Document:

Unassociated Document

    Exhibit
10.2

     

     

    AMENDMENT NO. 1
TO

     

    CONVERTIBLE
DEBENTURE

     

    THIS AMENDMENT NO. 1 TO CONVERTIBLE
DEBENTURE (this “Amendment”), is
entered into by and between TRIANGLE PETROLEUM
CORPORATION, a Nevada corporation (the “Company”), and Bank
Sal. Oppenheim Jr. & Cie., (Switzerland) Ltd (the “Holder”), as of
December 18, 2008.

     

    WHEREAS:

     

    A.           The
Company and the Holder are parties to that certain Securities Purchase
Agreement, dated December 28, 2005, (the “Purchase Agreement”),
pursuant to which the Company issued to the Holder a Convertible Debenture, due
December 28, 2008 in an aggregate principal amount of $2,500,000 (the “December Debenture”)
and a Convertible Debenture, due January 23, 2009 in an aggregate principal
amount of $2,500,000 (the “January Debenture”
and together with the December Debenture, the “Debentures”).

     

    B.           Simultaneously
with the execution of this Agreement, the following transactions are also taking
place: a) the Company is entering into an settlement agreement with the Holder,
pursuant to which the Holder has agreed to accept $3,250,000 from the Company
for the final settlement of the Debentures; b) the Company is entering into an
amendment agreement with Centrum Bank AG (“Centrum”), pursuant
to which the conversion price of convertible debentures issued pursuant to a
securities purchase agreement dated December 28, 2005 will be reduced to $1.40
and Centrum will convert $1,750,000 of debentures and receive 1,250,000 shares
of the Company’s common stock; and c) the Company is entering into a settlement
agreement with Centrum for the settlement of the remaining convertible
debentures  issued to Centrum.

     

    C.           As
of the date hereof, the outstanding value of the Debenture is $6,102,396, which
includes $5,000,000 in principal and $1,102,396 of accrued
interest.

     

    D.           The
parties to the Agreement now desire to amend certain provisions set forth in the
Debenture as more fully described herein.

     

    NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and the Holder hereby agree as
follows:

     

    1.           AMENDMENT OF SECTION
2.1. Section 2.1 of the Debentures is hereby amended and replaced in its
entirety with the following:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    “2.1.          Optional
Conversion.  Subject to the terms of this Article II, the
Holder shall have the right, but not the obligation, at any time until the
Maturity Date, or thereafter during an Event of Default and to convert all or
any portion of the outstanding Principal Amount and/or accrued interest and fees
due and payable into fully paid and nonassessable shares of the Common Stock at
the Fixed Conversion Price. The shares of Common Stock to be issued upon such
conversion are herein referred to as the “Conversion
Shares.”  The “Fixed Conversion Price” shall
mean $1.40.”

     

    

    2.           CONVERSION
OF DEBENTURES.  Upon execution of this Agreement, Holder agrees to
immediately convert $1,750,000 of Debentures into 1,250,000 shares of the
Company’s common stock by executing the Notice of Conversion, in substantially
the same form as attached as Exhibit A
hereto

     

    3.           EFFECT
ON OTHER TERMS.  This Amendment shall be deemed effective as of
December 18, 2008.  All other terms set forth in the Debenture shall
remain unchanged and this Amendment and the Debenture shall be deemed a single
integrated agreement for all purposes.

     

    4.           The
Company hereby acknowledges and agrees that, notwithstanding anything to the
contrary contained herein, each and all of the representation, warranties,
covenants, undertakings and agreements herein made (collectively, the
“Representations”) were made by the Holder as custodian on behalf of clients.
Each and every one of the Representations made by the Holder as custodian on
behalf of clients are made and intended not as Representations by the Bank or
for the purpose or with the intention of binding the Holder, but are made on
behalf of the clients of the Holder. In the case of damages that may be incurred
by the Company in connection with any inaccuracy regarding any Representations
contained herein, the Company hereby acknowledges and agrees that it will not
claim or assert any claim against the Holder for any money damages or other
remedies in any action and the Company hereby specifically waives the right to
any money damages or other remedies from the Holder in connection with any
Representation made herein.

     

    

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, the
parties have caused this Amendment No. 1 to Debenture to be duly executed as of
day and year first above written.

     

    
      
        	
                TRIANGLE PETROLEUM
      CORPORATION

                 

              	 	 	 	 
	
                By:
      /s/ MARK GUSTAFSON

              	 	 	
                 

              	 
	
                Name:
      Mark Gustafson

              	 	 	
                 

              	 
	
                Title:   Chief
      Executive Officer

              	 	 	
                 

              	 

      

    

     

    
      
        
          	
                  BANK
      SAL. OPPENHEIM JR. & CIE., (SWITZERLAND) LTD

                	 
      
	 
      	 
      
	 
      	 
      
	
                  By:
      /s/ URS
FRICKER

                	 
      
	
                  Urs
      Fricker

                	 
      
	
                  Director

                	 
      

        

      

      

      

      
        
          	
                  By:
      /s/ BRUNO
      ACHERMANN

                	 
      
	
                  Bruno
      Achermann

                	 
      
	
                  Assistant
      VP

                	 
      

        

      

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

     

    NOTICE OF
CONVERSION

     

    (To be
executed by the Holder in order to convert all or part of the
Debenture

     

    into
Common Stock)

    

    

    Bank Sal.
Oppenheim Jr. & Cie., (Switzerland) Ltd

    Uraniastrasse
28

    CH – 8022
Zurich, Switzerland

     

    The
undersigned hereby converts $1,750,000 of the principal due on December 28, 2008
under the Convertible Debenture issued by Triangle Petroleum Corporation
(“Borrower”) dated as of December 28, 2005, as amended on December 18, 2008, by
delivery of shares of Common Stock of Borrower on and subject to the conditions
set forth in Article II of such Debenture.

     

    
      	
              1.

            	
              Date
      of Conversion

            	
              December
      18, 2008

            

    

     

    
      	
              2.

            	
              Shares
      To Be Delivered:

            	
              1,250,000

            

    

    

    
      
        
           

        

      

      
        
          	
                  BANK SAL. OPPENHEIM JR. &
      CIE., (SWITZERLAND) LTD

                   

                	 	 	 	 
	
                  By:
      

                	 	 	
                   

                	 
	
                  Name:  Urs
      Fricker

                	Bruno
      Achermann	 	
                   

                	 
	
                  Title:     Director   

                	Assistant
      VPUnassociated Document

    SETTLEMENT
AGREEMENT

    

    This
Settlement Agreement (this “Agreement”), is made
and entered into as of December 18, 2008, by and between Triangle Petroleum
Corporation, a Nevada corporation (the “Company”) and Centrum
Bank AG (the “Holder”).

    

    WHEREAS,
the Company and the Holder are parties to that certain Securities Purchase
Agreement, dated December 28, 2005, (the “Purchase Agreement”),
pursuant to which the Company issued to the Holder a Convertible Debenture, due
December 28, 2008 in an aggregate principal amount of $2,500,000 (the “December Debenture”)
and a Convertible Debenture, due January 23, 2009 in an aggregate principal
amount of $2,500,000 (the “January Debenture”
and together with the December Debenture, the “Debentures”);
and

    

    WHEREAS,
as of the date of this Agreement, the outstanding amount of the Debentures is
$6,102,396, which includes $5,000,000 in principal and $1,102,396 of accrued
interest; and

    

    WHEREAS, simultaneously with the
execution of this Agreement, the following transactions are also taking place:
a) the Company is entering into an amendment agreement with the Holder, pursuant
to which the conversion price of the Debentures will be reduced to $1.40 and the
Holder will convert $1,750,000 of Debentures and receive 1,250,000 shares of the
Company’s common stock; b) the Company is entering into an amendment agreement
with the Holder, pursuant to which the conversion price of convertible
debentures issued pursuant to a securities purchase agreement dated December 28,
2005 will be reduced to $1.40 and the Holder will convert $1,750,000 of
debentures and receive 1,250,000 shares of the Company’s common stock; and c)
the Company is entering into a settlement agreement with the Holder for the
settlement of the remaining convertible debentures  on the same terms
and conditions as this Agreement; and

    

    WHEREAS, the Holder has agreed to
accept $3,250,000 from the Company (the “Settlement Amount”)
for the final settlement of the Debentures; and

    

    WHEREAS,
capitalized terms used herein, but not otherwise defined, shall have the
meanings ascribed to such terms as set forth in the Purchase Agreement;
and

    

    WHEREAS,
subject to the terms hereunder, the Company and the Holder have reached a full
and final settlement for the settlement of the Debentures;

    

    NOW
THEREFORE, in consideration of the terms and conditions contained in this
Agreement, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties, intending to be
legally bound hereby, agree as follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    1.           Incorporation of Preliminary
Statements.  The preliminary statements set forth above by this
reference hereto are hereby incorporated into this Agreement.

    

    2.           Payment and Acceptance of
Settlement Amount.  Within two (2) business days of execution
of this Agreement, the Company shall pay Holder the sum of Three Million, Two
Hundred Fifty Thousand Dollars and no Cents ($3,250,000). Holder agrees to
accept the sum of Three Million, Two Hundred Fifty Thousand Dollars and no Cents
($3,250,000) from the Company.

     

    

    3.           Release by the
Holder.  Upon the receipt of the Settlement Amount, Holder
releases and discharges the Company, the Company’s heirs, executors,
administrators, parent company, holding company, subsidiaries, successors,
predecessors, officers, directors, principals, control persons, past and present
employees, insurers, agents, attorneys, and assigns (the “Company Releasees”)
from all actions, cause of action, suits, debts, dues, sums of money, accounts,
reckonings, bonds, bills, specialties, covenants, contracts, controversies,
agreements, promises, variances, trespasses, damages, judgments, extents,
executions, claims, and demands whatsoever, in law, admiralty or equity, against
the Company Releasees, that Holder or its heirs, executors, administrators,
successors and assigns ever had, now have or hereafter can, shall or may, have
for, upon, or by reason of any matter, cause or thing whatsoever, whether or not
known or unknown, from the beginning of the world to the day of the date of this
Release.

     

    4.           Release by the
Company.  Upon the payment of the Settlement Amount, the
Company releases and discharges Holder, Holder’s heirs, executors,
administrators, parent company, holding company, subsidiaries, successors,
predecessors, officers, directors, principals, control persons, past and present
employees, insurers, agents and assigns from all actions, cause of action,
suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
specialties, covenants, contracts, controversies, agreements, promises,
variances, trespasses, damages, judgments, extents, executions, claims, and
demands whatsoever, in law, admiralty or equity, against Holder, that the
Company or its heirs, executors, administrators, successors and assigns ever
had, now have or hereafter can, shall or may, have for, upon, or by reason of
any matter, cause or thing whatsoever, whether or not known or unknown, from the
beginning of the world to the day of the date of this Release.

    
      
         

      

      
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    5.           Representations and
Warranties of the Company.  The Company hereby makes to the
Holder the following representations and warranties:

     

    i.           Authorization;
Enforcement.  The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated by this
Agreement and otherwise to carry out its obligations hereunder and
thereunder.  The execution and delivery of this Agreement by the
Company and the consummation by it of the transactions contemplated hereby have
been duly authorized by all necessary action on the part of the Company and no
further action is required by the Company, its board of directors or its
stockholders in connection therewith other than in connection with the Required
Approvals.  This Agreement has been duly executed by the Company and,
when delivered in accordance with the terms hereof will constitute the valid and
binding obligation of the Company enforceable against the Company in accordance
with its terms except (i) as limited by general equitable principles and
applicable bankruptcy, insolvency, reorganization, moratorium and other laws of
general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by applicable
law.

     

    ii.           No
Conflicts.  The execution, delivery and performance of this
Agreement by the Company and the consummation by the Company of the transactions
contemplated hereby do not and will not: (i) conflict with or violate any
provision of the Company’s articles of incorporation, bylaws or other
organizational or charter documents, or (ii) conflict with, or constitute a
default (or an event that with notice or lapse of time or both would become a
default) under, any material agreement, credit facility, debt or other material
instrument or other material understanding to which the Company is a party, or
(iii) conflict with or result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or
governmental authority to which the Company is subject (including federal and
state securities laws and regulations); except in the case of each of clauses
(ii) and (iii), such as could not have or reasonably be expected to result in a
Material Adverse Effect.

     

    6.           Representations and
Warranties of the Holder.  The Holder represents and warrants
as of the date hereof to the Company as follows:

     

    i.           Authority.  The
execution, delivery and performance by such Holder of the transactions
contemplated by this Agreement have been duly authorized by all necessary
corporate or similar action on the part of such Holder.  This
Agreement has been duly executed by such Holder, and when delivered by such
Holder in accordance with the terms hereof, will constitute the valid and
legally binding obligation of such Holder, enforceable against it in accordance
with its terms, except (i) as limited by general equitable principles and
applicable bankruptcy, insolvency, reorganization, moratorium and other laws of
general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by applicable
law.

     

    7.           No
Interests.  The Company and Holder each warrant and represent
that no other person or entity has any interest in the matters released herein,
and that they have not assigned or transferred, or purported to assign or
transfer, to any person or entity all or any portion of the matters released
herein.

    

    8.           Attorney
Fees.  Each party shall be responsible for their own attorneys’
fees and costs.

    

    9.           Acknowledgements.  All
parties acknowledge and represent that: (a) they have read the Agreement; (b)
they clearly understand the Agreement and each of its terms; (c) they fully and
unconditionally consent to the terms of this Agreement; (d) they have had the
benefit and advice of counsel of their own selection; (e) they have executed
this Agreement, freely, with knowledge, and without influence or duress; (f)
they have not relied upon any other representations, either written or oral,
express or implied, made to them by any person; and (g) the consideration
received by them has been actual and adequate.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    

    10.           Entire
Agreement.  This Agreement contains the entire agreement and
understanding concerning the subject matter hereof between the parties and
supersedes and replaces all prior negotiations, proposed agreement and
agreements, written or oral.  Each of the parties hereto acknowledges
that neither any of the parties hereto, nor agents or counsel of any other party
whomsoever, has made any promise, representation or warranty whatsoever, express
or implied, not contained herein concerning the subject hereto, to induce it to
execute this Agreement and acknowledges and warrants that it is not executing
this Agreement in reliance on any promise, representation or warranty not
contained herein.

     

    11.           Amendments and
Waivers. The provisions of this Agreement, including the provisions of
this sentence, may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, unless the
same shall be in writing and signed by the Company and the Holder.

     

    12.           Execution and
Counterparts. This Agreement may be executed in two or more counterparts,
all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and
delivered to the other party, it being understood that both parties need not
sign the same counterpart.  In the event that any signature is
delivered by facsimile transmission or by e-mail delivery of a “.pdf” format
data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same
force and effect as if such facsimile or “.pdf” signature page were an original
thereof.

     

    13.           Governing
Law.  All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be determined in
accordance with the provisions of the Purchase Agreement.

     

    14.           Severability. If any
term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired
or invalidated, and the parties hereto shall use their commercially reasonable
efforts to find and employ an alternative means to achieve the same or
substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the
intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

     

    15.           Headings. The
headings in this Agreement are for convenience only, do not constitute a part of
the Agreement and shall not be deemed to limit or affect any of the provisions
hereof.

     

     [SIGNATURE
PAGE FOLLOWS]

     

    

    
      
         

      

      
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    IN
WITNESS WHEREOF, and intending to be legally bound hereby, the parties have
executed this Agreement as of the date first set forth above.

    
       

      TRIANGLE
PETROLEUM CORPORATION

      

      

      
        
          	
                  /s/ MARK GUSTAFSON

                	 
      
	
                  Name:
      Mark Gustafson

                	 
      
	
                  Title:   Chief
      Executive Officer

                	 
      

        

      

      

      CENTRUM
BANK AG

      

      
        
          	
                  By:
      /s/ JURG MUEHLETHALER

                	 
      
	
                  Jurg
      Muehlethaler

                	 
      
	
                  Executive
      Director

                	 
      
	 
      	 
      

        

      

      

      
        
          	
                  By:
      /s/ DANIEL KIEBER

                	 
      
	
                  Daniel
      Kieber

                	 
      
	
                  Associate
      Director

                	 
      

        

      

    

     

     

     

    5

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