Document:

exhibit101_092408.htm

    Exhibit
10.1

    

    NORTHERN
OIL AND GAS, INC.

    

    2008

    STOCK
COMPENSATION PLAN

    

    1. Purpose.  The
purpose of this Plan is to provide a means for Northern Oil and Gas, Inc. (the
“Company”) to attract and retain persons of ability as management-level
employees and officers of the Company, and to motivate such persons through an
increased personal interest in the Company to exert their best efforts on behalf
of the Company and its subsidiaries, and thus to advance the interests of such
corporations and benefit their shareholders.

    

    2. Reservation
of Shares.  A total of 250,000 shares of the authorized but
unissued common stock of the Company, par value $0.0001 per share (the “Common
Stock”), is reserved for issuance pursuant to this Plan.  Shares
reserved for issuance under this Plan but not yet issued at the time of
termination of this Plan shall cease to be reserved upon termination of the
Plan.

    

    3. Administration.  The
Plan shall be administered by the Compensation Committee of the Company’s Board
of Directors.

    

    4. Eligibility.  Only
management-level employees and officers of the Company may participate in this
Plan during the term of their employment with the Company.  The
Compensation Committee shall have the sole discretion to determine the
eligibility of any single employee to participate in this
Plan.  Persons eligible to participate in the Plan shall be referred
to herein as an “Eligible Party.”

    

    5. Issuance
of Shares.  Any Eligible Party shall have the right to receive
shares of Common Stock (the “Plan Shares”) in lieu of all (but not less than
all) base cash salary for up to two (2) years of employment pursuant to this
Plan.  Any Eligible Party who makes an election pursuant to this Plan
shall be referred to as a “Participant” hereunder.

    

    (a) Duration of
Election.  Any election made pursuant to this Plan may apply to
base cash salary to be received by an Eligible Party for a period of not less
than six (6) months nor more than two (2) years of employment (the “Election
Period”).

    

    (b) Number of
Shares.  The number of Plan Shares to be received by any
Participant shall be computed as follows:

    

    Aggregate
Base Salary During Elected Period

    
      	
               
      

            	
              ÷

            	
              Fair Market Value of
      the Company’s Common Stock

            	 

    

    
      	
                                                                     
      =

            	
              Number
      of Plan Shares to be Issued During Election
  Period

            

    

    

    For the
purposes hereof, the “Fair Market Value” of the Company’s Common Stock shall be
computed as the volume weighted average price (as reported by Bloomberg) for the
ten (10) trading days ending on the last completed trading day immediately
preceding the date of the Company’s receipt of any particular Election
Notice.

    

    (c)           Installments.  Plan
Shares shall be issued in equal installments on the first day of each month
during the Election Period based on the salary payable to the Participant for
such month.  For instance, Plan Shares issued during a one-year
Election Period shall be issued in twelve (12) equal installments on the first
day of each month during such one-year Election Period.

    

    (d)           Payment of
Taxes.  Each Participant shall be solely responsible for the
payment of any personal taxes payable by the Participant as a result of the
issuance of any Plan Shares.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (e)           The
Plan Shares shall be exempt under Rule 16b-3 of the regulations promulgated
under the Securities Exchange Act of 1934, as amended.

    

    6. Elections.  A
Participant desiring to receive Plan Shares in lieu of base cash salary pursuant
to this Plan shall submit an Election Notice to the Company in the form attached
hereto as Exhibit A.

    

    (a) Elections
Non-Revocable.  Any and all elections made pursuant to this
Plan shall be non-revocable by the Participant.

    

    (b) Effective Date of
Election.  A Participant shall specify the effective date of
his or her election in the Election Notice; provided, however, that such
effective date may not be more than one hundred twenty (120) days following the
date of the Election Notice.

    

    (c) Non-transferability of
Right.  No Participant may assign or otherwise transfer any
right contained within this Plan.

    

    7. Restrictions
on Transfer.  During any period in which the offering of the
shares under the Plan is not registered under federal and state securities laws,
recipients shall agree that they are acquiring shares under the Plan for
investment purposes and not for resale, and that the shares cannot be resold or
otherwise transferred except pursuant to registration or unless, in the opinion
of counsel for the Company, registration is not required.  Any
restrictions upon shares acquired pursuant to the Plan shall be binding upon the
recipient and his or her heirs, executors and administrators.

    

    8. Termination
of Plan.  The Plan shall terminate five (5) years after the
date of its adoption by the Company’s Board of Directors, unless sooner
terminated by issuance of all shares reserved for issuance
hereunder.  No elections under this Plan shall be permitted following
such termination date.

     

    9. Amendment
of the Plan.  The Compensation Committee of the Board of
Directors may at any time terminate this Plan or make such modifications to the
Plan as it shall deem advisable; provided, however, that no amendment to this
Plan shall adversely affect the rights attributable to any Plan Shares issued
prior to the date of such amendment.

    

    10. Conditions
to Plan Shares.  Any shares issued pursuant to this Plan shall
be issued conditioned upon shareholder approval of the Plan and approval from
the American Stock Exchange (“AMEX”) for the listing of the Plan
Shares.  Plan Shares may be issued pending receipt of such approvals;
provided, however, that Plan Shares issued prior to receipt of such approvals
shall be entirely restricted from transfer and subject to forfeiture by the
Participant pending such approvals.  The Board of Directors shall
submit the Plan to the Company’s shareholders for approval not later than the
next regular shareholder meeting.  In the event either the Company’s
shareholders do not approve the Plan or AMEX does not approve the listing of the
Plan Shares, then Participants receiving the Plan Shares shall immediately
forfeit any Plan Shares issued hereunder and, in exchange for such forfeiture,
immediately receive a cash payment equal to the greater of the
following:

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (a) The
aggregate Fair Market Value of the Plan Shares issued to such Participants as of
the last trading day immediately preceding the date of the Company’s next
regular meeting of shareholders or notice of AMEX’ denial of approval (as the
case may be);

    

    (b) The
aggregate value of income realized by the Participant for United States federal
income tax purposes by virtue of the issuance of the Plan Shares being
forfeited; or

    

    (c) The
aggregate salary amount actually forgone by such Participants up to and
including the date of the Company’s next regular meeting of shareholders or
notice of AMEX’ denial of approval (as the case may be).

    

    11.           Non-transferability
of Right.  No Participant may assign or otherwise transfer any
right under this Plan.

    

    * * * *
*

    

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    ELECTION
NOTICE

    PURSUANT
TO THE

    

    NORTHERN
OIL AND GAS, INC.

    

    2008

    STOCK
COMPENSATION PLAN

    

    __________________________________________________

     

    

    TO:           Northern
Oil and Gas, Inc.

    Attention:  Chief Executive
Officer

    

    The
undersigned hereby elects to receive shares of common stock, par value $0.0001
per share, of Northern Oil and Gas, Inc., a Nevada corporation (the “Company”)
as follows pursuant to the terms and provisions of the Company’s 2008 Stock
Compensation Plan:

     

    Commencement
Date:                       ___________________________________________                                                                  

     

    Termination
Date of Election:*       ___________________________________________                                                                                                     

     

    VWAP
Value of
Shares:**              ___________________________________________                                                                                             

     

    

     

    
      	
               
      

            	
              *

            	
              Please
      note that the Termination Date of the Election may not be more than two
      (2) years from the chosen Commencement
Date.

            

    

     

    
      	
               
      

            	
                 
      **

            	
              The
      VWAP Value of Shares is the volume weighted average price (as reported by
      Bloomberg) for the ten (10) trading days ending on the last completed
      trading day immediately preceding the date of delivery of this Election
      Notice.

            

    

     

    Please
issue a certificate representing said shares of Common Stock to the undersigned
as follows:

     

    

    
      	
               
      

            	
              Name:

            	
              ____________________________________________

            

    

    

    
      	
               
      

            	
              Address:

            	
              ____________________________________________

            

    

    

    ____________________________________________

    

    
      	
               
      

            	
                     
      Soc Sec #

            	
              ____________________________________________

            

    

    

    The
undersigned hereby represents and warrants that the aforesaid shares of Common
Stock are being acquired for the account of the undersigned for investment and
not for resale or with a view to distribute such shares or any part thereof, and
that the undersigned has no present intention of distributing or reselling such
shares, and that the undersigned is an “accredited investor” within the meaning
of Rule 501 of Regulation D promulgated under the Securities Act of 1933, as
amended.

     

    

     

    

    ___________________________________________            
___________________________________________    

    Signature
of
Participant                                                                                Date

     

    
      
         

      

      
        4Exhibit 10.112

 

Contract for a seasonal credit as a
supplement to the loan agreement no. XXX of 18 August 2006 as well as
letter to MEADE Instruments Europe GmbH & Co. KG of 19 March 2008

 

between

 

MEADE
Instruments Europe GmbH & Co. KG,

Gutenbergstr.
2

46414
Rhede

hereinafter
referred to as “Borrower”

 

and

 

VR-Bank
Westmünsterland eG,

Kupferstraße
28, 48653 Coesfeld

hereinafter
referred to as “Bank”

 

Amount of credit

 

The Borrower shall receive
from the Bank for account no. XXX an additional seasonal credit

 

of                         €
7,000,000.00

 

	
  Total amount of credit is
  thus

  	
  € 7,500,000.00;

  	
  thereof

  
	
   

  	
  €    500,000.00;

  	
  until further notice

  
	
   

  	
  € 7,000,000.00;

  	
  from 1 October 2008
  to 28 February 2009

  

 

Intended use

 

The seasonal credit is for
the purpose of financing inventory.

 

The seasonal credit can be
borrowed as an overdraft facility and/or as a loan based on a time deposit
and/or as letter of credit.

 

The Borrower shall pay a
commitment fee of 0.25% p.a. for the part of the seasonal credit which is not
used.

 

Overdraft facility

 

The seasonal credit is made
available on the account no. XXX.

 

The current conditions are:

 

Interest rate:          8.35% p.a.

 

The interest rate is
variable. In case of a change in the circumstances on the money and capital
market the Bank can increase or reduce the interest rate within the framework
of § 315 BGB [Civil Code]. The Borrower shall be informed of the changes in the
interest rates. The interest is settled monthly.

 

Time deposit

 

The interest rate for use of
the loan based on a time deposit is oriented to the 3-month EURIBOR rate (Euro
Interbank Offered Rate – base lending rate) plus 2.25 % p.a. 

 

The Bank shall inform the
Borrower of the respectively applicable interest rate.

 

The decisive base lending
rate is the EURIBOR rate two bank working days before commencement of the
interest period.

 

The interest is respectively
due and payable at the end of an interest period.

 

Letter of credit

 

The settlement shall be
carried out individually per order

 

 

Collection of payment

 

The Borrower hereby
authorizes the Bank to debit his current account no. XXX with all payments
which are to be made by him.

 

Term

 

The seasonal credit is made
available from 1 October 2008 to 28 February 2009.

 

If the loan is taken out on
a current account basis this shall apply irrespective of the daily maturity.

 

Collateralization

 

All collateral items to
which the Bank is entitled collateralise all existing, future and conditional
claims of the Bank from the business relationship with the Borrower insofar as
not otherwise agreed in an individual case outside of this contract; this shall
also apply to collateral items which are not listed here and which are liable
based on the General Business Terms. In addition, the Borrower shall furnish
the following collateral still to the Bank with separate agreements:

 

·                  Declaration
of Internal Funds of Meade Instruments Europe Corp. (equity ratio of at least
30% of the balance sheet total and at least € 5,000,000.00)

 

The further regulations
concerning collateralization according to Numbers 13 and 14 of the General
Business Terms remain unaffected.

 

Disclosure of the financial
circumstances

 

The Borrower shall upon
request – if applicable also during the year – provide the Bank all information
and make all documents available which the Bank requires for examining the
income and asset circumstances. To this end the Borrower shall submit to the
Bank e.g. its annual accounts, which shall be certified by an auditor, within 6
months after the balance sheet key date, if applicable in a provisional form.
The Borrower shall further ensure that the Bank receives the annual accounts of
the Meade Instruments Corp. within 6 months after the balance sheet key date.
It shall also inform the Bank immediately of any changes of a legal or financial
type which are suitable for having an essential influence on his asset or
profit circumstances or those of a co-liable party.

 

Termination for an
important reason

 

The Bank can terminate the
credit for an important reason without observing a period of notice. An
important reason is e.g. the non-compliance with the duty to disclose the
financial circumstances. Incidentally, No. 19 Par. 3 of the General
Business Terms of the Bank shall apply.

 

Miscellaneous

 

The Bank is entitled to
assign the credit claim together with the collateral furnished or still to be
furnished for this claim to another bank either in full or in part.

 

In addition the General
Credit Terms and Conditions according to the framework loan agreement of 18 August 2006
as well as the enclosed General Business Terms (GBT) of the Bank shall apply.

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