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EXHIBIT 10.1

STOCK REDEMPTION AGREEMENT

This Stock Redemption Agreement (this “Agreement”) is made and entered into effective this 21st day of March 2012, by and between Northern Empire Energy Corp., a Nevada corporation (the “Company”) and Jeff Cocks, an individual (the “Shareholder”).

WITNESSETH:

WHEREAS, the Shareholder currently owns 18,000,000 shares of Common Stock of the Company (the “Shares”);

WHEREAS, the Shareholder also currently serves as an officer and director of the Company;

WHEREAS, the Shareholder desires to terminate his position as a director and officer of the Company and have the Company redeem the Shares, and

WHEREAS, the Company desires to accept the Shareholder’s resignation as a director and officer of the Company and to redeem the Shares on the terms and conditions set forth herein.

NOW, THEREFORE, for and in consideration of the foregoing premises, mutual agreements and covenants herein set forth, and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

1.           Redemption.  Effective as of the date hereof, the Shareholder hereby surrenders the Shares to the Company for redemption, and agrees to deliver any and all certificates representing such Shares accompanied by stock powers duly executed in blank (the “Certificates”) to the Company within forty-eight (48) hours of the date hereof.

2.           Payment.  Upon the satisfaction of the conditions set forth in section 6 hereof, the Company shall pay, as the purchase price for the redemption of the Shares and the delivery of the Release (as hereinafter defined), an amount equal to $5,000, which amount shall be paid in cash or its equivalent on the date hereof.

3.           Representation and Warranties of the Shareholder.  The Shareholder hereby represents and warrants to the Company that (a) the Shareholder has full legal right, power and capacity to execute and deliver this Agreement and to perform such Shareholder’s obligations hereunder and thereunder, (b) the Shareholder now owns the Shares free and clear of all liens, encumbrances, and claims of others, and that the Shareholder has the right to transfer and deliver the Shares to the Company for redemption in accordance with the terms of this Agreement, (c) the Shareholder has such knowledge of the business and financial affairs of the Company and possess a sufficient degree of sophistication, knowledge and experience in financial and business matters such that it is capable of evaluating the sale of the Shares and the economic risks of having same redeemed by the Company, (d) the Shareholder acknowledges that he has had full opportunity to ask questions and receive answers concerning the terms and conditions of this redemption; and (e) the Shareholder has no other interest in the Company other than the Shares.

4.           Further Assurances.  The Company and the Shareholder shall execute and deliver such additional instruments and documents as may reasonably be requested by the Company or the Shareholder in order to carry out the purposes and intent of this Agreement and to fulfill the respective obligations of the Company and the Shareholder under this Agreement.

5.           Indemnification of the Company.  From and after the date of this Agreement, the Shareholder and its successors and assigns shall, at their sole cost and expense, reimburse, protect, defend, indemnify, release and hold the Company, the holders of its outstanding equity securities, the directors of the Company, the officers of the Company and their respective transferees, heirs, executors, affiliates, agents, assigns, representatives, stockholders, directors and officers (the “Indemnified Parties”), harmless from and against any and all claims, suits, liabilities, actions, proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, charges, fees, judgments, or awards (collectively “Claims”), directly or indirectly arising out of or in any way relating to the breach of any representation or warranty contained or of this Agreement by the Shareholder, including but not limited to, attorneys’ fees and other costs of defense imposed upon or incurred by or asserted against any of the Indemnified Parties.

  

  

  

6.           Resignation and Release.  As a condition precedent to the obligations of the Company to redeem the Shares and pay the purchase price for such Shares, (a) the Shareholder shall resign from his positions as an officer and director of the Company and deliver such resignations in writing to the Corporation, and (b) the Shareholder shall deliver a written release to the Company in a form acceptable to the Company (the “Release Letter”).

7.           Entire Agreement.  This Agreement (along with the documents referred to in this Agreement) contains the entire understanding and agreement of the parties with respect to the transaction covered hereby and supersedes all other understandings and agreements between the parties, oral or written, relating to the subject matter of this Agreement.  No modification, alteration or amendment of this Agreement and no waiver of any provision of this Agreement shall be valid or effective unless in writing executed by the Company and the Shareholder.

8.           Binding Agreement.  This Agreement shall be binding upon, inure to the benefit of, and apply to the respective heirs, personal representatives, successors, and the assigns of the parties hereto.

9.           Construction.  This Agreement shall be construed and enforced in accordance with the substantive laws of the State of Nevada, without regard to conflicts of laws principles.  The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the signatory parties.

 

 

10.           Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.

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

	  	
SHAREHOLDER:

	  	  
	  	  
	  	  
	  	
/s/Jeff Cocks

	  	
Jeff Cocks

	  	  
	  	
COMPANY:

	  	  
	  	  
	  	  
	  	
By:

	
/s/ Jeff Cocks

	  	
Name:

	
Jeff Cocks

	  	
Title:

	
Presidentexh10-1.htm

 

Exhibit 10.1

 

Standstill Agreement

 

THIS STANDSTILL AGREEMENT (this "A.greement") is made this 18th day of January, 2012 (the "Effective Date") by and between

 

	
·  

	
EcoloCap Solutions Inc. ("EcoloCap"), a corporation organized and operating under the laws of Nevada and having its principal office at 1250 S. Grove Ave., Suite 308, Barrington, Illinois 60010;

 

	
·  

	
K Micro Bubble Technology Inc. ("KMBT"), a corporation organized and operating under the laws of Korea and having its principal office at #502, BNB B!, #1403-4, Gwanyang-Dong, GyeongG i-Do, Republic of Korea; and

 

Fuel Emulsions International Inc. ("Bu)vr"), a company organized and operating under the laws of Delaware and having its principal office at 5201 Blue Lagoon Drive, Suite 841, Miami, Florida 33126.

 

EcoloCap. KMBT and FEI are each referred to as a 'Party" and collectively as the "Parties".

 

Recitals

 

WHEREAS, EcoloCap and KMBT desire to sell certain technology and additives for fuel emulsification purposes, and FEI desires to purchase such technology and additives; and

 

WHEREAS, EcoloCap, KMBT and FE! have negotiated an exclusive supply for such fuel emulsification technology and additives ("Supply Agreement");

 

NOW, THEREFORE, in consideration of the foregoing premises and agreements contained herein, the Parties hereto agree as follows:

 

SECTION 1. Standstill Provisions.

 

	
1.1

	
Standstill Obligation. Unless otherwise agreed in writing by the other Parties, a Party will not discuss or negotiate with any third party, or enter into any understandings, agreements or undertakings with any third party, with respect to the sale of fuel emulsion technology and the associated additives, provided that FEI may negotiate with potential investors and potential third party customers regarding transactions involving services or supply of products based on the fuel emulsion technology and the associated additives.

 

	
1.2

	
Standstill Period. This standstill obligation shall commence upon the Effective Date and expire on February 29, 2012, unless otherwise agreed in writing by the Parties ("Standstill Period").

 

	
1.3

	
Fee. FEI shall pay US$50,000.00 to EcoloCap by January 20, 2012 ("Fee"). If the Parties have not executed the Supply Agreement by February 10, 2012, then FEI shall make a second payment of US$50,000 to EcoloCap on February 10, 2012.

	
15768736.3

  

  

  

 

SECTION 2 Miscellaneous.

 

	
2.1

	
Entire Agreement. This Agreement constitutes the entire agreement of the Parties with respect to its subject matter, supersedes all prior agreements, if any, of the Parties with respect to its subject matter and may not be amended except in a writing signed by each Party.

 

	
2.2

	
Binding Effect. This Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Parties and their respective successors and permitted assigns.

 

	
2.3

	
Assignment. This Agreement shall not be assigned by any Party without the prior written consent of the other Parties, which shall not be unreasonably delayed or withheld, and any purported assignment without required consent shall be void. Any assignment or attempted assignment in contravention of this provision shall be void, and of no force or effect.

 

2.4       Notices.

 

	
(a)     

	
Each notice, communication or delivery under this Agreement shall (i) be in writing and (ii) shall be deemed to have been given (A) when delivered by hand (with written confirmation of receipt); (B) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (C) on the date sent by e-mail (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; or (D) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. If notice is given to a permitted successor or assign of a Party, then notice shall also thereafter be given as set forth above to such successor or assign of such Party.

 

	
(b)     

	
Each Party's notice information is as follows:

 

EcoloC ap:       EcoloCap Solutions Inc.

1250 S. Grove Avenue 

Barrington, IL 60010 

Attn: Robert M. Egger Jr. 

Chief Operating Officer 

Phone: (866) 479-7041 

Email: re(21ecolocap.com

 

KMBT:            K Micro Bubble Technology Inc.

1250 S. Grove Avenue, Suite 308

Barrington, IL 60010

 

 

 

	
15768736.3                                   2

  

  

  

 

Attn: Jeung Kwak

Phone: (866) 479-7041 Email: jkkmbt.com

 

FEI:                  Fuel Emulsion International LLC

5201 Blue Lagoon Drive, Suite 841

Miami, FL 33126

Attn: Phillip Brown

Phone: (305) 707-4334

Email: p.brown(2fueleniuIsions.com

 

	
2.5

	
Severability. If any term or provision of this Agreement, or the application thereof to any person or circumstance, shall to any extent be contrary to any applicable law or regulation or otherwise invalid or unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other than those as to which it is contrary, invalid or unenforceable shall not be affected thereby and, to the extent consistent with the overall intent of this Agreement taken as a whole, shall be enforced to the fullest extent permitted by applicable law and regulation.

 

	
2.6

	
Expenses. Each Party will be responsible for the payment of all costs and expenses incurred by it in connection with the preparation and negotiation of this Agreement.

 

	
2.7

	
No Third Party Beneficiaries. This Agreement confers no rights whatsoever upon any person other than EcoloCap, KMBT and FEI and shall not create, or be interpreted as creating, any standard of care, duty or liability to any person not a party hereto.

 

	
2.8

	
Governing Law and Jurisdiction; Waiver of Jury Trial. This Agreement will be governed by the internal laws of the State of New York, without regard to its choice of laws principles other than G.O.L. §5-1401. Any judicial action seeking injunctive relief in accordance with the terms of Section 12.11(b) shall be brought in a federal court of competent jurisdiction located in the Southern District in the State of New York. If a federal court refuses jurisdiction, such judicial action shall be brought in a state court of competent jurisdiction located in the Borough of Manhattan in the State of New York. Each Party hereby unconditionally and irrevocably consents to the jurisdiction of those courts and waives its rights to bring any action or proceeding against the other Parties except in those courts. The Parties waive any right to trial by jury in any judicial action arising under this Agreement. In the event such judicial proceedings are instituted by any Party, the prevailing Party shall be entitled to the award of its costs and attorneys' fees incurred in connection with such proceedings.

 

2.9       Arbitration.

 

	
  

	
(a)

	
Any controversy or claim arising out of or relating to this contract, or the breach thereof, shall be settled by arbitration pursuant to the Federal Arbitration Act and in accordance with the Commercial Arbitration Rules of the American Arbitration

 

  

  

Association, and judgment upon the award rendered by the arbitrator(s) may be entered in any Court having jurisdiction thereof.

 

	
(b)     

	
Notwithstanding the foregoing, the Parties acknowledge and agree that in the event of a breach or threatened breach of any provision for which a Party may not have an adequate remedy in damages, such Party shall at any time be entitled to injunctive relief against such breach or threatened breach in a court of competent jurisdiction (in accordance with the provisions of Section 12.10) without the need to post a bond or similar security. The foregoing remedy shall not be deemed to be an exclusive remedy for a breach or threatened breach of any provisions of this Agreement, but rather shall be in addition to all other remedies available at law or in equity to a Party.

 

	
(c)     

	
The language of arbitration shall be English. The place of arbitration shall be the city of New York, New York. Both Parties shall attempt to agree upon one arbitrator, but if they are unable to agree, each shall appoint an arbitrator and these two shall appoint a third arbitrator. Expenses of arbitration shall be divided equally between the Parties. The Parties shall make their agents and employees available upon reasonable notice at reasonable times and places for pre-hearing depositions without the necessity of subpoenas or other court orders. The arbitrators shall issue subpoenas to compel the attendance of, and the production of documents by, third party witnesses at depositions or at the hearing.

 

	
2.10

	
Counterparts. This Agreement may be executed by original, electronic or facsimile signature in one or more counterparts, each of which will be deemed an original, but which collectively will constitute one and the same instrument.

 

DULY EXECUTED and delivered by the Parties as of the Effective Date.

 

	
ECOLOCAP SOLUTIONS INC.

	  	
FUEL EMULSIONS INTERNATIONAL, INC.

	  	  	  	  	  
	  	  	  	  	  
	
By:

	
MICHAEL SIEGEL

	  	
By:

	
PHILLIP G. BROWN

	  	
Name:

	
Michael Siegel

	  	  	
Name:

	
Phillip G Brown

	  	
Title:

	
Chief Executive Officer

	  	  	
Title:

	
CEO

	  	  	  	  	  	  	  
	
K MICRO BUBBLE TECHNOLOGY

	  	  	  	  
	  	  	  	  	  	  
	  	  	  	  	  	  
	
By:

	
Y Y KWAK

	  	  	  	  
	  	
Name:

	
Y Y KWAK

	  	  	  	  
	  	
Title:

	
Chairman

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