Document:

REVOCABLE LAND TRUST
AGREEMENT

 

 

This
Revocable
Land Trust Agreement
(the “Agreement”), is dated as of December 28, 2017 between Yu, Chien-Yang (the
“Trustee”) and San Lotus
Holding Inc. registered in British Virgin Islands (the “Grantor” and/or
 the “Beneficiary”).
This
Trust shall be known as THE MAKIZONOCHO LAND REVOCABLE TRUST, and shall be
administered in accordance with the following terms:

 

 

1.       TRUST PROPERTY 

The Beneficiary shall convey or cause to
be conveyed to the Trustee certain real property or properties specifically
described in “Schedule A” which is attached hereto and incorporated herein by
reference. All such real property and any other real property conveyed to and
accepted by the Trustee shall be called the “Trust Property.” The Trustee shall
hold title to the Trust Property for the purposes and upon the terms and
conditions set forth below.

 

2.       TRUST PURPOSE 

The objects and purposes of this Trust
are to hold the title to the Trust Property and to protect and to conserve the
Trust Property until its sale; liquidation; or disposition. 

 

3.       RIGHT AND DUTIES
OF TRUSTEE

3.1    The Trustee
shall specifically have the power to make and execute contracts for the lease or
sale of the Trust Property, mortgages secured by the Trust Property, option
agreements for the sale or lease of the Trust Property and to otherwise dispose
of the Trust Property as the Trustee shall be directed by the Beneficiary. 

 

3.2   
The
Trustee shall have the power to perform any act that the Beneficiary directs
the Trustee to perform.  The Trustee shall exercise his powers only upon the
written direction of the Beneficiary.

 

3.3   
The
Trustee shall only have such other duties as required in writing by the
Beneficiary.

 

3.4   
The
Trustee shall not have the power to bind the Beneficiary to any debt or
obligation without the express written consent of the Beneficiary.

 

4.       RIGHTS AND
DUTIES OF BENEFICIARY

4.1    The interests of
Beneficiary consist of (a) the right to lease, manage and control the Trust
Property; (b) the right to direct the Trustee with regard to the disposition of
the title to the Trust Property; and (c) the right to receive the profits,
earnings, avails and proceeds from the rental, sale mortgage or other
disposition of the Trust Property.

 

 

4.2   
The
Beneficiary shall be required to carry liability insurance in such forms and in
such amounts as the Trustee, in his sole discretion, shall deem necessary to
insure the Trust Property and the Trustee. If the Beneficiary fails to obtain
or maintain the required insurance policies, then the Trustee shall have the
right, in his sole discretion, to advance the money necessary to pay for said
insurance policies. The Beneficiary will reimburse the Trustee for the
insurance as set forth above.

 

5.       REVOCATION OR TERMINATION  

5.1    The Grantor may
revoke this Trust entirely by giving a 30 days written notice to the Trustee,
and may regain from the Trustee the Trust Property remaining after making
payment or provision for payment of all expenses connected with the
administration of this Trust.
The
Trustee shall execute any and all documents necessary to effectuate the
transfer of the Trust Property to the Beneficiary as its interest may appear.
Upon such revocation, this Agreement becomes void.

 

5.2   
This
Trust may be terminated by a written agreement between the Trustee and
Beneficiary. Upon such termination, this Agreement becomes void.

 

6.       ENTIRE AGREEMENT

This Agreement sets forth the entire
agreement and understanding of the parties in respect of the transactions
contemplated hereby and supersedes all prior and
contemporaneous  agreements, arrangements and understandings of the
parties relating to the subject matter hereof.  No representation,
promise, inducement, waiver of rights, agreement or statement of intention has
been made by any of the parties which is not expressly embodied in this
Agreement. 

 

7.       GOVERNING LAW  

This Agreement shall be governed by,
construed and enforced in accordance with the laws of the State of California.

 

 IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed as of the date first above written.

 

	
  Trustee

  	
   

  	
  Grantor and/or
  Beneficiary

  
	
   

   

   

  /s/
  Yu, Chien-Yang

  	
   

  	
   

   

   

  By:/s/ Chen, Kuan-Yu

  
	
  Yu, Chien-Yang

  	
   

  	
  Chen, Kuan-Yu

  Director of San
  Lotus Holding Inc., registered in British Virgin Islands

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

 

 

 

Schedule A

 

 

	
  Name

  	
  Contract
  Date

  	
  Closing
  Date

  	
  Type
  of Property

  	
  item

  	
  area/m2

  	 

	
  Makizonocho
  Land 

  	
  2017/11/2

  	
  2017/11/2

  	
  Land

  	
  1437 Makizonocho Shukukubota,

  Kirishima-shi, Kagoshima-ken 899-6507

  Japan

  	
  1211.75

  	 

	
  1451-3 Makizonocho Shukukubota,

  Kirishima-shi, Kagoshima-ken 899-6507

  Japan

  	
  117

  	 

	
  1451-5 Makizonocho Shukukubota,

  Kirishima-shi, Kagoshima-ken 899-6507

  Japan

  	
  112

  	 

	
  Total

  	
  1440.75Blueprint

 

Exhibit 10.1

 

PEDEVCO CORP.

 

COMMON STOCK RESCISSION AGREEMENT

 

This
Common Stock Rescission Agreement (the “Agreement”) is made as of
December 28, 2017 by and between PEDEVCO Corp., a Texas corporation
(the “Company”), and David Z.
Steinberg (“Recipient”).

 

RECITALS

 

A.

Pursuant to those
certain Restricted Stock Purchase Agreements dated on or about
October 7, 2015 and December 28, 2016 (together, the
“Purchase
Agreements”) by and between the Company and the
Recipient, the Company issued 21,429 and 54,546 shares of the
Company’s Common Stock (the “Shares”), respectively,
to Recipient under the Company’s 2012 Equity Incentive Plan
(the “Transactions”).

 

B.

The Company and the
Recipient recognize and agree that the Transactions were not
consistent with the parties’ intentions and was a mutual
mistake and should not have occurred.

 

C.

The Company and the
Recipient deem it to be in their respective best interests to
rescind the Transactions.

 

AGREEMENT

 

Accordingly,
the parties agree as follows:

 

1.
RESCISSION OF TRANSACTIONS. The Company and the Recipient hereby
agree that the Transactions are hereby cancelled and rescinded
effective as of the date of the Transactions, and declared null and
void ab
initio. Each of the
parties hereto further agrees to take all steps necessary and
proper to unwind the Transactions, including without limitation,
promptly executing, delivering and/or filing any and all
instruments, documents, notices or other agreements that reflect or
evidence the cancellation of the Transactions and the return of the
ownership of the Shares to the Company. The Recipient acknowledges
and agrees that it shall have no further right, title or interest
in any of the Shares and shall not be paid, issued or entitled to
any cash or other consideration from the Company in connection with
the rescission of the Transactions other than the Company’s
agreement to rescind the Transactions hereunder.

 

2.
ENTIRE AGREEMENT. This Agreement, along with the Purchase Agreement
and the documents referred to herein and therein, constitute the
entire agreement between the parties pertaining to the subject
matter hereof, and any and all other written or oral agreements
relating to the subject matter hereof existing between the parties
are expressly canceled.

 

3.
MISCELLANEOUS. The validity and construction of this Agreement
shall be governed by the laws of the State of California. The
parties herein waive trial by jury and agree to submit to the
personal jurisdiction and venue of a court of subject matter
jurisdiction located in San Francisco, California. In the event
that litigation results from or arises out of this Agreement or the
performance thereof, the parties agree to reimburse the prevailing
party's reasonable attorney's fees, court costs, and all other
expenses, whether or not taxable by the court as costs, in addition
to any other relief to which the prevailing party may be entitled.
This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns,
except that no party may assign or transfer his rights or
obligations under this Agreement without the prior consent of the
other party hereto.

 

 

 

SIGNATURE PAGE TO RESCISSION AGREEMENT

 

               

The parties have
duly executed this Common Stock Rescission Agreement as of the date
first written above.

 

COMPANY:

 

PEDEVCO CORP.

 

By: /s/ Michael L.
Peterson              

Name: Michael L.
Peterson          

Title: President        
          
    

 

                    

RECIPIENT:

 

DAVID
Z. STEINBERG

 

/s/ David Z. SteinbergExhibit

MITEK SYSTEMS EXECUTIVE BONUS PROGRAM
FISCAL YEAR 2018
Objective
The objective of the Mitek Executive Bonus Program (“the Program”) is to reward executives with an opportunity to earn an annual cash bonus for their contributions to the achievement of corporate goals during the fiscal year. This Program is intended to ensure a competitive total compensation opportunity and to foster a team effort in the attainment of corporate goals.
Program Design
The Program provides for the payment of a cash bonus that is based upon the percentage achievement of the fiscal 2018 annual revenue and non-GAAP net income (“NGNI”) targets set by the Board of Directors (“Board”), as well as individual performance goals.
Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO) and non-GM Executive Bonus:
Annual cash bonuses are computed as a percentage of the participant’s annualized salary earned during the 2018 fiscal year.  The bonus targets for the CEO, CFO, CTO, COO, SVP of Product and General Counsel are 80%, 60%, 60%, 50%, 40% and 40%, respectively, of their respective annualized salaries for the 2018 fiscal year. 
The CEO, CFO, COO and all non-GM executives will receive an annual cash bonus based on annual achievement of corporate revenue, corporate non-GAAP net income (“NGNI”) and individual performance goals. The total cash bonus is comprised of the following components: 
		
	•
	Corporate Revenue Achievement – 50%

		
	•
	NGNI Achievement – 25%

		
	•
	Achievement of Individual MBOs – 25%

General Manager (GM) Bonus
Annual cash bonuses are computed as a percentage of the participant’s annualized salary earned during the 2018 fiscal year.  The bonus target for the General Manager is 50% of his annualized salary for the 2018 fiscal year.
The SVP & GM, Payments will receive a cash bonus based on achievement of certain revenue, corporate non-GAAP net income (“NGNI”), and individual performance goals. The total cash bonus is comprised of the following components:
		
	•
	Revenue Achievement – 75%

		
	•
	NGNI Achievement – 12.5%

		
	•
	Achievement of Individual MBOs – 12.5%

Performance Targets
Revenue shall be defined as the applicable revenue determined in accordance with generally accepted accounting principles, adjusted for acquisition-related write-downs of revenue or deferred revenue.  NGNI shall be defined as Net Income for the 2018 fiscal year as determined in accordance with generally accepted accounting principles, adjusted for: 1) acquisition-related write-downs of revenue or deferred revenue, and 2) non-cash, non-recurring or non-operational items including (but not limited to) expenses for the following: acquisition and integration, litigation, stock compensation, depreciation, amortization, asset impairment charges, severance and restructuring.
The Revenue and NGNI performance components of the cash bonus actually earned will increase or decrease on a 2:1 scale dependent upon the level of goal attainment between 80% and 125%.  No award is earned below 80% achievement and no additional award is earned for achievement above 125%, and any award made for achievement below 80% is solely at the discretion of the Compensation Committee. 
For example, the portion of the cash bonus earned for achieving 80% of the Revenue Plan  would be 60% of that portion of the cash bonus.  At the achievement of 79% or below of the Revenue Plan, no bonus will be earned.  Similarly, at the achievement of 125% of Revenue Plan, the bonus award would be 150% of that portion of the cash bonus.  The maximum bonus award that can be earned is 150% of the bonus target percentage.
Eligibility
In order to be eligible for a bonus award, the participant must be employed by the Company for a minimum of a full  quarter of the fiscal year for which an annual bonus is earned, and be employed at Mitek at the conclusion of the 2018 fiscal year. Each participant will be paid after the close of the books and annual audit at the end of the 2018 fiscal year, and any bonus payable will be calculated pro rata to the number of days of employment with the Company during the 2018 fiscal year.
Limitations
The Program is administered by the Compensation Committee of the Board of Directors.  Final authority and full discretion in all matters pertaining to the development, or amendment of the Program and the granting of any bonus award under the Program rests with the Compensation Committee.
Participation in the Program does not in any way imply a contractual relationship for employment or in any way alter the at-will employment relationship with the Company.

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