Document:

exv10w11

 

Exhibit 10.11

AMENDMENT TO AND EXTENSION OF

OFFICE BUILDING LEASE

     This Amendment to and Extension of Office Building Lease (the “Amendment”) is entered into the
20th day
of October, 2005 between Sorrento West Properties, Inc. (“Landlord”) and
Oceanic Exploration Company (“Tenant”).

WITNESSETH:

WHEREAS Landlord and Tenant entered into that certain Office Building Lease dated September 1, 2000 (the “Lease”); and

WHEREAS Landlord and Tenant now desire to amend and extend the term of the Lease;

NOW THEREFORE in consideration of the mutual promises, covenants and agreements contained herein,
the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:

	 	1.	 	The following language shall be added to Section 1.03 Term:
	 
	 	 	 	Landlord and Tenant agree that the Term of the Lease shall be extended for a three (3)
year period (the “Extended Term”), commencing November 1, 2005. The Termination Date of
the Lease shall be redefined as October 31, 2008.
	 
	 	2.	 	The following language shall be added to Section 1.05
Minimum Rent:
	 
	 	 	 	Minimum Rent for Extended Term. Tenant agrees to pay Minimum Rent for the
Extended Term at the rate of $16.00 per square foot payable in monthly installments of
$6,653.33 without notice or demand on the first day of each successive month during the
Extended Term.
	 
	 	 	 	At the beginning of the second and third years of the Extended Term of the Lease the
Minimum Rent will increase based on the increase in the Consumer Price Index — All Urban
Consumers (CPI-U), All Items. The increase shall be based on the increase (if any) from
the month the Extended Term of the Lease begins to the beginning date of the twelfth
(12th) month and twenty-fourth (24th) month period, as applicable,
but not to exceed five percent (5%). In no event will the Minimum Rent be decreased.

     All provisions of the Lease not expressly modified herein shall remain unchanged and in full
force and effect. In the event of any inconsistency between the provisions of the Lease and this
Amendment, the provisions of this Amendment shall be deemed controlling.

 

 

This Amendment and Extension of Office Building Lease is entered into on the day
first written above.

	 	 	 	 	 	 	 
	TENANT:	 	LANDLORD:
	 
	 	 	 	 	 	 
	Oceanic Exploration Company	 	Sorrento West Properties, Inc.
	 
	 	 	 	 	 	 
	By:

	 	/s/ Janet A. Holle
	 	By:
	 	/s/ Charles N. Haas
	 

	 	 
	 	 	 	 
	 

	 	Janet A. Holle
	 	 	 	Charles N. Haas
	 

	 	Vice President
	 	 	 	Vice Presidentexv10w32

 

Exhibit 10.32

PROMISSORY NOTE

(Line of Credit)

March 7, 2007

	 	 	 
	Borrower:

	 	Oceanic Exploration Company
	 
	 	 
	Lender:

	 	NWO Resources, Inc.
	 
	 	 
	Amount:

	 	$4,000,000.00 

     For value received, Borrower promises to pay to the order of Lender at Denver, Colorado, the
sum of four million dollars ($4,000,000.00) or such other principal balance as may be outstanding
hereunder in lawful money of the United States with interest thereon at a rate, computed on the
basis of a three hundred sixty (360) day year, of two (2)% over the prime lending rate of U.S. Bank
per annum. Interest shall be fixed and set on each draw as of the date of such draw.

     Interest shall accrue from the date of disbursement of the principal amount or portion thereof
until paid, both before and after judgment, in accordance with the terms set forth herein.

     All principal and interest shall be paid upon the earlier of the following: (i) obtaining
alternative financing in an amount of not less than $4,000,000, or (ii) resolution of the lawsuit
to the benefit of the plaintiffs for an amount not less than $4,000,000 or (iii) payment within one
year of the original loan date. All payments shall be applied first to accrued interest and the
remainder, if any, to principal.

     This Promissory Note shall be a revolving line of credit under which Borrower may repeatedly
draw and repay funds, so long as the aggregate, outstanding principal balance at any time does not
exceed the principal amount of this Promissory Note. Disbursements under this Promissory Note
shall be made upon request from Borrower.

     If, at any time prior to the maturity of this Promissory Note, this Promissory Note shall have
a zero balance owing, this Promissory Note shall not be deemed satisfied or terminated but shall
remain in full force and effect for future draws unless terminated upon other grounds or unless the
right to future borrowings is waived in writing by Borrower.

     Borrower may prepay all or any portion of this Promissory Note at any time without penalty.

     If a default occurs in the payment of any principal or interest when due, Lender shall give
notice to Borrower and the opportunity to cure such default within five (5) days. If such default
is not cured within such five-day period, time being the essence hereof, then the entire unpaid

 

 

balance, with interest as aforesaid, shall, at the election of the holder hereof and without
notice of such election, become immediately due and payable in full.

     Upon default in payment of any principal or interest when due, all outstanding principal shall
bear interest at a default rate from the date when due until paid, both before and after judgment,
which default rate shall be five (5)% over the prime lending rate of U.S. Bank per annum.

     If this Promissory Note becomes in default, Borrower agrees to pay to the holder hereof all
collection costs, including reasonable attorney fees and legal expenses, in addition to all other
sums due hereunder.

     This Promissory Note shall be governed by and construed in accordance with the laws of the
State of Colorado.

     Borrower hereby waives presentment for payment, protest, notice of protest and of non-payment
and of dishonor, and consent to extensions of time, renewal, waivers or modifications without
notice.

	 	 	 	 	 
	 	Borrower:

OCEANIC EXPLORATION COMPANY

 	 
	 	By:  	/s/ Charles N. Haas
 	 
	 	 	Charles N. Haas, President 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	Lender:

NWO RESOURCES, INC.

 	 
	 	By:  	/s/ Joseph E. Maskalenko
 	 
	 	 	Joseph E. Maskalenko, Asst. Secretary 	 
	 	 	 	 
	 

2exv10w20

 

Exhibit 10.20

PANHANDLE STATE BANK

EXECUTIVE INCENTIVE PLAN

PLAN DOCUMENT

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Section	 	Page	 
	 
	Purpose
	 	 	1	 
	Administration
	 	 	1	 
	Eligibility
	 	 	1	 
	Size of Award Opportunities
	 	 	1	 
	Performance Components
	 	 	2	 
	Performance Goals
	 	 	2	 
	Annual Incentive Schedule
	 	 	3	 
	Withholding
	 	 	3	 
	Payment
	 	 	3	 
	Sale of Bank
	 	 	3	 
	No Guarantee of Employment
	 	 	4	 
	Modification and Termination
	 	 	4	 
	Extraordinary Items
	 	 	4	 
	Termination
	 	 	4	 

 

 

PANHANDLE STATE BANK

EXECUTIVE INCENTIVE PLAN

	 	 	This document describes the Executive Incentive Plan (the “Plan”) for Panhandle State Bank (the
“Bank”).
	 
	 	 	1. Purpose
	 
	 	 	The purpose of the Plan is to be an effective management tool to help improve performance by
providing variable reward opportunities in return for achieving Bank goals. Specific
objectives of the Plan include:

	 	•	 	Support the Bank’s new strategic direction.
	 
	 	•	 	Provide motivation to achieve Bank goals.
	 
	 	•	 	Support and reinforce a sense of teamwork among management.
	 
	 	•	 	Provide financial rewards directly related to measured performance.
	 
	 	•	 	Attract and retain high quality management.

	 	 	2. Administration
	 
	 	 	The Plan will be administered by the Compensation Committee of the Board of Directors (the
“Committee”). The Committee will assure that the Plan is implemented and maintained
according to Plan provisions.
	 
	 	 	3. Eligibility
	 
	 	 	Participation in the Plan will include key members of the executive team. The CEO of the
Bank will recommend who participates in the Plan for Committee approval. The CEO will
communicate such participation to each participant at the beginning of each Plan year.
Participants must be employed at the Bank on December 31 to qualify for incentive payouts
earned during that year.
	 
	 	 	The CEO will review Plan eligibility at the beginning of each year and, if appropriate,
recommend additional participants for Committee approval.
	 
	 	 	4. Size of Award Opportunities
	 
	 	 	To be most effective, incentive opportunities must be meaningful and competitive. To
accomplish this, participants are assigned target incentive opportunities based on each
position’s relative level of impact on the Bank’s overall performance.
	 
	 	 	Target incentive levels represent the size of earned incentive awards if all established
performance goals are achieved. Actual earned incentives will likely be higher or lower,
depending on actual performance measured against predetermined goals.

Page 1

 

	 	 	The CEO will communicate the appropriate target incentive percent to each participant at the
beginning of each Plan year. The Committee has the authority to revise the target incentive
opportunities as deemed appropriate.
	 
	 	 	5. Performance Components
	 
	 	 	Annual incentive awards will be based on the Bank’s actual performance results relative to
performance criteria consistent with the Bank’s strategic goals, through the following
process:

	 	•	 	Prior to the beginning of each Plan year, Bank management will select
appropriate performance criteria and develop annual performance goals for the Bank for
Committee approval.
	 
	 	•	 	Each performance goal will be weighted to reflect relative importance.
	 
	 	•	 	During the year, performance relative to the Plan is monitored and, if
necessary, action steps are taken to improve performance.
	 
	 	•	 	At the end of each Plan year, actual annual performance is measured against
the goal to determine the extent, if any, to which incentive awards are generated for
each participant.

	 	 	The following performance criteria will be used to establish annual performance goals as a
basis for annual incentive awards:
	 
	 	 	Performance Criteria

	 	•	 	Net income after tax (Weighted @ 60%)
	 
	 	•	 	Average Asset Growth (Weighted @ 40%)

	 	 	At the beginning of each Plan year, the CEO will review and, as appropriate, revise the
performance criteria, and recommend appropriate weighting for Committee approval.
	 
	 	 	6. Performance Goals
	 
	 	 	The key to the success of the annual incentive plan is establishing appropriate performance
goals that must be achieved to generate incentive awards. To be most effective, performance
goals must be reasonable in terms of being achievable, but must require a significant stretch
to justify additional compensation opportunities.
	 
	 	 	At the beginning of each year, at least three specific performance measurements will be
established for each performance criterion.

	 	•	 	Threshold Performance Level — The minimum acceptable level of performance
below which no incentives will be paid.
	 
	 	•	 	Targeted Performance Level — The expected level of performance that will
generate target incentive awards.

Page 2

 

	 	•	 	Outstanding Performance Level — The exceptional level of performance that
will generate outstanding incentive awards.

	 	 	All established incentive goals must be approved by the Committee.
	 
	 	 	7. Annual Incentive Schedule 

	 	•	 	Once the annual performance goals are established and approved by the Committee, an
annual incentive schedule is prepared for each participant that relates actual Bank
performance to earned incentive awards.

	 	 	The Committee has the authority to adjust any participant’s earned incentives upward or
downward to reflect the individual performance of the participant during the Plan year.
	 
	 	 	8. Withholding
	 
	 	 	The Bank shall deduct the regulatory tax withholding amounts from any earned incentive awards
that are paid.
	 
	 	 	9. Payment
	 
	 	 	Earned incentive awards, if any, will be paid in one lump sum on or before 45 days after the
end of the Plan year.
	 
	 	 	10. Sale of Bank
	 
	 	 	In the event more than 50% of the stock of the Bank is sold, all participants will be paid in
one lump sum on a pro-rata basis for performance level goals reached for the most current
quarter ended no later than one day prior to the sale event.
	 
	 	 	11. No Guarantee of Employment
	 
	 	 	Nothing in the Plan or any Plan materials guarantees employment at the Bank. Further, this
Plan should not be implied as any contract agreement.
	 
	 	 	12. Modification and Termination
	 
	 	 	The Committee has the right to amend or terminate the Plan at any time. However, termination
or modification of the Plan during the year will not negatively affect performance goals and
incentive opportunities up until the point of termination.
	 
	 	 	13. Extraordinary Items
	 
	 	 	The Committee has the authority but no obligation to exclude any extraordinary accounting
items such as changes in generally accepted accounting procedures, sales of major assets or
regulatory changes.

Page 3

 

	 	 	14. Termination
	 
	 	 	Participants must be employed by the Bank on the last day of the Plan year to receive earned
incentives for that Plan year. Participants who retire or are disabled during the Plan year
will receive earned incentives on a pro-rata basis for time actually worked, based on the
appropriate performance results. If a participant dies, the estate will receive a pro-rata
earned incentive award. Participants who voluntarily or involuntarily terminate during the
year forfeit their rights to any earned incentive for that year. No incentive earnings will
be calculated until the end of the current Plan year.

Page 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}]]