Document:

Severance, Release and Amendment

 Exhibit 10.1 
 SEVERANCE, RELEASE AND AMENDMENT TO COMPENSATION 
 AND BENEFITS ASSURANCE
AGREEMENT 
 THIS SEVERANCE, RELEASE AND AMENDMENT TO COMPENSATION AND BENEFITS ASSURANCE AGREEMENT (this “Severance
and Amendment Agreement”) is made and entered into as of August 19, 2011 (the “Date of this Agreement”), by and between SNYDER’S-LANCE, INC., a North Carolina corporation (the “Company”), and BLAKE W. THOMPSON
(“Executive”). 
 Statement of Purpose 
 The Company and Executive entered into an Amended and Restated Compensation and Benefits Assurance Agreement dated April 24, 2008 (the “Benefits Assurance Agreement”). The purpose of this
Severance and Amendment Agreement is to (1) amend the Benefits Assurance Agreement to provide for certain post-employment covenants by Executive and provide for additional cash severance benefits to Executive; (2) confirm Executive’s
(forthcoming) resignation from employment with the Company; and (3) provide a release of claims against the Company. 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto hereby agree as follows:

  

	1.	Section 4(c)(ii) of the Benefits Assurance Agreement is amended to read as follows: 

 

	 	“(ii)	A lump-sum cash amount equal to the sum of: 

  

	 	(A)	three (3) multiplied by the Executive’s Base Salary in effect upon the date of the Qualifying Termination or, if greater, by Executive’s Base Salary in
effect immediately prior to the occurrence of the Change in Control, plus 

  

	 	(B)	three (3) multiplied by the greater of (I) Executive’s annual bonus actually earned by Executive (whether or not deferred) during the bonus plan year
which ended immediately prior to the Qualifying Termination or (II) Executive’s then-current target bonus opportunity (stated in terms of a percentage of Base Salary) established under the Company’s Annual Corporate Performance Incentive
Plan for Officers (or any successor plan thereto), if any, for the incentive plan year in which the date of Executive’s Qualifying Termination occurs, plus 

 

	 	(C)	one hundred thousand dollars ($100,000).” 

	2.	The following new Section 20 is added to the Benefits Assurance Agreement: 

 

	“20.	Covenant Not to Compete. 

(a) Executive understands and agrees that the purpose of this Section 20 is solely to protect the Company’s legitimate business
interests, including, but not limited to, the Company’s business relationships and goodwill, its confidential information and trade secrets, and the Company’s competitive advantage within its industry. 

(b) Executive understands that the Company is headquartered in North Carolina and that the Company operates its business across the
United States including in states that permit post-termination non-compete covenants. To the fullest extent permitted by any applicable state law, Executive agrees to be subject to the restrictive covenants set forth in this Section 20.

 (c) During Executive’s employment with the Company, and for the period of three (3) years immediately following
Executive’s Termination of Employment, Executive shall not, without the prior written consent of the Company’s Chief Human Resources Officer , which consent shall not be reasonably withheld in the event that the consent will not cause
competitive harm to the Company, directly or indirectly, obtain or hold a Competitive Position in the Restricted Territory, as these terms are defined herein. 
 (d) For purposes of this Section 20, the following definitions apply: 
  

	 	(i)	A “Competitive Position” means any position of employment with or service to be performed (whether as owner, member, manager, lender, partner,
shareholder, consultant, agent, employee, co-venturer, or otherwise) in which Executive (A) will be engaged in the contract manufacturing of any sandwich crackers, saltines, sugar wafer cookies or protein bars for Kraft, BNRG, Kellogg’s or
Unilever, or (B) will use the Company’s confidential or proprietary information to compete against the Company. 

  

	 	(ii)	The “Restricted Territory” means all states in the United States of America in which the Company sells its products at the time of the Executive’s
Termination of Employment. 

  

	 	(iii)	Executive shall be deemed to be in a Competitive Position in the Restricted Territory, if Executive obtains or holds a Competitive Position that conducts its business
within the Restricted Territory (and Executive’s responsibilities relate to that business in the Restricted Territory), even if Executive’s residence or principal place of work (other than California) is not within the Restricted
Territory. 

 (e) Notwithstanding the foregoing, Executive may, as a passive investor, own capital stock of a
publicly held corporation, which is actively traded in the over-the-counter market or is listed and traded on a national securities exchange, which constitutes or is affiliated with a 

  
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Competitor, so long as Executive’s ownership is not in excess of five percent (5%) of the total outstanding capital stock of the Competitor.” 

 

	3.	The following new Section 21 is added to the Benefits Assurance Agreement: 

 

	“21.	Non-Solicitation / No Interference Provisions. 

 (a) Business Partners. Executive understands and agrees that the relationship between the Company and each of its licensors, licensees, suppliers, vendors, contractors, subcontractors,
consultants, customers, and prospective customers related to the Company’s business (the “Partners”) constitutes a valuable asset of the Company, and may not be misappropriated for Executive’s own use or benefit or for the
use or benefit of any other third-party to the detriment of the Company. Accordingly, Executive hereby agrees that during Executive’s employment by the Company and for the period of three (3) years immediately following Executive’s
Termination of Employment, Executive shall not, without the prior written consent of Employer, which consent shall not be reasonably withheld in the event that the consent will not cause competitive harm to the Company, directly or indirectly, on
Executive’s own behalf or on behalf of any other third-party: 
  

	 	(i)	call-on, solicit, divert, take away or attempt to call-on, solicit, divert, or take away any of the Partners for the purpose of diverting business away from the Company
or for the purpose of causing competitive harm to the Company, (A) with whom or with which Executive had communications on the Company’s behalf about the Partner’s existing or potential business relationship with any of the Company;
(B) whose business dealings with the Company are or were managed or supervised by Executive as part of his duties for the Company; or (C) about whom or about which Executive obtained confidential or proprietary information solely as a
result of Executive’s employment with the Company; or 

  

	 	(ii)	interfere or engage in any conduct that would otherwise have the effect of interfering, in any manner with the business relationship between the Company and any of the
Partners, including, but not limited to, urging or inducing, or attempting to urge or induce, any Partner to terminate its relationship with the Company or to cancel, withdraw, reduce, limit, or modify in any manner such Partner’s business or
relationship with the Company. 

 (b) Employees. Executive understands and agrees that the relationship
between the Company and each of its employees constitutes a valuable asset of the Company and such assets may not be converted to Executive’s own use or benefit or for the use or benefit of any other third-party. Accordingly, Executive hereby
agrees that during Executive’s employment by Employer and for the period of three (3) years immediately following Executive’s Termination of Employment, Executive shall not, without prior written consent of the Company’s Chief
Human Resources Officer, which consent shall not be reasonably withheld in the event that the consent will not cause competitive harm to the Company, directly or indirectly, solicit or recruit

  
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for employment; attempt to solicit or recruit for employment; or attempt to hire or accept as an employee, consultant, contractor, or otherwise, any employee of the Company; or urge, encourage,
induce, or attempt to urge, encourage, or induce any Company employee to terminate his or her employment with the Company.” 
  

	4.	The following new Section 22 is added to the Benefits Assurance Agreement: 

 

	“22.	Enforcement of Restrictive Covenants. 

 (a) Executive acknowledges and agrees that (i) the restrictive covenants contained in this Agreement are reasonable in time, territory, and scope, and in all other respects; (ii) should any part
or provision of any covenant be held invalid, void, or unenforceable in any court of competent jurisdiction, such invalidity, voidness, or unenforceability shall not render invalid, void, or unenforceable any other part or provision of this
Agreement; and (iii) if any portion of the foregoing provisions is found to be invalid or unenforceable by a court of competent jurisdiction because its duration, territory, definition of activities, or definition of information covered is
considered to be invalid or unreasonable in scope, the invalid or unreasonable terms shall be redefined to carry out the Company’s and Executive’s intent in agreeing to these restrictive covenants. These restrictive covenants shall be
construed as agreements independent of any other provision in this Agreement and the existence of any claim or cause of action of Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the
enforcement by the Company of these restrictive covenants. 
 (b) Notwithstanding any provision herein to the contrary, in the
event of any actual breach by Executive of the provisions of Sections 20 or 21, the Company shall have the right to recover from Executive from the prior cash Severance Benefits paid to Executive as set forth in Section 4(c) an amount
reasonably determined by the Company not to exceed eight hundred and twenty-five thousand dollars ($825,000). Nothing herein shall be construed as prohibiting the Company from pursuing any other equitable or legal remedies for such breach or
threatened breach, including the recovery of monetary damages from Executive.” 
  

	5.	Except as expressly or by necessary implication amended hereby, the Benefits Assurance Agreement shall remain in full force and effect. 

 

	6.	Executive’s Resignation from Employment and all Offices. 

  

	 	A.	Executive’s Resignation from Employment. Executive intends to resign and shall resign from employment with the Company, with such resignation to be
effective as of the close of business on August 22, 2011 (the “Resignation Date”). 

  

	 	B.	Entitlement to Severance Benefits. Executive’s resignation on the Resignation Date shall be treated as a “Executive’s voluntary Termination of
Employment for Good Reason” under Section 4(b)(ii) of the Benefits Assurance Agreement, and thus as a “Qualifying Termination” as defined under Section 4(a) thereof, thereby entitling Executive to the Severance Benefits
provided for under Section 4(c) of the Benefits Assurance Agreement as amended hereby. 

  
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	 	C.	Resignation from all Offices. Executive hereby confirms his resignation from all positions and offices, if any, that he holds or has held at any time with the
Company, or any of its subsidiaries or affiliates, to be effective as of the Resignation Date if not having been made effective earlier. 

  

	7.	Release. Executive, on behalf of Executive and Executive’s attorneys, attorneys-in-fact, heirs, executors, administrators, successors, and assigns, does
hereby fully release and discharge the Company, and all of the Company’s officers, directors, stockholders, members, attorneys, agents, employees, servants, benefit plans, plan administrators, related organizations, successors, and assigns, of
and from all debts, sums of money, fees, claims, charges, demands, actions, causes of action, notes, liabilities and obligations, of whatever nature, in law, equity or otherwise, whether the same be known or unknown, whether the same be liquidated,
unliquidated, contingent or otherwise, and whether the same be in contract (express or implied), in tort or otherwise, which Executive ever had or now has (or hereafter can, shall or may have) with respect to anything done or omitted to be done up
to the Date of this Agreement. This release is not intended to release and does not release Executive’s rights under the Benefits and Assurance Agreement, as amended, and Executive’s rights under any qualified plan to his vested benefits.

  

	8.	Provisions Relating to ADEA Release. Executive represents to the Company that Executive is aware, understands and agrees that: 

 

	 	A.	Executive is freely, knowingly and voluntarily entering into and signing this Severance and Amendment Agreement; 

 

	 	B.	the claims waived, released and discharged in Section 7 of this Severance and Amendment Agreement include any and all claims Executive has or may have
arising out of or related to Executive’s employment with the Company or termination of that employment, including any claims under the Age Discrimination in Employment Act, except as expressly excepted herein; 

 

	 	C.	those claims waived, released and discharged in Section 7 do not include, and Executive is not waiving, releasing or discharging, any claims that may arise
after the Date of this Agreement; 

  

	 	D.	amendment of the Benefits Assurance Agreement under Section 1 of this Severance and Amendment Agreement and the payment of the “Severance
Benefits” under the Benefits Assurance Agreement as amended provides consideration that Executive was not entitled to receive before signing this Agreement; 

 

	 	E.	 Executive has been given twenty-one (21) days within which to consider this Agreement, but Executive has been informed that Executive may
waive this twenty-one day consideration period and elect to execute this document prior to the expiration of the twenty-one day consideration period, in order to expedite the execution of this Agreement and the payment of the Severance Benefit; if
the twenty-one (21) day consideration period has not elapsed at the time Executive 

  
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signs this Agreement, by his or her signature at that time and on that date, Executive expressly acknowledges that Executive has knowingly and voluntarily chosen to sign this Agreement before the
expiration of the twenty-one (21) day consideration period; 

  

	 	F.	Executive has and has had the right to consult with an attorney regarding this Agreement before signing this Agreement and Executive acknowledges that the
Company has advised Executive to consult with an attorney and that Executive has obtained such legal counsel as Executive deems necessary; and 

  

	 	G.	Executive may revoke this Agreement at any time within seven (7) days after the day Executive signs this Agreement (that is, at any time within seven
(7) days after the Date of this Agreement), and this document will not become effective or enforceable and no payments under this Agreement will be payable until the eighth day after the Date of this Agreement, on which day (the
“Agreement’s Effective Date”), this Agreement will automatically become effective and enforceable unless previously revoked within that seven-day period). 

 Executive HAS CAREFULLY READ THIS DOCUMENT, AND FULLY UNDERSTANDS EACH AND EVERY TERM. 
 IN WITNESS WHEREOF, the Company has caused this Severance and Amendment Agreement to be signed by its duly authorized officer, and Executive has hereunto set his hand, all as of the day and year first
above written. 
  

			
	“Company”
	
	SNYDERS-LANCE, INC.
		
	By	 	 /s/ Rick D. Puckett

		 	Rick D. Puckett
		 	EVP, Chief Financial Officer
		 	8/19/2011
	
	“Executive”
	
	 /s/ Blake W. Thompson

	Blake W. Thompson
	8/19/2011

  
 - 6 -f8k081711ex10i_pavillion.htm

Exhibit 10.1

 

STOCK PURCHASE AGREEMENT

 

 

THIS STOCK PURCHASE AGREEMENT (the “Agreement”) is made and entered into as of the 17th day of August 2011, by and between the parties listed on Schedule A,  (collectively referred to as the “Sellers”) that are the record or beneficial owners of a total of one hundred forty one million and six hundred forty five thousand four hundred fifteen (141,645,415) shares of common stock (the “Common Shares”)  of Pavilion Energy Resources, Inc., a Delaware corporation (the “Company”), and Helen Hayes (the “Purchaser”).

 

W I T N E S S E T H:

 

WHEREAS, the Sellers own 141,645,415 shares of common stock, par value $0.0001 per share (the “Common Stock”), of the Company which represents 52.88% of the issued and outstanding common shares of the Company; and

 

WHEREAS, the Sellers desire to sell to the Purchaser, and the Purchaser desires to purchase from the Sellers, in accordance with the breakdown provided in Schedule A attached hereto, all of the Shares, on and subject to the terms of this Agreement;

 

NOW, THEREFORE, in consideration of the premises and of the covenants, representations, warranties and agreements herein contained, the Parties have reached the following agreement with respect to the sale by the Sellers of such common stock of the Company to the Purchaser:

 

 

SECTION 1. THE TRANSACTION

 

1.1.  Purchase Price:

 

The Sellers hereby agree to sell to the Purchaser, and the Purchaser, in reliance on the representations and warranties contained herein, and subject to the terms and conditions of this Agreement, agrees to purchase from the Sellers all of the Common Stock of the Company for a total purchase price of $50,000.00 (the "Purchase Price"), payable in full to the Sellers according to the terms of this Agreement, in United States currency as directed by the Sellers at Closing.

 

1.2.  Transfer of Shares and Terms of Payment:

 

In consideration for the transfer of the Common Stock by the Sellers to the Purchaser, the Purchaser shall pay the Purchase Price in accordance with the terms of this Agreement. Transfer of the shares and payment thereof shall be in the following manner:

 

i) The Purchaser has transferred the Purchase Price to Anslow & Jaclin, LLP (the "Escrow Agent").

 

ii) Except for those certificates specified in Item 1.2.(iii) below, the Sellers have delivered the certificates for the Common Stock duly endorsed for transfer or with executed stock powers attached to Mark E. Pena, Esq., to be released and delivered to Buyer upon receipt of the Payment by the Escrow Agent.

 

  

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iii) The Sellers have delivered certificate #07339 for twenty four million three hundred twenty nine (24,329,000) shares of Common Stock duly endorsed for transfer or with executed stock powers attached to the Escrow Agent.

 

1.3.  Closing.

 

Subject to the terms and conditions of this Agreement, the Closing shall take place by wire transfer of funds and overnight mail of documents on or before 5:00 P.M. EST on August 18, 2011 (the "Closing Date").

 

SECTION 2. REPRESENTATIONS AND WARRANTIES

 

2.1.  Representations and Warranties of the Sellers and Company:

 

2.1  The Sellers either are or on the Closing Date will be the lawful owners of record of the Common Stock, and the Sellers presently have, and will have at the Closing Date, the power to transfer and deliver the Common Stock to the Purchaser in accordance with the terms of this Agreement. The delivery to the Purchaser of certificates evidencing the transfer of the Common Stock pursuant to the provisions of this Agreement will transfer to the Purchaser good and marketable title thereto, free and clear of all liens, encumbrances, restrictions and claims of any kind.

 

2.1.2  The Company has 500,000,000 authorized shares of common stock. There are currently 267,841,012 issued and outstanding shares of common stock and no authorized shares of preferred stock. Sellers at the Closing Date will have full and valid title to the Common Stock, and there will be no existing impediment or encumbrance to the sale and transfer of the Common Stock to the Purchaser; and on delivery to the Purchaser of the Common Stock being sold hereby, all of such shares of Common Stock shall be free and clear of all liens, encumbrances, charges or assessments of any kind; such shares will be legally and validly issued and fully paid and non-assessable shares of the Company's common stock; and all such common stock has been issued under duly authorized resolutions of the Board of Directors of the Company.

 

2.1.3   All issuances of the Company of the shares in their common stock in past transactions have been legally and validly effected, without violation of any preemptive rights, and all of such shares of common stock are fully paid and non-assessable.

 

2.1.4  There are no outstanding subscriptions, options, warrants, convertible securities (other than previously disclosed) or rights or commitments of any nature in regard to the Company's authorized but unissued common stock or any agreements restricting the transfer of outstanding or authorized but unissued common stock.

  

2.1.5 There are no outstanding judgments, liens or any other security interests filed against the Company or any of its properties.

 

2.1.6 The Company has no subsidiaries.

 

  

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2.1.7 The Company has no employment contracts or agreements with any of its officers, directors, or with any consultants; and the Company has no employees or other such parties.

 

2.1.8 The Company has no insurance or employee benefit plans whatsoever.

 

2.1.9 The Company is not in default under any contract, or any other document.

 

2.1.10 The Company has no outstanding powers of attorney and no obligations concerning the performance of the Sellers concerning this Agreement.

 

2.1.11 The execution and delivery of this Agreement, and the subsequent closing thereof, will not result in the breach by the Company or the Sellers of any agreement or other instrument to which they are or have been a party.

 

2.1.12 All financial and other information which the Company and/or the Sellers furnished or will furnish to the Purchaser, including information with regard to the Company and/or the Sellers contained in the SEC filings filed by the Company since its inception (i) is true, accurate and complete as of its date and in all material respects except to the extent such information is superseded by information marked as such, (ii) does not omit any material fact, not misleading and (iii) presents fairly the financial condition of the organization as of the date and for the period covered thereby.

 

The representations and warranties herein by the Sellers shall be true and correct in all material respects on and as of the Closing Date hereof with the same force and effect as though said representations and warranties had been made on and as of the Closing Date.

 

The representations and warranties made above shall survive the Closing Date and shall expire for all purposes in the date numerically corresponding to the Closing Date in the twelfth month after the Closing Date.

 

2.2. Covenants of the Company.

 

From the date of this Agreement and until the Closing Date, the Sellers and the Company covenant the following:

 

2.2.1   The Sellers will furnish Purchaser with all corporate records and documents, such as Articles of Incorporation and Bylaws, minute books, stock books, or any other corporate document or record (including financial and bank documents, books and records) requested by the Purchaser.

 

2.2.2  The Company will not enter into any contract or business transaction, merger or business combination, or incur any further debts or obligations without the express written consent of the Purchaser.

 

2.2.3  The Company will not amend or change its Articles of Incorporation or Bylaws, or issue any further shares or create any other class of shares in the Company without the express written consent of the Purchaser.

 

2.2.4  The Company will not issue any stock options, warrants or other rights or interests in or to its shares without the express written consent of the Purchaser.

 

  

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2.2.5  The Sellers will not encumber or mortgage any right or interest in their shares of the common stock being sold to the Purchaser hereunder, and also they will not transfer any rights to such shares of the common stock to any third party whatsoever.

 

2.2.6  The Company will not declare any dividend in cash or stock, or any other benefit.

 

2.2.7  The Company will not institute any bonus, benefit, profit sharing, stock option, pension retirement plan or similar arrangement.

 

2.2.8  At the request of Purchaser, the Company and the Sellers will obtain and submit to the Purchaser resignations of current officers and directors.

 

2.2.9  The Sellers agree to indemnify the Purchaser against and to pay any loss, damage, expense or claim or other liability incurred or suffered by the Purchaser by reason of the breach of any covenant or inaccuracy of any warranty or representation contained in this Agreement.

2.2.10 The Sellers agree to indemnify the Purchaser against and pay any liability incurred prior to the Closing.

 

2.3  Representations and Warranties of the Purchaser:

 

2.3.1  The Purchaser has the requisite power and authority to enter into and perform this Agreement and to purchase the shares being sold to it hereunder. The execution, delivery and performance of this Agreement by such Purchaser and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action, and no further consent or authorization of such Purchaser is required. This Agreement has been duly authorized, executed and delivered by such Purchaser and constitutes, or shall constitute when executed and delivered, a valid and binding obligation of such Purchaser enforceable against such Purchaser in accordance with the terms thereof.

 

2.3.2  The Purchaser is, and will be at the time of the execution of this Agreement, an "accredited investor", as such term is defined in Regulation D promulgated by the Commission under the 1933 Act, is experienced in investments and business matters, has made investments of a speculative nature and has purchased securities of United States publicly-owned companies in the past and, with its representatives, has such knowledge and experience in financial, tax and other business matters as to enable such Purchaser to utilize the information made available by the Company to evaluate the merits and risks of and to make an informed investment decision with respect to the proposed purchase, which represents a speculative investment. The Purchaser has the authority and is duly and legally qualified to purchase and own shares of the Company. The Purchaser is able to bear the risk of such investment for an indefinite period and to afford a complete loss thereof. The information set forth on the signature page hereto regarding the Purchaser is accurate.

 

2.3.3  On the Closing Date, such Purchaser will purchase the Common Stock pursuant to the terms of this Agreement for its own account for investment only and not with a view toward, or for resale in connection with, the public sale or any distribution thereof.

 

  

4

  

 

2.3.4  The Purchaser understands and agrees that the Common Stock has not been registered under the 1933 Act or any applicable state securities laws, by reason of their issuance in a transaction that does not require registration under the 1933 Act (based in part on the accuracy of the representations and warranties of the Purchaser contained herein), and that such Common Stock must be held indefinitely unless a subsequent disposition is registered under the 1933 Act or any applicable state securities laws or is exempt from such registration. In any event, and subject to compliance with applicable securities laws, the Purchaser may enter into lawful hedging transactions in the course of hedging the position they assume and the Purchaser may also enter into lawful short positions or other derivative transactions relating to the Common Stock, or interests in the Common Stock, and deliver the Common Stock, or interests in the Common Stock, to close out their short or other positions or otherwise settle other transactions, or loan or pledge the Common Stock, or interests in the Common Stock, to third parties who in turn may dispose of the Common Stock.

 

2.3.5  The Common Stock shall bear the following or similar legend:

 

"THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES."

   

2.3.6  Such Purchaser represents that the foregoing representations and warranties are true and correct as of the date hereof and, unless such Purchaser otherwise notifies the Company prior to the Closing Date shall be true and correct as of the Closing Date.

 

2.3.7  The foregoing representations and warranties shall survive the Closing Date and for a period of one year thereafter.

 

SECTION 3. MISCELLANEOUS

 

3.1.  Expenses.

 

Each of the Parties shall bear his own expenses in connection with the transactions contemplated by this Agreement.

 

  

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3.2.  Governing Law.

 

The interpretation and construction of this Agreement, and all matters relating hereto, shall be governed by the laws of the State of California applicable to agreements executed and to be wholly performed solely within such state.

 

3.3. Notices.

 

Any notice or other communication required or permitted under this Agreement shall be sufficiently given if delivered in person or sent by facsimile or by overnight registered mail, postage prepaid, addressed as follows:

 

If to Sellers, to:

Peter J. Sterling

16714 Silktree St.

Fountain Valley, CA

92708

If to the Purchaser, to:

 

Helen Hayes

459 Jolina Way

Encinitas, CA

92024

 

With a copy to (which shall not constitute notice):  

 

Anslow & Jaclin, LLP

195 Route 9, Suite 204 

Manalapan, NJ 07726 

 

Or such other address or number as shall be furnished in writing by any such Party, and such notice or communication shall, if properly addressed, be deemed to have been given as of the date so delivered or sent by facsimile.

 

3.4. Parties in Interest.

 

This Agreement may not be transferred, assigned or pledged by any Party hereto, other than by operation of law. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

  

  

6

  

 

3.5. Entire Agreement.

 

This Agreement and the other documents referred to herein contain the entire understanding of the Parties hereto with respect to the subject matter contained herein. This Agreement shall supersede all prior agreements and understandings between the Parties with respect to the transactions contemplated herein.

 

3.6. Amendments.

 

This Agreement may not be amended or modified orally, but only by an agreement in writing signed by the Parties.

 

3.7. Severability.

 

In case any provision in this Agreement shall be held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof will not in any way be affected or impaired thereby.

 

3.8. Counterparts.

 

This Agreement may be executed in any number of counterparts, including counterparts transmitted by telecopier, PDF or facsimile transmission, any one of which shall constitute an original of this Agreement. When counterparts of copies have been executed by all parties, they shall have the same effect as if the signatures to each counterpart or copy were upon the same document and copies of such documents shall be deemed valid as originals. The Parties agree that all such signatures may be transferred to a single document upon the request of any Party.

 

  

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IN WITNESS WHEREOF, each of the Parties hereto has caused its/his name to be hereunto subscribed as of the day and year first above written

	  	  	  	  
	  	  	  	  
	  	  	  	  
	  	  	
The Company:

 

Pavilion Energy Resources, Inc.

	  
	  	  	  	  
	  	  	  	  
	  	  	
By:_____________________

      Peter Sterling, President

	  
	  	  	  	  
	  	  	
Sellers:

	  
	  	  	  	  
	  	  	
Placer Gold Corporation

 

 

By:___________________

    Peter J. Sterling, President,       Secretary, Treasurer

 

 

Ketzal Sterling

 

 

___________________

 

 

Shae Sterling

 

 

___________________

 

 

Peter Sterling

 

 

___________________

 

 

 

Zero Carb Wind Energy Corp.

 

 

By:___________________

      Ketzal Sterling President, Secretary, Treasurer

 

 

Nina Lskavyaan

 

 

___________________

 

 

Strategic Nine Corp Trust

 

 

By: ___________________

      Ketzal Sterling, Trustee

 

 

Oxford Capital Fund

 

By:___________________ Ketzal Sterling, President

 

 

Purchaser:

 

 

	  
	  	  	
 

 _____________________     

             Helen Hayes

	  

 

  

8

  

 

SCHEDULE A

	
Sellers

	  	
Number of shares of Common Stock purchased by Purchaser

	  	  	  
	
 Placer Gold Corporation

	  	
3,349,915

	  	  	  
	
Ketzal Sterling

	  	
8,350,000

	  	  	  
	
Shae Sterling

	  	
7,350,000

	  	  	  
	
Peter Sterling

	  	
40,187,500

	  	  	  
	
Zero Carbon Wind Energy Corp

	  	
19,000,000

	  	  	  
	
Nina Lskavyaan

	  	
7,400,000

	  	  	  
	
Oxford Capital Fund

	  	
7,350,000

	  	  	  
	
Strategic Nine Corp Trust

	  	
48,658,000

	  	  	  
	
TOTAL

	  	
141,645,415

 

 

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]