Document:

gnrt_Ex10_111

		
			Exhibit 10.111
		

		
			AGREEMENT
		

		
			This Agreement (the "AGREEMENT") is made on this 28th day of November 2016 by and between:
		

			
	
			
				 (1)
			

			
	
			
			GENER8 MARITIME SUBSIDIARY INC. (formerly NAVIG8 CRUDE TANKERS INC.), a corporation incorporated under the laws of The Marshall Islands having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (the "BUYER").

			
	
			
				 (2)
			

			
	
			
			HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD., a company organised and existing under the laws of the Republic of Korea, having its principal office at 93, Daebul-Ro, Samho-Eup, Yeongam-Gun, Jeollanam-Do, Korea (the "BUILDER").

		
			(BUYER and BUILDER shall hereinafter be referred to as the "PARTIES" collectively)
		

		
			WHEREAS,
		

			
	
			
				 (A)
			

			
	
			
			The BUYER and the BUILDER entered into a shipbuilding contract dated 12 December 2013 (as supplemented by a supplemental agreement dated 12 December 2013 and as further supplemented from time to time) (the "CONTRACT") in respect of the construction and sale of the one diesel engine 300,000 dwt crude oil tanker having hull number S771 (the "VESSEL").

			
	
			
				 (B)
			

			
	
			
			Subject to the terms of this AGREEMENT, the BUYER has requested to postpone the payment of the fourth instalment of the contract price (the "CONTRACT PRICE") as defined in the article X, 2-(d) of the CONTRACT for a certain period.

			
	
			
				 (C)
			

			
	
			
			The BUILDER is willing to agree to such postponement of the payment of the fourth instalment of the CONTRACT PRICE under the term and condition herein below.

		
			NOW, THEREFORE, in consideration of the mutual premises and covenants undertaken herein and for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the PARTIES hereby agree as follows;
		

		
			
		

		
			

		 

		

			1 / 3

		

 

		

		
			1.   POSTPONEMENT
		

		
			Notwithstanding the ARTICLE X, 2-(d) of the CONTRACT, it shall be amended that five per cent (5%) of the CONTRACT PRICE amounting to U.S.Dollars Four Million Seven Hundred Sixty five Thousand only (US$ 4,765,000.-) out of total 10% of the CONTRACT PRICE (the "FOURTH INSTALMENT A") shall be paid by the BUYER to the BUILDER no later than December 15, 2016 and outstanding five per cent (5%) of the CONTRACT PRICE amounting to U.S.Dollars Four Million Seven Hundred Sixty five Thousand only (US$ 4,765,000.-) (the "FOURTH INSTALMENT B") shall be paid by the BUYER to the BUILDER concurrently with the delivery of the VESSEL scheduled on February 27, 2017.
		

		
			2.   INTEREST
		

		
			In consideration of the postponement of the fourth instalment, the BUYER shall pay to the BUILDER interest at the rate of six percent (6%) per annum calculated from October 24, 2016 to the actual receipt of each payment of the fourth instalment as shown in below table.
		

			
					
						 

					
					
						FOURTH INSTALMENT A

					
					
						FOURTH INSTALMENT B

				
	
					
						Contractual Due Date

					
					
						October 24, 2016

				
	
					
						Adjusted Due Date

					
					
						December 15, 2016

					
					
						February 27, 2017

				
	
					
						Period of Postponement

					
					
						52 days

					
					
						126 days

				
	
					
						Principal

					
					
						$ 4,765,000

					
					
						$4,765,000

				
	
					
						Interest

					
					
						$ 40,731

					
					
						$ 98,694

				
	
					
						Total Amount

					
					
						$4,805,731

					
					
						$ 4,863,694

				

		
			 
		

		
			The interest in the above table is based on the amended payment schedule.
		

		
			3.   EFFECTIVENESS
		

		
			This AGREEMENT shall become effective upon signing by the PARTIES hereto.
		

		
			
		

		
			

		 

		

			2 / 3

		

 

		

		
			4.   CONFIDENTIALITY
		

		
			This AGREEMENT shall be kept strictly private and confidential by the PARTIES hereto and shall not be disclosed to any third parties unless mutually agreed.
		

		
			5.   OTHER TERMS
		

		
			All other terms of the CONTRACT remain unaltered and unaffected by the terms of this AGREEMENT.
		

		
			6.   GOVERNING LAW AND JURISDICTION
		

		
			This AGREEMENT shall be governed by and construed in accordance with English law and any dispute under this AGREEMENT shall be referred to arbitration in accordance with the terms of Article XIII of the CONTRACT.
		

		
			IN WITNESS WHEREOF the PARTIES hereto have caused this AGREEMENT to be duly executed on the date first above written.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						For and on behalf of the BUYER

					
					
						    

					
					
						For and on behalf of the BUILDER

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By

					
					
						 /s/ George Fikaris

					
					
						 

					
					
						By

					
					
						: /s/ Ho Woung Cheom

				
	
					
						Name

					
					
						: George Fikaris

					
					
						 

					
					
						Name

					
					
						: Ho Woung Cheom

				
	
					
						Title

					
					
						: Vice President

					
					
						 

					
					
						Title

					
					
						: Team Leader / CMD

				

		
			 
		

		
			 
		

		
			For US$10 and other good and valuable consideration (the sufficiency and receipt of which are hereby acknowledged), We, Nonghyup Bank, hereby acknowledge the terms of this Agreement and give our consent accordingly to the variation of the Contract on the terms set out herein with effect from the date first above written..
		

		 

		

			3 / 3Exhibit 10.1

 

Purchase Agreement

Investor Leo Motors, Inc. (hereinafter referred to as "A") and investee Shi Chul Kang, 100% share owner of Leo Members, Inc. (hereinafter referred to as "B") hereby enter an investment agreement under the conditions stated below.

Article 1 (Purpose of the Contract)

As "A" decided to purchase the whole shares possessed by "B." This agreement is set to determine the details and other necessary related general affairs, and to clearly define the rights and obligations between "A" and "B".

Article 2 (Investment Actions)

"A" shall pay 300 million won (\300,000,000) to "B" until March 8, 2017 to purchase the 100% ownership (3,000,000 shares of Leo Members, Inc.) which "B" owns.

Article 3 (Obligation of Notification)

If an event that can cause a serious problem in business execution shall occur, "B" must immediately notify "A" of it without any hesitation.

1

Article 4 (Endorsement of Rights)

"A" cannot directly or indirectly endorse any rights or obligations stated on this agreement to a third party without "B"'s prior written consent. All endorsement of rights and obligations made without "B"'s prior written consent is not valid or effective.

Article 5 (Settlement of Conflict)

If any disputes shall occur for this agreement, solution should be seek through a discussion between both parties, yet if they cannot settle the dispute, it shall be resolved with a lawsuit under the jurisdiction of Seoul District Court.

IN WITNESS WHEREOF, Both PARTIES have executed this Agreement as of the date and year first above written in two copies, both original, one for each of the PARTIES.

March 8, 2017

2

Investor (A)

Company name: Leo Motors, Inc.

Address: 3887, Pacific Street, Las Vegas, Nevada, USA

/s/ Shi Chul Kang

Co-CEO: Shi Chul Kang 

/s/ Jun Heng Park

CO-CEO: Jun Heng Park 

Investee (B)

Company name: Leo Members, Inc.

Address: ES Tower 6F, Teheran-ro 52 Gil 17, Gangnam-Gu, Seoul, Korea 06212

/s/ Shi Chul Kang

Shi Chul Kang 

3Common Stock Sale and Purchase Agreement - Leo Motors Inc. & Leo Members, Inc.

Exhibit 10.2

 

  

AGREMENT

by and between

Leo Motors, Inc.

and

Leo Members, Inc.

March 8, 2017

Common Stock Sale and Purchase Agreement - Leo Motors Inc. & Leo Members, Inc.

  

This STOCK SALE AND PURCHASE AGREEMENT (this "Agreement")  is

made and entered as of March 8, 2017

BETWEEN:

Leo Motors, Inc. (hereinafter the "Seller"), a corporation incorporated in Nevada, USA and

having its principal executive office at 3887, Pacific Street, Las Vegas, Nevada,

AND:

Leo Members, Inc. (hereinafter the "Buyer"), a corporation incorporated in the

Republic of Korea and having its principal executive office at ES Tower 6F, Teheran-ro 52-gil 15, Gangnam-gu, Seoul Korea, 06212   

 The Seller and the Buyer are also referred  to herein individually as a "Party" and

collectively as the "Parties."

RECITALS

WHEREAS, the Seller is the holder of Two Hundred Thousand (200,000) shares of common stock of Leo Motors Factory1, Fifteen Thousand (15,000) shares of common stock of Leo Motors Factory 2, and One Hundred Thousand (100,000) shares of common stock of Leo Trading. The Seller desires to sell these shares to the Buyer;

and

WHEREAS, the Seller desires to sell, and the Buyer desires to purchase, Two Hundred Thousand (200,000) shares of common stock of Leo Motors Factory1, Fifteen Thousand (15,000) shares of common stock of Leo Motors Factory 2, and One  Hundred Thousand (100,000) shares of common stock of Leo Trading on the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency is herby acknowledged, the Parties here agree as follows:

AGREEMENT

ARTICLE 1   SALE AND PURCHASE OF THE SHARES

 

Section 1.1   Sales and Purchase

In consideration of, and in express reliance upon, the representations and warranties of the Seller and the Buyer in this Agreement, the Seller hereby agrees to sell, assign and transfer to the Buyer, all of its right, title and interest in and to the all Share listed in the recitals for an aggregate purchase price of 300,000,000KRW("Purchase Amount")for the Shares. The Purchase Amount shall be paid by cash or wire transfer to bank account designated by the Seller within Ten (10) days from the this Agreement established.

Common Stock Sale and Purchase Agreement - Leo Motors Inc. & Leo Members, Inc.

Section 1.2   Closing

The closing of the purchase and sale of the Shares  under this Agreement shall occur simultaneously herewith, the Buyer has delivered payment of the Purchase Amount listed above and the Seller asks issuers of Leo Motors Factory1, Leo Motors Factory 2, and Leo Trading to register Leo Members as new owner of Two Hundred Thousand (200,000) shares of common stock of Leo Motors Factory1,  Fifteen Thousand (15,000) shares of common stock of Leo Motors Factory 2, and One Hundred Thousand (100,000) shares of common stock of Leo Trading.

 

Section 1.3   Termination of Rights as the Stockholder

 

Upon payment of the Purchase Amount, the Shares shall cease to be outstanding for any and all purposes, and the Seller shall no longer have any rights as a holder of the Shares, including any rights that the Stockholder may have and had under the Buyer's Certificate of Incorporation or otherwise.

 

ARTICLE 2   REPRESENTATIONS AND WARRANTIES OF SELLER

 

In connection with the transaction provided for hereby, the Seller represents and warrants to the Buyer as of the date hereof that:

Section 2.1   Existence and Power

The Seller has the requisite corporate power and authority to own or lease all of its properties and asset and to carry on its business as it is now being conducted, and is duly licensed or qualified to do business in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary.

 

Section 2.2   Ownership of Shares

 

(a)    The Seller has good and marketable right, title and interest (legal and beneficial) in and to all of the Shares free and clear of all liens, pledges, security interests, charges, claims and other encumbrances and defects of title of any nature whatsoever.

 

(b)    No person has any right or other claim against Seller for any commission, fee or other compensation as a finder or broker in connection with the transaction contemplated by this Agreement. Upon paying for the Shares in accordance with this Agreement, the Buyer will acquire good and marketable title to the Shares, free and clear of all liens, pledges, security interests, charges, claims, equity or encumbrances of any kind.

Common Stock Sale and Purchase Agreement - Leo Motors Inc. & Leo Members, Inc.

Section 2.3   Authorization

The Seller has all necessary power and authority to execute, deliver and perform the Seller's obligation under this Agreement and all agreements, instruments and documents contemplated hereby and to sell and deliver the Shares being sold hereunder, and this Agreement constitute a valid and binding obligation of the Seller.

 

Section 2.4   Board Approvals

 

The transactions contemplated by this Agreement have been unanimously adopted, approved and declared advisable unanimously by Board of Directors of the Seller. The Audit Committee of the Board of Directors of the Seller has unanimously and expressly approved, and the Board of Directors of the Seller has unanimously agreed to sell the Shares without seeking a shareholder vote.

 

Section 2.5   Non-Contravention

 

(a)    The execution and delivery of this Agreement and the consummation of the transaction contemplated hereby will not result in a breach by the Seller of, or constitute a default by the Buyer under, any agreement, instrument, decree, judgement or order to which the Seller is a party of by which the Seller may be bound.

(b)    No person has any right or other claim against the Buyer for any commission, fee or other compensation as a finder or broker in connection with the transaction contemplated by this Agreement.

 

Section 2.6   Tax Matters

The Seller has had an opportunity to review with the Seller's tax advisors the federal, state, local and foreign tax consequences of the Sale and the transactions contemplated by this Agreement. The Seller is relying solely on such advisors and not on any statement or representation of the Buyer or any of its agents. The Seller understands that the Seller shall responsible for the Seller's tax liability and any related interest and penalties that may arise as a result of the translation contemplated by this Agreement.

 

ARTICLE 3   REPRESENTATIONS AND WARRANTIES OF BUYER

The Buyer represents and warrants to the Seller as of the date hereof that:

Section 3.1   Existence and Power

The Buyer is duly organized and validly existing under the laws of Republic of Korea and has all requisite corporate power and authority to enter into and perform its obligation under this Agreement.

Section 3.2   Authorization

The execution, delivery and performance of this Agreement has been duly authorized by all necessary action on the Part of the Buyer, and this Agreement is a valid and binding obligation of the Buyer, enforceable against it in accordance with its terms.

Common Stock Sale and Purchase Agreement - Leo Motors Inc. & Leo Members, Inc.

Section 3.3   Non-Contravention

The execution, delivery and performance of this Agreement will not conflict with, violate or result in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both would constitute a default) under, or result in the termination of or accelerate the performance required by, or result in a right of termination or acceleration under, any provision of the organizational or documents of the Buyer.

 

ARTICLE IV   ADDITIONAL AGREEMENT

Section 4.1   The Seller shall give the Power of Attorney to the Seller's Chief Executive Officer in order to minimize the process of shareholder's meetings.

 

ARTICLE V   NON-COMPETITION

Section 5.1   The Parties shall not provide the confidential information or proprietary technology obtained from respective Party to a third party without written consent from the other Party.

Section 5.2   The Buyer shall not engage in business that may have significant impact on the Seller's business without written consent from the Seller.

 

ARTICLE VI   MISCELLANEOUS

Section 6.1   Notices

All notices and other communications required or permitted to be given under this Agreement shall in writing and shall be deemed to have been given if delivered personally or by facsimile or seven days after having been sent by certified mail, return receipt requested, postage prepaid, to the parties to this Agreement at the following address

Section 6.2   Further Assurances

Each party hereto do and perform or cause to be done and performed all further acts and execute and deliver all other agreements, certificates, instruments as any other party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

Section 6.3   Amendments and Waivers

Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is duly executed with the other Party's written consent. No failure or delay by an party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof  or the preclude any other or further exercise thereof  or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

Common Stock Sale and Purchase Agreement - Leo Motors Inc. & Leo Members, Inc.

Section 6.4   Fees and Expenses

Each party hereto shall pay all of its own fees and expenses (including attorney's fees) incurred in connection with this Agreement and the transactions contemplated hereby.

Section 6.5   Governing Law

This Agreement shall be governed and construed in accordance with the laws of the Republic of Korea. The Parties hereto agree that any suit, action or proceeding brought by either party to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the translation contemplated hereby shall be brought in the court located in Seoul Korea.

Section 6.6   Entire Agreement

This Agreement constitute the entire agreement between the parties with respect to the subject matter of this Agreement and supersede all prior agreements and understandings, both oral and written, between the parties and/or their affiliates with respect to the subject matter of this Agreement.

Section 6.7   Effect of Headings

The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

Section 6.8   Severability

If one or more provisions of this Agreement are held to be unforceable under applicable law, such provision shall be deemed to be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision were so excluded and shall be enforced in accordance with its terms to the maximum extent permitted by law.

Section 6.9   Counterparts; Their Party Beneficiaries

This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signature were upon the same instrument. No provision of this Agreement shall confer upon any person other than the parties hereto any rights or remedies hereunder.

Section 6.10   Specific Performance

The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms. It is accordingly agreed that the parties shall be entitled to seek specific performance of the terms hereof, this being in addition to any other remedies to which they are entitled at law or equity.

Common Stock Sale and Purchase Agreement - Leo Motors Inc. & Leo Members, Inc.

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year set forth below.

March 8, 2017

  

	Leo Motors, Inc. ("Seller")	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	/s/ Shi Chul Kang	
 

	
 

	
/s/ Jun Heng Park

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Name: Shi Chul Kang 

	
 

	
 

	
Name:  Jun Heng Park

	
 

	
 

	
Title: co-CEO

	
 

	
 

	
Title: co-CEO

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	Leo Members, Inc. ("Buyer")	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	/s/ Shi Chul Kang	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Name: Shi Chul Kang 

	
 

	
 

	
 

	
 

	
 

	
Title: Chief Executive Officer

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