.00 per month until such time that
the Company can make available an alternative medical insurance
plan.

      

      (b) Other Expenses. You shall
be entitled to reimbursement for reasonable travel and other out-of-pocket
expenses necessarily incurred in the performance of your duties hereunder, upon
submission and approval of written statements and bills in accordance with the
then regular procedures of the Company.

      

      5.  Your Representations
and Warranties.  You represent and warrant to the Company that
(a) you are under no contractual or other restriction or obligation which is
inconsistent with the execution of this Agree­ment, the performance of your
duties hereunder, or the other rights of the Company hereunder, and (b) you are
under no physical or mental disability that would hinder your performance of
duties under this Agreement, and (c) you are not party to any ongoing civil or
criminal proceedings, and have not been party such proceedings within the past
five years, and do not know of any such proceeding that may be threatened or
pending against you, and (d) you are not currently engaged in activities and
will not knowingly engage in future activities that may cause embarrassment to
the Company or tarnish the reputation or public image of the Company, including
but not necessarily limited to association with or party to: any criminal
behavior(s) such as drug use, theft, or any other potential or active violation
of law; political controversy, civil disobedience, or public protest; lewd,
lascivious behavior.

      

      6. Termination of Salary, Benefits
and Options. In the event of the termination of your employment by the
Company or by you for any reason whatsoever, then as of the date of the
termination of your employment as set forth in either the Company’s notice to
you or your notice to the Company, as the case may be (i), you shall no longer
be entitled to any compensation under Paragraph 3 hereof, (ii) you shall no
longer be entitled to any reimbursement of expenses under Paragraph 4 hereof,
except for expenses incurred by you and approved by the Company prior to the
date of such termination, (iii) any and all unexercised
Options,  whether vested or not, shall expire and shall no longer be
exercisable as of the date of termination of this Agreement, and (iv) neither
party hereto shall have any further rights or obligations hereunder (except
obligations expressly stated to survive the termination of this Agreement).
Nothing shall limit your right to be indemnified by the Company, subject to its
indemnification policies then in effect, for your actions as a director or
officer of the Company, provided such indemnification would otherwise have been
available to you.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      7. Non Competition; Non
Solicitation.  (a)  In view of the unique and
valuable services it is expected that you will render to the Company, your
knowledge of its trade secrets, and other proprietary information relating to
the business of the Company and in consideration of the compensation to be
received hereunder, you will not, during the period you are employed by the
Company, engage in, or otherwise directly or indirectly, be employed by, or act
as a consultant or lender to, or, without the prior written approval of the
Board, be a director, officer, owner, or partner of, any other business or
organization that is engaged in the same field of research and development as is
the Company. Nothing herein shall be deemed to preclude you from being an
officer, director, owner, investor in, or partner of, any business or
organization which is not competing with the Company, provided the same does not
in any manner whatsoever impair your ability to perform your duties under this
Agreement.

      

      (b)
During your employment and for a period of one year following the termination of
your employment, you will not directly or indirectly reveal the name of, solicit
or interfere with, or endeavor to entice away from the Company any of its
suppliers, customers, or employees.

      

      (c)
During your employment and for a period of one year following the termination of
your employment, you shall not make any critical or disparaging statements about
the Company or any of its employees, directors or products to any other person
or entity.

      

      (d) Since
a breach of the provisions of this Paragraph 7 could not adequately be
compensated by money damages, the Company shall be entitled, in addition to any
other right and remedy available to it, to an injunction restraining such breach
or a threatened breach, and in either case no bond or other security shall be
required in connection therewith, and you hereby consent to the issuance of such
injunction. You agree that the provi­sions of this Paragraph 7 are necessary
and reasonable to protect the Company in the conduct of its
business.  If any restriction contained in this Paragraph 7 shall be
deemed to be invalid, illegal, or unenforceable by reason of the extent,
duration, or geographical scope thereof, or otherwise, then the court making
such determination shall have the right to reduce such extent, duration,
geographical scope, or other provisions hereof, and in its reduced form such
restriction shall then be enforceable in the manner contemplated hereby. This
Paragraph 7 shall survive the termination of this Agreement.

      

      8. Intellectual Property. Any
interest in patents, patent applications, inventions, copyrights, developments,
and processes (“Intellectual Property”) which you now, or hereafter during the
period you are employed by the Company, may own or develop relating to the
fields in which the Company may then be engaged shall belong to the Company; and
forthwith upon request of the Company, you shall execute all such assignments
and other documents and take all such other action as the Company may reasonably
request in order to vest in the Company all your right, title, and interest in
and to such Intellectual Property free and clear of all liens, charges, and
encumbrances. This Paragraph 8 shall survive the termination of this
Agreement.

      

      9. Confidential
Information.  All confidential information which you may now
possess, or may obtain or create prior to the end of the period you are employed
by the Company, relating to the business of the Company, or any customer or
supplier of the Company, or any agreements, arrangements, or understandings to
which the Company is a party, shall not be disclosed or made accessible by you
to any other person or entity either during or after the termination of your
employment or used by you except during your employment by the Company in the
business and for the benefit of the Company.  You shall return all
tangible evidence of such confidential information to the Company prior to or at
the termination of your employment. This Paragraph 9 shall survive the
termination of this Agreement.

       

      10. Successors and Assigns.
This Agreement shall inure to the benefit of and be binding upon the Company and
its successors and assigns. In view of the personal nature of the services to be
performed under this Agreement by you, you shall not have the right to assign or
transfer any of your rights, obligations or benefits under this Agreement,
except as otherwise noted herein.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      11. No Reliance on
Representations. You acknowledge that you are not relying, and have not
relied, on any promise, representation or statement made by or on behalf of the
Company which is not set forth in this Agreement.

       

      12. Entire Agreements;
Amendments. This Agreement sets forth our entire understanding of the
parties with respect to your employment by the Company, supersedes all existing
agreements between you and the Company concerning such employment, and may be
modified only by a written instrument duly executed by each of you and
Company.

       

      13.  Waiver.  Any
waiver by either party of a breach of any provision of this Agreement shall not
operate as or be construed to be a waiver of any other breach of such provision
or of any breach of any other provision of this Agreement.  The
failure of a party to insist upon strict adherence to any term of this Agreement
on one or more occasions shall not be considered a waiver or deprive that party
of the right thereafter to insist upon strict adherence to that term or any
other term of this Agreement.  Any waiver must be in
writing.

      

      14. Construction. You and the
Company have participated jointly in the negotiation and drafting of this
Agreement. In the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by you and the
Company and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any of the provisions of
this Agreement. Any reference to any federal, state, local, or foreign statute
or law shall be deemed also to refer to all rules and regulations promulgated
thereunder, unless the context requires otherwise. The word “including” shall
mean including without limitation. The headings in this Agreement are solely for
the convenience of reference and shall be given no effect in the construction or
interpretation of this Agreement.

      

      15.  Severability. Any term or
provision of this Agreement that is invalid or unenforceable in any situation in
any jurisdiction shall not affect the validity or enforceability of the
remaining terms and provisions hereof or the validity or enforceability of the
offending term or provision in any other situation or in any other
jurisdiction.

      

      16.
Notices.

      

      All
notices, demands or requests made pursuant to, under or by virtue of this
Agreement must be in writing and sent to the party to which the notice, demand
or request is being made by (i) certified or registered mail, return receipt
requested, (ii) nationally recognized overnight courier delivery, (iii) by
facsimile transmission provided confirmation of transmission is mechanically or
electronically generated and kept on file by the sending party or (iv) hand
delivery as follows:

      

      To the
Company:

      

      International
Energy, Inc.

      Attention:
Mr. Derek J. Cooper, Director

      c/o: Mr.
Joseph Sierchio

      110 East
59th Street, 29th Floor

      New York,
NY  10022

      

      To
you:

      

      Mr.
Charles (Chuck) William Bell

      1020
Irwins Choice

      Bel Air,
MD  21014

      

      or to
such other address, facsimile number, or email address, as is specified by a
party by notice to the other party given in accordance with the provisions of
this Paragraph 16. Any notice given in accordance with the provisions of this
Paragraph 16 shall be deemed given (i) three (3) Business Days after mailing (if
sent by certified mail), (ii) one (1) Business Day after deposit of same with a
nationally recognized overnight courier service (if delivered by nationally
recognized overnight courier service), or (iii) on the date delivery is made if
delivered by hand or facsimile.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      17. Counterparts This
Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

      

      18. Governing Law.  All
other questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by the internal laws of the
State of New York, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the
State of New York.  Each party hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the City of
New York, County of New York for the adjudication of any dispute hereunder or in
connection herewith or therewith, or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is
improper.  Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such
notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof.  Nothing
contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law.  EACH PARTY HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT
OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

      

      19. Date of
Agreement.  The date of this Agreement shall be October 15,
2008 regardless of the date it is signed by you.

       

      If you
find the foregoing acceptable, please acknowledge your acceptance of, and
agreement with, the terms and conditions set forth above by signing the enclosed
copy of this letter in the space provided and returning the same to the
undersigned.

       

       

      Sincerely,

       

       

      International
Energy, Inc.

       

      /s/ Derek J.
Cooper

      Mr. Derek
J. Cooper

      Director

       

       

      On this
15th
day of October, 2008, I agree to and accept employment with International
Energy, Inc. on the terms and conditions set forth in this
Agreement.

       

      Dated:
October 15, 2008

      
 

      /s/ Chuck
Bell

       

      

       

      Mr. Chuck
Bell

       

    

     

    5

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