Document:

Unassociated Document

    
       

      DRAFT

    

     

    IN
      THE CIRCUIT COURT OF THE

     

    SEVENTEENTH
      JUDICIAL CIRCUIT, IN AND FOR BROWARD COUNTY, FLORIDA

     

    
      	
              GERALD
                M. DUNNE,

               

              Plaintiff,

              vs.

               

              TEKOIL
                & GAS CORPORATION, a foreign corporation,

               

              Defendant.

               

            	
               

              CASE
                NO. 06-CIV-12299

              Division
                18

            

    

    

    SETTLEMENT
      AGREEMENT AND MUTUAL RELEASE

    

    This
      Settlement Agreement and Mutual Release ("Settlement Agreement") is made and
      entered into on this 5th
      day of
      December, 2006, by and between Plaintiff/Counterclaim-Defendant, GERALD M.
      DUNNE
      (“Dunne”) and Defendant/Counterclaim-Plaintiff, TEKOIL & GAS CORPORATION
      (“TEKOIL”) (Dunne and TEKOIL shall also be collectively referred to herein as
      the “Parties”).

    RECITALS

     

    A.  Dunne
      has
      filed a complaint (the “Complaint”) in the Seventeenth Judicial Circuit, in and
      for Broward County, Florida, Case No. 06-CIV-12299, Division 18 (the “Civil
      Action”) claiming that TEKOIL owes Dunne shares of TEKOIL stock pursuant to an
      Acquisition Agreement entered into by Dunne, Pexcon, Inc. (“Pexcon”), Tekoil
& Gas Corporation, a Florida corporation (“Tekoil-FL), and Tekoil-FL’s
      shareholders (the “Shareholders”).

     

    B.  TEKOIL
      denies that it is liable to Dunne under the allegations set forth in the
      Complaint or any other cause of action that could arise out of the Acquisition
      Agreement.

     

    C.  TEKOIL
      responded to the allegations contained in Dunne’s Complaint and TEKOIL filed a
      counterclaim (“Counterclaim”) against Dunne seeking damages for Dunne’s issuance
      of incorrect and financially harmful press releases regarding TEKOIL and Dunne’s
      failure to account for $25,000 related to an agreement entered into by Pexcon
      and a company named Cherokee Oil and Gas.

     

    D.  Dunne
      denies that he is liable to TEKOIL under the allegations set forth in the
      Counterclaim.

     

    E.  The
      Parties have entered into good faith settlement negotiations resulting in this
      Settlement Agreement. 

     

    F.  The
      purpose of this Settlement Agreement is to settle any and all prior and existing
      disputes, claims, and controversies between the Parties arising under the facts
      and allegations asserted in the Civil Action without the cost and expense of
      litigation, and to bar any and all future disputes, claims, and controversies
      between the Parties which may arise under the facts and allegations asserted
      in
      the Civil Action. 

     

    G.  The
      purpose of this Settlement Agreement is to further settle and compromise and
      obtain the dismissal with prejudice of all claims and counterclaims in the
      Civil
      Action without admission by any Party with respect to any issue. Each Party
      believes settlement of the Civil Action between the Parties is in its best
      interest. 

     

    THEREFORE,
      in
      consideration of the mutual covenants and promises set forth below and other
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the Parties expressly, knowingly, and voluntarily agree as
      follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    1.  Within
      ten (10) business days after the execution of this Agreement by the Parties,
      TEKOIL agrees to perform the following acts (subsections (a) through (c),
      below), in consideration for the full settlement of the Civil
      Action:

     

    (a) deliver,
      directly Escrow
      Agent,
      one
      stock certificate for 64,000 shares of TEKOIL common stock, $0.000001 par value
      (“Common Stock”). A copy of the above-referenced stock certificate (Stock
      Certificate No.____) is attached hereto as Exhibit “1”;

    (b)
      deliver to Dunne’s Escrow Agent, [INSERT
      ESCROW AGENT] Information Attached,
      eleven
      stock certificates, each for 40,000 shares of Common Stock. Copies of the
      above-referenced stock certificates (Stock Certificates Nos. ____ to _____)
      are
      attached hereto as Exhibits “2”-“12.” The Escrow Agent shall release to Dunne
      one stock certificate per month on or after the first date of each month.
      Specifically, Stock Certificate No. ____ (Exhibit “2”) shall be released to
      Dunne on or after January 1, 2007; Stock Certificate No. ____ (Exhibit “3”)
      shall be released to Dunne on or after February 1, 2007; Stock Certificate
      No.
      ____ (Exhibit “4”) shall be released to Dunne on or after March 1, 2007; Stock
      Certificate No. ____ (Exhibit “5”) shall be released to Dunne on or after April
      1, 2007; Stock Certificate No. ____ (Exhibit “6”) shall be released to Dunne on
      or after May 1, 2007; Stock Certificate No. ____ (Exhibit “7”) shall be released
      to Dunne on June 1, 2007; Stock Certificate No. ____ (Exhibit “8”) shall be
      released to Dunne on or after July 1, 2007; Stock Certificate No. ____ (Exhibit
      “9”) shall be released to Dunne on or after August 1, 2007; Stock Certificate
      No. ____ (Exhibit “10”) shall be released to Dunne on or after September 1,
      2007; Stock Certificate No. ____ (Exhibit “11”) shall be released to Dunne on or
      after October 1, 2007; Stock Certificate No. ____ (Exhibit “12”) shall be
      released to Dunne on or after November 1, 2007.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    (c) wire,
      directly to Dunne, twelve thousand five hundred dollars ($12,500.00)
in
      cash within
      48 hours of receipt of this agreement instructions are
      attached.
      /s/GMD

    2.  Within
      ten (10) business days after TEKOIL’s performance of the acts described in
      Section 1, subsections (a) through (c), above, counsel for the Parties shall
      cause the Civil Action to be dismissed with prejudice, with each Party bearing
      its own attorneys’ fees and costs.

     

    3.  As
      further consideration for the shares and cash tendered to Dunne in full
      settlement of the Civil Action, Dunne agrees to, and consents to be bound by,
      the covenants, promises, and agreements contained in the “Investor
      Representations of Gerald M. Dunne,” attached hereto as Exhibit
“13.”

     

    4.  Dunne
      hereby releases, acquits, and forever discharges TEKOIL, as well as all of
      its
      officers, directors, attorneys, predecessors, successors, and any agents and
      employees thereof, from any and all manner of actions, suits, claims, damages,
      whether known or unknown, liquidated or unliquidated, affixed, contingent,
      direct or indirect that Dunne may have had, may now have, or may hereafter
      have
      arising under the facts and allegations asserted in the Civil
      Action.

     

    5.  TEKOIL
      represents that TEKOIL has proper and valid authority to execute this Agreement
      and does hereby release, acquit, and forever discharge Dunne from any and all
      manner of actions, suits, claims, damages, whether known or unknown, liquidated
      or unliquidated, affixed, contingent, direct or indirect that TEKOIL may have
      had, may now have, or may hereafter have arising under the facts and allegations
      asserted in the Civil Action.

     

    6.  Each
      Party to this Agreement represents and warrants that no other person or entity
      has any interest in the claims, demands, obligations, or causes of action
      released by each of them pursuant to this Settlement Agreement and each has
      the
      sole right and exclusive authority to execute this Settlement
      Agreement.

     

    7.  It
      is
      understood between the Parties that this Settlement Agreement does not
      constitute and shall not be construed as an admission of liability or fault
      by
      any Party to this Settlement Agreement.

     

    8.  This
      Settlement Agreement may be signed in counterparts, such that the individual
      Parties’ signature pages are properly executed, and when combined with the
      original signature pages, or copies thereof, executed by the remaining parties,
      shall constitute an original and completed Settlement Agreement.

     

    9.  In
      the
      event that any Party is required to enforce this Settlement Agreement (including
      all covenants, promises, and agreements contained in Exhibit “13” of this
      Settlement Agreement), the prevailing Party shall be entitled to all reasonable
      costs, attorneys’ fees, and paraprofessional fees associated with such
      enforcement (including all reasonable costs, attorneys’ fees, and
      paraprofessional fees incurred in any appeal(s)).

     

    10.  This
      Settlement Agreement, including Exhibit “13,” embodies and constitutes the
      entire understanding between the Parties with respect to the transactions
      completed herein. All other prior or contemporaneous agreements, understandings,
      representations, and statements, oral or written, are merged into this
      Settlement Agreement. Neither this Settlement Agreement nor any provision hereof
      may be waived, modified, amended, discharged, or terminated except by an
      instrument in writing, signed by the Party against which the enforcement of
      such
      waiver, modification, amendment, discharge, or termination is sought, and then
      only to the extent set forth in such instrument.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    11.  This
      Settlement Agreement shall be governed by, and construed in accordance with,
      the
      laws of the State of Florida. 

     

    12.  The
      Parties agree that if any provision in this Settlement Agreement is held to
      be
      invalid, illegal, or unenforceable, either legislatively or judicially, such
      provision shall be severed herefrom, and the remainder of this Settlement
      Agreement will continue to be valid and enforceable.

     

    13.  Each
      Party acknowledges that it (1) has carefully read and completely understands
      the
      terms and effects of this Settlement Agreement, and that all understandings
      and
      agreements between the parties relating to the subjects covered in the
      Settlement Agreement are contained herein; (2) has entered into this Settlement
      Agreement voluntarily and not in reliance on any promises or representations
      by
      any party other than those contained in the Settlement Agreement; (3) has
      received valid and sufficient consideration for the execution and delivery
      of
      the Settlement Agreement; and (4) has been given the opportunity to discuss
      this
      Settlement Agreement with counsel, has availed itself of that opportunity,
      and
      has received advice from counsel before execution of this Settlement Agreement
      concerning the meaning and impact thereof.

     

    14.  Each
      Party agrees to execute all documents necessary to ensure the terms and
      conditions of this Settlement Agreement can be fully effectuated.

     

    15.  The
      Recitals are incorporated by reference.

    

    

    DATED
      this
      5
      day of
      December, 2006.

     

    
      	 	 	 
	 	GERALD
              M.
              DUNNE
	 
 	 
 	 
 
	D	  	/s/ Gerald
              M.
              Dunne
	 	
              

            

    

     

    

         

    

    STATE
      OF
Florida  
      )

    )
      ss:

    COUNTY
      OF
Pinellas 
      )

    

    Sworn
      to
      and subscribed before me this 5th
      day of
      December, 2006, by GERALD M. DUNNE, who is personally known to me or who has
      produced Florida
      Drivers License  (type
      of
      identification)
      as
      identification.

     

    
      	 	 	 
	Date: 	 	/s/ Christine
              L. Pierson
	 	
              
NOTARY
              PUBLIC, STATE OF Florida 

    

     

    (NOTARY
      SEAL)

     

    
      	 	 	 
	Date: 	By:  	/s/ Christine
              L. Pierson
	 	
              
(Print,
              Type or Stamp Commissioned Name of Notary
              Public)

    

     

    
      
        

      

       

    

    
      	
               

            	 	 
	 	TEKOIL
              & GAS CORPORATION
	 
 	 
 	 
 
	 	By: 	/s/ Francis
              G. Clear
	 	
              
Francis
              Guy Clear  
	 	Its:
              COO

      

    

    STATE
      OF
Florida  
      )

    )
      ss:

    COUNTY
      OF
Orange  
      )

    

    

    Sworn
      to
      and subscribed before me this 6th
      day of
      December, 2006, by Francis
      Guy Clear,
      as
COO
      of
      TEKOIL & GAS CORPORATION, who is personally known to me or who has produced
Passport
      (type
      of
      identification)
      as
      identification.

     

    
      	 	 	 
	 	  	/s/ Stacey
              G.
              Johnson
	 	
              
NOTARY
              PUBLIC, STATE OF
Florida

    

        

      

    (NOTARY
      SEAL)

     

    
      	 	 	 
	 	 	/s/ Stacey
              G.
      Johnson
	 	
              
(Print,
              Type or Stamp Commissioned Name of Notary
              Public)

    

         

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      DRAFT
EXHIBIT
      “13” (Page 1 of 2)

     

    INVESTOR
      REPRESENTATIONS BY GERALD M. DUNNE

    

     

    1.     Dunne’s
      Representations and Warranties.
      In
      consideration for the acts performed by TEKOIL as more specifically described
      in
      the Settlement Agreement, Dunne represents, warrants, acknowledges and agrees,
      as of June 27, 2005, and as of the date of the Settlement Agreement (of which
      this document is Exhibit “13”), as follows:

     

    (a)  Dunne
      is
      a resident of the State of Florida, has his principal residence in such state,
      and is legally competent to execute this Settlement Agreement.

     

    (b)  Dunne
      is
      an “Accredited Investor” (as defined under Regulation D as promulgated and
      amended by the SEC pursuant to the Securities Act of 1933, as
      amended).

     

    (c)  Dunne
      has
      not been offered TEKOIL Common Stock, more specifically described in Section
      1,
      subsection (a) of the Settlement Agreement by any form of general solicitation
      or general advertising, including but not limited to any advertisement, article,
      notice or other communication published in any newspaper, magazine, or similar
      media or broadcast over television or radio, or any seminar or meeting whose
      attendees have been invited by any general solicitation or general
      advertising.

     

    (d)  Dunne
      has
      had access during the course of this transaction and prior to the issuance
      of
      the Common Stock to all information necessary to enable Dunne to evaluate the
      merits and risks of a prospective investment in TEKOIL (including, without
      limitation, the periodic and other reports filed by TEKOIL with the U.S.
      Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act
      of 1934, as amended (the “Exchange Act”)), and Dunne has had the opportunity to
      ask questions of and receive answers from the officers and directors of TEKOIL,
      or a person or persons acting on its behalf, concerning the terms and conditions
      of the offering and all questions raised by Dunne have been answered to the
      full
      satisfaction of Dunne. 

     

    (e)  There
      are
      substantial restrictions on the transferability of the Common Stock and,
      accordingly, Dunne will need to bear the economic risk of the investment in
      the
      Common Stock for an indefinite period of time and will not be readily able
      to
      liquidate the investment in case of an emergency.

     

    (f)  Dunne
      understands that TEKOIL has a limited financial or operating history, the Common
      Stock is a speculative investment which involves a high degree of financial
      risk, and there is no assurance of any economic, income or tax benefit from
      such
      investment.

     

    (g)  In
      making
      this investment, Dunne is relying solely upon the advice of Dunne’s personal tax
      advisors, and not TEKOIL nor its advisers and counsel, with respect to the
      tax
      aspects of an investment in the Common Stock.

     

    (h)  No
      representations or warranties have been made to Dunne by TEKOIL or any officer,
      employee, agent or affiliate of TEKOIL, and Dunne’s investment decision has been
      based solely upon Dunne’s independent evaluation and due diligence, if any, of
      TEKOIL.

     

    (i)  Dunne
      is
      experienced in evaluating and investing in early stage companies such as TEKOIL.
      Dunne is experienced in business matters and regards himself as a sophisticated
      investor able to evaluate investment and financial information and to choose
      independent professional advisors to assist in such evaluation and, either
      alone
      or with such advisers, has such knowledge and experience in financial and
      business matters that Dunne is capable of evaluating the merits and risks of
      an
      investment in the Common Stock and has the capacity to protect his own interests
      in connection with his proposed investment in the Common Stock. Dunne has
      determined that the Common Stock is a suitable investment for him.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    EXHIBIT
      “13” (Page 2 of 2)

     

    (j)  Dunne’s
      aggregate commitments to investments that are not readily marketable are not
      disproportionate to his net worth, and an investment in the Common Stock will
      not cause such aggregate commitment to become excessive. Dunne has adequate
      means of providing for his current needs and possible personal and family
      contingencies. Dunne will not be readily able to liquidate the investment in
      the
      case of an emergency, and Dunne has no need for liquidity in this investment
      in
      TEKOIL. Dunne is able to bear the economic risk of the investment in TEKOIL
      (including a complete loss thereof).

     

    (k)  Dunne
      has
      a preexisting business or personal relationship with TEKOIL or with one or
      more
      of its officers or directors. Dunne is purchasing the Common Stock solely for
      his own account for investment (and not for the account of any other person),
      and not with a view to, or for, any resale, distribution, fractionalization,
      or
      other transfer thereof, and Dunne has no present plans to enter into any
      contract, undertaking, agreement, or arrangement for any such resale,
      distribution, fractionalization, or transfer.

     

    2.  Restrictions.
      Dunne
      agrees that he will not at any time make any disposition of any of the Common
      Stock except in accordance with applicable federal and state securities laws
      and
      the legend set forth below. The certificates for the Common Stock to be issued
      to the undersigned will bear a legend in substantially the following
      form:

     

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
      STATE. SUCH SECURITIES MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
      OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE
      SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE TEKOIL THAT
      REGISTRATION IS NOT REQUIRED UNDER THE ACT OR SUCH LAWS.

     

    3.  Indemnification.
      Dunne
      recognizes that the offer and sale of Common Stock to Dunne were and will be
      based upon the representations, warranties, acknowledgments, and agreements
      of
      Dunne contained herein, and hereby agrees to defend and indemnify TEKOIL (and
      anyone acting on its behalf) with respect to the sale of the Common Stock,
      and
      to hold each such person or entity harmless from and against all losses,
      liabilities, costs, or expenses (including reasonable attorneys’ fees, court
      costs, and paraprofessional fees) arising by reason of or in connection with
      any
      misrepresentation or any breach of such warranty by Dunne, or arising as a
      result of the sale or distribution of the Common Stock by Dunne in violation
      of
      the Securities Act of 1933, as amended, or any applicable state securities
      laws,
      or Dunne’s failure to fulfill any of his covenants or agreements set forth
      herein. These Investor Representations (Exhibit “13” of the Settlement
      Agreement), and the representations, warranties, and agreements contained
      herein, shall also be binding upon the heirs, legal representatives, successors
      and assigns of Dunne. 

     

    
      
         

      

      
        6EXHIBIT
      10.16

    

    STOCK
      ISSUANCE AGREEMENT

    

    THIS
      STOCK ISSUANCE AGREEMENT (the “Agreement”), effective as of May
      1 ,
      2006 is
      entered into by and between DON PARSONS, an individual having an address at
      25
      Mountbatten Drive, St. John's, Newfoundland (the “Employee”), and TEKOIL &
GAS CORPORATION, a Delaware corporation (the “Company”).

    

    RECITALS:

    

    WHEREAS,
      the Company holds all the equity interest in Tekoil & Gas Corporation, a
      corporation duly incorporated under the laws of the Canadian Province of
      Newfoundland and Labrador (the “Employer”); and

    

    WHEREAS,
      the Employee is currently employed by the Employer, and the Company desires
      to
      provide an incentive to the Employee in the performance of his duties for the
      Employer by granting to the Employee fifty thousand (50,000) shares of the
      Company’s Common Stock, par value $.000001
      per
      share
      (the “Common Stock”) (all such shares, the “Issued Stock”), which shall be
      subject to the terms, conditions, and restrictions contained herein;
      and

    

    WHEREAS,
      the Issued Stock shall be granted to the Employee simultaneously with the
      execution hereof.

    

    NOW,
      THEREFORE, in consideration of the mutual agreements hereinafter set forth,
      the
      Company and the Employee have agreed and do hereby agree as
      follows:

    

    AGREEMENT:

    

    1. Issued
      Stock.
      

    

    (a) Issued
      Stock; Transferability.
      The
      Issued Stock and the rights and privileges conferred in whole or in part hereby
      may not be transferred, assigned, pledged or hypothecated in any way (whether
      by
      operation of law or otherwise), and the Company shall have no obligation to
      transfer such shares, unless registered under the Securities Act of 1933, as
      amended (the “Act”) or, in the opinion of counsel to the Company, such
      transaction is in compliance with or exempt from the registration and prospectus
      requirements of the Act. The Employee shall pay all costs incurred by the
      Company in such a transaction, including but not limited to legal fees and
      costs. The Issued Stock shall not be subject to levy and execution, attachment
      or similar process. Each
      certificate or other documentation evidencing the ownership of any shares of
      Issued Stock shall be imprinted with a legend in substantially the following
      form:

    

    THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY
      NOT BE REOFFERED, SOLD, TRANSFERRED, PLEDGED, OR ASSIGNED IN THE ABSENCE OF
      (A)
      AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER SAID ACT AND THE
      STATE SECURITIES ACT OR BLUE SKY ACT OF ANY STATE HAVING JURISDICTION THEREOF,
      OR (B) AN OPINION OF COUNSEL, REASONABLY SATISFACTORY IN FORM, SCOPE AND
      SUBSTANCE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT
      OR
      THE SECURITIES ACT OR BLUE SKY ACT OF ANY STATE HAVING JURISDICTION WITH RESPECT
      THERETO. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    The
      certificate may also bear additional inscriptions that the Company, in its
      sole
      and absolute discretion, otherwise deems are required by federal, state, foreign
      or local securities laws. All shares of Issued Stock shall be subject to such
      stop-transfer orders and other restrictions as the Company may deem advisable
      under the rules, regulations, and other requirements of the Securities and
      Exchange Commission, any stock exchange upon which the Common Stock is then
      listed, and any applicable federal or state securities law, and the Company
      may
      cause a legend or legends to be put on any certificates evidencing such shares
      to make appropriate reference to such restrictions.

     

    (b) Restrictions
      on the Issued Stock.
      The
      Issued Stock is subject to all restrictions in this Agreement. By acceptance
      of
      the Issued Stock, the Employee agrees that the Issued Stock will be held for
      investment and will not be held with a view to their distribution, as that
      term
      is used in the Act, unless in the opinion of counsel to the Company, such
      distribution is in compliance with or exempt from the registration and
      prospectus requirements of that Act. As a condition of this Agreement, the
      Company may require the Employee to confirm any factual matters reasonably
      requested by counsel for the Company. 

    

    THE
      EMPLOYEE UNDERSTANDS THAT THE ISSUED STOCK MAY NOT BE REGISTERED UNDER THE
      SECURITIES ACT. THE EMPLOYEE REPRESENTS THAT IT IS EXPERIENCED IN EVALUATING
      COMPANIES SUCH AS THE COMPANY, HAS SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL
      AND BUSINESS MATTERS AS TO BE CAPABLE OF EVALUATING THE MERITS AND RISKS OF
      ITS
      INVESTMENT, AND HAS THE ABILITY TO SUFFER THE TOTAL LOSS OF THE INVESTMENT.
      THE
      EMPLOYEE FURTHER REPRESENTS THAT IT HAS HAD THE OPPORTUNITY TO ASK QUESTIONS
      OF
      AND RECEIVE ANSWERS FROM THE COMPANY CONCERNING THE TERMS AND CONDITIONS OF
      THE
      ISSUED STOCK, THE COMMON STOCK, AND THE BUSINESS OF THE COMPANY, AND TO OBTAIN
      ADDITIONAL INFORMATION TO SUCH EMPLOYEE’S SATISFACTION. THE EMPLOYEE FURTHER
      REPRESENTS THAT IT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF REGULATION
      D UNDER THE SECURITIES ACT, AS PRESENTLY IN EFFECT.

    

    2. Entire
      Agreement.
      This
      written Agreement contains the sole and entire agreement between the parties
      as
      to the matters contained herein, and supersedes any and all other agreements
      between them. The parties acknowledge and agree that neither of them has made
      any representation with respect to such matters of this Agreement or any
      representations except as are specifically set forth herein, and each party
      acknowledges that she or it has relied on her or its own judgment in entering
      into this Agreement. The parties further acknowledge that statements or
      representations that may have been heretofore made by either of them to the
      other are void and of no effect and that neither of them has relied thereon
      in
      connection with her or its dealing with the other.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    3. Severability.
      The
      invalidity or unenforceability of a particular provision of this Agreement
      shall
      not affect the other provisions hereto, and this Agreement shall be construed
      in
      all respects as if such invalid or unenforceable provisions were
      omitted.

    

    4. Counterparts.
      This
      Agreement may be executed in several counterparts, each of which shall be an
      original, and such counterparts together shall constitute but one and the same
      instrument.

    

    5. Waiver
      of Rights.
      No
      failure of any party to exercise any power given such party hereunder or to
      insist upon strict compliance by any party with its obligations hereunder,
      and
      no custom or practice of the parties in variance with the terms hereof shall
      constitute a waiver of the parties’ right to demand exact compliance with the
      terms hereof.

    

    6. Waiver
      or Modification.
      No
      waiver or modification of this Agreement or of any covenant, condition, or
      limitation herein contained shall be valid unless in writing and duly executed
      by the party to be charged therewith. Furthermore, no evidence of any
      modification or waiver shall be offered or received as evidence in any
      proceeding, arbitration or litigation between the parties arising out of or
      affecting this Agreement or the rights or obligations of any party hereunder,
      unless such waiver or modification is in writing, duly executed as aforesaid.
      The provisions of this paragraph may not be waived except as herein set
      forth.

    

    7. Headings.
      The
      division of this Agreement into articles, sections and subsections and the
      insertion of headings are for convenience or reference only and shall not affect
      the construction of the Agreement.

    

    8. Notices.
      Communications in writing between the Employee and the Company shall be
      considered to have been received by the addressee on the date of delivery,
      if
      delivered by hand to the individual, or to an officer of the Company, or if
      sent
      by facsimile transmission. Communications in writing between the Employee and
      either the Company which are sent by post shall be considered to have been
      received within five working days of the date on which the correspondence was
      mailed.

    

    9. Prior
      Agreements.
      This
      Agreement supersedes all prior agreements, oral or written, between the parties
      with respect to the subject matter hereof. This agreement contains the final
      and
      entire understanding and agreement between the parties with respect to the
      subject matter hereof, and they shall not be bound by any terms, conditions,
      statements, covenants, representations, or warranties, oral or written, not
      herein contained with respect to the subject matter hereof.

    

    10. Assignment
      of Rights.
      The
      Employee may not assign this Agreement without the prior written consent of
      the
      Company. The Company may assign this Agreement without the prior consent of
      the
      Employee.

    

    11. Governing
      Law.
      This
      Agreement and the performance hereunder and all suits and special proceedings
      hereunder shall be construed in accordance with the laws of the State of
      Florida. Any and all actions under this Agreement shall be taken in the
      applicable Federal or State court in Orange County, Florida. The Employee hereby
      waives and agrees that she shall not assert that such forum is
      inconvenient.

    

    12. Waiver
      of Jury Trial.
      EACH
      PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND A
      TRIAL
      BY JURY FOR ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY
      WAY
      RELATED TO THIS AGREEMENT OR THE RELATIONSHIP OF THE PARTIES. THIS WAIVER
      EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING FROM ANY SOURCE,
      INCLUDING BUT NOT LIMITED TO THE CONSTITUTION OF THE UNITED STATES, THE
      CONSTITUTION OF ANY STATE, COMMON LAW OR ANY APPLICABLE STATUTE OR REGULATION.
      EACH PARTY HEREBY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING
      THE
      RIGHT TO DEMAND TRIAL BY JURY.

    13. No
      Inducement.
      The
      Employee hereby acknowledges and agrees that she has not been induced into
      this
      Agreement through the expectation of her employment with the Employer and
      neither the Employee’s initial or continued employment is dependent on the
      Employee making this Agreement.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    WHEREOF,
      the parties have executed this Agreement as of the date first set forth
      above.

     

    
      	 	 	 
	 	“COMPANY”
	 	TEKOIL & GAS CORPORATION,
              a
              Delaware corporation 
	 
 	 
 	 
 
	 	By:  	/s/
              Mark S. Western
	 	Print Name: Mark
              Western 
	 	Title: President
              & CEO 
	 	 
	 	“EMPLOYEE” 
	 	 
	 	/s/ Don
              Parsons 
	 	Don
              Parsons 

    

     

    
      
         

      

      
        4

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