Document:

EXHIBIT 10.1

STOCK REPURCHASE AGREEMENT

                    This STOCK REPURCHASE AGREEMENT (the “Agreement”) is made and entered into as of April 30, 2007, among Wishco, Inc., a corporation controlled by Barry N. Wish, B.N.W. Partners, a partnership controlled by Barry N. Wish, (collectively referred to as the “Seller”) and Ocwen Financial Corporation, a Florida corporation (the “Company”).  

                    WHEREAS, the Seller desires to sell and the Company desires to purchase one million shares (648,060 held by Wishco, Inc. and 351,940 held by B.N.W. Partners) of Common Stock, par value $.01 per share, of the Company owned by the Seller (the “Shares”) pursuant to the terms and conditions of this Agreement.

                    WHEREAS, the disinterested members of the Board of Directors of the Company have considered and approved the purchase of the Shares by the Company at the price set forth in this Agreement.

                    NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereto covenant and agree as follows:

ARTICLE I
 Sale and Purchase

                    1.01  Sale and Purchase.  Subject to the terms and conditions of this Agreement, the Seller shall sell to the Company, and the Company shall purchase from the Seller, the Shares, at a price per share of $14.52.  The aggregate purchase price due to the Seller is $14,520,000.00 (the “Purchase Price”).  The Purchase Price shall be paid in full at Closing (as defined below) in immediately available funds by wire transfer to the Seller.

                    1.02  Closing.  At the closing of the transaction contemplated hereby to take place on April 30, 2007 (the “Closing”), the Seller will convey to the Company all of its right, title and interest in and to the Shares free and clear of all Encumbrances other than Company Encumbrances (each as defined in Section 2.01 hereof).  The Seller shall deliver to the Company, at the Closing, a certificate or certificates representing the Shares, duly endorsed for transfer or accompanied by duly executed stock powers naming the Company as transferee.  

ARTICLE II
 Representations and Warranties of the Seller

                    As a material inducement to the Company to enter into this Agreement and to consummate the transactions contemplated hereby, the Seller hereby represents and warrants to the Company, as of the Closing, as follows:

                    2.01  Ownership; Authority; Good Title.  The Seller is the lawful owner of the Shares free and clear of any claim, lien, pledge, voting agreement, adverse claim, option, charge, security interest, mortgage, deed of trust, encumbrance, right of assignment, purchase right or other rights of any nature whatsoever affecting the use, voting or transfer of the Shares (each, an “Encumbrance”) and has the full power and authority to enter into this Agreement and to transfer, assign, convey and deliver the Shares free and clear of any Encumbrance other than an Encumbrance arising through the Company’s ownership of the Shares (a “Company Encumbrance”)  and, upon delivery to the Company of a certificate or certificates representing such Shares, duly endorsed for transfer or accompanied by a stock power duly
executed by such Seller, the Company will have acquired good and valid title to the Shares, free and clear of any Encumbrance other than a Company Encumbrance. 

                    2.02  Enforceability.  This Agreement has been duly and validly executed and delivered by the Seller and constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, subject to bankruptcy, insolvency or other similar laws of general application affecting creditors’ rights and general principles of equity.

                    2.03  Absence of Violations or Conflicts.  Neither the execution and delivery by the Seller of this Agreement, the compliance by the Seller with the terms and conditions hereof, nor the consummation by the Seller of the transactions contemplated hereby will violate, result in a breach of, or constitute a default under its articles of incorporation or bylaws, as amended, or under any agreement, instrument, judgment, order or decree to which the Seller is a party or is otherwise bound or result in the creation or imposition of any lien, charge, security interest or encumbrance of any nature whatsoever upon any of the property or assets of the Seller pursuant to any such agreement, instrument, judgment, order or decree or give to others any material rights or interests (including rights of purchase, termination, cancellation or
acceleration) under any such agreement or instrument.  

                    2.04  The Company has provided Seller with full and complete disclosure with respect to the operations, business prospects and condition (financial or otherwise) of the Company, and Seller has made a voluntary and informed investment decision to sell the Shares to the Company.

ARTICLE III
 Representations and Warranties of the Company

                    As a material inducement to the Seller to enter into this Agreement and to consummate the transactions contemplated hereby, the Company hereby represents and warrants to the Seller, as of the Closing, as follows:

                    3.01  Existence; Authority.  The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida. The Company has all requisite corporate power and authority to execute, deliver and perform the terms of this Agreement and to consummate the transactions contemplated hereby and has all taken all necessary action to authorize the execution, delivery and performance of this Agreement.

                    3.02  Enforceability.  This Agreement has been duly and validly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency or other similar laws of general application affecting creditors’ rights (except as specified in Section 3.03 below) and general principles of equity.

                    3.03  Absence of Violations and Conflicts.  Neither the execution and delivery by the Company of this Agreement, the compliance by the Company with the terms and conditions hereof, nor the consummation by the Company of the transactions contemplated hereby will (a) violate any fraudulent conveyance laws, (b) violate any laws restricting the Company’s purchase of its Common Stock or (c) violate, result in a breach of, or constitute a default under its articles of incorporation or bylaws, as amended, or any agreement, instrument, judgment, order or decree to which the Company is a party or is otherwise or give to others any material rights or interests (including rights of purchase, termination, cancellation or acceleration) under any such agreement or instrument.  

                    3.04 The Company is acquiring the shares only for its own account, and not with a view to resell or otherwise distribute the Shares.

ARTICLE IV
 Indemnification

                    4.01  Indemnification. 

                    (a) The Seller will defend and hold harmless the Company for, and will pay to the Company any Damages arising from or in connection with any breach of any representation or warranty made by such Seller in Article 2 of this Agreement.

                    (b) The Company will indemnify, defend and hold harmless the Seller for, and will pay to the Seller any Damages arising from or in connection with any breach of any representation or warranty made by the Company in Article 3 of this Agreement.

                    (c) As used herein, “Damages” shall mean any loss, liability, claim, damage or expense (including reasonable attorneys’ fees), whether or not involving a third party claim.

ARTICLE V
 Miscellaneous

                    5.01  Further Assurances.  Each of the parties hereto agrees on behalf of itself and its assigns or successors in interest that it will, without further consideration, upon reasonable request, execute, acknowledge and deliver such other documents and take such further actions as reasonably may be necessary to consummate the purchase and sale of the Shares.

                    5.02  Expenses.  Each of the parties hereto agrees to pay all of their own respective closing costs and expenses (including, without limitation, attorneys’ fees), arising from this Agreement and the transactions contemplated hereby. 

                    5.03  Governing Law.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Florida.  

                    5.04  Entire Agreement; Modification; Waiver.  This Agreement constitutes the entire Agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties and there are no warranties, representations or other agreements, express or implied, made by either party to the other party in connection with the subject matter hereof except as specifically set forth herein or in documents delivered pursuant hereto.  To the fullest extent permitted by law, unless otherwise expressly provided for herein, no supplement, modification, waiver or termination of this Agreement shall be binding unless executed in writing by the Company and the Seller  No waiver of any provision of this Agreement shall be deemed
or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

                    5.05  Counterparts.  This Agreement may be executed in any number of  counterparts, each of which shall be deemed an original, but all of which together shall constitute the same instrument.

                    5.06  Matters of Construction, Severability.  

                    (a)    Construction.  Each party has been represented by counsel selected by such party in connection with the negotiation and drafting of this Agreement, and this Agreement has been jointly drafted by such counsel, so that no principle of resolving ambiguities against the drafter shall apply in constructing any of the terms hereof.  Whenever the words “include,” “includes” or “including” are used in this Agreement they shall be deemed to be followed by the words “without limitation.”

                    (b)    Severability.  In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective if it materially changes the economic benefit of this Agreement to any party hereto.

                    5.07  No Third-Party Beneficiaries.  This Agreement shall not confer any rights or remedies upon any person other than the Company, the Seller and their respective successors.  

                    5.08  Succession and Assignment.  This Agreement shall be binding upon and inure to the benefit of the parties named herein and their respective successors.  No party may assign this Agreement or any of such party’s rights, interests or obligations hereunder without the prior approval of the other party hereto.  

                    5.09  Survival.  The representations and warranties of the Seller and the Company shall survive the Closing indefinitely.

                    IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the date first above written.

	
   
  	
  
Ocwen   Financial Corporation
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Ronald M.   Faris
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Ronald M.   Faris
  
	
  
 
  	
  
 
  	
  
President
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
Wishco, Inc.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Barry N.   Wish
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Barry N.   Wish
  
	
  
 
  	
  
 
  	
  
President
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
B.N.W.   Partners
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Barry N.   Wish
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
Barry N.   Wish
  
	
   
  	
   
  	
  General   Partnerx

    

    Exhibit
      10.1

    

    ASSIGNMENT
      OF PROMISSORY NOTE

    

    This
      Assignment of Promissory Note (this “Assignment”) is entered into as of April
      24, 2007, by and among Rudolf Gunnerman (“Gunnerman”), SulphCo, Inc., a Nevada
      corporation (the “Borrower”), and the entities identified on the signature pages
      hereto (each a “Buyer” and collectively “Buyers”), regarding assignment of
that
      certain Promissory Note, dated December 31, 2004, in the principal amount of
      $7,000,000 issued by Borrower to Gunnerman
      (the
“Note”).

     

    NOW,
      THEREFORE, for good and valuable consideration, Gunnerman, Borrower and Buyer
      agree as follows:

     

    1.     Purchase
      and Sale.
      Subject
      to the terms and conditions of this Assignment, Buyer agrees to purchase from
      Gunnerman and Gunnerman agrees to sell to Buyer the percentage share indicated
      on the signature pages hereto (“Allocated Portions”), all
      outstanding principal, interest and other sums due and owing under the Note
      (the
      “Assigned Loan”)
      and all
      right, title and interest of Gunnerman as "Lender" under the
      Note.
      The
      sale, transfer and assignment of the Assigned Loan shall be subject to the
      representations and warranties of Gunnerman as are provided in Section
      7
      of
      this
      Assignment. 

    

    2.     Consideration.
      The
      consideration to be given by Buyers to Gunnerman for the Assigned Loan
      (“Purchase Price”) shall,
      in
      the aggregate, be ninety
      percent (90%) of the principal and interest balance of the Note as of the
      Closing Date (defined below).

     

    3.     Closing.
      The
      consummation of the sale and purchase pursuant to this Assignment (the
“Closing”) is contemplated to occur on or before April 24, 2007 (the “Closing
      Date”) upon satisfaction of all conditions to Closing. As a condition precedent
      to Closing, Gunnerman agrees to cause to be delivered to Grushko & Mittman,
      P.C. on behalf of the Buyers an original Note reissued by Borrower in each
      Buyer’s name in the principal amount being assigned to each such Buyer pursuant
      to this Assignment and indicating therein the amount of interest assigned to
      each such Buyer (each a “Reissued Note”). Upon receipt of the Reissued Notes by
      Grushko & Mittman, P.C., each Buyer
      agrees to wire transfer to Gunnerman its Allocated Portion of the Purchase
      Price
      in accordance with wiring instructions set forth below. Upon
      confirmation of delivery by a Buyer of its Allocated Portion of the Purchase
      Price, Grushko & Mittman, P.C. will deliver a Reissued Note to such Buyer.
      In the event Grushko & Mittman, P.C. is not reasonably satisfied that a
      Buyer has transmitted its proportionate amount of the Purchase Price (as
      provided on the signature pages hereto (“Proportionate Amount”) to Gunnerman on
      or before April 27, 2007, then such Buyer’s Reissued Note shall be promptly
      delivered to Gunnerman for reissuance by Borrower to Gunnerman, and such Buyer
      shall no longer have the right to purchase any portion of the Assigned Loan.
      The
      address for deliveries and notices to Grushko & Mittman, P.C. is 551 Fifth
      Avenue, Suit 1601, New York, NY 10176, fax: (212) 697-3575. Gunnerman and each
      Buyer may terminate this Assignment if the Closing has not occurred by the
      Closing Date. Buyer shall pay the Purchase Price by wire transfer in immediately
      available United States funds to the following account (the “Seller Account”):
      to Grushko & Mittman, P.C., as escrow agent, pursuant to wire instructions
      provided.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    4.     Purchase
      and Sale.

     

    (a) Effective
      upon the Closing, and subject to and conditioned upon the terms, covenants,
      limitations, and conditions contained herein, Gunnerman hereby sells, transfers,
      and assigns to Buyer, and Buyer hereby purchases and accepts from Gunnerman,
      in
      each case on and as of the Closing Date, all of Gunnerman’s right, title and
      interest, in, to, and under each such Buyer’s Allocated Portion of the Assigned
      Loan.

     

    (b) If
      Gunnerman receives any payments from
      the
      Company with
      respect to the Assigned Loan after the Closing Date, Gunnerman will forward
      to
      each Buyer, such Buyer’s Allocated Portion of such payments. 

     

    5.     Gunnerman’s
      Closing Documents.
      In
      connection with the Closing, Gunnerman shall deliver to Buyer, as provided
      in
      Section 3, original Reissued Note for each Buyer, executed Stock Option
      Agreement in the form agreed upon by Gunnerman and Buyers, an executed copy
      of
      this Assignment, and any
      other
      documents reasonably required by Buyer to effect the transactions contemplated
      hereunder (collectively
      “Gunnerman’s Closing Documents”).

     

    6.     Buyer’s
      Closing Obligations.
      In
      connection with the Closing, Buyer shall deliver to Gunnerman, Buyer’s
      Proportionate Amount of the Purchase Price and an executed copy of this
      Assignment (collectively “Buyer’s Closing Items”):

     

    7.     Representations
      and Warranties and Covenants of Gunnerman.
      Gunnerman hereby represents and warrants and covenants to Buyer as
      follows:

     

    (a) Gunnerman
      is an individual, who is a U.S. citizen.

    

    (b) Gunnerman
      has the full power and authority to execute, deliver and perform this Assignment
      and to enter into and consummate the transactions contemplated by and described
      in this Assignment. Gunnerman has duly authorized the execution, delivery and
      performance of this Assignment, has duly executed and delivered this Assignment
      and this Assignment constitutes a legal, valid and binding obligation of
      Gunnerman, enforceable against Gunnerman in accordance with its
      terms.

     

    (c) As
      of the
      Closing Date, the outstanding principal balance of the Note is $5,000,000 and
      accrued and unpaid interest on the Note is $66,570.

    

    (d) Gunnerman
      is the legal and beneficial owner and holder of the Assigned Loan and Gunnerman
      has not pledged, assigned or otherwise previously transferred the Assigned
      Loan.
      The Assigned Loan and Note are free and clear of any adverse claims created
      by
      Gunnerman or any liens, encumbrances, etc. whatsoever. 

    

    (e) Gunnerman
      has not modified nor amended the Assigned Loan
      nor
      agreed to modify or amend the Assigned Loan. 

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (f) Gunnerman
      is not aware of any valid offset, defense, counterclaim or right of rescission
      as to the Assigned Loan.

    

    (g) Gunnerman
      was provided with the opportunity to present this Assignment and related
      documentation to an attorney for review and has determined upon his own free
      will to not avail himself of such right. He understands that the transaction
      contemplated by this Assignment is a sophisticated business and financial
      transaction, and he has the acumen and experience to review this Assignment
      and
      related documentation and to enter into the transactions set forth in the
      Assignment without the aid of counsel. Gunnerman acknowledges that he has not
      relied upon the advice, judgment or counsel of attorneys for either the Borrower
      or Buyer and he waives any claims he may have against them arising out of this
      transaction.

    

    (h) Gunnerman
      is responsible for making any filings required to be made by him with all
      regulatory bodies arising from the transactions contemplated
      hereby.

     

    8.     Representations
      and Warranties of Buyer.
      Each
      Buyer for itself only, hereby represents and warrants to Gunnerman:

     

    (a) Buyer
      has
      all requisite power and authority to execute, deliver and perform this
      Assignment and to enter into and consummate the transactions contemplated by
      this Assignment. The officer or officers of Buyer who shall execute and deliver
      this Assignment have been duly authorized to do so by all requisite action
      on
      the part of Buyer.
      Buyer
      has duly authorized the execution, delivery and performance of this Assignment,
      has duly executed and delivered this Assignment and this Assignment constitutes
      a legal, valid and binding obligation of Buyer, enforceable against Buyer in
      accordance with its terms. 

     

    (b) Buyer
      has
      made such examination, review and investigation of the Assigned Loan, and of
      any
      and all facts and circumstances necessary to evaluate the Assigned Loan it
      has
      deemed necessary or appropriate. Except for the representations and warranties
      specifically and expressly made by Gunnerman above (a) Buyer has been and will
      continue to be solely responsible for Buyer’s own independent investigations as
      to all aspects of the transactions contemplated; and (b) Buyer has not relied
      upon any expressed or implied, written or oral, representation, warranty or
      other statement by or on behalf of Gunnerman concerning any of the, except
      for
      such representations and warranties of Gunnerman as are specifically and
      expressly provided in this Assignment.

     

    (c) Buyer
      is
      acquiring the Assigned Loan without any view either to participate in (other
      than as described in this Assignment), or to sell the Assigned Loan in
      connection with, any public distribution thereof, and Buyer has no intention
      of
      making any distribution of the Assigned Loan in a manner which would violate
      applicable securities laws; provided, however, that nothing in this Assignment
      shall restrict or limit in any way Buyer’s ability and right to dispose of all
      or part of the Assigned Loan in accordance with such laws if at some future
      time
      Buyer deems it advisable to do so.

     

    9.     Representations
      and Warranties and Agreements of Borrower.
      Borrower hereby represents and warrants and agrees as follows:

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (a) To
      our
      knowledge, no third party or regulatory approval is necessary to enter into
      the
      transactions contemplated hereby, other than of Gunnerman, which approval is
      evidenced by a fully executed and delivered Assignment.

     

    (b)
       Borrower
      has not entered into any subordination agreement, nor is the Note subordinated
      to any other obligations of Borrower.

     

    (c)
       Borrower
      makes for the benefit of Buyers, as of the Closing Date, the representations
      and
      warranties made for the benefit of Gunnerman at the time the Note was issued.
      

     

    (d)
       At
      all
      times after the date hereof, Borrower will not take or permit any action, or
      cause or permit any other person or entity to take any action that impairs
      or
      adversely affects the rights of Buyers under the Reissued Note.

     

    (e)
       Borrower
      expressly waives for the benefit of Buyers any rights it may have to offset,
      defense, counterclaim or right of rescission as to the Assigned Loan which
      it
      may have had against Gunnerman.

     

    (f)
       Borrower
      acknowledges that the Buyers are not waiving any currently existing defaults
      or
      events of default under the Assigned Loan, and that the maturity date of the
      Assigned Loan remains as originally stated in the Note and that the Assigned
      Loan is due on the maturity date as set forth in the Note. 

     

    (g) Borrower
      acknowledges that as of the Closing Date, the aggregate outstanding principal
      amount of the Note, and upon reissuance of the Reissued Notes is $5,000,000
      and
      the aggregate outstanding interest as of such date is $66,570.

     

    10. Taxes.
      Each
      party shall be responsible for the payment of all taxes and charges, including
      sales and transfer taxes and recording taxes, resulting from or payable in
      connection with Gunnerman’s assignment of the Assigned Loan for which each party
      is liable as a matter of law. No party shall have the obligation to pay taxes
      due by another party.

    

    11.     Further
      Assurances.
      Effective upon the Closing, Gunnerman, Borrower and Buyer each hereby covenant
      and agree to execute and deliver all such documents and instruments, and to
      take
      such further actions as may be reasonably necessary or appropriate, from time
      to
      time, to carry out the intent and purpose of this Assignment and to consummate
      the transactions contemplated hereby. 

     

    12.     Miscellaneous.

     

    (a) Notices.
      All
      notices, demands, requests, consents, approvals, and other communications
      required or permitted hereunder shall be in writing and, unless otherwise
      specified herein, shall be (i) personally served, (ii) deposited in the mail,
      registered or certified, return receipt requested, postage prepaid, (iii)
      delivered by reputable air courier service with charges prepaid, or (iv)
      transmitted by hand delivery, telegram, or facsimile, addressed as set forth
      below or to such other address as such party shall have specified most recently
      by written notice. Any notice or other communication required or permitted
      to be
      given hereunder shall be deemed effective (a) upon hand delivery or delivery
      by
      facsimile, with accurate confirmation generated by the transmitting facsimile
      machine, at the address or number designated below (if delivered on a business
      day during normal business hours where such notice is to be received), or the
      first business day following such delivery (if delivered other than on a
      business day during normal business hours where such notice is to be received)
      or (b) on the second business day following the date of mailing by express
      courier service, fully prepaid, addressed to such address, or upon actual
      receipt of such mailing, whichever shall first occur. The addresses for such
      communications shall be:

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	
            	
              If to Gunnerman:

            	
              Rudolf
                Gunnerman

            

    

    6601
      Windy Hill Way

    Reno,
      NV
      89511

     

    
      	
            	If
              to Borrower:	
              SulphCo.,
                Inc.

            

    

    850
      Spice
      Islands Drive

    Sparks,
      NV 89431

    

    
      	
            	with
              a copy to:	
              K&L
                Gates

            

    

    599
      Lexington Avenue

    New
      York,
      NY 10022

    Attn:
      Robert Matlin, Esq.

    Fax:
      (212) 536-3901

    

    
      	
            	If
              to Buyers:	
              To
                the one or more addresses and telecopier numbers
                indicated on Schedule A hereto

            

    

    

    
      	
            	With
              a copy to:	
              Grushko
                & Mittman, P.C.

            

    

    551
      Fifth
      Avenue, Suite 1601

    New
      York,
      NY 10176

    Attn:
      Eliezer Drew, Esq.

    Fax:
      (212) 697-3575

    

    (b)
       No
      Waiver.
      No
      delay or omission by either party hereto in exercising any right or power
      arising from any default by the other party hereto shall be construed as a
      waiver of such default or as an acquiescence therein, nor shall any single
      or
      partial exercise thereof preclude any further exercise thereof or the exercise
      of any other right or power arising from any default by the other party hereto.
      No waiver of any breach of any of the covenants or conditions contained in
      this
      Assignment shall be construed to be a waiver of or an acquiescence in or a
      consent to any previous or subsequent breach of the same or of any other
      condition or covenant.

     

    (c) No
      Third Party Beneficiary.
      This
      Assignment is made for the sole benefit of Gunnerman and Buyers and their
      respective successors and permitted assigns, and no other person or persons
      shall have any rights or remedies under or by reason of this Assignment or any
      right to the exercise of any right or power of either party hereto or arising
      from any default by either party hereto.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (d) Attorney
      Fees and Costs.
      In the
      event any legal action is undertaken in order to enforce or interpret any
      provision of this Assignment, the prevailing party in such legal action, as
      determined by the court, shall be entitled to receive from the other party
      the
      prevailing party’s reasonable attorneys’ fees and court costs.

     

    (e) No
      Assignment to Third Party.
      Prior
      to Closing, this Assignment shall not be assigned by either party without the
      written consent of the other party, which consent may be withheld in such other
      party’s sole discretion.

     

    (f) Integration;
      Entire Agreement.
      This
      Assignment and any documents executed in connection herewith or pursuant hereto
      constitute the entire understanding between the parties hereto with respect
      to
      the subject matter hereof, superseding all prior written or oral understandings,
      and may not be terminated, modified or amended in any way except by a written
      agreement signed by each of the parties hereto.

     

    (g) Counterparts.
      This
      Assignment may be executed in two or more counterparts, each of which shall
      be
      deemed an original but all of which together shall constitute but one and the
      same document. This
      Agreement may be executed by facsimile signature and delivered by facsimile
      transmission.

     

    (h) Legal
      Effect.
      If any
      provision of this Assignment conflicts with applicable law, such provision
      shall
      be deemed severed from this Assignment, and the balance of this Assignment
      shall
      remain in full force and effect.

     

    (i) Choice
      of Law and Venue; Jury Trial Waiver.
      This
      Assignment shall be governed by, and construed in accordance with, the internal
      laws of the State of New York, without regard to principles of conflicts of
      law.
GUNNERMAN,
      BORROWER AND BUYER WAIVE
      ANY
      RIGHT
      TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
      THIS ASSIGNMENT OR ANY TRANSACTION CONTEMPLATED HEREIN, INCLUDING CLAIMS BASED
      ON CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER COMMON LAW OR STATUTORY BASES.
      Each
      party hereby
      submits
      to the exclusive jurisdiction of the state and federal courts located in the
      County of New York, State of New York.

     

    (j) Gunnerman,
      Borrower and Buyer shall each bear their own expenses, including legal fees,
      incident to the negotiation and preparation of this Assignment and the
      consummation of the transaction contemplated thereby.

     

    

    [Balance
      of Page Intentionally Left Blank]

    

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF the undersigned have executed this Assignment of Promissory
      Note
      as of the date above written.

     

     

    
      	
              RUDOLF
                GUNNERMAN

               

               

            	 
	
              ____________________________________________

               

            	 

    

    

    

    

     

    

     

    

     

     

     

    

     

    [Signature
      Page to Assignment Promissory
      Note,
      etc.]

    [Signatures
      of Buyers Continued Next Page]

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    [BUYER
      SIGNATURE PAGES TO ASSIGNMENT OF PROMISSORY NOTE]

    

    IN
      WITNESS WHEREOF the undersigned have executed this Assignment as of the first
      date above written.

     

    Name
      of
      Buyer: _________________

     

    Signature
      of Authorized Signatory of Buyer:
      __________________________________________

    

    Name
      of
      Authorized Signatory:
      ____________________________________________________

    

    Title
      of
      Authorized Signatory:
      _____________________________________________________

    

    Fax
      Number of Buyer:

    

    Address
      for Notice to Buyer:

    

    

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

    

    Grushko
      & Mittman, P.C.

    551
      Fifth Avenue, Suite 1601

    New
      York, NY 10176

    Attn:
      Eliezer Drew, Esq.

    Fax:
      (212) 697-3575

    Email:
      counslers@aol.com

    

    Address
      for Delivery of Securities for Buyer (if not same as above):

    

    

    

    Proportionate
      Amount of Purchase Price: $__________

    

    Wire
      Amount:$______________

    

    Proportionate
      Amount: _______%

    

    Reissued
      Note Principal Amount: $_________

    

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    ACKNOWLEDGEMENT,
      AGREEMENT AND CONSENT

     

    The
      undersigned hereby consents to the foregoing Assignment of Promissory
      Note.

     

     

    
      	
              SULPHCO,
                INC.

               

               

            	
              Address
                for Notice:

              850
                Spice Islands Dr.

              Sparks,
                NV 89431

            
	
              By:
                __________________________________________

              Name:

              Title:

            	 
	
               

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

               

              K&L
                Gates

              599
                Lexington Avenue

              New
                York, NY 10022

              Attn:
                Robert Matlin, Esq.

              Fax:
                (212) 536-3901

            	 

    

    

    

    
 

     

    [Signature
      Page to Assignment of Promissory Note, etc.

    Acknowledgement,
      Agreement and Consent]

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    ACKNOWLEDGEMENT,
      AGREEMENT AND CONSENT

     

    The
      undersigned hereby consents to the foregoing Assignment of Promissory
      Note.

     

    

     

    ___________________________________________

    DORIS
      GUNNERMAN

    

     

    

     

    

     

    [Signature
      Page to Assignment of Promissory Note, etc.

    Acknowledgement,
      Agreement and Consent]

     

     

    10

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