Document:

Ex-10.5(i)

 

Amendment to Demand Notes

The undersigned noteholders of
the demand promissory notes (“Note”) set forth in the attached Schedule of Notes, agree not to make demand for payment
of their respective Notes until on or after March 31, 2013.

 

	 	NOTEHOLDERS:
	 	 
	Dated: October 4, 2012	World Asset Management, Inc.
	 	 
	 	 
	 	By: _/s/ Michelle Napjas                
	 	       Michelle Napjas, President
	 	 
	 	Softdiffusion, SA
	 	 
	 	 
	 	By:  _/s/ Karen Barrett                
	 	       Karen Barrett, Managing Director
	 	 
	 	_/s/ Michel G. Laporte             
	 	Michel G. Laporte

 

Schedule of Notes

1) Three Demand Promissory Notes payable to World Asset
Management, Inc., made on June 9, 2009, September 8, 2010 and June 28, 2010, in the aggregate principal amount of $280,000 bearing
interest at 8% per annum.

2) Demand Promissory Note payable to World Asset Management,
Inc., made on March 12, 2012, in the principal amount of $500,000 bearing interest at 8% per annum.

3) Demand Promissory Note payable to World Asset Management,
Inc., made on April 26, 2012, in the principal amount of $500,000 bearing interest at 8% per annum.

4) Demand Promissory Note dated January 15, 2010, in
the principal amount of $40,000 held by Softdiffusion, SA

5) Demand Promissory Note dated January 15, 2011, in
the principal amount of $150,000 held by Michel G. Laporte.form8k100212ex10-1.htm

SERVICE AGREEMENT

THIS AGREEMENT dated for reference the 2nd day of October, 2012

	
BETWEEN:

	
Michal Gnitecki

	  	
7251 West Lake Mead Boulevard, Suite 300

	  	
Las Vegas, Nevada, 89128

	  	  
	  	
(the “Service Provider”)

	  	  
	
AND:

	
Titan Oil & Gas, Inc.

	  	
7251 West Lake Mead Boulevard, Suite 300

	  	
Las Vegas, Nevada, 89128

	  	  
	  	
(the “Company”)

WHEREAS:

	
A.  

	
The Company is a U.S. corporation in the business of oil and gas exploration; and

	
B.  

	
The Company desires to acquire and develop oil and gas resource properties; and

	
C.  

	
The Company desires to retain the services of the Service Provider in the capacity pursuant to the terms hereof; and

	
D.  

	
The Service Provider is willing to serve as the Company’s principal executive officer and director.

THIS AGREEMENT WITNESSES THAT in consideration of the premises and mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is acknowledged by each party, the parties agree as follows:

	
1.  

	
ENGAGEMENT AND DURATION:  The Company hereby engages the Service Provider to provide the services referred to in Section 3 hereof for the consideration hereinafter set forth and the Service Provider hereby accepts such engagement by the Company, all upon and subject to the terms and conditions of this Agreement.

	
2.  

	
TERM:  The Service Provider’s engagement under this Agreement shall be in effect for as long as the Service Provider remains an officer and director of the Company.  The Agreement may be terminated by either party with 30 days written notice.

	
  

	
No severance or termination benefits are payable under this Agreement.  Nothing herein shall prevent the Service Provider from offering or performing consulting services to other individuals, businesses, or entities.

	
3.  

	
DUTIES:  The Service Provider will utilize his expertise to:

(a) Perform all tasks typically required to organize, plan, and operate a public company in the capacity of the Company’s principal executive officer; and

(b) Plan and oversee the Company’s operations and business plan.

  

  

  

	
4.  

	
COMPENSATION:

	
4.1.  

	
Compensation:  The Company will:

	
·  

	
Pay the Service Provider an monthly retainer of CDN $750 for the services provided by the Service Provider; and

	
·  

	
Reimburse the Service Provider for all reasonable expenses incurred by the Service Provider on behalf of the Company.

 

	
4.2.  

	
Payment Terms

(a) The Company will pay the service provider at the end of each month.

	
4.3.  

	
Monthly Reports

(a) The Service Provider will supply the Company with regular reports that summarize the activities undertaken on behalf of the Company during the period.

	
5.  

	
CONFIDENTIALITY AND NON-DISCLOSURE:

The Service Provider agrees on behalf of himself that any information provided to him by the Company of a confidential nature will not be revealed or disclosed to any person or entity, except in the performance of this Agreement or as directed by legal or regulatory authority, without the express written consent of the Company while this Agreement is in effect.

	
6.  

	
WAIVER: No consent or waiver, express or implied, by any party to this Agreement of any breach or default by the other party in the performance of its obligations under this Agreement or of any of the terms, covenants or conditions of this Agreement shall be deemed or construed to be a consent or waiver of any subsequent or continuing breach or default in such party’s performance or in the terms, covenants and conditions of this Agreement. The failure of any party to this Agreement to assert any claim in a timely fashion for any of its rights or remedies under this Agreement shall not be construed as a waiver of any such claim and shall not serve to modify, alter
or restrict any such party’s right to assert such claim at any time thereafter.

	
7.  

	
NOTICES: Any notice relating to this Agreement or required or permitted to be given in accordance with this Agreement shall be in writing and shall be personally delivered or delivered by courier to the address of the parties set out on the first page of this Agreement. Any notice shall be deemed to have been received when delivered. Each party to this Agreement may change its address by giving written notice of such change in this manner provided for above.

	
8.  

	
APPLICABLE LAW: This Agreement shall be governed by and construed in accordance with the laws of the state of Nevada and the federal laws of the United States applicable therein, which shall be deemed to be the proper law hereof. The parties hereto hereby submit to the jurisdiction of the courts of Nevada.

	
9.  

	
SEVERABILITY: If any provision of this Agreement for any reason by declared invalid, such declaration shall not effect the validity of any remaining portion of the Agreement, which remaining portion remain in full force and effect as if this Agreement had been executed with the invalid portion thereof eliminated and is hereby declared the intention of the parties that they would have executed the remaining portions of this Agreement without including therein any such part, parts or portion which may, for any reason, be hereafter declared invalid.

	
10.  

	
ENTIRE AGREEMENT: This Agreement, hereto constitutes the entire agreement between the parties hereto and there are no representations or warranties, express or implied, statutory or otherwise other than set forth in this Agreement and there are no agreements collateral hereto other than as are expressly set forth or referred to herein. This Agreement cannot be amended or supplemented except by a written agreement executed by both parties hereto.

 

	
11.  

	
INTERPRETATION: Any reference to gender includes all genders, and the singular includes the plural and the body corporate. No provision of this Agreement shall be construed against any party by virtue of that party having drafted and prepared this Agreement; it being acknowledged and agreed that both parties participated in the negotiation, drafting and preparation of this Agreement. All headings are inserted for reference only.

 

	
12.  

	
COUNTERPARTS: This Agreement may be executed in counterparts together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF the Parties have duly executed this Agreement as of the date set out on the first page of this Agreement.

Service Provider

/s/ Michal Gnitecki

Titan Oil & Gas, Inc.

/s/ Vivek Warrier

Directorform8k100212ex10-1.htm

SERVICE AGREEMENT

THIS AGREEMENT             Dated for reference the 2nd day of October, 2012

BETWEEN:                            Frank Bain

               (the “Service Provider”)

AND:                                     Westpoint Energy, Inc.

871 Coronado Center Drive, Suite 200

Henderson, Nevada, 89052

(the “Company”)

WHEREAS:

	
A.  

	
The Company is a Nevada corporation in the business of oil and gas exploration; and

	
B.  

	
The Company desires to acquire and develop oil and gas properties; and

	
C.  

	
The Company desires to retain the services of the Service Provider in the capacity pursuant to the terms hereof;  and

	
D.  

	
The Service Provider is an individual possessing qualifications in the oil and gas exploration industry; and

	
E.  

	
The Service Provider is willing to serve as Secretary and a Director of the Company

THIS AGREEMENT WITNESSES THAT in consideration of the premises and mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is acknowledged by each party, the parties agree as follows

1.  ENGAGEMENT:  The Company herby engages the Service Provider to provide the services referred to in Section 3 hereof for the consideration hereinafter set forth and the Service Provider hereby accepts such engagement by the Company, all and subject to the terms and conditions of this Agreement.

2.  TERM:  The Service Provider’s engagement shall commence October 2, 2012 and continue for as long as the Service Provider is an officer and director of the Company.  Nothing herein shall prevent the Service Provider from offering or performing services to other businesses.

3.  DUTIES:  The Service Provider will utilize her expertise to serve on the Board of Directors of the Company.

4.  COMPENSATION:  In consideration for the services of the Service Provider to be provided to the Company under this agreement, the Company will pay to the Service Provider and/or her agent, an amount of USD $500 per month.  Payment will be made to the Service Provider in advance on a quarterly basis.

5.  CONFIDENTIALITY AND NON-DISCLOSURE:  The Service Provider agrees on behalf of herself that any information provided to her by the Company of a confidential nature will not be revealed or disclosed to any person or entity, except in the performance of this Agreement or as directed by legal or regulatory authority.

6.  ENTIRE AGREEMENT:  This Agreement, hereto constitutes the entire agreement between the parties hereto and there are no representations or warranties, express or implied, statutory or otherwise other then set forth in this Agreement  and there are no agreement collateral hereto other than as are expressly set forth or referred to herein.  This Agreement cannot be amended or supplemented except by a written agreement executed by both parties hereto.

7.  COUNTERPARTS:  This Agreement may be executed in counterparts together shall constitute one and the same instrument.

IN WITNESS WHEREOF the Parties have duly executed this Agreement as of the date set out above of this Agreement.

 

Westpoint Energy, Inc.

Per Frank Bain                                Per Jarnail Dhaddey, President

Authorized Signatory                  Authorized Signatory

_/s/_Frank Bain __                       _/s/__Jarnail Dhaddey_____

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