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exhb1001.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
10.01

     

     

    SHARE
PURCHASE AGREEMENT

     

     

    THIS
AGREEMENT dated for reference September 2, 2008 is between:

     

    ALLAN KENT, c/o Suite #310,
605 – 1 Street SW, Calgary, Alberta,

            Canada
T2P 3S9

          (“Kent”)

     

    AND

    JEAN PAUL ROY, c/o Suite #310,
605 – 1 Street SW, Calgary, Alberta,

             Canada
T2P 3S9

    

            (“Roy”)

     

       (Kent
and Roy are collectively referred to herein as the “Sellers”)

     

    AND

     

    PRIMARY CORP., a corporation
incorporated under the laws of Ontario

     

    (the
“Buyer”)

     

     

    BACKGROUND

     

    A. Kent is
the beneficial owner of 375,000 common shares (the “Kent Shares”) in the capital
of GeoGlobal Resources Inc., a Delaware corporation (the “Company”).

     

    B. Roy is
the beneficial owner of 375,000 common shares (the “Roy Shares”) in the capital of
the Company.

     

    C. The
Sellers have agreed to sell and the Buyer has agreed to buy all of the Kent
Shares and all of the Roy Shares (collectively, the “Sellers’ Shares”) on the terms
and conditions contained in this Agreement.

     

    AGREEMENT

     

    For good
and valuable consideration, the receipt and sufficiency of which each party
acknowledges, the parties agree as follows:

     

    PART 1

     

    INTERPRETATION

     

    1.1 Defined
Terms.  

     

     In
this Agreement the following terms shall have the following
meanings:

     

    
      	
              (a)  

            	
              “Business Day” means any
      day which is not a Saturday, Sunday or a statutory holiday in British
      Columbia or the United States of
America;

            

    

     

    
      	
              (b)  

            	
              “Buyer’s Losses” has the
      meaning given in paragraph 7.2;

            

    

     

    
      	
              (c)  

            	
              “Closing” shall mean
      either the First Tranche Closing or the Second Tranche Closing, as the
      case may be;

            

    

     

    
      	
              (d)  

            	
              “Closing Date” shall mean
      either the First Tranche Closing Date or the Second Tranche Closing Date,
      as the case may be;

            

    

     

    
      	
              (e)  

            	
              “Company” means GeoGlobal
      Resources Inc., a Delaware
corporation;

            

    

     

    
      	
              (f)  

            	
              “Encumbrance” means any
      lien, claim, charge, pledge, hypothecation, security interest, mortgage,
      title retention agreement, declaration of trust, right of set-off, option
      or other encumbrance of any kind;

            

    

     

    
      	
              (g)  

            	
              “Exchange” shall mean the
      American Stock Exchange, or such successor market or stock exchange on
      which the Company’s shares are listed or traded if no longer listed on the
      American Stock Exchange;

            

    

     

    
      	
              (h)  

            	
              “Fair Market Value”
      means (i) in respect of all sales of First Tranche Shares and
      Second Tranche Shares through the facilities of the Exchange, the actual
      gross sale price received by the Buyer therefor, provided
      the shares are sold in a reasonably prudent and business-like manner and
      (ii) otherwise as to any First Tranche Shares or Second Tranche Shares not
      sold on the Exchange , the closing price of the Company’s common stock on
      the Exchange as of the close of trading on the Exchange on the Business
      Day immediately preceding the Buyer’s sale of such shares or, as to any
      shares unsold on such date, the date that is seven (7) months after the
      First Tranche Closing Date or the Second Tranche Closing Date, as
      applicable.

            

    

     

    
      	
              (i)  

            	
              “First Tranche Closing”
      has the meaning given in paragraph 8.1;

            

    

     

    
      	
              (j)  

            	
               “First Tranche Closing
      Date” means September 2, 2008, or such other date as the parties
      hereto agree in writing;

            

    

     

    
      	
              (k)  

            	
              “First Tranche Shares”
      has the meaning given in paragraph
2.2;

            

    

     

    
      	
              (l)  

            	
              “Governmental Authority”
      means any Canadian (whether federal, territorial, provincial, municipal or
      local), international or foreign government, governmental authority,
      quasi-governmental authority, court, self-regulatory organization,
      commission, tribunal or organization or any agent, subdivision, department
      or branch of any of the foregoing;

            

    

     

    
      	
              (m)  

            	
              “Kent Shares” has the
      meaning given in Recital A;

            

    

     

    
      	
              (n)  

            	
              “Material Adverse Change”
      means any transaction, event, condition, change, circumstance or effect
      that results in or may reasonably be expected to result in a material
      adverse change to:

            

    

     

    
      	
              (i)  

            	
              the
      business or the financial condition, assets or prospects of the Company;
      or

            

    

     

    
      	
              (ii)  

            	
              the
      value of the Sellers’ Shares;

            

    

     

    
      	
              (o)  

            	
              “Person” means an
      individual, legal personal representative, corporation, body corporate,
      firm, partnership, trust, trustee, syndicate, joint venture, limited
      liability company, association, unincorporated organization, union,
      Governmental Authority or other entity or
  organization;

            

    

     

    
      	
              (p)  

            	
              “Purchase Price” has the
      meaning given in paragraph 2.2;

            

    

     

    
      	
              (q)  

            	
              “Required Consents” has
      the meaning given in paragraph 5.1;

            

    

     

    
      	
              (r)  

            	
              “Roy Shares” has the
      meaning given in Recital B;

            

    

     

    
      	
              (s)  

            	
              “Second Tranche Closing”
      has the meaning given in paragraph 8.3;

            

    

     

    
      	
              (t)  

            	
              “Second Tranche Closing
      Date” means the earlier of (i) eight (8) days following the filing
      by Roy of Form 45-102FI with all applicable Canadian Securities
      Commissions, and (ii) September 30, 2008, or such other date as the
      parties hereto agree in writing;

            

    

     

    
      	
              (u)  

            	
              “Second Tranche Shares”
      has the meaning given in paragraph
2.3;

            

    

     

    
      	
              (v)  

            	
              “Sellers’ Shares” means
      collectively, the Kent Shares and the Roy
  Shares;

            

    

     

    1.2 Interpretation.  

     

     In
this Agreement, except as otherwise expressly provided:

     

    
      	
              (a)  

            	
              the
      headings to the parts, sections, paragraphs, and schedules of this
      Agreement are inserted for convenience only and shall not affect the
      interpretation of this Agreement;

            

    

     

    
      	
              (b)  

            	
              any
      reference to a part, section, paragraph or schedule is to the relevant
      part, section, paragraph or schedule of this
  Agreement;

            

    

     

    
      	
              (c)  

            	
              words
      of one gender include all genders, and words in the singular include the
      plural and vice versa; and

            

    

     

    
      	
              (d)  

            	
              any
      reference to a statute includes and is a reference to such statute, and to
      the regulations made pursuant to it, as amended and in force from time to
      time, and to any statute or regulations that may be passed which have the
      effect of supplementing or superseding such statute or
      regulations.

            

    

     

    PART 2

     

    SALE
AND PURCHASE

     

    2.1 Agreement
to Sell and Purchase.  

     

     The
Sellers agree to sell free and clear of all Encumbrances, and the Buyer agrees
to purchase, the Sellers’ Shares on the terms and conditions contained in this
Agreement.

     

    2.2 First
Tranche Closing.  

     

     On
the First Tranche Closing Date, Kent will sell and the Buyer will purchase
270,000 Kent Shares (the “First
Tranche Shares”) for and at a purchase price of US$3.00 per share (for an
aggregate purchase price of US$810,000 (the “First Tranche Purchase
Price”)), payable on the First Tranche Closing Date by wire transfer of
immediately available funds.  Kent hereby irrevocably authorizes and
directs the Buyer to pay US$660,000 of the First Tranche Purchase Price to the
Company by wire transfer in accordance with where transfer instructions provided
by the Company, and to pay the remaining balance of $150,000 of the First
Tranche Purchase Price to Kent, as he may direct.

     

    2.3 Second
Tranche Closing.  

     

    2.4  On the Second Tranche
Closing Date:

     

    
      	
              (a)  

            	
              Kent
      will sell and the Buyer will purchase 105,000 Kent Shares;
    and

            

    

     

    
      	
              (b)  

            	
              Roy
      will sell and the Buyer will purchase all of the Roy
    Shares;

            

    

     

    (collectively,
the “Second Tranche
Shares”) for and at a purchase price of US$3.00 per share (for an
aggregate purchase price of US$1,440,000 (the “Second Tranche Purchase
Price”), payable on the Second Tranche Closing Date by wire transfer of
immediately available funds to the bank account designated by Kent in the amount
of $645,000 and designated by Roy in the amount of $795,000.

     

    PART 3                      

     

    SELLERS’
REPRESENTATIONS AND WARRANTIES

     

    3.1 Representations
and Warranties.  

     

     In
order to induce the Buyer to enter into and consummate this Agreement, the
Sellers jointly and severally represent and warrant to the Buyer that the
following statements set out in this Part 3 are true, accurate and not
misleading.

     

    
      	
              (a)  

            	
              Authorized and Issued
      Capital.  The authorized share capital of the Company is
      100,000,000 shares of common stock, with a par value of $0.001 each of
      which 72,205,755 shares of common stock are issued and outstanding as of
      August 29, 2008, and 1,000,000 shares of preferred stock, with a par value
      of $0.01 each of which none are issued or
  outstanding..

            

    

     

    
      	
              (b)  

            	
              Insolvency or
      Amalgamation.  No proceedings have been taken or
      authorized by any Person with respect to the bankruptcy, insolvency,
      liquidation, dissolution or winding-up of the Company or with respect to
      any amalgamation, merger, consolidation, arrangement or reorganization
      relating to the Company.

            

    

     

    
      	
              (c)  

            	
              Securities
      Legislation.  The Company is a “reporting issuer” in the
      Provinces of British Columbia, Alberta, Ontario and Quebec, and the sale
      of the Shares by the Sellers to the Buyer complies with all applicable
      securities legislation.

            

    

     

    
      	
              (d)  

            	
              Title to
      Shares.  Each Seller is the legal and beneficial owner of
      the Sellers’ Shares referred to in the Recitals above, free of all
      Encumbrances.  The Shares have been validly issued, are fully
      paid and non-assessable shares in the capital of the
    Company.

            

    

     

    
      	
              (e)  

            	
              Competing Rights to
      Shares.  Except as provided in this Agreement, there are
      no agreements or arrangements in force which provide for the present or
      future issue, allotment, transfer, redemption, repayment or conversion of
      any of the Sellers’ Shares including, without limitation, any option or
      right of pre-emption or conversion.

            

    

     

    
      	
              (f)  

            	
              Capacity of
      Sellers.  Each Seller has the right and authority to
      enter into this Agreement on the terms and conditions set out in it and to
      transfer the legal and beneficial title and ownership of the Sellers’
      Shares to the Buyer.  This Agreement constitutes a valid and
      binding obligation of each of the
Sellers.

            

    

     

    
      	
              (g)  

            	
              Litigation.  Except
      as publicly disclosed in the Company’s periodic reports on file with the
      US Securities and Exchange Commission, there is no action, suit,
      investigation, claim or proceeding in progress or pending or, to the
      knowledge of the Sellers, threatened against or relating to the Sellers or
      the Company or affecting their assets or the business or which could
      affect the Sellers rights to enter into and perform their obligations
      under this Agreement.  So far as the Sellers are aware, there
      are no facts, matters or circumstances which could give rise to any such
      action, suit, investigation, claim or proceeding.  There is no
      judgement, decree, injunction, rule or order of any court or Governmental
      Authority outstanding against the Sellers or the Company or any of their
      respective assets.

            

    

     

    
      	
              (h)  

            	
              Non-Contravention.  The
      performance of this Agreement will
not:

            

    

     

    
      	
              (i)  

            	
              conflict
      with, or result in the breach of, or constitute a default under, any
      agreement, arrangement or instrument to which either of the Sellers or the
      Company is party to, or any Encumbrance, lease, contract, order, judgment,
      regulation or other restriction or obligation of any kind by which either
      of the Sellers or the Company or any of their respective assets are bound;
      or

            

    

     

    
      	
              (ii)  

            	
              contravene
      or conflict with any laws or regulations binding upon or applicable to the
      Sellers, the Company or the Shares.

            

    

     

    
      	
              (i)  

            	
              Governmental
      Authorization.  Except as expressly referred to in this
      Agreement, the execution, delivery and performance of this Agreement by
      the Sellers requires no action by, consent or approval of, or filing with,
      any Governmental Authority.

            

    

     

    
      	
              (j)  

            	
              Resale
      Restrictions.  On each Closing Date, the Sellers' Shares
      purchased by the Buyer shall be subject to restrictions on resale as being
      “restricted securities”, and purchased from an “affiliate” of the Company,
      as the terms “restricted securities” and “affiliate” are defined under
      Rule 144 adopted under the US Securities Act of 1933, as amended, and
      shall not be subject to any other hold period, resale or other transfer
      restrictions whatsoever.

            

    

     

    
      	
              (k)  

            	
              Advisory
      Fees.  There is no investment banker, broker, finder or
      other intermediary or advisor that has been retained by or is authorized
      to act on behalf of the Company or any Seller who might be entitled to any
      fee, commission or reimbursement from the
Buyer.

            

    

     

    
      	
              (l)  

            	
              Canadian
      Residence.  Neither of the Sellers are a “non-resident”
      of Canada within the meaning of section 116 of the
    Act.

            

    

     

    
      	
              (m)  

            	
              Full
      Disclosure.  The information furnished to the Buyer by or
      on behalf of the Sellers relating to the Sellers’ Shares, the Sellers and
      the Company, which includes, among other disclosures, all periodic reports
      filed by the Company with the US Securities and Exchange Commission on
      EDGAR, was when given, and continues to be, true, accurate and complete in
      all material respects and not misleading and, does not omit to state any
      material fact which, if disclosed, might reasonably be expected to affect
      the decision of the Buyer to purchase the
  Shares.

            

    

     

    3.2 Representations
at Closing.  

     

     The
representations and warranties of the Sellers in this Agreement shall continue
to be true, accurate and not misleading up to and including the relevant Closing
Date as if each such representation and warranty were repeated at such Closing
Date with reference to the facts and circumstances then existing.

     

    3.3 Knowledge
and Awareness.

     

     If
any provision in this Part 3 is
qualified by the expression “to the best of the knowledge of the Sellers” or “so
far as the Sellers are aware” or any similar phrases, the knowledge and
awareness of the Sellers shall be deemed to include such knowledge as would be
gained through due and careful enquiries into the subject matter of that
provision, and for these purposes, the knowledge, information or awareness of
either one of the Sellers shall be attributable to the other
Seller.

     

    3.4 Reliance.  

     

     The
Sellers acknowledge that the Buyer has entered into this Agreement relying on
the representations and warranties of the Sellers under this Agreement and the
rights and remedies of the Buyer with respect to any breach of such
representations and warranties shall not be affected by:

     

    
      	
              (a)  

            	
              any
      investigation or independent searches that have been or may be undertaken
      by or on behalf of the Buyer; or

            

    

     

    
      	
              (b)  

            	
              any
      information which is now known, or may become known, to the Buyer or its
      officers, directors or professional
advisers.

            

    

     

    PART 4

     

    BUYER’S
REPRESENTATIONS AND WARRANTIES

     

    4.1 Representations
and Warranties.  

     

     In
order to induce the Sellers to enter into and consummate this Agreement, the
Buyer represents and warrants to the Sellers that the following statements set
out in this Part 4 are true,
accurate and not misleading.

     

    
      	
              (a)  

            	
              Organization and Good
      Standing.  The Buyer is a company duly incorporated,
      validly existing and in good standing under the laws of Province of
      Ontario.

            

    

     

    
      	
              (b)  

            	
              Capacity.  The
      Buyer has the right and authority to enter into this Agreement on the
      terms and conditions set out in it and this Agreement constitutes a valid
      and binding obligation of the
Buyer.

            

    

     

    4.2 Representations
at Closing.  

     

     The
representations and warranties of the Buyer in this Agreement shall continue to
be true, accurate and not misleading up to and including the relevant Closing
Date as if each such representation and warranty were repeated at such Closing
Date with reference to the facts and circumstances then existing.

     

    PART 5

     

    COVENANTS
OF THE SELLERS

     

    5.1 Consents.  

     

     The
Sellers shall obtain, or shall provide the Buyer with all co-operation or
support reasonably required by the Buyer to allow the Buyer to obtain, if
applicable, at or before each Closing Date, from all appropriate Governmental
Authorities and other Persons any permits, consents, assignments, approvals,
certificates, filings, registrations and authorizations required to permit the
completion of the transactions contemplated by this Agreement (“Required Consents”),
including but not limited to the filing by Roy of Form 45-102F1 with all
required Canadian securities regulatory authorities not less than seven (7) days
prior to the Second Tranche Closing Date.

     

    5.2 Notification.  

     

     The
Sellers shall immediately notify the Buyer in writing of any action or
circumstance which may arise between the date of this Agreement and the Closing
Date which results, or may result, in:

     

    
      	
              (a)  

            	
              a
      Material Adverse Change;

            

    

     

    
      	
              (b)  

            	
              a
      breach of any representation or warranty of the Sellers contained in this
      Agreement, if such representation or warranty were repeated at any time
      before Closing by reference to the facts and circumstances then existing;
      or

            

    

     

    
      	
              (c)  

            	
              any
      of the information provided in the schedules to this agreement becoming
      untrue, incorrect or misleading in any material
  respect.

            

    

     

    5.3 Return
on Investment.  

     

    (a)  In
order to induce the Buyer to enter into this Agreement and to acquire the
Sellers’ Shares, the Sellers have agreed to ensure that the Buyer achieves a
minimum return on its investment in the Sellers’ Shares in accordance with the
terms of this paragraph 5.3.

     

    
      	
              (a)  

            	
              With
      respect to the First Tranche Shares, if, during the period commencing six
      (6) months and one (1) day after the First Tranche Closing Date through
      the date which is seven (7) months after the First Tranche Closing Date
      (the "First Tranche
      Election Period"), the Buyer elects to sell the First Tranche
      Shares, through the facilities of the Exchange or otherwise, by delivering
      written notice of same to the Sellers, and the sum of (a) the greater of
      (i) the gross proceeds received by Buyer from the sale of such shares
      during such period and (ii) the Fair Market Value of the shares sold
      during such period, and (b) the Fair Market Value of any such shares
      unsold on the date seven (7) months after the First Tranche Closing Date
      is less than US$953,370 (the “First Tranche Amount”)
      (representing a return of the First Tranche Purchase Price and a profit of
      US$143,370) (such lesser amount being herein defined as the “First Tranche
      Deficiency”), the Sellers will indemnify and save harmless the
      Buyer from such First Tranche Deficiency and will pay to the Buyer an
      amount equal to the First Tranche Deficiency.  Notwithstanding
      the foregoing, if the Buyer is prevented from selling any of the First
      Tranche Shares by reason of the failure of the Company to be in compliance
      with Rule 144(c)(1), the First Tranche Election Period shall be extended
      to a date one month following the date on which the Company completes all
      such filings and the Buyer is then able to proceed with the sale of the
      First Tranche Shares (the "Extended First Tranche Election
      Period"), and the amount of the First Tranche Deficiency shall be
      increased by an amount equal to US$266.30 per day for each day following
      the date which is six (6) months after the First Tranche Closing Date,
      until the end of the Extended First Tranche Election Period.  If
      the Buyer elects not to sell the First Tranche Shares at that time, the
      Sellers will be relieved of their indemnity
  hereunder.

            

    

     

    
      	
              (b)  

            	
              With
      respect to the Second Tranche Shares, if during the period commencing six
      (6) months and one (1) day after the Second Tranche Closing Date through
      the date which is seven (7) months after the Second Tranche Closing Date
      (the "Second Tranche Election
      Period"), the Buyer elects to sell the Second Tranche Shares,
      through the facilities of the Exchange or otherwise, by delivering written
      notice of same to the Sellers, and the sum of (a) the greater of (i) the
      gross proceeds received by Buyer from the sale of such shares during such
      period and (ii) the Fair Market Value of the shares sold during such
      period, and (b) the Fair Market Value of any such shares unsold on the
      date seven (7) months after the Second Tranche Closing Date is less than
      US$1,694,880 (the “Second
      Tranche Amount”) (representing a return of the Second Tranche
      Purchase Price and a profit of US$254,880) (such lesser amount being
      herein defined as the Second Tranche
      Deficiency”), the Sellers will indemnify and save harmless the
      Buyer from such Second Tranche Deficiency and will pay to the Buyer an
      amount equal to the Second Tranche Deficiency.  Notwithstanding
      the foregoing, if the Buyer is prevented from selling any of the Second
      Tranche Shares by reason of the failure of the Company to be in compliance
      with Rule 144(c)(1), the Second Tranche Election Period shall be extended
      to a date one month following the date on which the Company completes all
      such filings and the Buyer is then able to proceed with the sale of the
      Second Tranche Shares (the "Extended Second Tranche
      Election Period"), and the amount of the Second Tranche Deficiency
      shall be increased by an amount equal to US$473.43 per day for each day
      following the date which is six (6) months after the Second Tranche
      Closing Date, until the end of the Extended Second Tranche Election
      Period.  If the Buyer elects not to sell the Second Tranche
      Shares at that time, the Sellers will be relieved of their indemnity
      hereunder.

            

    

     

    5.4 Security.  

     

    5.5  As security for the
Sellers’ obligations under this Agreement, the Sellers shall, (a) concurrently
with the execution and delivery of this Agreement, execute and deliver to the
Buyer a securities pledge agreement, pursuant to which the Sellers will pledge
and deposit with the Buyer not less than 105,000 common shares in the capital of
the Company concurrently with the First Tranche Closing, which shares shall be
released from the securities pledge agreement for sale at the Second Tranche
Closing, and (b) will pledge and deposit with the Buyer not less than 600,000
common shares in the capital of the Company concurrently with the Second Tranche
Closing.

     

    PART 6

     

    CONDITIONS
PRECEDENT

     

    6.1 Buyer’s
Conditions Precedent.  

     

     The
obligations of the Buyer to complete the sale and purchase of the Sellers’
Shares under this Agreement shall be subject to the fulfilment of each of the
following conditions on or before each Closing Date.

     

    
      	
              (a)  

            	
              Accuracy of Representations and
      Warranties.  The representations and warranties of the
      Sellers set out in this Agreement shall be true , accurate and not
      misleading as at the Closing Date with reference to the facts and
      circumstances then existing.

            

    

     

    
      	
              (b)  

            	
              Consents.  All
      Required Consents shall have been obtained from the appropriate
      Governmental Authorities and other Persons on terms satisfactory to the
      Buyer.

            

    

     

    
      	
              (c)  

            	
              Performance of
      Obligations.  The Sellers shall have performed and
      complied with all obligations, covenants and agreements to be performed
      and complied with  by each of them on or before Closing under
      this Agreement.

            

    

     

    
      	
              (d)  

            	
              Due
      Diligence.  The Buyer shall have completed to its
      reasonable satisfaction a due diligence review of the assets, liabilities,
      financial position and affairs of the
Company.

            

    

     

    
      	
              (e)  

            	
              Material Adverse
      Change.  There shall have been no Material Adverse Change
      between the date of this Agreement and the Closing
  Date.

            

    

     

    
      	
              (f)  

            	
              Closing
      Documentation.  All documents listed in paragraphs 8.2 and 8.4, as the case may be, shall have
      been received by the Buyer.

            

    

     

    6.2 Waiver/Termination.  

     

     The
conditions contained in paragraph 6.1 are for the exclusive benefit of the
Buyer and may be waived by it in whole or in part at any time.  If any
of the conditions in paragraph 6.1
are not fulfilled or waived on or before the relevant Closing Date, the Buyer
shall be relieved of all obligations under this Agreement.

     

    PART 7

     

    SURVIVAL
AND INDEMNITY

     

    7.1 Survival
of Representations, Warranties, Covenants and
Agreements.  

     

     Except
as to claims asserted under Section 5.3 of this Agreement, the representations,
warranties, covenants and agreements of the Sellers in this Agreement shall
survive Closing and the payment of the purchase price and shall continue in full
force and effect for a period of seven (7) months and one (1)
day  from the First Tranche Closing Date.

     

    7.2 Indemnification
of Buyer.  

     

     The
Sellers jointly and severally covenant and agree to indemnify and hold harmless
the Buyer and its Affiliates or Associates from and against any losses, costs,
damages, liabilities and fees (including, without limitation, reasonable legal
fees on a solicitor and own client basis) suffered or incurred as a result of,
or arising out of:

     

    
      	
              (a)  

            	
              any
      of the representations or warranties of the Sellers in this Agreement
      being untrue, inaccurate or misleading when made;
  or

            

    

     

    
      	
              (b)  

            	
              a
      breach of any covenant, term or agreement made in this Agreement by any
      Seller;

            

    

     

    (which
losses, costs, damages, liabilities and fees are collectively referred to as
“Buyer’s
Losses”).  Notwithstanding the foregoing, any indemnity
hereunder shall be reduced by the amount of any recovery by Buyer pursuant to
Section 5.3 hereof

     

    PART 8

     

    CLOSINGS

     

    8.1 First
Tranche Closing.  

     

     The
sale and purchase of the First Tranche Shares shall be closed (the “First Tranche Closing”) at the
offices of Davis LLP, Suite 2800, 666 Burrard Street, Vancouver, British
Columbia  V6C 2Z7 at 10:00 a.m. (Vancouver Time) on September 2, 2008
or on such other date or at such other place as may be mutually agreed upon in
writing by the parties (the “First Tranche Closing Date”).

     

    8.2 Delivery
by Sellers on the First Tranche Closing Date.  

     

     On
the First Tranche Closing Date the Sellers shall deliver, or cause to be
delivered, the following documents to the Buyer:

     

    
      	
              (a)  

            	
              a
      share certificate representing the First Tranche
  Shares;

            

    

     

    
      	
              (b)  

            	
              a
      medallion signature guaranteed stock power of attorney authorizing the
      transfer of the First Tranche
Shares;

            

    

     

    
      	
              (c)  

            	
              a
      securities pledge agreement (the "Securities Pledge
      Agreement"), pursuant to which the Sellers pledge and deposit in
      favour of the Buyer not less than 105,000 common shares in the capital of
      the Company, as security for the obligations of the Sellers thereunder,
      together with all share certificates, medallion signature guaranteed stock
      powers of attorney and other transfer documents as the Buyer or its
      counsel may require;

            

    

     

    
      	
              (d)  

            	
              an
      opinion of the solicitors for the Sellers dated the First Tranche Closing
      Date in form set satisfactory to the Buyer and its
  counsel;

            

    

     

    
      	
              (e)  

            	
              executed
      copies of all consents or approvals referred to in paragraph 6.1(b);
and

            

    

     

    
      	
              (f)  

            	
              all
      such other documents, instruments, records, conveyances, assignments,
      assurances, consents and certificates which, in the opinion of the Buyer
      acting reasonably, are necessary to effect and evidence the transfer of
      the Shares to the Buyer free and clear of all
  Encumbrances.

            

    

     

    8.3 Second
Tranche Closing.  

     

     The
sale and purchase of the Second Tranche Shares shall be closed (the “Second Tranche Closing”) at
the offices of Davis LLP, Suite 2800, 666 Burrard Street, Vancouver, British
Columbia  V6C 2Z7 at 10:00 a.m. (Vancouver Time) on the Second Tranche
Closing Date or on such other date or at such other place as may be mutually
agreed upon in writing by the parties (the “Second Tranche Closing
Date”).

     

    8.4 Delivery
by Sellers on the Second Tranche Closing Date.  

     

     On
the Second Tranche Closing Date the Sellers shall deliver, or cause to be
delivered, the following documents to the Buyer:

     

    
      	
              (a)  

            	
              a
      share certificate representing the Second Tranche
  Shares;

            

    

     

    
      	
              (b)  

            	
              a
      medallion signature guaranteed stock power of attorney authorizing the
      transfer of the Second Tranche
Shares;

            

    

     

    
      	
              (c)  

            	
              share
      certificates representing 600,000 common shares in the capital of the
      Company, together with medallion signature guaranteed stock powers of
      attorney and other transfer documents as the Buyer or its counsel may
      require, to be held by the Buyer pursuant to the Securities Pledge
      Agreement;

            

    

     

    
      	
              (d)  

            	
              a
      certificate executed by the Sellers certifying that the representations
      and warranties of the Sellers set out in this Agreement are true, accurate
      and not misleading as at the Closing Date with reference to the facts and
      circumstances then existing;

            

    

     

    
      	
              (e)  

            	
              an
      opinion of the solicitors for the Sellers dated the Second Tranche Closing
      Date in form set satisfactory to the Buyer and its
  counsel;

            

    

     

    
      	
              (f)  

            	
              executed
      copies of all consents or approvals referred to in paragraph 6.1(b);
and

            

    

     

    
      	
              (g)  

            	
              all
      such other documents, instruments, records, conveyances, assignments,
      assurances, consents and certificates which, in the opinion of the Buyer
      acting reasonably, are necessary to effect and evidence the transfer of
      the Shares to the Buyer free and clear of all
  Encumbrances.

            

    

     

    PART 9

     

    GENERAL

     

    9.1 Notices.  

     

     Any
notice or communication required or permitted to be given under this Agreement
shall be in writing and shall be considered to have been sufficiently given if
delivered by hand, transmitted by facsimile transmission or mailed by prepaid
registered post in Canada to the address or facsimile transmission number of
each party set out below:

     

    if to the
Buyer:

     

    Primary
Corp.

     

    Suite
2110 - 130 King St. West

     

    P.O. Box
91

     

    Toronto,
Ontario   M5X 1B1

     

    Attention:                      Rob
Pollock

     

    Fax
No:                      (416)
214-5954

     

    if to the
Sellers:

     

    c/o Suite
#310, 605 – 1 Street SW,

     

    Calgary,
Alberta, Canada T2P 3S9

     

    Attention:                      Gregory
Harris, Esq.

     

    Fax
No:                      (403)
777-9199

     

    or to
such other address or facsimile transmission number as any party may, from time
to time, designate in the manner set out above.  Any such notice or
communication shall be considered to have been received:

     

    
      	
              (a)  

            	
              if
      delivered by hand during business hours on a Business Day, upon receipt by
      a responsible representative of the receiver, and if not delivered during
      business hours, upon the commencement of business hours on the next
      Business Day;

            

    

     

    
      	
              (b)  

            	
              if
      sent by facsimile transmission during business hours on a Business Day,
      upon the sender receiving confirmation of the transmission, and if not
      transmitted during business hours, upon the commencement of business hours
      on the next Business Day following confirmation of the transmission;
      and

            

    

     

    
      	
              (c)  

            	
              if
      mailed by prepaid registered post in Canada, upon the fifth Business Day
      following posting; except that, in the case of a disruption or an
      impending or threatened disruption in postal services every notice or
      communication shall be delivered by hand or sent by facsimile
      transmission.

            

    

     

    9.2 Time
of Essence.  

     

     Time
shall be of the essence of this Agreement.

     

    9.3 Governing
Law.  

     

     This
Agreement shall be governed by and construed in accordance with the laws of
British Columbia and applicable Canadian law and shall be treated in all
respects as a British Columbia contract.

     

    9.4 Submission
to Jurisdiction.  

     

     Each
of the parties shall:

     

    
      	
              (a)  

            	
              submit
      to the jurisdiction of the courts of British Columbia;
  and

            

    

     

    
      	
              (b)  

            	
              if
      any appointed agent is required, notify the others in writing of the name
      and address of its appointed agent.

            

    

     

    9.5 Entire
Agreement.  

     

     This
Agreement and the documents and instruments to be executed and delivered under
it constitute the entire agreement between the parties and supersedes any
previous agreement or arrangement, oral or written, between the
parties.  This Agreement and the documents and instruments to be
executed and delivered under it, contain all the covenants, representations, and
warranties of the respective parties.  There are no oral
representations or warranties between the parties of any kind.  This
Agreement may not be amended or modified in any respect except by written
instrument signed by each of the parties.

     

    9.6 Severability.  

     

     If
any provision of this Agreement is or becomes illegal, invalid or unenforceable
under the laws of any jurisdiction, that shall not affect or
impair:

     

    
      	
              (a)  

            	
              the
      legality, validity or enforceability in that jurisdiction of any other
      provision of this Agreement; or

            

    

     

    
      	
              (b)  

            	
              the
      legality, validity or enforceability under the law of any other
      jurisdiction of that or any other provision of this
    Agreement.

            

    

     

    9.7 Currency.  

     

     All
transactions referred to in this Agreement shall be made in lawful currency of
United States in immediately available funds.  Any reference to cash
in this Agreement includes a reference to cash, certified cheque, bankers draft,
wire or electronic transfer.

     

    9.8 Enurement.  

     

     This
Agreement shall enure to the benefit of and shall be binding upon the parties
and their respective heirs, executors, administrators, successors and
assigns.

     

    9.9 Further
Assurances.  

     

     At
any time after Closing, each of the Sellers shall at their own expense execute
and deliver all such documents and instruments and do all such acts as the Buyer
may reasonably require in order to give full effect to the intent and meaning of
this Agreement and the transactions contemplated by it.

     

    9.10 Costs
and Expenses.  

     

     Except
as specifically provided otherwise in this Agreement, each party shall be
responsible for its own legal fees and other costs and expenses incurred in
connection with the purchase and sale of the Shares, all negotiations between
the parties and the consummation of the transactions contemplated by this
Agreement.

     

    9.11 Assignment.  

     

     The
Sellers acknowledge and agree that the Buyer may assign its rights and
obligations under this Agreement to a nominee of the Buyer subject to compliance
with applicable securities laws.

     

    9.12 Joint
and Several.  

     

    9.13  All representations,
warranties, acknowledgements, covenants and agreements of the Sellers in this
Agreement shall be the joint and several representations, warranties,
acknowledgements, covenants and agreements of the Seller and shall be read and
construed accordingly.

     

    9.14 Counterparts.  

     

     This
Agreement may be executed in any number of counterparts and by different parties
on separate counterparts (which may be facsimile copies) but shall not take
effect until each party has executed at least one counterpart.  Each
counterpart shall constitute an original but all the counterparts together shall
constitute a single agreement.

     

    TO
EVIDENCE THEIR AGREEMENT each of the parties has executed this Agreement as of
the date first above written.

     

    PRIMARY
CORP.

     

    

     

    By:

     

    

     

    /s/ Robert Pollack,
President &
CEO                                                                           

     

    Authorized
Signatory

    
      	
              SIGNED,
      SEALED AND DELIVERED in the presence of:

              /s/ Noel
      Lumsden                                                                

              (Signature)

              Noel
      Lumsden                                                                

              (Print
      Name)

              Calgary,
      Alberta                                                                

              (Address)

              Chartered
      Accountant                                                                

              (Occupation)

            	
              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

            	
               

               

               

               

               

               

              /s/ Allan
      Kent                                                                  

              ALLAN
      KENT

            

    

     

    

    
      	
              SIGNED,
      SEALED AND DELIVERED in the presence of:

               

              /s/ Gregory
      Harris                                                                

              (Signature)

               

              Gregory
      Harris                                                                

              (Print
      Name)

               

              Calgary,
      Alberta                                                                

              (Address)

               

              Lawyer                                                                

              (Occupation)

            	
              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

            	
               

               

               

               

               

               

              /s/ Jean Paul
      Roy                                                                  

              JEAN
      PAUL ROYexhb1002.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
10.02

     

     

    SECURITIES
PLEDGE AGREEMENT

     

     

    THIS AGREEMENT dated for reference
September 2, 2008 is between:

     

    ALLAN KENT, of c/o Suite #310,
605 – 1 Street SW, Calgary, Alberta,

     

    Canada
T2P 3S9

     

    ("Kent")

     

    AND

     

    JEAN PAUL ROY, of c/o Suite
#310, 605 – 1 Street SW, Calgary, Alberta, Canada T2P 3S9

     

    ("Roy")

     

     (Kent
and Roy are collectively referred to herein as the "Sellers")

     

    AND

     

    PRIMARY CORP., an Ontario Business Corporations Act
corporation

     

     (the
"Buyer")

     

    BACKGROUND

     

    A.           The
Buyer and the Sellers entered into a share purchase agreement dated on or about
the date of this Agreement (the "Share Purchase Agreement"),
pursuant to which the Buyer agreed to purchase and the Sellers agreed to sell,
subject to the terms and conditions of the Share Purchase Agreement, 750,000
common shares (the "Sellers'
Shares") in the capital of Geoglobal Resources Inc. (the "Company").

     

    B.           Pursuant
to the Share Purchase Agreement, the Sellers agreed to indemnify the Buyer in
respect of an anticipated return to be made on the Buyer’s investment in the
Sellers’ Shares made pursuant to the Share Purchase Agreement.

     

    C.           The
Sellers have agreed to execute and deliver this Agreement to the Buyer as
security for the payment and performance of the obligations of the Sellers to
the Buyer under Section 5.3 of the Share Purchase Agreement.

     

    AGREEMENTS

     

    For good
and valuable consideration, the receipt and sufficiency of which each party
acknowledges, the parties agree as follows:

     

    1. Securities
Pledge.  Concurrently with delivery thereof and as provided in
Section 2 hereof, the Sellers hereby assign, mortgage, charge and pledge to and
deposit with the Buyer, and grant to the Buyer a security interest in the common
shares in the capital of the Company (the "Geoglobal Shares") delivered
to Buyer in accordance with Section 2 hereof now or hereafter owned by the
Sellers, along with any substitutions, additions, proceeds or claims by the
Sellers in respect of them (collectively, the "Pledged Securities"), as
general and continuing collateral security for the payment and performance of
all present and future debts, liabilities and obligations of the Sellers to the
Buyer under and pursuant to Section 5.3 of the Share Purchase Agreement ( the
"Obligations") until
payment and performance in full of the Obligations.

     

    2. Delivery
of Pledged Securities.

     

    
      	
              (a)  

            	
              On
      or before the execution and delivery of this Agreement, the Sellers will
      deliver to the Buyer share certificates representing not less than 105,000
      Geoglobal Shares, together with duly executed undated medallion signature
      guaranteed stock powers of attorney and such other transfer documents as
      the Buyer or its counsel may require, all in form and terms satisfactory
      to the Buyer and sufficient to permit the transfer, in the event of any
      obligation of Sellers to indemnify the Buyer pursuant to Section 5.3 of
      the Stock Purchase Agreement, of such Pledged Securities on the registers
      maintained by the transfer agent for the Company, free and clear of all
      liens, claims, encumbrances, restrictions or other notations, to be held
      by the Buyer pursuant to this Agreement until payment and performance in
      full of the Obligations.  Such shares and stock powers of
      attorney shall be released from this Pledge Agreement at the Second
      Tranche Closing Date for sale to Buyer pursuant to Section 2.3 of the
      Share Purchase Agreement.

            

    

     

    
      	
              (b)  

            	
              On
      or before the Second Tranche Closing Date, the Sellers will deliver to the
      Buyer share certificates representing not less than 600,000 Geoglobal
      Shares, together with duly executed undated medallion signature guaranteed
      stock powers of attorney and such other transfer documents as the Buyer or
      its counsel may require, all in form and terms satisfactory to the Buyer
      and sufficient to permit the transfer, in the event of any obligation of
      Sellers to indemnify the Buyer pursuant to Section 5.3 of the Stock
      Purchase Agreement, of such Pledged Securities on the registers maintained
      by the transfer agent for the Company, free and clear of all liens,
      claims, encumbrances, restrictions or other notations, to be held by the
      Buyer pursuant to this Agreement until payment and performance in full of
      the Obligations.

            

    

     

    
      	
              (c)  

            	
              In
      the event that the Pledged Securities are uncertificated, the Sellers will
      cause such Pledged Securities to be deposited into a brokerage account of
      the Buyer, as directed by the Buyer.  The Sellers acknowledges
      and confirms that at all times in which any brokerage firm or other agent
      for the Buyer holds or is otherwise in possession or has control or
      direction over the Pledged Securities, whether certificated or not, or the
      transfer documentation referred to above, it shall hold all such Pledged
      Securities and transfer documentation as agent for the
    Buyer.

            

    

     

    3. Representations and
Warranties. The Sellers represent and warrant to the Buyer
that:

     

    
      	
              (a)  

            	
              they
      are the sole legal and beneficial owner of all of the Pledged
      Securities;

            

    

     

    
      	
              (b)  

            	
              no
      person holds any options, warrants, or other rights to acquire the Pledged
      Securities;

            

    

     

    
      	
              (c)  

            	
              the
      Pledged Securities are or will be at the time they are deposited with the
      Buyer under this Agreement, validly issued, fully paid, non-assessable
      common shares in the capital of the
Company;

            

    

     

    
      	
              (d)  

            	
              the
      Pledged Securities are free and clear of all liens, mortgages, charges and
      security interests other than those created under this Agreement in favour
      of the Buyer;

            

    

     

    
      	
              (e)  

            	
              the
      Pledged Securities are not subject to any shareholders or other agreement
      or commitment, cease trade order, that would in any way restrict or
      prevent the Buyer from assigning, transferring, selling or otherwise
      disposing of such shares upon the occurrence of an Event of
      Default;

            

    

     

    
      	
              (f)  

            	
              the
      Sellers have no reasonable grounds to believe that the Company is in
      default of its obligations under applicable securities
  law;

            

    

     

    
      	
              (g)  

            	
              the
      Company is in compliance, in all material respects, with its continuous
      disclosure obligations under applicable securities laws and, without
      limiting the generality of the foregoing, no adverse material change has
      occurred since the last financial statement and no adverse material fact
      exists in relation to the Company or the Pledged Securities which has not
      been publicly disclosed; and

            

    

     

    
      	
              (h)  

            	
              no
      consent, approval, authorization or other order or other action by, and no
      notice to or filing with, any governmental authority or any other Person
      (other than the filing of a financing statement under the Personal Property Security
      Act (British Columbia)) will be required for the exercise by the
      Buyer of the rights and the remedies provided for in this Agreement or in
      connection with the transfer of the Pledged Securities to the Buyer or to
      a third party at the Buyer’s direction pursuant to this Agreement, except
      as may be required by laws affecting the offering and sale of securities
      generally.

            

    

     

    4. Realization on Default. On the
occurrence and during the continuance of any default by the Sellers in the
payment or performance of the Obligations (each, an "Event of Default"), the Buyer
may at any time in its sole discretion, in accordance with any applicable law,
realize upon or otherwise dispose of the Pledged Securities by sale, transfer,
or delivery or may, to the fullest extent permitted by law, exercise and enforce
all rights and remedies of a holder of the Pledged Securities as if the Buyer
were absolute owner of them, without notice to or control by the Sellers, and
such remedies may be exercised separately or in combination and will be in
addition to and not in substitution for any other rights the Buyer may
have.  If an Event of Default has occurred, the Sellers acknowledge
and agree that they shall continue to be liable for the outstanding Obligations,
despite any action or inaction on the part of the Buyer in selling or disposing
of the Pledged Securities.

     

    5. Costs and
Expenses.  All costs and charges incurred by or on behalf of
the Buyer in connection with the Pledged Securities or their realization
(including without limitation all legal fees (on a solicitor and own client
basis) and court costs and all expenses of taking possession of, protecting and
realizing upon the Pledged Securities including costs and charges in connection
with realizing, collecting, selling, transferring or delivering the Pledged
Securities or exercising or enforcing any rights under them) will be added to
and form part of the Obligations and will be a first charge on the proceeds of
any realization, collection, sale, transfer, delivery, exercise or enforcement,
provided the Sellers shall not be obligated for any brokerage or finders fees in
connection with any realization on the Pledged Securities.

     

    6. Application of
Proceeds.  If the proceeds of disposition of the Pledged
Securities are insufficient to satisfy all of the Obligations, the Sellers will
remain liable for any deficiency.  If, after the realization or
disposition of the Pledged Securities and satisfaction of the Obligations there
are any surplus Pledged Securities or proceeds of disposition, the Buyer will
account for such surplus Pledged Securities or process of disposition to the
Sellers.

     

    7. No Exhaustion of
Recourse.  The Buyer will not be obliged to exhaust its
recourses against any other covenantor or any other person or persons, or
against any other security it may hold in respect of the Obligations before
realizing upon or otherwise dealing with the Pledged Securities in such manner
as it considers desirable.  If an Event of Default has occurred, the
Buyer may grant extensions or other indulgences, take and give up securities,
accept compositions, grant releases and discharges and otherwise deal with the
Sellers and with other parties, Sellers, indemnitors or securities as the Buyer
may see fit without prejudice to the rights of the Buyer in respect of the
Pledged Securities.

     

    8. No Merger.  This
security will not operate by way of merger of any of the Obligations and no
judgment recovered by the Buyer will operate by way of merger, of or in any way
affect, the security now or in the future held by the Buyer in respect of the
Obligations or in respect of any other obligations of the Sellers.

     

    9. Appointment of
Attorney.  Any person who is at any relevant time an officer of
the Buyer is irrevocably appointed attorney of the Sellers, with full powers of
substitution from time to time to endorse or transfer, or both, the Pledged
Securities or any of them to the Buyer, its nominees, or transferees, and the
Buyer and its nominees or transferees are empowered to exercise all rights and
powers and to perform all acts of ownership concerning the Pledged Securities to
the same extent as the Sellers may (including, without limitation, the right to
execute on behalf of the Sellers any and all stock powers of attorney to
transfer any of the Pledged Securities).  The power of attorney
granted in this Agreement is in addition to, and not in substitution for, any
stock power of attorney delivered by the Sellers with the delivery of the
Pledged Securities, and such powers of attorney may be relied upon by the Buyer
severally or in combination.

     

    10. Rights of the Sellers.  Until
the occurrence of an Event of Default and a determination by the Buyer to
enforce the rights granted to it under this Agreement:

     

    
      	
              (a)  

            	
              the
      Sellers will be entitled to exercise all voting rights in respect of the
      Pledged Securities and to give consents, waivers, notices and
      ratifications and to take other action in respect thereof, provided,
      however, that no votes shall be cast or consent, waiver, notice or
      ratification given or action taken which
would:

            

    

     

    
      	
              (i)  

            	
              impair
      or reduce the value of or restrict the transferability of the Pledged
      Securities; or

            

    

     

    
      	
              (ii)  

            	
              be
      inconsistent with or violate any provisions of this Agreement, or any
      other security granted to or in favour of the Buyer to secure the
      Obligations;

            

    

     

    
      	
              (b)  

            	
              if
      any of the Pledged Securities is registered in the Buyer’s name or is
      under the control of the Buyer, the Buyer, on the Sellers’s written
      request, shall execute and deliver to the Sellers suitable proxies, voting
      powers or powers of attorney in favour of the Sellers or its nominee or
      nominees for voting, giving consents, waivers, notices or ratifications or
      taking any other action the Sellers is permitted to take in respect of the
      Pledged Securities; and

            

    

     

    
      	
              (c)  

            	
              the
      Sellers will be entitled to receive all cash dividends concerning the
      Pledged Securities.  Any other monies which may be received by
      the Sellers for or in respect of the Pledged Securities will be received
      as trustee for the Buyer and will immediately be paid over to the Buyer
      and be held by the Buyer under the mortgage, charge, hypothecation, pledge
      and grant of security interest made by this
  Agreement.

            

    

     

    11. Rights and Duties of the
Buyer.  Upon the occurrence of an Event of Default and a
determination by the Buyer to enforce the rights granted to it under this
Agreement:

     

    
      	
              (a)  

            	
              all
      of the Sellers’s rights pursuant to paragraph 10 shall cease and the Buyer may
      enforce any of the Sellers’s rights with respect to the Pledged
      Securities; and

            

    

     

    
      	
              (b)  

            	
              to
      the extent not already done, forthwith transfer control of such Pledged
      Securities to the Buyer, as the Buyer may direct.  The Buyer
      shall not have any duty of care with respect to the Pledged Securities
      other than to use the same care in the custody and preservation of the
      Pledged Securities as it would with its own property.  The Buyer
      may take no steps to defend or preserve the Sellers’s rights against the
      claims or demands of others.  The Buyer, however, shall use its
      reasonable best efforts to give the Sellers notice of any claim or demand
      of which it becomes aware to permit the Sellers to have a reasonable
      opportunity to defend or contest the claim or
  demand.

            

    

     

    12. Attachment.  The
Sellers and the Buyer acknowledge that it is their intention that the security
interests created by this Agreement attach on execution by the Sellers and that
value has been given.

     

    13. Alteration of
Capital.  In the event of any consolidation, subdivision,
reclassification, stock dividend or other alteration to the capital of the
Company, the term "Pledged
Securities" as it relates to shares in those companies will be considered
to refer to the Pledged Securities described in paragraph 1 as increased,
decreased, amended or supplemented and the Sellers will deliver immediately any
replacement or additional share certificates, directors' resolutions and such
other documents or instruments the Buyer may require, to be held in accordance
with the terms of this Agreement.

     

    14. Discharge.  Upon
payment in full of the Obligations, and in no event later than the fifth
Business Day after the date seven (7) months after the Second Tranche Closing
Date, the Buyer will return the share certificates representing the Pledged
Securities and will release the Pledged Securities from the assignment,
mortgage, charge, hypothecation, pledge and security interest created by this
Agreement and will execute and deliver to the Sellers such releases and
reassignments as the Sellers may reasonably require for such
purpose.

     

    15. Defined
Terms.  Unless otherwise defined herein, all defined terms used
in this Agreement shall have the meanings ascribed to them in the Share Purchase
Agreement.

     

    16. Binding Effect.  The
provisions of this Agreement will be binding upon and enure to the benefit of
the Buyer and the Sellers and their respective successors and
assigns.

     

    17. Governing Law.  This
Agreement will be governed and construed in accordance with the laws of the
Province of British Columbia and the laws of Canada applicable
therein.  The Sellers submits to the non-exclusive jurisdiction of the
Courts of the Province of British Columbia and agrees to be bound by any suit,
action or proceeding commenced in such Courts and by any order or judgment
resulting from such suit, action or proceeding, but the foregoing will in no way
limit the right of the Buyer to commence suits, actions or proceedings based on
this Agreement in any jurisdiction it may deem appropriate.

     

    18. Notices.  In this
Agreement:

     

    
      	
              (a)  

            	
              any
      notice or communication required or permitted to be given under this
      Agreement will be in writing and will be considered to have been given if
      delivered by hand, transmitted by facsimile transmission or mailed by
      prepaid registered post to the address or facsimile transmission number of
      each party set out below:

            

    

     

    
      	
              (i)  

            	
              if
      to the Buyer:

            

    

     

    Primary
Corp.

     

    Suite
2110 - 130 King St. West

     

    Toronto,
Ontario  M5X 1B1

     

    Attention:                      Rob
Pollock

     

    Fax
No:                      (416)
214-5954

     

    
      	
              (ii)  

            	
              if
      to the Sellers:

            

    

     

    c/o Suite
#310, 605 – 1 Street SW,

     

    Calgary,
Alberta, Canada T2P 3S9

     

    Attention:                      Gregory
Harris, Esq.

     

    Fax
No:                      (403)
777-9199

    

    or to
such other address or facsimile transmission number as any party may designate
in the manner set out above;

     

    
      	
              (b)  

            	
              notice
      or communication will be considered to have been
  received:

            

    

     

    
      	
              (i)  

            	
              if
      delivered by hand during business hours on a business day, upon receipt by
      a responsible representative of the receiver, and if not delivered during
      business hours, upon the commencement of business on the next business
      day;

            

    

     

    
      	
              (ii)  

            	
              if
      sent by facsimile transmission during business hours on a business day,
      upon the sender receiving confirmation of the transmission, and if not
      transmitted during business hours, upon the commencement of business on
      the next business day; and

            

    

     

    
      	
              (iii)  

            	
              if
      mailed by prepaid registered post upon the fifth business day following
      posting; except that, in the case of a disruption or an impending or
      threatened disruption in postal services every notice or communication
      will be delivered by hand or sent by facsimile
    transmission;

            

    

     

    
      	
              (c)  

            	
              for
      the purposes of this paragraph "business day" means a
      day which is not a Saturday, Sunday or a holiday in British
      Columbia.

            

    

     

    19. Counterparts.  This
Agreement may be executed in several counterparts, each of which so executed
will be considered to be an original and such counterparts together will be one
and the same instrument.

     

    20. Further
Assurances.  The Sellers will from time to time, whether before
or after the occurrence of an Event of Default, do all such acts and things and
execute and deliver all such certificates, deeds, transfers, assignments and
instruments as the Buyer may reasonably require for perfecting the security
interest constituted by this Agreement and for facilitating the sale of the
Pledged Securities in connection with any realization and for exercising all
powers, authorities and discretions conferred upon the Buyer.  The
Sellers covenant and agree with the Buyer to discharge or cause to be discharged
forthwith any encumbrances which may rank in priority to the Buyer's security
interest herein, and to provide the Buyer with satisfactory evidence or other
confirmation that any encumbrances or liens against the Sellers do not encumber
the Pledged Securities.

     

    21. Severability.  If
any term of this Agreement is determined to be invalid or unenforceable, in
whole or in part, such invalidity or unenforceability will attach only to such
term or part term, and the remaining part of the term and all other terms of
this Agreement will continue in full force and effect.  The parties
will negotiate in good faith to agree to a substitute term that will be as close
as possible to the intention of any invalid or unenforceable term while being
valid and enforceable.  The invalidity or unenforceability of any term
in any particular jurisdiction will not affect its validity or enforceability in
any other jurisdiction where it is valid or enforceable.

     

    22. Acknowledgement and
Waiver.  The Sellers hereby:

     

    
      	
              (a)  

            	
              acknowledges
      receiving a copy of this Agreement;
and

            

    

     

    
      	
              (b)  

            	
              waives
      all rights to receive from the Buyer a copy of any financing statement,
      financing change statement or verification statement filed or issued, as
      the case may be, at any time in respect of this Agreement or any amendment
      thereto.

            

    

     

    TO
EVIDENCE THEIR AGREEMENT each of the parties has executed this Agreement on the
date first above written.

    

    

    PRIMARY
CORP.

    

    

    Per:           /s/Robert
Pollack, President & CEO

    Authorized Signatory

    

    
      	
              SIGNED,
      SEALED AND DELIVERED in the presence of:

               

              /s/ Noel
      Lumsden                                                                

              (Signature)

               

              Noel
      Lumsden                                                                

              (Print
      Name)

               

              Calgary,
      Alberta                                                                

              (Address)

               

              Chartered
      Accountant                                                                

              (Occupation)

            	
              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

            	
               

               

               

               

               

               

              /s/ Allan
      Kent

              ALLAN
      KENT

            

    

    

    
      	
              SIGNED,
      SEALED AND DELIVERED in the presence of:

              /s/ Gregory
      Harris                                                                

              (Signature)

              Gregory
      Harris                                                                

              (Print
      Name)

              Calgary,
      Canada                                                                

              (Address)

              Lawyer                                                                

              (Occupation)

            	
              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

              )

            	
              /s/ Jean Paul
      Roy                                                                  

              JEAN
      PAUL ROY

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