Document:

exhibit102.htm

    EXHIBIT 10.2

 

 

AMENDMENT NO. 1 TO

GREEN BALLAST, INC.

12% SENIOR SECURED NOTE

 

 

THIS AMENDMENT NO. 1, dated as of July 16, 2012 (the “Amendment”), to the 12% Senior Secured Note, dated as of April 16, 2012, as amended from time to time (the “Gemini Note”), by Green Ballast, Inc., a Delaware corporation (the “Company”).

 

WHEREAS, the Company issued the Gemini Note to Gemini Master Fund, LTD (the “Holder”) on April 16, 2012; and

 

WHEREAS, the Company and the Holder desire to enter into this Amendment.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and agreed, the Company and the Holder agree as follows:

 

1.  The Maturity Date (as defined in the Gemini Note) is hereby extended to October 16, 2012.  By its execution of this Amendment, the Holder does not indicate any willingness to consent to any further extensions, and expects the indebtedness evidenced thereby to be paid in full on or before said date.

 

2. Except to the extent amended hereby, the Gemini Note shall remain in full force and effect.

 

3. All capitalized terms used herein, and not otherwise defined herein, have the respective meanings given to such terms in the Gemini Note.

 

4. This Amendment may be executed in any number of counterparts, each of which shall constitute an original document.  Electronic signatures, whether by fax, e-mail, or other electronic means, shall be treated as original signatures.

 

 

[Signature page to follow.]

 

  

  

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed the day and year first set forth above.

 

 

 

	 	COMPANY:
	 	 
	 	GREEN BALLAST, INC.

 

 

	 	By:  	/s/ Kevin Adams  

	 	Name:	Kevin Adams
	 	Title: 	Chief Executive Officer

 

 

 

 

	 	
HOLDER:

	 	 
	 	
GEMINI MASTER FUND, LTD.

By: GEMINI STRATEGIES, LLC, as investment manager

 

 

	 	By:  	/s/ Steven Winters

	 	Name:	Steven Winters
	 	Title: 	Managing MemberExhibit 4.2

 

	
  

  	
  NUMBER SHARES
  DATED: COUNTERSIGNED: BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC. 1717 ARCH
  ST., STE. 1300, PHILADELPHIA, PA 19103 TRANSFER AGENT BY: AUTHORIZED
  SIGNATURE THIS CERTIFIES THAT: IS THE OWNER OF SPECIMEN SPECIMEN SPECIMEN
  transferable on the books of the Corporation by the holder thereof in person
  or by duly authorized attorney upon surrender of this certificate duly
  endorsed or assigned. This certificate and the shares represented hereby are
  subject to the laws of the State of Delaware, and to the Certificate of
  Incorporation and Bylaws of the Corporation, as now or hereafter amended.
  This certificate is not valid until countersigned by the Transfer Agent.
  WITNESS the facsimile seal of the Corporation and the facsimile signatures of
  its duly authorized officers. CUSIP 63888U 10 8 INCORPORATED UNDER THE LAWS
  OF THE STATE OF DELAWARE COMMON STOCK NATURAL GROCERS BY VITAMIN COTTAGE,
  INC. SEE REVERSE FOR CERTAIN DEFINITIONS EXECUTIVE VICE PRESIDENT &
  CORPORATE SECRETARY CO-PRESIDENT FULLY PAID AND NON-ASSESSABLE SHARES OF
  COMMON STOCK, $0.001 PAR VALUE PER SHARE, OF NATURAL GROCERS BY VITAMIN
  COTTAGE, INC. 

  

 

 

	
  

  	
  The following
  abbreviations, when used in the inscription on the face of this certificate,
  shall be construed as though they were written out in full according to
  applicable laws or regulations: TEN COM - as tenants in common UNIF GIFT MIN
  ACT - Custodian TEN ENT - as tenants by the entireties (Cust) (Minor) JT TEN
  - as joint tenants with right of under Uniform Gifts to Minors survivorship
  and not as tenants Act in common (State) Additional abbreviations may also be
  used though not in the above list. For Value Received, _____________________
  hereby sell, assign and transfer unto PLEASE INSERT SOCIAL SECURITY OR OTHER
  IDENTIFYING NUMBER OF ASSIGNEE (PLEASE PRINT OR TYPE NAME AND ADDRESS,
  INCLUDING ZIP CODE, OF ASSIGNEE) Shares of the stock represented by the
  within Certificate, and do hereby irrevocably constitute and appoint Attorney
  to transfer the said stock on the books of the within named Corporation with
  full power of substitution in the premises. Dated NOTICE: THE SIGNATURE TO
  THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
  CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY
  CHANGE WHATSOEVER. COLUMBIA FINANCIAL PRINTING CORP. -
  www.stockinformation.com THE CORPORATION WILL FURNISH TO ANY STOCKHOLDER,
  UPON REQUEST AND WITHOUT CHARGE, A FULL STATEMENT OF THE DESIGNATIONS,
  RELATIVE RIGHTS, PREFERENCES AND LIMITATIONS OF THE SHARES OF EACH CLASS AND
  SERIES AUTHORIZED TO BE ISSUED, SO FAR AS THE SAME HAVE BEEN DETERMINED, AND
  OF THE AUTHORITY, IF ANY, OF THE BOARD TO DIVIDE THE SHARES INTO CLASSES OR
  SERIES AND TO DETERMINE AND CHANGE THE RELATIVE RIGHTS, PREFERENCES AND
  LIMITATIONS OF ANY CLASS OR SERIES. SUCH REQUEST MAY BE MADE TO THE SECRETARY
  OF THE CORPORATION OR TO THE TRANSFER AGENT NAMED ON THIS CERTIFICATE. THE
  SIGNATURE TO THE ASSIGNMENT MUST CORRESPOND TO THE NAME AS WRITTEN UPON THE
  FACE OF THIS CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR
  ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL
  BANK OR TRUST COMPANY OR A MEMBER FIRM OF A NATIONAL OR REGIONAL OR OTHER
  RECOGNIZED STOCK EXCHANGE IN CONFORMANCE WITH A SIGNATURE GUARANTEE MEDALLION
  PROGRAM.Arkanova Energy Corporation: Exhibit 10.1 - Filed by newsfilecorp.com

EXECUTIVE EMPLOYMENT
AGREEMENT

THIS EMPLOYMENT AGREEMENT (the "Agreement") is
effective July 17, 2012 (the “Effective Date”), by and between
ARKANOVA ENERGY CORPORATION, a Nevada corporation (the “Company”),
and PIERRE G. MULACEK, an individual and resident of 1208 Marly Way,
Austin, Texas 78733 (the "Executive").

WHEREAS, the Company is in the business of locating,
acquiring and exploring oil and gas properties;

WHEREAS, the Executive has experience in the control and
senior management functions of companies in the oil & gas industry in
particular;

WHEREAS, the Executive is currently employed by the
Company pursuant to the terms of an Executive Employment Agreement dated July
17, 2010 which expires on July 17, 2012 (the “Former Agreement”); and

WHEREAS, the Executive and the Company seek to enter
into this Agreement, to be effective immediately upon the termination of the
Former Agreement;

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

1. Employment. On the Effective Date, the Executive is
hereby employed and engaged to serve the Company as President and Chief
Executive Officer of the Company, and such additional titles as the Company’s
board of directors (the “Board”) may specify from time to time, and the
Executive does hereby accept and agree to such engagement and employment.

2. Employment Term. This Agreement has a term of one (1)
year, beginning on the Effective Date (the “Employment Term”). Upon
expiration of the initial Employment Term, this Agreement will automatically
renew for another one (1) year unless terminated in writing by either party no
less than sixty (60) days prior to the expiration or by either party pursuant to
Section 16 of this Agreement.

3. Directorship. Provided the Executive is not in breach
of any terms of this Agreement, and during the Employment Term, the Company
agrees to nominate the Executive for election as a director of the Company at
all meetings of stockholders held for the purpose of electing directors.

4. Duties. The Executive will be responsible for the
overall development and operations of the Company. In addition, the Executive’s
duties will entail:

	 	(a) 	
      those duties customarily performed by the Chief Executive
      Officer of a company with revenues and number of employees commensurate
      with those of the Company; and

	 	 	 
	 	(b) 	
      such duties and responsibilities as the Board determines,
      assigns or reassigns to the Executive in its sole and absolute
      discretion,

(all of which are collectively the
“Duties”).

5. Best Efforts of the Executive. During his employment
hereunder, the Executive must:

	 	(a) 	
      devote his business time, best efforts, business
      judgment, skill, and knowledge to the advancement of the Company's
      interests and to the discharge of his duties and responsibilities
      hereunder;

	 	 	 
	 	(b) 	
      diligently and faithfully execute and perform the Duties
      and responsibilities, subject to the general supervision and control of
      the Board; and

	 	 	 
	 	(c) 	
      conduct and maintain a professional relationship with all
      parties interacting with the Company with the utmost regard for honesty
      and integrity.

6. Business Opportunities. During the Employment Term,
the Executive agrees to bring to the attention of the Board all written business
proposals that come to the Executive’s attention and all business or investment
opportunities of an oil and gas nature that are created or devised by the
Executive and that relate to areas in which the Company conducts business and
might reasonably be expected to be of benefit or interest to the Company or any
of its subsidiaries. The Executive may not participate in or compete within a 25
mile radius of existing projects. 

7. Other Business, etc. The Company recognizes that the
Executive is actively engaged in other business, investments, and personal
pursuits. Nothing in this Agreement precludes the Executive from devoting
reasonable periods required for:

	 	(a) 	
      serving as a director or member of a committee of any
      organization or corporation involving no conflict of interest with the
      interests of the Company;

	 	 	 
	 	(b) 	
      serving as a consultant in his area of expertise (in
      areas other than in connection with the business of the Company), to
      government, industrial, and academic panels where it does not conflict
      with the interests of the Company; and

	 	 	 
	 	(c) 	
      managing his personal investments or engaging in any
      other business; provided that such activities do not interfere with the
      regular performance of his duties and responsibilities under this
      Agreement as determined by the Company.

8. Compensation of the Executive.

	 	(a) 	
      As compensation for the services provided by the
      Executive under this Agreement, the Company will pay the Executive an
      annual salary of $240,000.00, to be paid in accordance with the Company's
      usual payroll procedures (the “Salary”).

	 	 	 
	 	(b) 	
      In addition to the Salary, the Executive may be eligible
      to receive an annual bonus determined by the Board based on the
      performance of the Company.

9. Stock Option Grant. The Company may, in its
discretion, grant to the Executive incentive stock options to acquire shares of
the Company’s common stock on such terms as are approved by the Board and in
accordance with applicable securities laws.

2

10. Benefits. The Executive will also be entitled to
participate in any and all Company benefit plans, from time to time, in effect
for employees of the Company. Such participation will be subject to the terms of
the applicable plan documents and generally applicable Company policies.

11. Vacation, Sick Leave and Holidays. The Executive is
entitled paid vacation in accordance with Company policies established and in
effect from time to time, with such vacation to be scheduled and taken in
accordance with the Company’s standard vacation policies. In addition, the
Executive is entitled to such sick leave and holidays at full pay in accordance
with the Company’s policies established and in effect from time to time. 

12. Business Expenses. The Company must promptly
reimburse the Executive for all reasonable out-of-pocket business expenses
incurred in performing the Executive’s duties and responsibilities hereunder in
accordance with the Company's policies, provided the Executive promptly
furnishes to the Company adequate records of such expenses.

13. Location of the Executive's Activities. The
Executive’s principal place of business in the performance of his duties and
obligations under this Agreement will be in either the Houston or Austin
metropolitan areas, as determined by
the Company in its discretion. Notwithstanding the preceding sentence, the
Executive will engage in such travel and spend such time in other places as may
be necessary or appropriate in furtherance of his duties hereunder.

14. Confidentiality. The Executive recognizes that the
Company has and will have business affairs, products, future plans, trade
secrets, customer lists, and other vital information (collectively
"Confidential Information") that are valuable assets of the Company. The
Executive agrees that he will not at any time or in any manner, either directly
or indirectly, divulge, disclose, or communicate in any manner any Confidential
Information to any third party without the prior written consent of the Board.
The Executive must protect the Confidential Information and treat it as strictly
confidential.

15. Indemnification. The Company agrees to indemnify the
Executive from and against any and all actions, causes of action, claims,
demands or other proceedings made against the Executive in the course of or as a
result of his position as a director and officer of the Company, provided that
the Company will not be liable for any action for the Executive’s gross
negligence or willful neglect.

16. Termination. Except as provided in Section 2 of this
Agreement, the Executive’s employment hereunder will terminate under the
following circumstances:

	 	(a) 	
      Voluntary Termination by the Executive. The
      Executive has the right to voluntarily terminate this Agreement and his
      employment hereunder at any time during the Employment Term upon three
      months’ prior written notice.

	 	 	 
	 	(b) 	
      Voluntary Termination by the Company. The Company
      has the right to voluntarily terminate this Agreement and the Executive’s
      employment hereunder at any time during the Employment Term upon three
      months’ prior written notice.

	 	 	 
	 	(c) 	
      Termination for Cause. The Company has the right
      to terminate this Agreement and the Executive’s employment hereunder at
      any time for cause. As used in this Agreement, "cause" means any of
      the following:

3

	 	(i) 	
      Refusal by the Executive to implement or adhere to lawful
      policies or directives of the Board;

	 	 	 
	 	(ii) 	
      Breach of this Agreement by the Executive;

	 	 	 
	 	(iii) 	
      The Executive’s conviction of a felony;

	 	 	 
	 	(iv) 	
      The Executive’s conviction of a misdemeanor involving
      fraud, theft, deceit, misrepresentation, conspiracy, breach of trust or
      breach of fiduciary duty;

	 	 	 
	 	(v) 	
      The Executive receiving a reprimand, suspension, fine or
      other administrative penalty from the United States Securities and
      Exchange Commission or state regulator in a matter that involves fraud,
      theft, deceit, misrepresentation, conspiracy, breach of trust, breach of
      fiduciary duty or insider trading that is made after the date of this
      signed contract; or

	 	 	 
	 	(vi) 	
      Breach of fiduciary duty or the misappropriation by the
      Executive of funds from or resources of the
Company.

“Cause” will not be deemed to
exist unless the Company has first given the Executive a written notice thereof
specifying in reasonable detail the facts and circumstances alleged to
constitute "cause" and, thirty (30) days after such notice has been given, such
conduct has, or such circumstances have, as the case may be, not entirely ceased
and not been entirely remedied.

	 	(d) 	
      Termination Upon Death or for Disability. This
      Agreement and the Executive’s employment hereunder, will automatically
      terminate upon:

	 	 	 	 	 
	 		(i) 	
      the Executive’s death; or

	 	 	 	 	 
	 		(ii) 	
      upon written notice to the Executive and certification of
      the Executive’s disability by a qualified physician or a panel of
      qualified physicians if the Executive becomes disabled beyond a period of
      twelve (12) months and is unable to perform the duties contain in this
      Agreement.

	 	 	 	 	 
	 	(e) 	
      Termination on “Change of Control”.

	 	 	 	 	 
	 		(i) 	
      “Change of Control Event” means the occurrence of
      any one of the events set out in Subsections A. to C. below:

	 	 	 	 	 
	 			A. 	
      The acquisition, other than from the Company, by any
      individual, entity or group (within the meaning of Section 13(d)(3) or
      14(d)(2) of the Securities Exchange Act of 1934, as amended) of
      beneficial ownership of 50% or more of either the then outstanding shares
      of common stock of the Company or the combined voting power of the then
      outstanding voting securities of the Company entitled to vote generally in
      the election of directors,

4

	 	B. 	
      The approval by the stockholders of the Company of a
      reorganization, merger or consolidation of the Company in which the
      individuals and entities who were the respective beneficial owners of the
      common stock and voting securities of the Company immediately prior to
      such reorganization, merger or consolidation do not, following such
      reorganization, merger or consolidation, beneficially own, directly or
      indirectly, more than 50% of, respectively, the then outstanding shares of
      common stock and the combined voting power of the then outstanding voting
      securities entitled to vote generally in the election of directors, as the
      case may be, of the corporation resulting from such reorganization, merger
      or consolidation; or

	 	 	 
	 	C. 	
      A liquidation or dissolution of the Company or the sale
      or disposition of all or substantially all of the assets of the Company,
      which, for greater certainty, is deemed to occur in the event the Company
      sells or disposes of all or substantially all of the assets of a
      subsidiary of the Company.

In the case of the occurrence of any
of the events set forth in this Section 16(e), a Change of Control Event will be
deemed to occur immediately prior to the occurrence of any such events. The
following will not constitute a Change of Control Event:

	 	D. 	
      If the sole purpose of the event is to change the
      jurisdiction of the Company’s organization or to create a holding Company,
      partnership or trust that will be owned in substantially the same
      proportions by the persons who held the Company’s securities immediately
      before such event; or

	 	 	 
	 	E. 	
      If the Executive is part of a purchasing group that
      consummates the Change of Control Event.

	 	(ii) 	
      If a Change of Control Event occurs with respect to the
      Company, the Executive’s Employment will automatically terminate and the
      Company will pay the Executive an amount equal to the total of:

	 	 	 	 
	 		A. 	
      the Salary for a period of 18 months; and

	 	 	 	 
	 		B. 	
      the Executive’s cost for a period of 18 months to obtain
      family and/or spousal health insurance that is similar in coverage to that
      provided to the Executive as of the date of the Change of
  Control,

which amount is payable within 30 days
of the Change of Control Event.

5

	 	(f) 	
      Effect of Termination.

	 	 	 	 
	 		(i) 	
      In the event that this Agreement and the Executive’s
      employment is terminated for cause pursuant to Section 16(c), all
      obligations of the Company and all duties, responsibilities and
      obligations of the Executive under this Agreement will cease upon the
      effective date of such termination. Upon such termination, the Executive
      will be entitled to receive only the compensation, benefits, and
      reimbursement earned by or accrued to the Executive under the terms of
      this Agreement prior to the date of termination, but will not be entitled
      to any further compensation, benefits, or reimbursement after such
      date.

	 	 	 	 
	 		(ii) 	
      In the event the Executive or the Company voluntarily
      terminates this Agreement pursuant to Sections 16(a) or 16(b), or in the
      event of the termination of this Agreement upon death or disability of the
      Executive pursuant to Section 16(d), the Executive will be entitled to all
      compensation pursuant to Section 8 of this Agreement for the period
      through the effective termination date, provided that, in the case of
      death or disability, payment may be made to the Executive’s appointed
      trustee.

	 	 	 	 
	 		(iii) 	
      Other than as set forth above, the Executive will not be
      entitled to any further compensation, benefits, or reimbursement after the
      date of his termination.

	 	 	 	 
	 	(g) 	
      Resignation as Director. In the event that the
      Executive’s employment is terminated by the Company for cause, the
      Executive agrees to immediately resign as a director of the Company and
      any related entities. For the purposes of this Section 16, the term “the
      Company” will be deemed to include subsidiaries, parents, and affiliates
      of the Company.

17. Governing Law, Jurisdiction and Venue. This
Agreement will be governed by and construed in accordance with the laws of the
State of Texas without giving effect to any applicable conflicts of law
provisions.

18. The Executive’s Representations and Warranties. The
Executive hereby represents and warrants that he is not under any contractual
obligation to any other company, entity or individual that would prohibit or
impede the Executive from performing his duties and responsibilities under this
Agreement and that he is free to enter into and perform the duties and
responsibilities required by this Agreement. The Executive hereby agrees to
indemnify and hold the Company and its officers, directors, employees,
shareholders and agents harmless in connection with the representations and
warranties made by the Executive in this Section 18.

19. Notices. All demands, notices, and other
communications to be given hereunder, if any, must be in writing and will be
sufficient for all purposes if personally delivered, sent by facsimile or sent
by United States mail to the address below or such other address or addresses as
such party may hereafter designate in writing to the other party as herein
provided.

	The Company: 	The Executive: 
	Arkanova Energy Corporation 	Pierre G. Mulacek 
	2441 High Timbers Drive, Suite 120 	1208 Marly Way, Austin, 
	The Woodlands, Texas 77380 	Texas 78733 

6

20. Entire Agreement. This Agreement contains the entire
agreement of the parties and there are no other promises or conditions in any
other agreement, whether oral or written. This Agreement supersedes any prior
written or oral agreements between the parties. This Agreement may be modified
or amended, if the amendment is made in writing and is signed by both
parties.

21. No Assignment of Agreement. This Agreement is for
the unique personal services of the Executive and is not assignable or
delegable, in whole or in part, by the Executive or the Company.

22. Currency. All dollar amounts referred to in this
Agreement are in lawful money of the United States.

23. Headings. The headings contained in this Agreement
are for reference only and do not in any way affect the meaning or
interpretation of this Agreement.

24. Severability. If any provision of this Agreement is
held to be invalid or unenforceable for any reason, the remaining provisions
will continue to be valid and enforceable.

25. No Waiver. The failure of either party to enforce
any provision of this Agreement is not be construed as a waiver or limitation of
that party's right to subsequently enforce and compel strict compliance with
every provision of this Agreement.

26. Independent Legal Advice. The Executive acknowledges
that he has read and understands this Agreement, and acknowledges that:

	 	(a) 	
      he has read and understands this Agreement;

	 	 	 
	 	(b) 	
      Clark Wilson LLP acts solely for the Company with respect
      to the preparation of this Agreement and cannot provide the Executive with
      any advice regarding same; and

	 	 	 
	 	(c) 	
      he has had the opportunity to obtain independent legal
      advice to respect to this Agreement.

27. Execution in Counterparts. This Agreement may be
executed in two or more counterparts, each of which will be deemed an original,
but all of which together will constitute one and the same instrument and, in
pleading or proving any provision of this Agreement, it will not be necessary to
produce more than one of such counterparts.

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

ARKANOVA ENERGY CORPORATION

	By:	“Erich Hofer” 	“Pierre G. Mulacek” 
	 	Erich Hofer, Independent
      Director 	PIERRE G. MULACEK 

7

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