Document:

peeplesescrowagreement.htm

    SECURITIES
ESCROW AGREEMENT

     

    This
Securities Escrow Agreement (the “Agreement”), dated as of August 19, 2010, by
and among Todd Albiston, 8346 S. Viscounti Drive, Sandy, Utah 84093, a resident
of Salt Lake County, Utah (the “Grantee”); Trescha Peeples, a resident of Clark
County, Nevada (the “Stockholder”); and Leonard W. Burningham, Esq. (the “Escrow
Agent”).

     

    R E C I T A L S:

     

    A. The
Grantee and the Stockholder are parties to an Option Agreement dated August 19,
2010, by which the Stockholder has granted to the Grantee the right to purchase
up to 160,000 “unregistered” and “restricted” shares (the “Option Shares”) of
the common stock of RxBids, a Nevada corporation (the “Company”), for an
Aggregate Exercise Price of $8,000 (the “Option”).

     

    B. The
Option Agreement provides for the engagement of the Escrow Agent to effectuate
the proper distribution of the Option Shares and the Aggregate Exercise Price
and the Escrow Agent has indicated his willingness to serve in such
capacity.

     

    AGREEMENT

     

    NOW,
THEREFORE, in consideration of the foregoing, the terms and conditions contained
herein and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Parties hereto, intending to be legally bound,
hereby agree as follows:

     

    1. Appointment of Escrow
Agent.  The Grantee and the Stockholder do hereby appoint and
designate Leonard W. Burningham, Esq. as Escrow Agent for the purposes set forth
herein, and the Escrow Agent does hereby accept such appointment under the terms
and conditions as set forth herein.

     

    2. Establishment of
Escrow.  Concurrently with the execution of this Agreement, the
Stockholder has deposited with Escrow Agent certificates representing the Option
Shares, duly endorsed and Medallion Guaranteed with respect to the requisite
signatures thereon (the “Option Certificates”).  The Escrow Agent
shall hold the Option Certificates in Escrow, subject to the terms and
conditions hereof.  Escrow Agent acknowledges receipt of the Option
Certificates from the Stockholder and agrees to hold the same in escrow pursuant
to the terms hereof.

     

    3. Release of Option Shares and
Funds.

     

    (a) If the
Grantee or its assigns do not execute the Option by the end of the Option Period
as defined in Section 3.1 of the Option Agreement, then the Escrow Agent shall
promptly deliver the Option Certificate to the Stockholder.

     

    (b) In the
event the Grantee or his assigns execute the Option by the end of the Option
Period, then the Escrow Agent shall promptly deliver:  (i) the Option
Certificate to the Grantee or such persons as the Grantee designates in writing;
and (ii) the Aggregate Exercise Price by wire transfer to the Stockholder upon
confirmation of good funds.

     

    
      
         

      

      
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    4. Termination.  Upon
the happening of the events set out in either Paragraph 3(a) or 3(b), the Escrow
Agreement shall be terminated.

     

    5. Limited Duties and
Liabilities of Escrow Agent.

     

    (a) The
Escrow Agent is not a party to, and is not bound by, any provisions which may be
evidenced by, or arise out of, any agreement other than as herein set forth
under the express provisions of this Agreement.

     

    (b) The
Escrow Agent undertakes to perform only such duties as are expressly set forth
herein and no other or further duties or responsibilities shall be
implied.

     

    (c) The
Escrow Agent shall be protected in acting upon any written instruction, notice,
request, waiver, consent, receipt or other paper or document apparently signed
by a party in connection with Option Shares and the Aggregate Purchase Price;
provided, that the Escrow Agent shall make a reasonable effort to ascertain that
any document on which the Escrow Agent acts is actually executed by the party
who has been represented as signing the document.

     

    (d) The
Escrow Agent may seek the advice of legal counsel in the event of any question
or dispute as to the construction of any of the provisions hereof or his duties
hereunder, and it shall incur no liability and shall be fully protected in
acting in accordance with their opinion and instructions.

     

    (e) The
Escrow Agent is not obligated to render any statements or notices of
non-performance hereunder to any party hereto, but may in his discretion inform
any party hereto or his authorized representative of any matters pertaining to
this Escrow Agreement.

     

    (f) The
Escrow Agent shall not be liable for any error or judgment, or for any act done
or omitted by it in good faith, or for any mistake of fact or law, or for
anything which he may do or omit from doing in connection herewith, except upon
his own gross negligence or willful misconduct.

     

    (g) In the
event of any disagreement between any of the parties to this Escrow Agreement,
or between them or either of them and any other person, resulting in demands or
adverse claims being made in connection with or for any asset involved herein or
affected hereby such that the Escrow Agent is uncertain as to his duties and
rights under this Agreement, or in the event the Escrow Agent shall receive
instructions from the Stockholder or the Grantee which, in the Escrow Agent’s
opinion conflict with the provisions of this Agreement, the Escrow Agent shall
be entitled, at his discretion, to refuse to comply with any demands or claims
on him, as long as such disagreement shall continue, and in so refusing the
Escrow Agent shall not be or become liable in any way or to any person or party
for his failure or refusal to comply with such conflicting demands or adverse
claims, and he shall be entitled to continue so to refrain from acting and so to
refuse to act until the rights of each person or party shall have been finally
adjudicated in a court assuming and having jurisdiction on the asset involved
herein or affected hereby, or all differences shall have been adjusted by
agreement and the Escrow Agent shall have been notified thereof in writing
signed by all persons and parties interested.

     

    6. Resignation.  The
Escrow Agent may resign and be discharged from his duties and obligations
hereunder by giving notice in writing of such resignation specifying a date when
such resignation shall take effect, which date shall be not less than fifteen
(15) business days from the date of such notice.

     

    
      
         

      

      
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    7. Indemnification.  The
Stockholder and the Grantee hereby agree to jointly and severally indemnify the
Escrow Agent for, and to hold him harmless against, any loss, liability or
expense incurred without negligence or bad faith on the part of the Escrow
Agent, arising out of or in connection with his entering into this Escrow
Agreement and carrying out his duties hereunder, including the costs and
expenses of defending himself against any claim of liability.

     

    8. Notices.  All
notices and communications hereunder shall be in writing and shall be deemed to
be duly given if sent by registered mail, return receipt requested, as
follows:

     

    (a) as to the
Grantee:

     

    Todd
Albiston

    8346 S.
Viscounti Drive

    Sandy,
Utah  84093

    

    (b) as to the
Stockholder:

     

    Trescha
Peeples

    13416 W.
Chaparosa Way

    Peoria,
Arizona  85383

    

    (c) as to the
Escrow Agent:

     

    Leonard
W. Burningham, Esq.

    455 East
500 South, Suite 205

    Salt Lake
City, Utah  84111

    

    or at
such other address as any of the above may have furnished to the other parties
in writing by registered mail, return receipt requested and any such notice or
communication given in the manner specified in this Paragraph 8 shall be deemed
to have been given as of the date so mailed except with respect to the Escrow
Agent as to which any notice shall be deemed to have been given on the date
received by the Escrow Agent.

     

    9. Governing
Law.  This Agreement shall in all respects be governed by and
construed in accordance with the laws of the State of Utah without reference to
principles of conflicts of laws.

     

    10. Entire
Agreement.  This Agreement contains the entire agreement
between the parties hereto with respect to the subject matter hereof and
supersedes any and all prior agreements, arrangements or understandings between
the parties relating to the subject matter hereof.

     

    11. Amendment and
Waiver.  This Agreement may not be amended except by a written
agreement between the parties making reference to this Agreement.

     

    
      
         

      

      
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    12. Counterparts.  This
Agreement may be executed by any or all parties signing the same instrument, or
by each party signing a separate counterpart or counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument.

     

    13. Severability.  If
any one or more of the provisions contained in this Agreement or in any other
document delivered pursuant hereto shall for any reason, be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision of this Agreement or any
other document.

     

    14. Inconsistencies.  In
the event any of the terms and provisions of the Option Agreement shall be
inconsistent with the terms and provisions of this Agreement, the terms and
provisions of this Agreement shall govern and control.

     

    15. Waiver of
Conflict.  The parties hereby acknowledge that Branden T.
Burningham, Esq., is both the son of the Escrow Agent and the legal counsel for
Grantee and that such relationship may present a conflict of interest with
respect to the Escrow Agent’s engagement hereunder.  Nonetheless,
after the opportunity to discuss this potential conflict of interest with his
legal counsel, Stockholder hereby waives objection to such
conflict.

     

    IN
WITNESS WHEREOF, the parties hereto, have executed this Securities Escrow
Agreement on the day and year first above written.

     

    

     

    /s/ Todd Albiston

    Todd
Albiston

    

    

    /s/ Trescha Peeples

    Trescha
Peeples

    

    

    /s/ Leonard W. Burningham

    Leonard
W. Burningham, Esq.ex10328k082310.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
10.32

     

    CONDITIONAL
FORBEARANCE AGREEMENT

     

    This
Conditional Forbearance Agreement (the “Conditional Forbearance”) is
entered into as of August 23, 2010 (the “Effective Date”), by and
between Altima Central Asia Master Fund Ltd., a Cayman company (the “Lender”) and Caspian Services,
Inc., a Nevada corporation (the “Borrower,” and together with
the Lender, the “Parties”).

     

    RECITALS

     

    WHEREAS, the Lender and the
Borrower are parties to that certain Facility Agreement dated June 20, 2008 (the
“Facility Agreement”), a
copy of which is attached to this Conditional Forbearance as Exhibit A;
and

     

    WHEREAS, pursuant to the
Facility Agreement, the Lender provided a loan of up to a maximum principal
amount of $15,000,000 to the Borrower (the “Loan”); and

     

    WHEREAS, without limiting any
Event of Default (as this and other capitalized terms used herein and not
otherwise defined herein are defined in the Facility Agreement) the Borrower has
advised the Lender that:

     

    (i) it
has defaulted under the terms of the Facility Agreement by failing to satisfy
the financial covenants contained in Clause 9.2 of the Facility
Agreement;

     

    (ii) it
may have, as a result of the default discussed in (i) above, defaulted under the
provisions of Clause 9.1(f) of the Facility Agreement; and

     

    (iii) it
is seeking to negotiate with other lenders and/or creditors of the Borrower,
including the EBRD and Great Circle Energy Services LLC (and or its legal
successors)  with a view to restructuring or rescheduling its
indebtedness together with the Loan ((i), (ii) and (iii) are referred to herein
collectively as the “Existing Defaults”).

     

    WHEREAS, by reason of the
Existing Defaults, the Lender has available to it numerous rights and remedies
under the Facility Agreement at law and in equity (collectively, the “Remedies”), including, without
limitation, the right to demand full and immediate payment of the
Loan;

     

    WHEREAS, the Borrower has
requested that the Lender forbear for an agreed period of time from exercising
the Remedies against the Borrower;

     

    WHEREAS, although the Lender
is under no obligation to do so, subject to the terms and conditions hereinafter
set forth, the Lender has agreed to such request;

     

     WHEREAS, as of the
Effective Date, the aggregate unpaid principal balance of the Loan is
$15,000,000;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    NOW THEREFORE, in
consideration of the above recitals and the mutual promises and benefits
contained herein, the Parties hereby agree as follows:

     

    
      	
              1.  

            	
              CONDITIONAL
      FORBEARANCE.

            

    

     

    1.1           The
Lender hereby conditionally agrees from the Effective Date to forbear from
exercising any Remedies until the earliest of:

     

    
      	
              (a)  

            	
              the
      occurrence or existence of any event or condition that constitutes and
      Event of Default, other than an Existing
  Default;

            

    

     

    
      	
              (b)  

            	
              the
      Lender determines that negotiations for agreeing on the terms of a
      longer-term conditional forbearance or comprehensive restructuring plan
      are not being carried out in good faith by the Borrower which includes
      providing to the Lender:

            

    

     

    
      	
              a.  

            	
              by
      September 13, 2010 a comprehensive strategic restructuring plan (the
      “Strategic Restructuring
      Plan”) which shall include for the Borrower monthly financial
      reports, including actual and projected profit and loss, balance sheet and
      cash flow, for 36 months together with details of a proposed debt
      restructuring which includes immediate repayment of all accrued interest
      and a plan to repay the balance of the Loan over the projected period;
      and

            

    

     

    
      	
              b.  

            	
              by
      September 20, 2010, conducting a meeting the purpose of which is to review
      the Strategic Restructuring Plan by and among the management of the
      Borrower, including Mirgaly Kunaev, the Lender, EBRD and Great Energy
      Services LLC or its advisor Alfa Capital
  Partners;

            

    

     

    
      	
              (c)  

            	
              the
      date on which any other lender or creditor of the Borrower, including but
      not limited to EBRD and Altima Central Asia (Master) Fund
      Ltd,  declares a default under its lending or credit agreement
      and declares such debt obligation of  the Borrower immediately
      due and payable;

            

    

     

    
      	
              (d)  

            	
              the
      date on which the Borrower, or any other member of the Group, without a
      prior written consent by the Lender has agreed to sell, transfer or
      dispose of any material asset (excluding
  receivables);

            

    

     

    
      	
              (e)  

            	
              the
      date on which the Borrower, or any other member of the Group, without a
      prior written consent by the Lender has agreed to sell, transfer or
      dispose of receivables with a face value in excess of $100,000 in one or a
      series of transactions;

            

    

     

    
      	
              (f)  

            	
              the
      date on which the Borrower, or any other member of the Group, without a
      prior written consent by the Lender incurs, any capital expenditures in
      excess of $100,000 in one or a series of
  transactions;

            

    

     

    
      	
              (g)  

            	
              the
      Borrower takes any action whatsoever which adversely impacts or is
      intended to adversely impact the Borrower, or any other member of the
      Group; and

            

    

     

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              (h)  

            	
              September
      22, 2010

            

    

     

    (such
period of time from the Effective Date until the earliest to occur of the
foregoing events is hereinafter referred to as the “Forbearance
Period”).  The Borrower covenants to immediately notify the
Lender of the occurrence of any of the event referred to in sub-clauses 1.1(a),
(c), (d), (e), (f) and (g).

     

    1.2           Nothing
in the foregoing, or in any other provision of this Conditional Forbearance,
shall be construed to waive the Existing Defaults, which remain Events of
Default.  From and after the termination or expiration of the
Forbearance Period, and without notice, the Lender may at any time and from time
to time exercise such of the Remedies as it deems appropriate

     

    
      	
              2.  

            	
              BORROWER’S
      REPRESENTATIONS AND WARRANTIES.

            

    

     

    
      	
              (a)  

            	
              No Existing
      Defaults. As of the Effective Date, no Default or Event of Default
      (other than the Existing Defaults) has occurred and is continuing; after
      giving effect to the Conditional Forbearance, no default or event of
      default has occurred and is continuing with respect any other Financial
      Indebtedness of the Borrower, nor will any default or event of default
      result with respect any other Financial Indebtedness of the Borrower arise
      from the effectiveness of this Conditional Forbearance or any transaction
      contemplated hereunder.

            

    

     

    
      	
              (b)  

            	
              No
      Authorizations. No authorization or approval or other action by,
      and no notice to or filing with, any governmental authority or regulatory
      body or any other third party is required for the due execution and
      delivery by the Borrower of this Conditional
  Forbearance.

            

    

     

    
      	
              (c)  

            	
              Due Execution.
      This Conditional Forbearance has been duly executed and delivered by the
      Borrower.  The Facility Agreement, as modified hereby, is the
      legal, valid and binding obligation of the Borrower, enforceable against
      the Borrower in accordance with its
terms.

            

    

     

    
      	
              (d)  

            	
              Confirmation of Debts;
      Release.  The Borrower hereby confirms that the Borrower
      is indebted to the Lender for the Loan in the amount and as of the date
      set forth in the Recitals above, and is also obligated to the Lender, in
      respect of other obligations as set forth in the Facility
      Agreement.  The Borrower further acknowledges and agrees that as
      of the Effective Date, it has no claim, defense or set-off right against
      the Lender or its respective employees, officers, directors or agents of
      any nature whatsoever, whether sounding in tort, contract or otherwise,
      and has no claim, defense or set-off of any nature whatsoever to the
      enforcement by the Lender of the full amount of the Loan under the
      Facility Agreement.

            

    

     

    
      	
              3.  

            	
              NO
      GENERAL WAIVER.

            

    

     

    This
Conditional Forbearance shall in no way be construed or interpreted as
constituting a waiver of:

     

    
      	
              (a)  

            	
              any
      breach by the Borrower of any term or condition of the Facility Agreement;
      or

            

    

     

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              (b)  

            	
              any
      right to exercise any Remedies under the Facility Agreement during the
      Forbearance Period, excluding the conditional forbearance from the
      exercise of Remedies as provided for herein with respect to the Existing
      Defaults.

            

    

     

    
      	
              4.  

            	
              INCONSISTENCY.

            

    

     

    The
Parties expressly agree that in the event of any conflict between this
Conditional Forbearance and the Facility Agreement, the terms of this
Conditional Forbearance shall govern.

     

    
      	
              5.  

            	
              CONTINUATION
      OF AGREEMENT.

            

    

     

    Except as
expressly amended and supplemented by this Conditional Forbearance, the Facility
Agreement shall continue to remain in full force and effect and the Parties
hereby ratify and confirm the terms and conditions of the Facility
Agreement.

     

    
      	
              6.  

            	
              ENTIRE
      AGREEMENT.

            

    

     

    This
Conditional Forbearance, together with the Facility Agreement, constitutes the
final, complete, and exclusive statement of the agreement of the Parties with
respect to the subject matter hereof, and supersedes any and all other prior and
contemporaneous agreements and understandings, both written and oral, between
the Parties.

     

    
      	
              7.  

            	
              MODIFICATION.

            

    

     

    This
Conditional Forbearance may be supplemented, amended, or modified only by the
mutual agreement of the Parties, which agreement must be in writing and signed
by both Parties.

     

    
      	
              8.  

            	
              GOVERNING
      LAW.

            

    

     

    This
Conditional Forbearance shall be governed by the laws of the state of Nevada,
without regard to its conflicts of law provisions.

     

    
      	
              9.  

            	
              VENUE
      AND SERVICE OF PROCESS.

            

    

     

    Any
dispute arising out of or in connection with this Conditional Forbearance shall
be resolved in accordance with the procedure set out in clause 18 of the
Facility Agreement, which shall be deemed to be incorporated mutatis mutandis into this
Conditional Forbearance.

     

    
      	
              10.  

            	
              COUNTERPARTS/ELECTRONIC
      SIGNATURES.

            

    

     

    This
Conditional Forbearance may be executed in one or more counterparts, each of
which shall be deemed an original but all of which shall constitute one and the
same instrument.  For purposes of this Conditional Forbearance, use of
a facsimile, e-mail, or other electronic medium shall have the same force and
effect as an original signature.

     

    

     

    [SIGNATURE
PAGE FOLLOWS]

     

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    IN WITNESS WHEREOF, the
Parties hereto have executed this Conditional Forbearance as of the date first
above written.

     

    

     

    

     

    
      	
              LENDER

            	
              ALTIMA
      CENTRAL ASIA MASTER FUND LTD.

              By:                                                                       

              Name:
      John J.M. Webster

              Title:
      Authorized Signatory

            
	 	 
	 	 
	
              BORROWER

            	
              CASPIAN
      SERVICES, INC.

               

              By:                                                                           

              Name:
      Alexey Kotov

              Title:  Chief
      Executive Officer

            

    

     

    5

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