Document:

PROMISSORY NOTE SETTLEMENT AGREEMENT

THIS PROMISSORY NOTE SETTLEMENT AGREEMENT (the “Agreement”) is made effective this 31st day of October, 2008 (the “Effective Date”), by and between Nitro Petroleum Incorporated, (the “Company”), with a principal business address of 7250 N.W. Expressway, Oklahoma City, Oklahoma 73132 and Paradisus Investment Corp. (“Paradisus”), with a principal business address of 7 – Magnolia Place, Osoyoos, British Columbia, Canada V0H1V1.

WITNESSETH

WHEREAS, the Company has borrowed an aggregate of $140,000 from Paradisus pursuant to the terms of certain demand promissory notes issued by the Company in favor of Paradisus, all of which bear interest at a rate of four percent (4%) per annum (collectively, the “Notes”).

WHEREAS, the table below sets forth (i) the date each Note was entered into, (ii) the original principal amount of each Note, (iii) the unpaid principal amount of each Note as of the Effective Date, (iv) the accrued and unpaid interest owed on each Note as of the Effective Date, and (v) the total amount of principal and accrued and unpaid interest due on each Note as of the Effective Date:

	
            Date of Promissory Note
 	
            Original Principal Amount of Promissory Note
 	
            Unpaid Principal Amount of Promissory Note
 	
            Accrued and Unpaid Interest
 	
            Total Principal and Interest due on Promissory Note
 
	
            November 9, 2005
 	
            $5,000
 	
            $5,000
 	
            $651
 	
            $5,651
 
	
            December 13, 2005
 	
            $35,000
 	
            $35,000
 	
            $4,197
 	
            $39,197
 
	
            February 9, 2006
 	
            $100,000
 	
            $100,000
 	
            $11,072
 	
            $111,072
 
	
            Total
 	
            $140,000
 	
            $140,000
 	
            $15,920
 	
            $155,920
 

 

WHEREAS, the aggregate amount of the total principal and accrued and unpaid interest due on all of the Notes as of the Effective Date is $155,920 (referred to hereafter as the “Settlement Amount”).

WHEREAS, the Company desires to pay the Settlement Amount through the issuance of shares of its common stock, par value $0.001 per share (the “Common Stock”) and Paradisus desires to accept shares of the Company’s Common Stock in full satisfaction of the Settlement Amount pursuant to the terms and conditions of this Agreement.  

NOW, THEREFORE, in consideration of the foregoing, the covenants herein contained, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

	
             
 	
            1.
 	
            Payment of Settlement Amount.
 

 (a)   Valuation of Common Stock. The parties agree that, for purposes of paying the Settlement Amount, each share of the Company’s Common Stock shall be valued at $0.05 per share (the “Per Share Value”).  The parties determined the Per Share Value through negotiation and, as such, the parties recognize, acknowledge and agree that the Per Share Value may not be indicative of the true value of a share of the Company’s Common Stock.  

(b)  Issuance of Shares.  Based on the Per Share Value, simultaneously with the execution and delivery of this Agreement, the Company shall issue and deliver to Paradisus a stock certificate or stock certificates representing a total of 3,118,400 shares (the “Settlement Shares”) of the Company’s Common Stock in full satisfaction of the Settlement Amount.   The stock certificate(s) for the Settlement Shares shall be freely tradable and bear no legends restricting transfers of the Settlement Shares.

 

2.         Cancellation of the Notes.  Paradisus hereby assigns, transfers and surrenders for cancellation each of the Notes to the Company.  Simultaneously with the execution of this Agreement, Paradisus shall deliver to the Company each of the Notes, duly endorsed as terminated and cancelled.  Paradisus acknowledges that upon its receipt of the Settlement Shares pursuant to Section 1(b) above and delivery of the Notes pursuant to this Section, it shall have no further rights to any payments under the Notes.

 

3.         Release of the Company.  Paradisus, on behalf of its officers, directors, shareholders, assigns, successors, agents, representatives, attorneys and all other persons or entities who/which have or could have made claims through or based on any of its rights, hereby release and discharge the Company, and any of its officers, directors, shareholders, attorneys, affiliates, successors, agents and representatives, (collectively the “Company Released Parties”) from all claims, liabilities, demands and causes of actions, known or unknown, fixed or contingent, which Paradisus has, may have or claim to have against the Company Released Parties, related to or arising out of the Notes.

4.         Release of Paradisus.  The Company, on behalf of its officers, directors, shareholders, assigns, successors, agents, representatives, attorneys and all other persons or entities who/which have or could have made claims through or based on any of its rights, hereby release and discharge Paradisus, and any of its officers, directors, shareholders, attorneys, affiliates, successors, agents and representatives, (collectively the “Paradisus Released Parties”) from all claims, liabilities, demands and causes of actions, known or unknown, fixed or contingent, which the Company has, may have or claim to have against the Paradisus Released Parties, related to or arising out of the Notes.

	
             
 	
            5.
 	
            Representations and Warranties of the Company.
 

 (a)  Organization.  The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada and has all requisite power and authority to execute and deliver this Agreement and all other instruments which are ancillary hereto.

(b)  Authorization; Approvals.  The execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the part of the Company.  This Agreement has been duly and validly executed and delivered by the Company and, assuming the due execution and delivery of this Agreement by Paradisus, shall constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, moratorium, fraudulent transfer, reorganization and other laws of general applicability affecting the rights and remedies of creditors and by general equitable principles (whether considered in a proceeding in equity or at law).

(c)  Settlement Shares.  Once issued in accordance with the terms of this Agreement, the Settlement Shares shall be duly authorized, validly issued, fully paid and non-assessable shares of the Company’s Common Stock. 

 

	
             
 	
            6.
 	
            Representations and Warranties of Paradisus.
 

 (a)  Organization.  Paradisus is a company duly organized, existing and in good standing under the laws of British Columbia, Canada and has all requisite power and authority to execute and deliver this Agreement and all other instruments which are ancillary hereto.

(b)  Authorization; Approvals.  The execution and delivery of this Agreement by Paradisus and the consummation by Paradisus of the transactions contemplated hereby have been duly authorized by all requisite action on the part of Paradisus.  This Agreement has been duly and validly executed and delivered by Paradisus and, assuming the due execution and delivery of this Agreement by the Company, shall constitute the valid and legally binding obligation of Paradisus, enforceable against Paradisus in accordance with its terms, except as limited by bankruptcy, moratorium, fraudulent transfer, reorganization and other laws of general applicability affecting the rights and remedies of creditors and by general equitable principles (whether considered in a proceeding in equity or at law).

 

2

 

 

	
             
 	
            (c)
 	
            Investment Representations.  
 

 (i)   Paradisus is fully aware of the Company’s business, operations and financial condition and has had full access to the information it considers necessary or appropriate to make an investment decision with respect to accepting the Settlement Shares in full satisfaction of the Settlement Amount and has had an opportunity to ask questions of and receive answers from a person or persons acting on the Company’s behalf concerning the terms and conditions of this Agreement, and all such questions have been answered to its full satisfaction. 

(ii)  Paradisus (i) is acquiring the Settlement Shares for its own account, for investment only, and not with a view toward the resale or distribution thereof; (ii) has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of making investment decisions of this type; (iii) has knowledge of finance, securities and investments generally; (iv) has experience and skill in investments based on actual participation; and (v) has the ability to bear the economic risk of this investment and the ability, at the present time, to afford a complete loss of such investment.

 

7.         Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the state of Oklahoma.

8.         Binding Effect.  This Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their respective successors and assigns.

9.         Entire Agreement.  This Agreement constitutes the entire understanding and agreement of the parties with respect to the subject matter hereof, supercedes any prior written or oral communications with respect thereto, and may not be modified except by a writing signed by all the parties.

10.       Counterparts-Facsimile Signatures.  This Agreement may be executed in multiple counterparts each of which when duly executed and delivered shall be an original.  Telefacsimilies signatures of the parties or counterparts of this Agreement will be binding as if such signatures were originals.

11.       Survival of Representations, Warranties and Agreements.  All of the representations, warranties, covenants, promises and agreements of the parties contained in this Agreement (or in any document delivered or to be delivered pursuant to this Agreement) shall survive the execution, acknowledgment, sealing and delivery of this Agreement and the consummation of the transactions contemplated hereby.

Executed as of this 5th day of December, 2008.

Nitro Petroleum Incorporated

 

	
             
 	
            By:  /s/  Larry Wise  
 

Larry Wise, President

 

Paradisus Investment Corp.

 

	
             
 	
            By:  /s/  Patricia Shull  
 

Patricia Shull, President

 

 

3ex1023.htm

    

      
        

      

    

                                                                                                                                                                              EXHIBIT
10.23

     

     

    JDS
UNIPHASE CORPORATION

    430 North
McCarthy Blvd

    Milpitas,
California 95035

    USA

    

    408
546-5000

    www.jdsu.com

    

    

    December
5, 2008

    

    Kevin J.
Kennedy

    JDSU

    430 North
McCarthy Blvd

    Milpitas,
CA 95035

    

    Dear
Kevin:

    

    This letter agreement (“Agreement”)
confirms the terms of your transition from Chief Executive Officer and President
of JDS Uniphase Corporation and its subsidiaries and affiliated entities (the
“Company” or “JDSU”) presently scheduled for December 31, 2008 (the “Transition
Date”). The Effective Date of this Agreement will be the 8th day
following the date of your signature below.

    

    On or before the Transition Date the
Company will provide you with your final paycheck, which will include all
accrued, but unpaid base pay and accrued ESPP contributions, if
any.  Additionally, within seven (7) days of the Transition Date, the
Company will provide you with a bonus of $400,000, less applicable withholdings
as required by local, state and federal law.  Also, upon termination
of your employment you will be eligible for COBRA benefits
continuation.

    

    Because
you have agreed to continue service to the Company as member of the Board of
Directors, in the role of Vice Chairman,1 equity awards previously granted to you will
continue to vest and remain exercisable in accordance with the terms of each
grant agreement and applicable plan.    

    

    The
Company and you have agreed to enter a transitional consulting agreement,
pursuant to which the Company may benefit from your continued guidance and
support with our leadership transition and on key initiatives, for the period
from January 1, 2009 through December 31, 2009.  The terms and
consideration of that consulting relationship are set forth in that agreement,
provided herewith.

     

    Notwithstanding anything herein to the
contrary, this Agreement is intended to comply with the provisions of Internal
Revenue Code section 409A, as in effect from time to time.  To the
extent necessary to comply with the requirements of Code section
409A(a)(2)(B)(i) (prohibiting certain payments to a “specified employee” within
six (6) months of such employee’s separation from service), any payment
hereunder that may be made to you on account of the termination of your
employment with the Company shall be delayed by the Company if and to the extent
necessary to comply with the requirements of Code section
409A(a)(2)(B)(i).

    

    The
Company reaffirms its continuing obligations to you pursuant to the Company’s
Articles, Bylaws and applicable law to defend and indemnify you against claims,
actions and causes of action arising out of your employment and service to the
Company.  For clarity, these obligations will survive the Effective
Date of this Agreement.  You will also continue to be covered under
the applicable Company insurance policies relative to such
claims.  You agree to assist the Company as reasonable necessary to
effectuate the obligations reaffirmed under this paragraph.

    

    As a
result of your resignation of employment you will also be resigning from service
as a director and/or officer or similar capacity from Company subsidiaries and
affiliates to which you have for purposes of convenience been
appointed.  The Company’s legal department will work with you to
ensure you are relieved from these obligations.  Thank you in advance
for your assistance with that process.

    

    Your employee Proprietary Information
and Assignment of Inventions Agreement signed upon the commencement of your
employment, all agreements pertaining to your previously granted equity
incentive awards, and the Indemnification Agreement between you and the Company,
will continue in full force and effect in accordance with their
terms.  Except as described in this Agreement  and the
transitional consulting agreement, any further rights under any other agreements
related to your employment as President and Chief Executive Officer of the
Company, whether written or oral, shall cease as of the Effective Date hereof,
including without limitation any right to future payment, equity grants, or
other benefits.  This Agreement and the associated transitional
consulting agreement shall represent the entire understanding between you and
the Company regarding the terms of your employment and termination of
employment, will supersede any previous discussions and understandings except as
explicitly provided herein, and may not be modified except in writing signed by
both of us.

    

    In
consideration of the terms of this Agreement and exchange for the benefits
described above, you agree, on behalf of yourself, your successors and your
assigns, to release and absolutely discharge the Company and its present and
former officers, directors, agents, employees, attorneys, insurers and
affiliated entities from any claims, actions and causes of action, known or
unknown, that you may now have, or at any other time had, or shall or may have
against these released parties including claims arising from or related to your
employment, the termination of your employment, or any other matter, cause,
fact, thing, act or omission whatsoever occurring or existing at any time up to
and including the date of execution of this Agreement, including but not limited
to claims for compensation (including bonus and severance payments), stock
options or claimed rights related to stock options, breach of contract, wrongful
termination, retaliation, fraud, misrepresentation, unfair business practices,
breach of fiduciary duty, personal injury, defamation or national origin, race,
color, age, sex, sexual orientation, religious, disability, medical condition or
other discrimination or harassment under the Civil Rights Act of 1964, the
Family and Medical Leave Act, the Age Discrimination In Employment Act of 1967
(including the Older Workers’ Benefit Protection Act), the Americans with
Disabilities Act, the Fair Labor Standards Act, the Employee Retirement Income
Security Act of 1974, the Worker Adjustment and Retraining Notification Act, the
California Fair Employment and Housing Act, the California Labor Code (and
analogous laws of any other state), any other analogous state or federal laws or
any other applicable law, all as they have been or may be amended.  To
the fullest extent permitted by law, you agree not to file any claim, action or
demand based on any of the matters released above.

    

    You agree
that this release specifically covers known and unknown claims and you waive
your rights under Section 1542 of the California Civil Code or under any
comparable law of any other jurisdiction. Section 1542 states: "A general release does not extend
to claims which the creditor does not know or suspect to exist in his favor at
the time of executing the release, which if known by him must have materially
affected his settlement with the debtor”.

    

    Except to
the extent necessary or appropriate for in your continuing capacity as a member
of the Board of Directors or as a consultant, you agree to return all Company
property, including, without limitation, all records, other documents, or
materials.  For clarity, we acknowledge that you are retaining your
laptop computer and blackberry device.

    

    You and
the Company agree that any and all disputes arising out of the terms of this
Agreement or their interpretation, any of the matters released herein, or any
other dispute between the parties, shall be resolved by final and binding
arbitration before the American Arbitration Association ("AAA") under its
Employment Dispute Resolution Rules.  The arbitration shall take place
in the state in which you resided on the Transition Date.  In any such
arbitration, each side shall bear their own attorney’s fees and costs and the
prevailing party shall be entitled to injunctive relief in any court of
competent jurisdiction to enforce the arbitrator’s award.  Any dispute
regarding the enforceability of this agreement to arbitrate will be governed by
the Federal Arbitration Act, if applicable, and if not, then the arbitration act
of the state in which you last worked for the Company.

     

    If any
provision of this Agreement is for any reason found by an arbitrator or a court
of competent jurisdiction to be unenforceable, the remainder of this Agreement
shall continue in full force and effect. This Agreement may be executed in
counterparts and by facsimile, and each counterpart and facsimile shall have the
same force and effect as an original and shall constitute an effective, binding
agreement on the part of each of the undersigned.

    

    You agree
that you have been advised that you have twenty-one (21) days to consider
the terms of this Agreement (but may sign it at any time beforehand if you so
desire), and that you can consult an attorney in doing so. You also understand
that you can revoke your acceptance of the terms of this Agreement within
seven (7) days of signing it by sending a certified letter to that effect
to the Company’s General Counsel.  Notwithstanding the foregoing, you
agree that the portion of this Agreement that pertains to the release of claims
under the ADEA shall not become effective or enforceable until the
seven (7) day revocation period has expired, but that all other terms of
this Agreement will become effective upon your signature below.

    

    Kevin, we
thank you for your many contributions and long service to the Company and look
forward to your continued support and partnership.

    

    Sincerely,

    

    

    Matthew K. Fawcett

    General
Counsel

    

    Agreed
and Accepted:

     

    

    

    ____________________                                                                           _________________

    Kevin J.
Kennedy                                                                           Dated

    

    

    

    

      

    

      
      1 You are
a Class I Director with a current term expiring at the 2010 Annual Meeting of
Stockholders.

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