Document:

EXHIBIT 10.1

 

COMPENSATION AGREEMENT

 

THIS COMPENSATION AGREEMENT
is entered into this 3rd day of August, 2017, between and among OCEAN THERMAL ENERGY CORPORATION, a Nevada corporation formerly
named TetriDyn Solutions, Inc. (“OTE”), and its subsidiary, OCEAN THERMAL ENERGY CORPORATION, a Delaware corporation
(together, the “Companies”), and JAMES R. KRUSE, an attorney (“Attorney”), on the following:

 

Premises

 

A.       The
Attorney has provided bona fide legal services to the Companies through the firm with which he is associated. Such services related
to transaction structuring, Securities Exchange Act filings, and miscellaneous matters, were not in connection with the offer or
sale of securities in a capital-raising transaction, and did not directly or indirectly promote or maintain a market in the Companies’
securities.

 

B.       The
Companies desire to satisfy their obligations due to the Attorney, with a balance of $195,474.35 as of May 31, 2017, plus additional
accruals thereon (the “Compensation”), by the issuance of shares of OTE common stock, par value $0.001(the “Shares”).

 

Agreement

 

NOW, THEREFORE, upon
these premises, which are incorporated herein by reference, and for and in consideration of the mutual promises and covenants set
forth herein, the parties agree as follows:

 

1.               
Registration Statement on Form S-8. OTE shall prepare and file, or cause to be prepared and filed, at its cost, at
the earliest practicable date, a registration statement under the Securities Act of 1933 on Form S-8 (the “S-8”)
covering the issuance and delivery of the Shares to the Attorney as provided in this Agreement.

 

2.               
Payment of Compensation in Shares. Attorney may, at any time and from time to time, elect to call for the issuance
of Shares as payment of Compensation by requesting the Companies to issue and deliver the Shares in accordance with the Attorney’s
separate requests to OTE’s transfer agent as provided below.

 

3.               
Stock Issuance. In order to effect the issuance and delivery of Shares by OTE as contemplated hereby, the Attorney
shall transmit by electronic mail or similar electronic communication notice of sale of Shares in the form attached hereto as Exhibit
A (the “Sale Notice”) to OTE and its transfer agent. On or before the third business day following the date
of receipt of a Sale Notice, OTE, through its transfer agent, shall credit the aggregate number of Shares sold as reflected in
the Sale Notice to the Attorney’s or his designee’s balance account with DTC through its Deposit Withdrawal Agent Commission
(“DWAC”) system. The person or persons entitled to receive the Shares issuable upon a sale of such Shares shall
be treated for all purposes as the record holder or holders of such Shares upon the transmission of a Sales Notice.

 

4.               
Credit Compensation Due. The issuance and delivery of the Shares as provided in the last preceding paragraph shall
effect a credit against the amount due and owing by the Companies for Compensation in an amount equal to the net proceeds received
by the Attorney for the sale of the Shares in any trading market that may then exist. In order to facilitate accounting for the
amount to be credited against the amount of the Compensation, the Attorney shall deliver to the Companies copies of sales confirmations,
account statements, or other third-party evidence of the details of sales transactions.

 

5.               
Payment of Compensation. If, as, and when the amount of all net sales proceeds from the sale of Shares pursuant to
this Agreement equals the amount of Compensation due, the Attorney shall so advise the Companies, and the Attorney’s right
to cause OTE to issue and deliver Shares pursuant to this Agreement shall automatically terminate. If the net amount realized by
the Attorney exceeds the amount of Compensation due, such excess shall be paid promptly to the Companies.

 

6.               
Payment in Cash. Notwithstanding this Agreement, the Companies may at any time pay the balance of Compensation due
in cash, in which case this Agreement shall terminate.

 

7.               
Term. This Agreement shall remain in full force and effect until the Compensation is paid in full, either through
the sale of Shares or in cash or, if not paid on or before June 30, 2018, thereafter until June 30, 2019, unless the Attorney gives
the Companies at least 30 days’ prior written notice of termination. Any unpaid balance of Compensation remaining outstanding
after the termination of the Agreement shall remain a general obligation of the Companies.

 

 

 

 

    	 	1	 

     

    

 

8.               
Notices. Any notice, demand, request, or other communication permitted or required under this Agreement will be in
writing and will be deemed to have been given as of the date so delivered, if sent by electronic mail and receipt is acknowledged
by the recipient or the sender receives confirmation of delivery, addressed as follows:

 

	 	If to the Companies:	Jeremy
P. Feakins
	 	 	Email: Jeremy.Feakins@otecorporation.com
	 	 	 
	 	If to the Attorney:	James R.
Kruse
	 	 	Email: jrkusejd@gmail.com

 

9.               
Severability. The provisions of this Agreement are severable and should any provision hereof be void, voidable, or
unenforceable under any applicable law, such void, voidable, or unenforceable provision will not affect or invalidate any other
provision of this Agreement, which will continue to govern the relative rights and duties of the parties as though the void, voidable,
or unenforceable provision was not a part hereof. In addition, it is the intention and agreement of the parties that all of the
terms and conditions hereof be enforced to the fullest extent permitted by law.

 

10.            
Amendment. No amendment of any provision of this Agreement will be valid unless the same will be in writing and signed
by all parties.

 

11.            
Additional Documents. Each of the parties shall cooperate in good faith and with diligence and dispatch in preparing
any additional or confirmatory documents requested by the other in order to effectuate the terms and conditions of this Agreement.

 

12.            
Successors and Assigns. No party will assign its or his rights and obligations under this Agreement without the written
consent of the other parties. This Agreement will be binding upon, inure to the benefit of, and be enforceable by the parties and
their permitted successors and assigns.

 

13.            
Governing Law. This Agreement will be governed by and construed under and in accordance with the laws of the state
of Nevada without giving effect to any choice or conflict of law provision or rule (whether the state of Nevada or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the state of Nevada.

 

14.            
Nonwaiver. The rights and remedies of the parties under this Agreement are cumulative and not alternative. Neither
the failure nor any delay by any party in exercising any right, power, or privilege under this Agreement will operate as a waiver
of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any
other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum
extent permitted by applicable law: (a) no claim or right arising out of this Agreement can be discharged by one party, in
whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other party; (b) no waiver
that may be given by a party will be applicable except in the specific instance for which it is given; and (c) no notice to
or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice
or demand to take further action without notice or demand as provided in this Agreement.

 

15.            
Costs of Suit. If a legal action or other proceeding is brought for enforcement of this Agreement because of an alleged
dispute, breach, or misrepresentation in connection with any of the provisions hereof, the successful or prevailing party will
be entitled to recover reasonable attorney’s fees and costs incurred, both before and after judgment, in addition to any
other relief to which they may be entitled.

 

16.            
Counterpart Signatures. This Agreement may be executed in multiple counterparts of like tenor, each of which will
be deemed an original but all of which taken together will constitute one and the same instrument. Counterpart signatures of this
Agreement that are manually signed and delivered by facsimile transmission; by a uniquely, marked computer-generated signature;
or by other electronic methods, will be deemed to constitute signed original counterparts hereof and will bind the parties signing
and delivering in such manner and will be the same as the delivery of an original.

 

17.            
Authority. Each individual signing this Agreement on behalf of a party hereto warrants and represents that such individual
is duly authorized and empowered to enter in this Agreement and bind such party hereto.

 

 

 

 

 

 

 

 

 

 

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

 

 

	 	OCEAN THERMAL ENERGY CORPORATION,
	 	a Nevada corporation formerly named
	 	TetriDyn Solutions, Inc.
	 	 	 
	 	 	 
	 	By:	/s/ Jeremy P. Feakins
	 	 	Jeremy P. Feakins, President
	 	 	 
	 	OCEAN THERMAL ENERGY CORPORATION,
	 	a Delaware corporation
	 	 	 
	 	 	 
	 	By:	/s/ Jeremy P. Feakins
	 	 	Jeremy P. Feakins, President
	 	 	 
	 	 	 
	 	JAMES R. KRUSE

 

 

 

 

 

 

 

 

 

 

    	 	3Exhibit
10.3

 

AMERICAN
POWER GROUP CORPORATION

 

2016
STOCK OPTION PLAN

 

Amendment
No. 1

 

Approved
by the Stockholders on May 24, 2017

 

1.
Section 4 of the 2016 Stock Option Plan (the “Plan”) of American Power Group Corporation (the “Company”)
is hereby amended in its entirety to read as follows:

 

4.
Stock. The stock subject to Options shall be authorized but unissued shares of Common Stock of the Company, par value
$.01 per share (the “Common Stock”), or shares of Common Stock reacquired by the Company in any manner. The aggregate
number of shares which may be issued pursuant to the Plan is 50,000,000, subject to adjustment as provided in paragraph 13. Any
such shares may be issued as ISOs or Non-Qualified Options so long as the number of shares so issued does not exceed such number,
as adjusted. If any Option granted under the Plan shall expire or terminate for any reason without having been exercised in full
or shall cease for any reason to be exercisable in whole or in part, the unpurchased shares subject to such Options shall again
be available for grants of Option under the Plan. The number of shares of Common Stock in respect of which an optionee may receive
Options under the Plan in any year shall not exceed 6,000,000 shares, subject to adjustment as provided in paragraph 13.

 

2.
The amendment to the Plan set forth in Section 1, above, shall become effective if and only if the Company’s stockholders
approve such amendment within twelve months after January 16, 2017, as required by Section 422 of the Internal Revenue Code of
1986, as amended. The Company shall not grant options to purchase more than an aggregate of 21,000,000 shares of Common Stock
under the Plan prior to such approval unless such grants, and the stock option agreements relating thereto, expressly provide
that such grants shall be rescinded if such approval is not timely received.

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