Document:

EXHIBIT 10.3(a)

 

STOCK
PURCHASE AGREEMENT

 

THIS STOCK PURCHASE
AGREEMENT (the “Agreement”) is entered into as of this 20th day
of June, 2005 (the “Effective Date”), by and between Prentis B.
Tomlinson, Jr., a resident of the State of Virginia (“Seller”), and Gregor
K. Emmert, Sr., an individual residing in Perrysburg, OH (the “Purchaser”).

 

RECITALS:

 

WHEREAS, the Purchaser
desires to purchase, and the Seller desires to sell,  seventeen thousand one hundred and
forty-three (17, 143) shares of common stock, par value $0.001 per share (the “Common
Stock”), of Particle Drilling Technologies, Inc., a Nevada
corporation (the “Corporation”), upon the terms and subject to the
conditions set forth herein;

 

NOW, THEREFORE, in
consideration of the premises, the terms and conditions set forth herein, the
mutual benefits to be gained by the performance hereof and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

ARTICLE I

SALE AND PURCHASE

 

Section 1.1                                      Sale of Stock.  Upon
the terms set forth herein, the Seller shall sell, transfer, assign and convey
to the Purchaser, seventeen thousand one hundred and forty-three (17,143)
shares of Common Stock owned by the Seller. 
Such shares of Common Stock shall be transferred by the Seller free and
clear of all liens, claims and encumbrances.

 

Section 1.2                                      Purchase Price.  In
consideration of the Seller’s sale, transfer, assignment and conveyance of the
Common Stock to Purchaser in accordance with this Agreement, the Purchaser
shall pay to the Seller $1.75 per share of Common Stock, for a total price of $30,000,
payable in cash or wire transfer upon execution of this Agreement.

 

ARTICLE II

REPRESENTATIONS
AND WARRANTIES OF THE SELLER

 

The Seller represents and
warrants that as of the date of this Agreement, the following is true and
correct:

 

Section 2.1                                      Status of the Common Stock. 
The Seller represents and warrants that the Common Stock has been
validly issued, fully paid and is nonassessable, and is free of preemptive
rights of any other person.

 

 

Section 2.2                                      Power; Approval of the Transaction.    This Agreement, when executed and delivered
by the Seller, will constitute the legal, valid and binding obligation of the
Seller, enforceable against him in accordance with its terms, except as that
enforceability may be (i) limited by any applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally, and (ii) subject to general principles
of equity (regardless of whether that enforceability is considered in a
proceeding in equity or at law).

 

Section 2.3                                      No Conflicts.  The
execution, delivery and performance of this Agreement and any other related
agreements in accordance with their respective terms, does not and will not (a) breach
or constitute a default under any agreement or instrument to which the Seller
is a party or by which either party or the Common Stock is bound, or (b) result
in the creation or imposition of, or afford any person the right to obtain, any
lien upon any of the Common Stock.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

 

The
Purchaser represents and warrants that as of the date of this Agreement, the
following is true and correct:

 

Section 3.1                                      Authorizations.  All
action necessary on the part of the Purchaser necessary for the authorization,
execution, delivery and performance of this Agreement, and the consummation of
the transactions contemplated herein, has been taken.  The Purchaser has full power and authority to
enter into this Agreement, and this Agreement constitutes the valid and legally
binding obligation of the Purchaser, enforceable in accordance with its terms,
except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of
creditors’ rights generally, and (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable
remedies.

 

Section 3.2                                      No Conflicts.  The
execution, delivery and performance of this Agreement and any other related
agreements in accordance with their respective terms, does not and will not (a) breach
or constitute a default under any agreement or instrument to which the
Purchaser is a party or by which the Purchaser is bound, or (b) result in
the creation or imposition of, or afford any person the right to obtain, any
lien upon any shares of Common Stock purchased by the Purchaser pursuant to
this Agreement.

 

Section 3.3                                      Purchase Entirely for Own Account.  This Agreement is made with the Purchaser in
reliance upon the Purchaser’s representations in this Agreement, which by such
Purchaser’s execution of this Agreement the Purchaser hereby confirms, that the
Common Stock  to be acquired by the
Purchaser will be acquired for investment for the Purchaser’s own account and
not with a view to the resale or distribution of any part thereof in violation
of applicable securities laws, and that the Purchaser has no present intention
of selling, granting any participation in or otherwise distributing the Common
Stock in violation of applicable securities laws.  By executing this Agreement, the Purchaser
further represents that the Purchaser does not have any contract,

 

2

 

undertaking, agreement or arrangement with
any person to sell, transfer or grant participations to such person or to any
third person in violation of applicable securities laws, with respect to any of
the Common Stock.

 

Section 3.4                                      Disclosure of Information. 
The Purchaser has relied on its own examination of the Corporation,
including the merits and risks involved in making an investment decision with
respect to the Common Stock.  Such
Purchaser believes it has received all information it considers necessary or
appropriate for deciding whether to purchase the shares of Common Stock.  The Purchaser further represents that it has (i) had
an opportunity to review the public filings of the Corporation on the EDGAR
system available through the SEC’s website, (ii) been furnished with all
information regarding the Corporation through the public filings that the
Purchaser has requested or desired to know and had an opportunity to ask
questions and receive answers from the Corporation regarding the business,
properties, prospects and financial condition of the Corporation, and (iii) understands
that the Seller is not an officer or director of the Corporation and that the
Seller does not have access to information about the Corporation in addition to
the information available in the public filings of the Corporation.

 

Section 3.5                                      Investment Experience. 
The Purchaser is an “accredited investor” as defined in Rule 501 of
Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), and was not organized for the purpose of acquiring any of the shares
of Common Stock.  The Purchaser’s
financial condition is such that it is able to bear the risk of holding the
shares of Common Stock for an indefinite period of time and the risk of loss of
its entire investment. The Purchaser has sufficient knowledge and experience in
investing in companies similar to the Corporation so as to be able to evaluate
the risks and merits of its investment in the Corporation.  The Purchaser fully understands that the
shares of Common Stock are speculative investments which involve a high degree
of risk of loss of the Purchaser’s entire investment.

 

Section 3.6                                      Restricted Securities. 
The Purchaser understands that the shares of Common Stock it is
purchasing have not been registered under the Securities Act and that the
shares of Common Stock are characterized as “restricted securities” under the
federal and state securities laws inasmuch as they are being acquired from the
Seller in a transaction not involving a public offering, and that under such
laws and applicable regulations the shares of Common Stock may not be resold
without registration under the Securities Act except in certain limited
circumstances.  In this connection, the
Purchaser represents that it is familiar with Rule 144 promulgated under
the Securities Act, as presently in effect, and understands the resale
limitations imposed thereby and by the Securities Act, including without
limitation the Rule 144 condition that current information about the
Corporation be available to the public, and that pursuant to Rule 144, the
Purchaser will be required to hold the Common Stock for a period of at least
one (1) year, and thereafter be subject to the volume limitations on
resale of Rule 144.  The Purchaser
understands that no federal or state agency has passed upon or made any
recommendation or endorsement of an investment in the shares of Common Stock.

 

3

 

ARTICLE III

COVENANTS

 

Section 4.1                                      Tax Matters.  The
Purchaser will be liable for all sales, transfer and stamp taxes imposed on it
on account of the sale, transfer, assignment and conveyance of the Common
Stock.

 

Section 4.2                                      Further Assurances; Certain Actions.  The Seller agrees that from time to time
after the date hereof it will (a) execute, deliver and acknowledge such
further bills of sale, endorsements, assignments and other good and sufficient
instruments of sale, transfer, assignment and conveyance and such further
consents, certifications, affidavits and assurances as the Purchaser may
reasonably request in order to vest in the Purchaser all right, title and
interest in the Common Stock or otherwise to consummate and make effective the
transactions contemplated by this Agreement, and (b) take, or cause to be
taken, all actions and do, or cause to be done, all such things as the
Purchaser may reasonably request in order to put the Purchaser in actual
possession of the Common Stock or otherwise to accomplish the purposes of this
Agreement.

 

Section 4.3                                      Transfer Agent.  The Seller and the Purchaser hereby
irrevocably authorize and instruct the Corporation to enter the assignment and
transfer of the shares of Common Stock subject to this Agreement from the
Seller to the Purchaser on the stock transfer records of the Corporation at any
time on or after the Effective Date.

 

Section 4.4                                      Further Limitations on Disposition.   Without in any way limiting the
representations set forth above, the Purchaser further agrees not to make any
disposition of all or any portion of the Common Stock unless:

 

(i)  There is then
in effect a registration statement under the Securities Act covering such
proposed disposition and such disposition is made in accordance with such
registration statement; or

 

(ii)  The Purchaser
shall have notified the Corporation, of the proposed disposition and shall have
furnished the Corporation with a detailed statement of the circumstances
surrounding the proposed disposition, and if reasonably requested by the
Corporation, the Purchaser shall have furnished the Corporation with an opinion
of counsel, reasonably satisfactory to the Corporation, that such disposition
will not require registration of such shares under the Securities Act.

 

(ii)  Notwithstanding
the provisions of Subparagraphs (i) and (ii) of this Section 4.4,
no such registration statement or opinion of counsel shall be necessary for a
transfer by the Purchaser to any affiliate or limited or general partner of the
Purchaser, if the transferee agrees in writing to be subject to the terms
hereof to the same extent as if such transferee were the original Purchaser
hereunder.

 

Section 4.5                                      Legends.  It is understood that any
certificates evidencing the Common Stock must bear the legend in substantially
the form set forth below (until such legend is properly removed):

 

4

 

“These
securities have not been registered under the Securities Act of 1933, as
amended.  They may not be sold, offered
for sale, pledged or hypothecated in the absence of a registration statement in
effect with respect to the securities under such Act or an applicable exemption
therefrom.”

 

ARTICLE V

MISCELLANEOUS

 

Section 5.1                                      Expenses.  Except as
expressly provided herein, each party to this Agreement will bear their
respective legal, accounting and other expenses in connection with this
Agreement and the transactions contemplated hereby.

 

Section 5.2                                      Notices.  All notices,
requests and other communications given hereunder shall be in writing
(including facsimile transmission or any similar writing) and shall be
effective when received.  Notices to the
parties shall be addressed as follows:

 

if to the Purchaser, to:

 

Gregor K. Emmert, Sr.

29269 Durham Drive

Perrysburg, OH 43551-3410

 

if to the Seller, to:

 

Prentis B. Tomlinson, Jr.

1825 I Street NW, Suite 400

Washington, D.C. 20006

 

Section 5.3                                      Amendment; Waiver. 
The terms and provisions of this Agreement may be modified or amended
only by a written instrument executed by each of the parties hereto, and compliance
with any term or provision hereof may be waived only by a written instrument
executed by each party entitled to the benefits of the same.  Except as expressly provided herein, no
failure to exercise any right, power or privilege hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or
privilege granted hereunder.

 

Section 5.4                                      Entire Agreement. 
This Agreement and any related agreements constitute the entire
agreement among the parties with respect to the subject matter hereof and
supersede all prior written or oral agreements and understandings and all
contemporaneous oral agreements and understandings among the parties or any of
them with respect to the subject matter hereof.

 

Section 5.5                                      Severability.  In the
event any term or provision contained herein is found to

 

5

 

be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining terms and provisions hereof, which shall remain in full force and
effect, and the parties shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties to the fullest extent possible.

 

Section 5.6                                      Governing Law. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of Texas (without regard to any conflicts of law principles
that would require or permit the application of the laws of any other state or
jurisdiction).

 

Section 5.7                                      Counterparts.  The
parties may sign this Agreement in counterparts, each of which shall be an
original, but all of which together shall constitute one original.

 

Section 5.8                                      Third Party Beneficiary.  The parties hereto intend that the
Corporation is a third party beneficiary of this Agreement and the Corporation
is entitled to rely upon the representations, warranties and covenants of the
parties to this Agreement.

 

EXECUTED, by the
undersigned, as of the date first written above.

 

	
   

  	
  SELLER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Prentis B.
  Tomlinson, Jr.

  	
   

  
	
   

  	
   

  	
  Prentis B.
  Tomlinson, Jr.

  
	
   

  	
   

  
	
   

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregor K.
  Emmert, Sr.

  	
   

  
	
   

  	
   

  	
  Gregor K.
  Emmert, Sr.

  	
   

  
					

 

6EXHIBIT 10.3(b)

 

STOCK
PURCHASE AGREEMENT

 

THIS STOCK PURCHASE
AGREEMENT (the “Agreement”) is entered into as of this 20th day
of June, 2005 (the “Effective Date”), by and between Prentis B.
Tomlinson, Jr., a resident of the State of Virginia (“Seller”), and Gregor
K. Emmert, Jr., an individual residing in Toledo, OH (the “Purchaser”).

 

RECITALS:

 

WHEREAS, the Purchaser
desires to purchase, and the Seller desires to sell, thirty-four thousand two
hundred and eighty-six (34, 286) shares of common stock, par value $0.001 per
share (the “Common Stock”), of Particle Drilling Technologies, Inc.,
a Nevada corporation (the “Corporation”), upon the terms and subject to
the conditions set forth herein;

 

NOW, THEREFORE, in
consideration of the premises, the terms and conditions set forth herein, the
mutual benefits to be gained by the performance hereof and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

ARTICLE I

SALE AND PURCHASE

 

Section 1.1             Sale of Stock.  Upon
the terms set forth herein, the Seller shall sell, transfer, assign and convey
to the Purchaser, thirty-four thousand two hundred and eighty-six (34,286)
shares of Common Stock owned by the Seller. 
Such shares of Common Stock shall be transferred by the Seller free and
clear of all liens, claims and encumbrances.

 

Section 1.2             Purchase Price.  In
consideration of the Seller’s sale, transfer, assignment and conveyance of the
Common Stock to Purchaser in accordance with this Agreement, the Purchaser
shall pay to the Seller $1.75 per share of Common Stock, for a total price of $60,000,
payable in cash or wire transfer upon execution of this Agreement.

 

ARTICLE II

REPRESENTATIONS
AND WARRANTIES OF THE SELLER

 

The Seller represents and
warrants that as of the date of this Agreement, the following is true and
correct:

 

Section 2.1             Status of the Common Stock. 
The Seller represents and warrants that the Common Stock has been
validly issued, fully paid and is nonassessable, and is free of preemptive
rights of any other person.

 

 

Section 2.2             Power; Approval of the Transaction.    This Agreement, when executed and delivered
by the Seller, will constitute the legal, valid and binding obligation of the
Seller, enforceable against him in accordance with its terms, except as that
enforceability may be (i) limited by any applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally, and (ii) subject to general
principles of equity (regardless of whether that enforceability is considered
in a proceeding in equity or at law).

 

Section 2.3             No Conflicts.  The
execution, delivery and performance of this Agreement and any other related
agreements in accordance with their respective terms, does not and will not (a) breach
or constitute a default under any agreement or instrument to which the Seller
is a party or by which either party or the Common Stock is bound, or (b) result
in the creation or imposition of, or afford any person the right to obtain, any
lien upon any of the Common Stock.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

 

The
Purchaser represents and warrants that as of the date of this Agreement, the
following is true and correct:

 

Section 3.1             Authorizations.  All action necessary on the part of the
Purchaser necessary for the authorization, execution, delivery and performance
of this Agreement, and the consummation of the transactions contemplated
herein, has been taken.  The Purchaser
has full power and authority to enter into this Agreement, and this Agreement
constitutes the valid and legally binding obligation of the Purchaser,
enforceable in accordance with its terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium and other laws of
general application affecting enforcement of creditors’ rights generally, and (ii) as
limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies.

 

Section 3.2             No Conflicts.  The
execution, delivery and performance of this Agreement and any other related
agreements in accordance with their respective terms, does not and will not (a) breach
or constitute a default under any agreement or instrument to which the
Purchaser is a party or by which the Purchaser is bound, or (b) result in
the creation or imposition of, or afford any person the right to obtain, any
lien upon any shares of Common Stock purchased by the Purchaser pursuant to
this Agreement.

 

Section 3.3             Purchase Entirely for Own Account. This
Agreement is made with the Purchaser in reliance upon the Purchaser’s
representations in this Agreement, which by such Purchaser’s execution of this
Agreement the Purchaser hereby confirms, that the Common Stock to be acquired
by the Purchaser will be acquired for investment for the Purchaser’s own
account and not with a view to the resale or distribution of any part thereof
in violation of applicable securities laws, and that the Purchaser has no
present intention of selling, granting any participation in or otherwise
distributing the Common Stock in violation of applicable securities laws.  By executing this Agreement, the Purchaser
further represents that the Purchaser does not have any contract,

 

2

 

undertaking, agreement or arrangement with
any person to sell, transfer or grant participations to such person or to any
third person in violation of applicable securities laws, with respect to any of
the Common Stock.

 

Section 3.4             Disclosure of Information. 
The Purchaser has relied on its own examination of the Corporation,
including the merits and risks involved in making an investment decision with
respect to the Common Stock.  Such
Purchaser believes it has received all information it considers necessary or
appropriate for deciding whether to purchase the shares of Common Stock.  The Purchaser further represents that it has (i) had
an opportunity to review the public filings of the Corporation on the EDGAR
system available through the SEC’s website, (ii) been furnished with all
information regarding the Corporation through the public filings that the
Purchaser has requested or desired to know and had an opportunity to ask
questions and receive answers from the Corporation regarding the business,
properties, prospects and financial condition of the Corporation, and (iii) understands
that the Seller is not an officer or director of the Corporation and that the
Seller does not have access to information about the Corporation in addition to
the information available in the public filings of the Corporation.

 

Section 3.5             Investment Experience. 
The Purchaser is an “accredited investor” as defined in Rule 501 of
Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), and was not organized for the purpose of acquiring any of the shares
of Common Stock.  The Purchaser’s
financial condition is such that it is able to bear the risk of holding the
shares of Common Stock for an indefinite period of time and the risk of loss of
its entire investment. The Purchaser has sufficient knowledge and experience in
investing in companies similar to the Corporation so as to be able to evaluate
the risks and merits of its investment in the Corporation.  The Purchaser fully understands that the
shares of Common Stock are speculative investments which involve a high degree
of risk of loss of the Purchaser’s entire investment.

 

Section 3.6             Restricted Securities. 
The Purchaser understands that the shares of Common Stock it is
purchasing have not been registered under the Securities Act and that the
shares of Common Stock are characterized as “restricted securities” under the
federal and state securities laws inasmuch as they are being acquired from the
Seller in a transaction not involving a public offering, and that under such
laws and applicable regulations the shares of Common Stock may not be resold
without registration under the Securities Act except in certain limited
circumstances.  In this connection, the
Purchaser represents that it is familiar with Rule 144 promulgated under
the Securities Act, as presently in effect, and understands the resale
limitations imposed thereby and by the Securities Act, including without
limitation the Rule 144 condition that current information about the
Corporation be available to the public, and that pursuant to Rule 144, the
Purchaser will be required to hold the Common Stock for a period of at least
one (1) year, and thereafter be subject to the volume limitations on
resale of Rule 144.  The Purchaser
understands that no federal or state agency has passed upon or made any
recommendation or endorsement of an investment in the shares of Common Stock.

 

3

 

ARTICLE III

COVENANTS

 

Section 4.1             Tax Matters.  The
Purchaser will be liable for all sales, transfer and stamp taxes imposed on it
on account of the sale, transfer, assignment and conveyance of the Common
Stock.

 

Section 4.2             Further Assurances; Certain Actions.  The Seller agrees that from time to time
after the date hereof it will (a) execute, deliver and acknowledge such
further bills of sale, endorsements, assignments and other good and sufficient
instruments of sale, transfer, assignment and conveyance and such further
consents, certifications, affidavits and assurances as the Purchaser may
reasonably request in order to vest in the Purchaser all right, title and
interest in the Common Stock or otherwise to consummate and make effective the
transactions contemplated by this Agreement, and (b) take, or cause to be
taken, all actions and do, or cause to be done, all such things as the
Purchaser may reasonably request in order to put the Purchaser in actual
possession of the Common Stock or otherwise to accomplish the purposes of this
Agreement.

 

Section 4.3             Transfer Agent.  The Seller and the Purchaser hereby
irrevocably authorize and instruct the Corporation to enter the assignment and
transfer of the shares of Common Stock subject to this Agreement from the
Seller to the Purchaser on the stock transfer records of the Corporation at any
time on or after the Effective Date.

 

Section 4.4             Further Limitations on Disposition.   Without in any way limiting the
representations set forth above, the Purchaser further agrees not to make any
disposition of all or any portion of the Common Stock unless:

 

(i)  There is then
in effect a registration statement under the Securities Act covering such
proposed disposition and such disposition is made in accordance with such
registration statement; or

 

(ii)  The Purchaser
shall have notified the Corporation, of the proposed disposition and shall have
furnished the Corporation with a detailed statement of the circumstances
surrounding the proposed disposition, and if reasonably requested by the
Corporation, the Purchaser shall have furnished the Corporation with an opinion
of counsel, reasonably satisfactory to the Corporation, that such disposition
will not require registration of such shares under the Securities Act.

 

(ii)  Notwithstanding
the provisions of Subparagraphs (i) and (ii) of this Section 4.4,
no such registration statement or opinion of counsel shall be necessary for a
transfer by the Purchaser to any affiliate or limited or general partner of the
Purchaser, if the transferee agrees in writing to be subject to the terms
hereof to the same extent as if such transferee were the original Purchaser
hereunder.

 

Section 4.5             Legends.  It is
understood that any certificates evidencing the Common Stock must bear the
legend in substantially the form set forth below (until such legend is properly
removed):

 

4

 

“These
securities have not been registered under the Securities Act of 1933, as
amended.  They may not be sold, offered
for sale, pledged or hypothecated in the absence of a registration statement in
effect with respect to the securities under such Act or an applicable exemption
therefrom.”

 

ARTICLE V

MISCELLANEOUS

 

Section 5.1             Expenses.  Except as
expressly provided herein, each party to this Agreement will bear their
respective legal, accounting and other expenses in connection with this
Agreement and the transactions contemplated hereby.

 

Section 5.2             Notices.  All notices,
requests and other communications given hereunder shall be in writing
(including facsimile transmission or any similar writing) and shall be
effective when received.  Notices to the
parties shall be addressed as follows:

 

if to the Purchaser, to:

 

Gregor K. Emmert, Jr.

2620 Falmouth Road

Toledo, OH 43615

 

if to the Seller, to:

 

Prentis B. Tomlinson, Jr.

1825 I Street NW, Suite 400

Washington, D.C. 20006

 

Section 5.3             Amendment; Waiver. 
The terms and provisions of this Agreement may be modified or amended
only by a written instrument executed by each of the parties hereto, and
compliance with any term or provision hereof may be waived only by a written
instrument executed by each party entitled to the benefits of the same.  Except as expressly provided herein, no
failure to exercise any right, power or privilege hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or
privilege granted hereunder.

 

Section 5.4             Entire Agreement. 
This Agreement and any related agreements constitute the entire
agreement among the parties with respect to the subject matter hereof and
supersede all prior written or oral agreements and understandings and all
contemporaneous oral agreements and understandings among the parties or any of
them with respect to the subject matter hereof.

 

Section 5.5             Severability.  In the
event any term or provision contained herein is found to

 

5

 

be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining terms and provisions hereof, which shall remain in full force and
effect, and the parties shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties to the fullest extent
possible.

 

Section 5.6             Governing Law. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of Texas (without regard to any conflicts of law principles
that would require or permit the application of the laws of any other state or
jurisdiction).

 

Section 5.7             Counterparts.  The
parties may sign this Agreement in counterparts, each of which shall be an
original, but all of which together shall constitute one original.

 

Section 5.8             Third Party Beneficiary.  The parties hereto intend that the
Corporation is a third party beneficiary of this Agreement and the Corporation
is entitled to rely upon the representations, warranties and covenants of the
parties to this Agreement.

 

EXECUTED, by the
undersigned, as of the date first written above.

 

	
   

  	
  SELLER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Prentis B.
  Tomlinson, Jr.

  	
   

  
	
   

  	
   

  	
  Prentis B.
  Tomlinson, Jr.

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregor K.
  Emmert, Jr.

  	
   

  
	
   

  	
   

  	
  Gregor K.
  Emmert, Jr.

  	
   

  
					

 

6

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