Document:

bdco8kex101061312.htm

Lazarus Energy Holdings, LLC

801 Travis, Suite 2100

Houston, Texas 77002

(713)850-0513

 

 

June 10, 2012

Mr. Ivar Siem

Chairman

Blue Dolphin Energy Company

801 Travis, Suite 2100

Houston, Texas 77002

	
  

	
In Re:

	
Ingleside Refinery

Dear Mr. Siem:

Representatives of Lazarus Energy Holdings, LLC (LEH) and Blue Dolphin Energy Company (Blue Dolphin) have discussed the prospect of Blue Dolphin purchasing from LEH Lazarus Texas Refinery I, LLC, (“LTRI”) a Delaware Limited Liability company, comprised of land, equipment, pipelines and barge facility located in Ingleside, San Patricio County, Texas and commonly known as the InglesideRefinery (“Ingleside”).

Blue Dolphin has requested of LEH and LEH does hereby grant Blue Dolphin a 180 day exclusive option period to inspect and, if appropriate, negotiate a Purchase and Sale Agreement (PSA), which would contain mutually agreeable terms and provisions, as follows:

	
1.  

	
Option Consideration: As consideration for the exclusive option period, simultaneously with the execution and delivery of this Letter Agreement, Blue Dolphin shall pay LEH the fully refundable sum of One Hundred Thousand Dollars ($100,000.00) cash.

	
2.  

	
Financial Terms: The financial terms for Blue Dolphin’s acquisition of LTRIshall consists of cash and/or a note payable and provided as follows:

	
a.  

	
Cash and assumption of all outstanding liabilities

	
b.  

	
Reimbursement of all cost associated with the acquisition, refurbishment and environmental remediation of Ingleside by LTRI and LEH.

	
c.  

	
LEH will credit the full amount of the Option Consideration towards the purchase price of LTRI by Blue Dolphin.

	
3.  

	
Give Back: If LEH and Blue Dolphin are unable to negotiate and execute within the time referenced in paragraph 1. above, a mutually agreeable PSA, or if after the EPA has signed off on the remediation cleanup of Ingleside, there is a difference between the amount spent by LEH in cleaning up the Refinery and what Blue Dolphin is willing to pay to acquire the interests of LTRI,then LEH, with no extra consideration from Blue Dolphin, shall return to Blue Dolphin the Option Consideration.

 

 

 

  

  

  

Mr. Ivar Siem

June 10, 2012

Page 2

 

 

 

	
4.  

	
Superior Crude Gathering, Inc. Lease Agreement: Blue Dolphin acknowledges that Ingleside is subject to a Lease Agreement with Superior Crude Gathering, Inc. (“Superior”), the terms and provisions of which have been delivered to Blue Dolphin.  Any cash consideration that must be paid to Superior in connection with its termination of the Superior Lease Agreement would be payable by Blue Dolphin.

The foregoing sets forth the understanding of the parties as to the basis by which they are negotiating a PSA, with the understanding that the above provisions comprise negotiating points only and do not constitute a definitive obligation on the part of Blue Dolphin to purchase LTRI from LEH, but rather is merely a statement of intention and the terms and provisions that the parties will be discussing in an attempt to reach a mutual agreeable PSA.

If the foregoing correctly sets forth your understanding of the purpose of this Letter Agreement, then please sign duplicate originals in the space provided below and remit the Option Consideration to LEH.

 

 

	 	 
Very truly yours,

	 	 
	 	 
LAZARUS ENERGY HOLDINGS, LLC

	 	 
	 	 
	 	 
By:/s/ JONATHAN CARROLL                                  

	 	       Jonathan Carroll 

 

BLUE DOLPHIN ENERGY COMPANY

	
By:

	
/s/ IVAR SIEM                                          

	  	
Ivar Siem, Chairman

	
By:

	
/s/ JONATHAN CARROLL                    

	  	
Jonathan Carroll, Presidentex101.htm

Exhibit 10.1

 

EXCHANGE AGREEMENT

 

EXCHANGE AGREEMENT (this “Agreement”), dated as of June 14, 2012, by and between DiMi Telematics International, Inc., a Nevada corporation, with offices located at 290 Lenox Avenue, New York, NY  10027 (the “Company”), and Lyle Hauser, an individual with an address c/o The Vantage Group, 9429 Harding Avenue, Suite 5, Surfside, FL 33154 (the “Holder”).

 

WHEREAS:

 

A.           The Holder is the owner, beneficially and of record, of 243,840,000 shares of common stock of the Company, par value $0.001 per share (the “Common Stock”)

 

B.           The Company and the Holder desire to enter into this Agreement, pursuant to which, among other things, the Holder shall exchange 100,000,000 of his shares of Common Stock (the “Holder Shares”), for 1,000 shares of Series A Preferred Stock (the “Exchange Shares”) in reliance upon the exemption from registration provided by Section 3(a)(9) of the Securities Act, as amended (the “Securities Act”), which Exchange Shares shall be governed by the Certificate of Designation of Preferences, Rights and Limitations of Series A Preferred Stock appended hereto as Exhibit A.

 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the Company and the Holder hereby agree as follows:

 

1. Exchange of Holder Shares.  On the date hereof, the Holder shall, and the Company shall, pursuant to Section 3(a)(9) of the Securities Act, exchange the Holder Shares for the Exchange Shares, without the payment of any additional consideration (the “Exchange”), as follows:

 

(a) Delivery.  In exchange for the Holder Shares, on the date hereof the Company shall issue to the Holder a certificate evidencing the Exchange Shares.  The Holder shall deliver or cause to be delivered to the Company the Holder Shares on the date hereof.  Promptly following the issuance of the Exchange Shares to the Holder, the Holder Shares shall be cancelled.

 

(b) Other Documents.  The Company and the Holder shall execute and/or deliver such other documents and agreements as are customary and reasonably necessary to effectuate the Exchange.

 

2. Representations and Warranties

 

(a)           Holder Representations and Warranties.  The Holder hereby represents and warrants to the Company that, as of the date hereof, the Holder is the sole record and beneficial owner of the Holder Shares and will transfer and deliver to the Company at the Closing valid title to the Holder Shares, free from preemptive or similar rights, taxes, liens, charges and other encumbrances.

 

(b)           Company Representations and Warranties.  The Company hereby represents and warrants to the Holder that, as of the date hereof, the Exchange and the issuance of the Exchange Shares have been duly authorized and upon issuance in accordance with the terms of this Agreement, the Exchange Shares will be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, taxes, liens, charges and other encumbrances with respect to the issue thereof.  The Exchange Shares shall be issued with the restrictive legend prescribed by the Securities Act.

 

  

1

  

 

3. Covenants.

 

(a) Disclosure of Transactions and Other Material Information.  On or before 9:30 a.m., New York time, on the fourth (4th) Business Day following the date of this Agreement, the Company shall file a Current Report on Form 8-K describing all the material terms of the transactions contemplated by this Agreement in the form required by the Securities Exchange Act, as amended (the “Exchange Act”) and attaching the form of this Agreement (including all attachments, the “8-K Filing”).  From and after the issuance of the 8-K Filing, the Company shall have disclosed all material, non-public information (if any) delivered to the Holder by the Company in connection with the transactions contemplated by this Agreement.

 

(b) Section 3(a)(9).  The Company represents that the exchange of the Holder Shares for the Exchange Shares is being made in reliance upon the exemption from registration provided by Section 3(a)(9) of the Securities Act and agrees not to take any position contrary to this Section 3(b).  For the purposes of Rule 144 of the Securities Act, the Company acknowledges that the holding period of the Exchange Shares may be tacked onto the holding period of the Holder Shares and the Company agrees not to take a position contrary to this Section 3(b).

 

4. Miscellaneous.

 

(a) Waivers.  The waiver of a breach of this Agreement or the failure of any party hereto to exercise any right under this Agreement shall in no way constitute waiver as to future breach whether similar or dissimilar in nature or as to the exercise of any further right under this Agreement.

 

(b) Amendment.  This Agreement may be amended or modified only by an instrument of equal formality signed by the Parties or the duly authorized representatives of the respective Parties.

 

(c) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to conflict of laws.  Any action, suit, or proceeding arising out of, based on, or in connection with this Agreement, any document relating hereto or delivered in connection with the transactions contemplated hereby, any statement, certificate, or other instrument delivered by or on behalf of, or delivered to, any party hereto or thereto in connection with the transactions contemplated hereby or thereby, any breach of this Agreement or such other document, or the other transactions contemplated hereby or thereby may be brought only in the state courts of the State of New York located in New York City, or in the United States District Court for the Southern District of New York and each party covenants and agrees not to assert, by way of motion, as a defense, or otherwise, in any such action, suit, or proceeding, any claim that it is not subject personally to the jurisdiction of such court if it has been duly served with process, that its property is exempt or immune from attachment or execution, that the action, suit, or proceeding is brought in an inconvenient forum, that the venue of the action, suit, or proceeding is improper, or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 

(d) Assignment.  This Agreement is not assignable except by operation of law.

 

(e) Entire Agreement.  This Agreement (including its Exhibit A) contains the entire agreement among the Parties with respect to the transactions contemplated hereby, and supersedes all prior agreements, written or oral, with respect hereof.

 

(f) Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed, shall constitute an original copy hereof, but all of which together shall consider but one and the same document.

 

 

 [Signature Page Follows]

 

  

2

  

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

 

	COMPANY	 
	 	 	 
	DIMI TELEMATICS INTERNATIONAL, INC.	 
	 	 	 
	By:	
 

	 
	Name:	
Barry Tenzer

	 
	Title:	
President

	 

 

 

	HOLDER	 
	 	 	 
	By:	
 

	 
	Name:	
Lyle Hauser

	 
	Title:	
an Individual

	 

 

     

 

 

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