Document:

exh102.htm

     

    Exhibit 10.2

    

    CONVERTIBLE DEMAND NOTE
entered into Panama

    

    

    BETWEEN

    

    

    POMA MANAGEMENT S.A.,
corporation legally constituted, having its head office at suite 53rd URB,
Obarrio, Swiss Tower, 16th floor,
Panama, Republic of Panama, herein represented by Pablo J. Espino, President of
the company, duly authorized as he so declares;

    

    

    (the
“Lender”)

    

    AND:

    

    ECOLOCAP SOLUTIONS INC.,
corporation legally constituted under the State of Nevada Laws, having
its head office at 740 St-Maurice, suite 102, Montreal, Quebec, H3C 1L5, herein
represented by Dr. Tri Vu Truong, duly authorized as he so
declares;

    

    

    (the
“Borrower”)

    

    

    

    Make the
following declarations and covenants:

    

     

    LOAN

     

    1)           The
Lender has agreed to advance to the Borrower during the year 2008, a total of
Four Hundred and Fifty One Thousand Dollars American ($451,000.00US) (the
“Loan”).

     

    2)           The
said Loan was granted as monetary advances;

     

    3)           The
Borrower recognises that the terms and conditions of the Loan are for the
exclusive benefit of the Lender, and the latter may renounce to it, in whole or
in part, at its sole discretion.

     

    4)          
 If the Borrower defaults on any obligation whatsoever in favour of the
Lender and, if at the time of the default, the Lender has not yet paid out the
entire capital amount of the Loan, the Lender may, at its sole discretion and
without prior notice, temporarily delay or definitively cease to pay out any
other amount whatsoever to the Borrower, subject to its other rights and
recourses.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    INTERESTS, TERM AND REIMBURSEMENT

     

    5)           The
interest rate for the Loan is 10% year, and the amount of accrued interest as of
June 30, 2009 is $39,490.28 USD, said interests being capitalized and is part of
the Loan.

     

    6)          
 Interest shall be calculated monthly, from the first disbursement, on the
total capital amount advance, as well after as before maturity, default or
judgment, from the date of full payment.  Such interest rate is
determined upon the basis of a three hundred and sixty-five (365) day year, the
Lender's usual practice.

     

    7)           The
Loan shall be reimbursable on demand (the “Loan Term”).

     

    8)           All
the payments required under the terms of the present Agreement that have not
been made on schedule shall be subject to the aforesaid interest rate from the
expiry date of all such payments and shall be payable on demand.

     

     

    LOCATION
OF THE PAYMENT

     

    9)           Any
payment to the Lender must be made in American currency at the address of the
Lender or to any other location that the Lender may designate in
writing.

     

     

    ASSIGNMENT OR TRANSFER

     

    10)           The  Borrower
shall  not assign, transfer,  hypothec or otherwise dispose
of the rights it has or may have in relation to the Loan.

    

    11)           The
Lender is allowed to assign, transfer, hypothec or otherwise dispose of the
rights it has or may have in relation to the Loan.

    

     

    TIME

     

    12)           Time
shall be of the essence of this Agreement and the agreement created by the
acceptance thereof.

     

     

    ELECTION
OF DOMICILE

     

    13)           Any
notice given to the Borrower shall be sent at the last address provided in
writing to the Lender.  If the Lender does not find the Borrower at
this address, the may serve or produce any notice or communication addressed to
him at the office of the Superior Court of the District of Montreal where the
Borrower has elected domicile.

     

     

    CONVERSION
OF LOAN

    

    14)          In
the next 90 days the Lender, or any beneficiary of the present agreement, will
have the exclusive right to convert the Loan or a portion of the Loan in
restricted shares of Common Stock (the “Shares”) of the Borrower at a fix
price.

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
 

    15)          The
Conversion will process following the reception by the Borrower of a notice of
Conversion as provided in schedule 14, send by the Lender at the last known
address of the Borrower (the “Conversion Event”).

    

    16)          The
price for the Shares of the Borrower is equal to the average market closing
price of the Shares of the Borrower during the last 30 days, minus a 10%
discount.

    

    17)          Upon
the Conversion Event, the Borrower shall take all necessary actions to convert
the Loan into Restricted Shares of Common Stock of the Borrower.

     

     

    EFFECTIVE

    

    18)         
The present shall be effective as of its final execution by the
parties.

     

     

    GOVERNING LAW

    

    19)          The
present, as well as the interpretation or construction thereof, the execution or
performance thereof, the application and validity thereof, as well as the
effects thereof, are subject to the applicable laws in force and in effect in
Panama, which govern all or part of the provisions hereof.

     

     

    GENERAL

    

    20)          The
present hereby cancels all prior agreements between the parties relating to the
subject hereof.

    

    

     

    THE
PARTIES HAVE SIGNED THE PRESENT AGREEMENT AS OF  ___________________,
2009.

     

     

    
      
        
          	 	 	 
	 	 	For
      the Borrower	 
	 	 	By:
      TRI VU TRUONG	 
	 	 	Dr.
      Tri Vu Truong, Chief Executive officer	 
	 	 	 	 

        

      

      
        
          	 	 	 
	 	 	For
      the Lender	 
	 	 	By:
      PABLO J. ESPINO	 
	 	 	Pablo
      J. Espino	 
	 	 	Representative
      of the Lender.	 

        

      

     

     

    

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    SCHEDULE
14

    NOTICE OF
CONVERSION

    

    

               The
undersigned hereby irrevocably elects, as of ______________,  200_
to
convert $__________ of Convertible Loan into Common Stock of EcoloCap Solutions
Inc. (the "Company") according to the conditions set forth in the Memorandum of
Convertible Loan Agreement dated  _______________, and issued by the
Company.

    

    Date of
Conversion________________________________________________

    

    Applicable
Conversion Price________________________________________

    

    Number of
Shares Issuable upon this conversion_______________________

    

    Name
(Print) ______________________________________________________

    

    Address__________________________________________________________

    

    _________________________________________________________________

    

    Phone______________________   Fax_________________________________

    

    

    

    By:
_______________________________

    

     

     

     

     

    
 

    

    
      
         

      

      
        4vivakor_ex1007.htm

EXHIBIT 10.7

 

Subscription Agreement

VivaKor, Inc.

1. Investment.

(a) The undersigned (“Buyer”) subscribes for __________ Shares of Common Stock of VivaKor, Inc. at $0.23 per share.

(b) Total subscription price ($0.23 times number of Shares): $__________________

2. Investor Information.

Name (type or print) SSN/EIN/Taxpayer I.D.

___________________________________ ________________________

E-mail address: __________________________________________________________

Address: ______________________________________________________________

Joint Name (type or print) SSN/EIN/Taxpayer I.D.

___________________________________ _______________________

E-mail address: __________________________________________________________

Address: ______________________________________________________________

Mailing Address (if different from above):__________________________________________________

Street City/State Zip

Business Phone: ( ) ___________________ Home Phone: ( ) __________________

3. Type of Ownership. (You must check one box)

[ ] Individual [ ] Custodian for _______________________________

[ ] Tenants in Common [ ] Uniform Gifts to Minors Act of the State of: _______

[ ] Corporation (Inc., LLC, LP) Please List all officers, directors, partners, managers, etc.:

____________________________________________________________________

________________________________________________________________________

[ ] Joint Tenants with rights of Survivorship

[ ] Partnership (Limited Partnerships use “Corporation”)

[ ] Trust

[ ] Community Property

[ ] Other (please explain) _________________________________________________

PLEASE MAKE CHECKS PAYABLE TO:

VivaKor, Inc.

4. Further Representations, Warrants and Covenants. Buyer hereby represents, warrants, covenants and agrees as follows:

5. Indemnification

Buyer acknowledges an understanding of the meaning of the legal consequences of Buyer’s representations and warranties contained in this Subscription Agreement and the effect of his or her signature and execution of this Agreement, and Buyer hereby agrees to indemnify and hold the Company and each of its officers and/or
directors, representatives, agents or employees, harmless from and against any and all losses, damages, expenses or liabilities due to, or arising out of, a breach of any representation, warranty or agreement of or by Buyer contained in this Subscription Agreement.

(a) Buyer is at least eighteen (18) years of age with an address as set forth in this Subscription Agreement.

(b) Except as set forth in the Prospectus and the exhibits thereto, no representations or warranties, oral or otherwise, have been made to Buyer by the Company or any other person, whether or not associated with the Company or this offering. In entering into this transaction, Buyer is not relying upon any information, other
than that contained in the Prospectus and the exhibits thereto and the results of any independent investigation conducted by Buyer at Buyer’s sole discretion and judgment.

 

 

 

 

 

(c) Buyer understands that his or her investment in the Shares is speculative and involves a high degree of risk, and is not recommended for any person who cannot afford a total loss of the investment. Buyer has read and understands the “Risk Factors” set forth in the Prospectus. Buyer is able to bear the economic
risks of an investment in the Offering and at the present time can afford a complete loss of such investment.

(d) Buyer is under no legal disability nor is Buyer subject to any order, which would prevent or interfere with Buyer’s execution, delivery and performance of this Subscription Agreement or his or her purchase of the Shares. The Shares are being purchased solely for Buyer’s own account and not for the account
of others and for investment purposes only.

(e) Buyer has (i) adequate means of providing for his or her current financial needs and possible personal

contingencies, and no present need for liquidity of the investment in the Shares, and (ii) a liquid net worth (that is, net worth exclusive of a primary residence, the furniture and furnishings thereof, and automobiles) which is sufficient to enable Buyer to hold the Shares indefinitely.

(f) If the Buyer is acting without a Purchaser Representative, Buyer has such knowledge and experience in

financial and business matters that Buyer is fully capable of evaluating the risks and merits of an investment in the Offering.

(g) Buyer has been furnished with the Prospectus. Buyer understands that Buyer shall be required to bear all personal expenses incurred in connection with his or her purchase of the Shares, including without limitation, any fees which may be payable to any accountants, attorneys or any other persons consulted by Buyer in
connection with his or her investment in the Offering.

6. Acceptance of Subscription

It is understood that this subscription is not binding upon the Company until accepted by the Company, and that the Company has the right to accept or reject this subscription, in whole or in part, in its sole and complete discretion. If this subscription is rejected in whole, the Company shall return to Buyer, without interest,
the Payment tendered by Buyer, in which case the Company and Buyer shall have no further obligation to each other hereunder. In the event of a partial rejection of this subscription, Buyer’s Payment will be returned to Buyer without interest, whereupon Buyer agrees to deliver a new payment in the amount of the purchase price for the number of Shares to be purchased hereunder following a partial rejection of this subscription.

7. Governing Law

This Subscription Agreement shall be governed and construed in all respects in accordance with the laws of the State of Nevada without giving effect to any conflict of laws or choice of law rules.

IN WITNESS WHEREOF, this Subscription Agreement has been executed and delivered by the Buyer and by the Company on the respective dates set forth below.

Deliver completed subscription agreements and checks to:

VivaKor, Inc.

c/o Wilson, Haglund & Paulsen, P.C..

9110 Irvine Center Drive

Irvine, CA 92618

Signature of Buyer Investor’s Subscription

Accepted this___ day of ________ , 200__

By: _______________________________ By: ________________________________

          Printed Name                                                                           
VivaKor, Inc.

Date: ________________                                                                Accepted
By: _____________________________

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