Document:

ex10_2.htm

Exhibit 10.2

STOCK CONVERSION AGREEMENT

THIS STOCK CONVERSION AGREEMENT (the “Agreement”) is made and entered into effective as of May 20, 2011 (the “Effective Date”), by and between Eagle Ford Oil & Gas Corp (Formerly ECCO Energy Corp)., a publicly traded Nevada corporation (hereinafter “ECCE” or the “Company”) with its principal place of business located at 3315 Marquart St., Suite 206, Houston, TX 77027, and _____________________, (hereinafter referred to as “Preferred Stockholder”), whose address is ______________________.

 

R E C I T A L S

WHEREAS, on or about March 27, 2007, the Preferred Stockholders were issued ________________________________ shares of ECCO Series D Preferred Stock ("Series D Preferred"), $0.001 par value, pursuant to a Certificate of Designation of Series D Convertible Preferred Stock of ECCO Energy Corp.; and

WHEREAS, the Preferred Stockholder have elected by majority under the terms of the rules of the issuance that they wish to convert all of the Series D Preferred into Common Stock and Common Stock Warrants of Eagle Ford Oil & Gas Corp formerly known as ECCO Energy Corp. ("Conversion Common Stock"), $0.001 par value.

NOW, THEREFORE, in consideration of the foregoing and of the mutual obligations herein contained, it is agreed as follows:

1.           Automatic Conversion. Concurrent with the execution of this Agreement, all of the shares of Preferred Stock held by Preferred Shareholder shall automatically convert into _______ shares of Common Stock of the Company (such shares shall be referred to hereinafter as the “Conversion Common Stock "). The number of Conversion Common Stock shares being issued having been determined in accordance with the calculations set forth in Exhibit “A” attached hereto and made a part hereof for all purposes.

2.           Issuance of New Certificates. Concurrent with the execution of this Agreement, the Preferred Stockholder shall deliver his original stock certificates representing all of his Preferred Stock that is being converted to Conversion Common Stock. Promptly following the Company's receipt of the original stock certificates from the Preferred Stockholder, the Company, at its expense, shall deliver to the Preferred Stockholder, in his name, a certificate representing the number of fully paid and non-assessable Conversion Common Stock shares into which the Preferred Stock has been converted in accordance with the provisions of Section 1 above.

3.           Representations and Warranties of the Company. The Company represents and warrants to the Preferred Stockholder as follows:

a.           Organization and Good Standing. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada with full power and authority to enter into and perform the transactions contemplated by this Agreement.

b.           Performance of This Agreement. The execution and performance of this Agreement and the issuance of the Conversion Common Stock shares contemplated hereby have been authorized by the board of directors of the Company.

c.           Legality of Shares to be Issued. The Shares to be issued by the Company pursuant to this Agreement, when so issued and delivered, will have been duly and validly authorized and issued by the Company and will be fully paid and nonassessable.

4.           Representations and Warranties of the Preferred Stockholder. The Preferred Stockholder represents and warrants to the Company that he is the record owner of Three Hundred Three Thousand Nine Hundred and Thirty Six (303,936) shares of ECCE Series D Preferred Stock and that such are free and clear of any liens, pledges or encumbrances.

5.           Mutual Releases.  The mutual releases given below are in consideration of each other and the issuance of shares as set forth above.

  

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a.           ECCE, together with its past or present officers and directors, hereby jointly and severally completely release and forever discharge the Preferred Shareholder and his past and present personal representatives, attorneys, heirs, executors, successors and assigns from any and all past and present claims, demands, obligations, actions, causes of action, rights, damages, costs and liabilities of any nature whatsoever, related to or arising out of any right, claim, cause of action, suit, debt, whether known or unknown, both at law and in equity, which ECCE  may now have, or may have ever had, regardless whether asserted or not, legal or contractual, and whether arising out of written documents or undertakings, fraud, misrepresentation, course of conduct, tort, or statutory or regulatory, against Preferred Stockholder arising prior to the Effective Date and for any reason whatsoever related to the purchase, sale, issuance, conversion or exchange of common stock or preferred stock, except for such rights or claims arising under or resulting from this Mutual Release.

b.          Preferred Stockholder, together with his past and present personal representatives, attorneys, heirs, executors, successors and assigns, hereby jointly and severally completely release and forever discharge ECCE  and its past and present officers and directors except Sam Skipper, individually only, from any and all past and present claims, demands, obligations, actions, causes of action, rights, damages, costs and liabilities of any nature whatsoever, related to or arising out of any right, claim, cause of action, suit, debt, whether known or unknown, both at law and in equity, which Preferred Stockholder may now have, or may have ever had, regardless whether asserted or not, legal or contractual, and whether arising out of written documents or undertakings, fraud, misrepresentation, course of conduct, tort, or statutory or regulatory, against ECCE arising prior to the Effective Date and for any reason whatsoever related to the purchase, sale, issuance, conversion or exchange of common stock or preferred stock, except for such rights or claims arising under or resulting from this Mutual Release.

6.           Each of the parties acknowledge, represent, warrant, and confirm as to their own respective actions the following: (a) the execution of this Agreement is not based on reliance upon any promise, representation, understanding, or agreement not expressly set forth herein and no party has made any promise or representation to the other not expressly set forth herein; (b) the execution of this Agreement is each above-named party's free and voluntary act without duress, coercion, or undue influence exerted by or on behalf of any other party; (c) the parties are not under any form of legal disability or incapacity at the time they sign this Agreement; and (d) the execution of this Agreement is not in any way an admission of any fault or liability by any party whatsoever.

7.           The parties agree that if any of the provisions of this Agreement shall be invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions will not be affected or impaired.

8.           Each of the parties acknowledge that they each have read and understood the provisions of this Agreement prior to its execution, and that each signs this Agreement with full knowledge and understanding of the consequences of their acts.

9.           This Agreement: (a) shall be interpreted and construed under the laws of the State of Texas; (b) shall be modified or amended only by writing executed by the parties hereto; and (c) may be executed in several counterparts, and by the parties hereto in separate counterparts, and each counterpart, when executed and delivered, shall constitute an original Agreement enforceable against all who signed it without production of or accounting for any other counterpart, and all separate counterparts shall constitute the same agreement.

EXECUTED effective as of the Effective Date.

	  	
Eagle Ford Oil & Gas Corp.

	  	  
	  	  
	  	  
	  	
Richard Adams, President

	  	  
	  	
Preferred Stockholder

	  	  
	  	  

 

 

2Unassociated Document

EXECUTION COPY

 

SECOND AMENDMENT TO ASSET PURCHASE AGREEMENT

 

THIS SECOND AMENDMENT TO ASSET PURCHASE AGREEMENT (this “Amendment”) is made and entered into as of June 21, 2011, and amends that certain Asset Purchase Agreement, dated as of March 19, 2010 as amended in April 2010 (the “Amended Agreement”), by and among Tegal Corporation, a Delaware corporation (“Tegal”), Sputtered Films, Inc., a California corporation and a wholly-owned subsidiary of Tegal (“SFI” and together with Tegal, “Sellers”), OEM Group Inc., an Arizona corporation (“OEM Group”), and OEG-TEG, LLC, an Arizona limited liability company (“Purchaser”) (each Seller, OEM Group and Purchaser, a “Party” and collectively, the “Parties”).  All capitalized terms which are used but not otherwise defined herein shall have the meanings specified to such terms in the Original Agreement.

 

 

RECITALS:

 

WHEREAS, Sellers, OEM Group and Purchaser are parties to the Amended Agreement, as amended;

 

WHEREAS, pursuant to Section 9.4 of the Amended Agreement, the Parties may amend the Amended Agreement by a writing signed by each of the Parties; and

 

WHEREAS, the Parties desire to amend the Amended Agreement as set forth below.

 

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

 

1.1           2.2.3(a) Contingent Payment Amount.  Sub-section (a) of Section 2.2.3 of the Amended Agreement is amended and restated in its entirety as follows:

 

(a)             Purchaser shall pay to Tegal, by wire transfer of immediately available funds in two installments payable on July 1, 2011 (the “First Installment”) and October 1, 2011 (the “Second Installment”), respectively (subject to applicable extensions as set forth in Section 2.2.3(c) below), an additional amount according to the following schedule (the “Contingent Payment”) in the event that Applicable Bookings equal or exceed $6,000,000:

 

(i)           if Applicable Bookings are greater than or equal to $6,000,000 but less than $8,000,000, the Contingent Payment shall equal five percent of the Applicable Bookings in excess of $6,000,000;

 

(ii)           if Applicable Bookings are greater than or equal to $8,000,000 but less than $10,000,000, the Contingent Payment shall equal $100,000 plus ten percent of the Applicable Bookings in excess of $8,000,000;

 

(iii)           if Applicable Bookings are greater than or equal to $10,000,000 but less than $12,000,000, the Contingent Payment shall equal $300,000 plus fifteen percent of the Applicable Bookings in excess of $10,000,000;

 

  

  

  

EXECUTION COPY

 

 

(iv)           if Applicable Bookings are greater than or equal to $12,000,000, the Contingent Payment shall equal $600,000 plus twenty percent of the Applicable Bookings in excess of $12,000,000; provided, however, that the Contingent Payment shall in no event exceed One Million Dollars ($1,000,000).

 

The amount payable in the First Installment shall be equal to the greater of: (a) one half of the Contingent Payment, calculated in accordance with Sections 2.2.3(a)(i) through (iv) above (the “First Installment Principal Amount”), or (b) $300,000, together with interest thereon, calculated at the Wall Street Journal Prime Rate (as published in the Eastern print edition of the Wall Street Journal for such date) plus one percent as set forth below. The amount payable in the Second Installment shall be equal to the Contingent Payment minus the First Installment (the “Second Installment Principal Amount”),together with interest thereon, calculated at the Wall Street Journal Prime Rate (as published in the Eastern print edition of the Wall Street Journal for such date) plus one percent as set forth below. Interest on the each of the First Installment Principal Amount and the Second Installment Principal Amount shall begin accruing 15 days following the end of the Contingent Payment Period, shall be computed on the basis of a year of 360 days, and shall be assessed for the actual number of days elapsed. In such computations, effect shall be given to any change in the applicable interest rate as a result of any change in the Wall Street Journal Prime Rate on the date of each such change. OEM Group may prepay all or part of either or both of the First Installment Principal Amount or the Second Installment Principal Amount at any time without premium or penalty. Any prepayment hereunder shall also be accompanied by the payment of all accrued and unpaid interest on the amount so prepaid.

 

1.2           Continued Force and Effect. Except as expressly provided herein, this Amendment shall not constitute an amendment, modification or waiver of any provision of the Amended Agreement or any rights or obligations of any Person under or in respect of the Amended Agreement.  Except as expressly amended herein, the provisions of the Amended Agreement are and shall remain in full force and effect and are hereby ratified and confirmed.  On and after the date hereof, each reference in the Amended Agreement to “this Agreement” or the words “hereunder”, “hereof”, “herein” or words of similar import referring to the Amended Agreement, shall mean and be a reference to the Amended Agreement, as amended by this Amendment.  This Amendment shall be subject to, shall form a part of, and shall be governed by, the terms and conditions set forth in the Amended Agreement, as amended by this Amendment.

 

1.3           Governing Law.  This Amendment shall be governed by and interpreted and enforced in accordance with the laws of the State of California, without regard to the conflicts of laws rules of such state.  The rights and obligations of the parties under this Amendment shall not be governed by the provisions of the 1980 United Nations Convention on Contracts for the International Sale of Goods or the United Nations Convention on the Limitation Period in the International Sale of Goods, as amended.

 

1.4           Counterparts.  This Amendment may be executed in any number of counterparts and any Party hereto may execute any such counterpart, each of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but one and the same instrument.  This Amendment shall become binding when one or more counterparts taken together shall have been executed and delivered by the parties.  It shall not be necessary in making proof of this Amendment or any counterpart hereof to produce or account for any of the other counterparts.

 

  

  

  

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1.6           Severability.  Any provision of this Amendment which is invalid or unenforceable in any jurisdiction shall be ineffective to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

1.7           Headings.  All section headings contained in this Amendment are for convenience of reference only, do not form a part of this Amendment and shall not affect in any way the meaning or interpretation of this Amendment.

 

1.8           Amendments and Waivers.  No amendment of any provision of this Amendment shall be valid unless the same shall be in writing and signed by each of the Parties.

 

[Signature page follows]

 

  

  

  

EXECUTION COPY

 

 

IN WITNESS WHEREOF, the Parties hereto have duly executed this Amendment as of the day and year first above written.

 

TEGAL CORPORATION

 

By: /s/ Thomas R Mika                                                                                                                      

Name:  Thomas R. Mika

Title:  President and Chief Executive Officer

 

 

SPUTTERED FILMS, INC.

 

By: /s/ Thomas R. Mika                                                                                                                      

Name:  Thomas R. Mika

Title:  President and Chief Executive Officer

 

OEG-TEG, LLC

 

By: /s/ Wayne Jeveli                                                                                                                      

Name:  Wayne Jeveli

Title:  Manager

 

OEM GROUP, INC.

 

By: /s/ Wayne Jeveli  

Name:  Wayne Jeveli

Title:  President

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO ASSET PURCHASE AGREEMENT]

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