Document:

Unassociated Document

    AMENDMENT
      TO WARRANT ISSUED DECEMBER 1, 2005

    

    THIS
      AMENDMENT AGREEMENT (the
      “Amendment”) is
      entered into as of March 28, 2008, between INTREPID
      TECHNOLOGY AND RESOURCES, INC., a
      corporation organized and existing under the laws of the State of Idaho (the
      “Company”),
      and
YA
      GLOBAL INVESTMENTS, L.P. a
      Cayman
      Island exempted limited partnership (the “Holder”).

     

    WHEREAS,
      the
      Company issued to the Holder on December 1, 2005 that certain warrant to
      purchase 5,000,000 shares of the Company’s Common Stock at an exercise price of
      $0.055 (the “Warrant”);
      and

     

    WHEREAS,
      the
      parties wish to amend the Warrant as set forth below. 

     

    NOW,
      THEREFORE,
      it is
      agreed: 

     

    
      	
              I.

            	
              Amendments.

            

    

     

    
      	 	
              A.

            	
              Section
                1(b)(xv) “Warrant
                Exercise Price”:
                Section 1(b)(xv) of the Warrant is hereby deleted in its entirety
                and the
                following language shall replace said Section
                1(b)(xv):

            

    

     

    Section
      1(b)(xv) “Warrant Exercise Price” shall be $0.01 or as subsequently adjusted as
      provided in Section 8 hereof. 

     

    
      	
              II.

            	
              Miscellaneous.

            

    

     

    
      	 	
              A.

            	
              Except
                as provided hereinabove, all of the terms and conditions contained
                in the
                Warrant shall remain unchanged and in full force and
                effect.

            

    

     

    
      	 	
              B.

            	
              This
                Amendment is made pursuant to and in accordance with the terms and
                conditions of the Warrant.

            

    

     

    
      	 	
              C.

            	
              All
                capitalized but not defined terms used herein shall have those meanings
                ascribed to them in the Warrant.

            

    

     

    
      	 	
              D.

            	
              All
                provisions in the Warrant and any amendments, schedules or exhibits
                thereto in conflict with this Amendment shall be and hereby are changed
                to
                conform to this Amendment.

            

    

     

    [REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Amendment to be executed by the undersigned,
      thereunto duly authorized, as of the date first set forth above.

     

    
      	 	
              COMPANY:

            
	 	
              INTREPID
                TECHNOLOGY AND RESOURCES, INC. 

            
	 	 
	 	
              By: __/s/
                Jacob D. Dustin_____________________

            
	 	
              Name Jacob
                D. Dustin

            
	 	
              Title: President

            
	 	 
	 	 
	 	
              YA
                GLOBAL INVESTMENTS, L.P.

            
	 	
              By:
                Yorkville Advisors LLC

            
	 	
              Its:
                Investment Manager

            
	 	 
	 	
              By: ___/s/
                Mark Angelo _____________________

            
	 	
              Name Mark
                Angelo

            
	 	
              Title: President
                & Portfolio Manager

            
	 	 

    

     

    
      
         

      

      
        2INVESTOR
      AND PUBLIC RELATIONS
      ESCROW AGREEMENT

     

    This
      Agreement, dated as of March 28, 2008 (this “Agreement”),
      is
      entered into by and among FORME Capital, Inc., a Delaware corporation (the
      “Company”),
      Loeb
& Loeb LLP (the “Escrow
      Agent”),
      Vision Opportunity China Limited Partnership, a closed-ended investment company
      incorporated in Guernsey (“Vision”),
      and
      each of the investors as set forth on Exhibit
      A
      attached
      hereto (together with Vision, each, a “Subscriber”,
      and
      collectively, the “Subscribers”)
      (the
      Company and the Subscribers are collectively referred to as “Escrowing
      Parties”).
      The
      principal address of each party hereto is set forth on Exhibit
      A.

     

    WITNESSETH:

     

    WHEREAS,
      the Company proposes to make a private offering to accredited institutional
      investors (the “Offering”)
      of
      Units, each composed of one share of the Company’s Series A Convertible
      Preferred Stock and two warrants to purchase the Company’s Common Stock (the
“Offering
      Securities”)
      in
      reliance upon available exemptions from the registration requirements of the
      U.S. Securities Act of 1933, as amended and pursuant to a Securities Purchase
      Agreement (the “Securities
      Purchase Agreement”),
      in an
      aggregate amount of up to Fifteen Million Five Hundred Thousand Dollars
      ($15,500,000) (the “Maximum
      Offering Amount”);
      and

     

    WHEREAS,
      the Company has agreed to deposit at the closing (the “Closing”) of the Offering
      an aggregate of Three Hundred Thousand Dollars ($300,000) from the Maximum
      Offering Amount (the “Public
      Relations Held-Back Escrowed Portion”)
      with
      the Escrow Agent, to be held and disbursed by the Escrow Agent pursuant to
      this
      Agreement; and

     

    WHEREAS,
      Escrow Agent is willing to hold the Public Relations Held-Back Escrowed Portion
      in escrow subject to the terms and conditions of this Agreement.

     

    NOW,
      THEREFORE, in consideration of the mutual promises herein contained and
      intending to be legally bound, the parties hereby agree as follows:

     

    1.  Appointment
      of Escrow Agent.
      The
      Company and each Subscriber hereby appoint Escrow Agent as escrow agent in
      accordance with the terms and conditions set forth herein and the Escrow Agent
      hereby accepts such appointment.

     

    2.  Delivery
      of the Escrowed Funds.

     

    
      a.      
        The
        Company hereby directs that the Escrow Agent allocate the Public Relations
        Held-Back Escrowed Portion separately from the Maximum Offering Amount at
        the
        Closing and hold the Public Relations Held-Back Escrowed Portion in the escrow
        account as follows (the “Escrow Account”):

    

    

    Bank:
      Citigroup Private Bank 

    Address:
      666 Fifth Avenue, New York, NY 10103

    ABA
      No.:
      021000089

    SWIFT:
      CITI US 33

    Account:
      Loeb & Loeb LLP Attorney Escrow Account for Forme Capital, Inc.

    Account
      No.: 95380631

    Reference:
      Forme Capital, Inc. (210920-10001) 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.  Escrow
      Agent to Hold and Disburse the Public Relations Held-Back Escrowed
      Portion.
      The
      Escrow Agent will hold and disburse the Public Relations Held-Back Escrowed
      Portion received by it pursuant to the terms of this Agreement, as
      follows:

     

    a.  The
      Public Relations Held-Back Escrowed Portion shall remain in the Escrow Account
      and shall only be released by the Escrow Agent to the Company upon the Escrow
      Agent’s receipt of written notice in the form of Exhibit B hereto from the
      Company that the Company has hired an investor relations firm with invoices
      evidencing the investor relations related expenses for payment. 

     

    b.  In
      the
      event this Agreement, the Escrowed Funds, or the Escrow Agent becomes the
      subject of litigation, or if the Escrow Agent shall desire to do so for any
      other reason, each of the Company and the Subscribers authorizes the Escrow
      Agent, at its option, to deposit the Public Relations Held-Back Escrowed Portion
      with the clerk of the court in which the litigation is pending, or a court
      of
      competent jurisdiction if no litigation is pending, and thereupon the Escrow
      Agent shall be fully relieved and discharged of any further responsibility
      with
      regard thereto. Each of the Company, and the Subscribers further authorizes
      the
      Escrow Agent, if it receives conflicting claims to any of the Escrowed Funds,
      is
      threatened with litigation or if the Escrow Agent shall desire to do so for
      any
      other reason, to interplead all interested parties in any court of competent
      jurisdiction and to deposit the Public Relations Held-Back Escrowed Portion
      with
      the clerk of that court and thereupon the Escrow Agent shall be fully relieved
      and discharged of any further responsibility hereunder to the parties from
      which
      they were received.

     

    4.  Exculpation
      and Indemnification of Escrow Agent.

     

    a.  The
      Escrow Agent shall have no duties or responsibilities other than those expressly
      set forth herein. The Escrow Agent shall have no duty to enforce any obligation
      of any person to make any payment or delivery, or to direct or cause any payment
      or delivery to be made, or to enforce any obligation of any person to perform
      any other act. The Escrow Agent shall be under no liability to the other parties
      hereto or anyone else, by reason of any failure, on the part of any party hereto
      or any maker, guarantor, endorser or other signatory of a document or any other
      person, to perform such person’s obligations under any such document. Except for
      amendments to this Agreement referenced below, and except for written
      instructions given to the Escrow Agent by the Escrowing Parties relating to
      the
      Escrowed Funds, the Escrow Agent shall not be obligated to recognize any
      agreement between or among any of the Escrowing Parties, notwithstanding that
      references hereto may be made herein and whether or not it has knowledge
      thereof.

     

    b.  The
      Escrow Agent shall not be liable to the Company, any Subscriber or to anyone
      else for any action taken or omitted by it, or any action suffered by it to
      be
      taken or omitted, in good faith and acting upon any order, notice, demand,
      certificate, opinion or advice of counsel (including counsel chosen by the
      Escrow Agent), statement, instrument, report, or other paper or document (not
      only as to its due execution and the validity and effectiveness of its
      provisions, but also as to the truth and acceptability of any information
      therein contained), which is believed by the Escrow Agent to be genuine and
      to
      be signed or presented by the proper person or persons. The Escrow Agent shall
      not be bound by any of the terms thereof, unless evidenced by written notice
      delivered to the Escrow Agent signed by the proper party or parties and, if
      the
      duties or rights of the Escrow Agent are affected, unless it shall give its
      prior written consent thereto.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    c.  The
      Escrow Agent shall not be responsible for the sufficiency or accuracy of the
      form, or of the execution, validity, value or genuineness of, any document
      or
      property received, held or delivered to it hereunder, or of any signature or
      endorsement thereon, or for any lack of endorsement thereon, or for any
      description therein; nor shall the Escrow Agent be responsible or liable to
      the
      Company, any Subscriber or to anyone else in any respect on account of the
      identity, authority or rights, of the person executing or delivering or
      purporting to execute or deliver any document or property or this Agreement.
      The
      Escrow Agent shall have no responsibility with respect to the use or application
      of the Escrowed Funds pursuant to the provisions hereof.

     

    d.  The
      Escrow Agent shall have the right to assume, in the absence of written notice
      to
      the contrary from the proper person or persons, that a fact or an event, by
      reason of which an action would or might be taken by the Escrow Agent, does
      not
      exist or has not occurred, without incurring liability to the Company, any
      Subscriber or to anyone else for any action taken or omitted to be taken or
      omitted, in good faith and in the exercise of its own best judgment, in reliance
      upon such assumption.

     

    e.  To
      the
      extent that the Escrow Agent becomes liable for the payment of taxes, including
      withholding taxes, in respect of income derived from the investment of the
      Public Relations Held-Back Escrowed Portion, or any payment made hereunder,
      the
      Escrow Agent may pay such taxes; and the Escrow Agent may withhold from any
      payment of the Public Relations Held-Back Escrowed Portion such amount as the
      Escrow Agent estimates to be sufficient to provide for the payment of such
      taxes
      not yet paid, and may use the sum withheld for that purpose. The Escrow Agent
      shall be indemnified and held harmless against any liability for taxes and
      for
      any penalties in respect of taxes, on such investment income or payments in
      the
      manner provided in Section 4(f).

     

    f.  The
      Escrow Agent will be indemnified and held harmless by the Company from and
      against all expenses, including all counsel fees and disbursements, or loss
      suffered by the Escrow Agent in connection with any action, suit or proceedings
      involving any claim, or in connection with any claim or demand, which in any
      way, directly or indirectly, arises out of or relates to this Agreement, the
      services of the Escrow Agent hereunder, except for claims relating to gross
      negligence by Escrow Agent or breach of this Agreement by the Escrow Agent,
      or
      the monies or other property held by it hereunder. Promptly after the receipt
      of
      the Escrow Agent of notice of any demand or claim or the commencement of any
      action, suit or proceeding, the Escrow Agent shall, if a claim in respect
      thereof is to be made against an Escrowing Party, notify each of them thereof
      in
      writing, but the failure by the Escrow Agent to give such notice shall not
      relieve any such party from any liability which an Escrowing Party may have
      to
      the Escrow Agent hereunder. Notwithstanding any obligation to make payments
      and
      deliveries hereunder, the Escrow Agent may retain and hold for such time as
      it
      deems necessary such amount of monies or property as it shall, from time to
      time, in its sole discretion, seem sufficient to indemnify itself for any such
      loss or expense and for any amounts due it under Section 7.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    g.  For
      purposes hereof, the term “expense or loss” shall include all amounts paid or
      payable to satisfy any claim, demand or liability, or in settlement of any
      claim, demand, action, suit or proceeding settled with the express written
      consent of the Escrow Agent, and all costs and expenses, including, but not
      limited to, counsel fees and disbursements, paid or incurred in investigating
      or
      defending against any such claim, demand, action, suit or
      proceeding.

     

    5.  Termination
      of Agreement and Resignation of Escrow Agent

     

    a.  This
      Agreement shall terminate upon disbursement of all of the Public Relations
      Held-Back Escrowed Portion provided that the rights of the Escrow Agent and
      the
      obligations of the Company and the Subscribers under Section 4 shall survive
      the
      termination hereof. 

     

    b.  The
      Escrow Agent may resign at any time and be discharged from its duties as Escrow
      Agent hereunder by giving the Company and Vision at least five (5) business
      days
      written notice thereof (the “Notice
      Period”).
      As
      soon as practicable after its resignation, the Escrow Agent shall, if it
      receives notice from the Company and Vision within the Notice Period, turn
      over
      to a successor escrow agent appointed by the Company and Vision all Public
      Relations Held-Back Escrowed Portion (less such amount as the Escrow Agent
      is
      entitled to retain pursuant to Section 7) upon presentation of the document
      appointing the new escrow agent and its acceptance thereof. If no new agent is
      so appointed within the Notice Period, the Escrow Agent shall return the
      Escrowed Funds to the parties from which they were received without interest
      or
      deduction.

     

    6.  Form
      of Payments by Escrow Agent

     

    a.  Any
      payments of the Public Relations Held-Back Escrowed Portion by the Escrow Agent
      pursuant to the terms of this Agreement shall be made by wire transfer unless
      directed to be made by check by the Escrowing Parties.

     

    b.  All
      amounts referred to herein are expressed in United States Dollars and all
      payments by the Escrow Agent shall be made in such dollars.

     

    7.  Compensation.
      Escrow
      Agent shall be entitled to the following compensation from the
      Company:

     

    a.  Fees:
      The
      Company shall pay an annual processing fee of $500 to the Escrow Agent for
      the
      Public Relations Held-Back Escrowed Portion. 

     

    b.  Interest:
      The
      Public Relations Held-Back Escrowed Portion shall accrue interest (the
“Accrued
      Interest”)
      at the
      available rate obtained by the Escrow Agent with respect to the period during
      which such funds are held in the Escrow Account.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    8.  Notices.
      All
      notices, demands, consents, requests, instructions and other communications
      to
      be given or delivered or permitted under or by reason of the provisions of
      this
      Agreement or in connection with the transactions contemplated hereby shall
      be in
      writing and shall be deemed to be delivered and received by the intended
      recipient as follows: (i) if personally delivered, on the business day of such
      delivery (as evidenced by the receipt of the personal delivery service), (ii)
      if
      mailed certified or registered mail return receipt requested, two (2) business
      days after being mailed, (iii) if delivered by overnight courier (with all
      charges having been prepaid), on the business day of such delivery (as evidenced
      by the receipt of the overnight courier service of recognized standing), or
      (iv)
      if delivered by facsimile transmission, on the business day of such delivery
      if
      sent by 6:00 p.m. in the time zone of the recipient, or if sent after that
      time,
      on the next succeeding business day (as evidenced by the printed confirmation
      of
      delivery generated by the sending party’s telecopier machine). If any notice,
      demand, consent, request, instruction or other communication cannot be delivered
      because of a changed address of which no notice was given (in accordance with
      this Section 8), or the refusal to accept same, the notice, demand, consent,
      request, instruction or other communication shall be deemed received on the
      second business day the notice is sent (as evidenced by a sworn affidavit of
      the
      sender). All such notices, demands, consents, requests, instructions and other
      communications will be sent to addresses or facsimile numbers as applicable
      set
      forth on Exhibit
      A
      hereto.

     

    9.  Further
      Assurances.
      From
      time
      to time on and after the date hereof, the Company, Vision and each of the other
      Subscribers, if applicable, shall deliver or cause to be delivered to the Escrow
      Agent such further documents and instruments and shall do and cause to be done
      such further acts as the Escrow Agent shall reasonably request (it being
      understood that the Escrow Agent shall have no obligation to make any such
      request) to carry out more effectively the provisions and purposes of this
      Agreement, to evidence compliance herewith or to assure itself that it is
      protected in acting hereunder.

     

    10.  Consent
      to Service of Process.
      The
      Company, the Escrow Agent and each Subscriber hereby irrevocably consent to
      the
      jurisdiction of the courts of the State of New York and of any Federal court
      located in such state in connection with any action, suit or proceedings arising
      out of or relating to this Agreement or any action taken or omitted hereunder,
      and waives personal service of any summons, complaint or other process and
      agrees that the service thereof may be made by certified or registered mail
      directed to it at the address listed on Exhibit
      A
      hereto.

     

    11.  Miscellaneous

     

    a.  This
      Agreement shall be construed without regard to any presumption or other rule
      requiring construction against the party causing such instrument to be drafted.
      The terms “hereby,” “hereof,” “hereunder,” and any similar terms, as used in
      this Agreement, refer to the Escrow Agreement in its entirety and not only
      to
      the particular portion of this Agreement where the term is used. The word
“person” shall mean any natural person, partnership, corporation, government and
      any other form of business of legal entity. All words or terms used in this
      Agreement, regardless of the number or gender in which they were used, shall
      be
      deemed to include any other number and any other gender as the context may
      require. This Agreement shall not be admissible in evidence to construe the
      provisions of any prior agreement.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    b.  This
      Agreement and the rights and obligations hereunder of the Company and each
      Subscriber may not be assigned. This Agreement and the rights and obligations
      hereunder of the Escrow Agent may be assigned by the Escrow Agent, with the
      prior consent of the Company. This Agreement shall be binding upon and inure
      to
      the benefit of each party’s respective successors, heirs and permitted assigns.
      No other person shall acquire or have any rights under or by virtue of this
      Agreement. This Agreement may not be changed orally or modified, amended or
      supplemented without an express written agreement executed by the Escrow Agent,
      the Company and Vision. This Agreement is intended to be for the sole benefit
      of
      the parties hereto and their respective successors, heirs and permitted assigns,
      and none of the provisions of this Agreement are intended to be, nor shall
      they
      be construed to be, for the benefit of any third person.

     

    c.  This
      Agreement shall be governed by, and construed in accordance with, the internal
      laws of the State of New York. The representations and warranties contained
      in
      this Agreement shall survive the execution and delivery hereof and any
      investigations made by any party. The headings in this Agreement are for
      purposes of reference only and shall not limit or otherwise affect any of the
      terms thereof.

     

    12.  Execution
      of Counterparts. This
      Agreement may be executed in a number of counterparts, by facsimile, each of
      which shall be deemed to be an original as of those whose signature appears
      thereon, and all of which shall together constitute one and the same instrument.
      This Agreement shall become binding when one or more of the counterparts hereof,
      individually or taken together, are signed by all the parties.

     

    [THE
      REMAINDER OF THE PAGE IS INTENTIONALLY LEFT BLANK.]

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have executed and delivered this Agreement on
      the
      day and year first above written.

     

    
      	LOEB
              & LOEB LLP	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By: 	
            	 	 	
            
	 	
              

              Name:

              Title:

            	 	 	
            

    

    

    
      	
              FORME
                CAPITAL, INC.

            	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By: 	
            	 	 	
            
	 	
              

              
                Name:

                Title:

              

            	 	 

    

     

    
      	
              
                VISION
                  OPPORTUNITY CHINA LIMITED PARTNERSHIP

              

            	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By: 	
            	 	 	
            
	 	
              

              
                Name:

                Title:

              

            

    

     

    
      	
              
                
                  [Name
                    of Subscriber]

                

              

            	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By: 	
            	 	 	
            
	 	
              

              
                Name:

                Title:

              

            

    

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

    PARTIES
      TO AGREEMENT

    

    Loeb
      & Loeb LLP

    345
      Park
      Avenue

    New
      York,
      New York 10154

    Attention:
      Mitchell S. Nussbaum, Esq.

    Tel
      No.:
      (212) 407-4000

    Fax
      No.:
      (212) 407-4990

    

    FORME
      Capital, Inc.

    Jing
      7th
      Street

    Dongfeng
      Xincun

    Daqing
      City, PRC 16300031

    Attention:
      John Wang 

    Tel:33.
      No.: 86-459-460782534

    Fax:35
      No.: 86-459-460701536

    

    Vision
      Opportunity China, L.P.

    c/o
      Vision Capital Advisors, LLC

    20
      West
      55th Street, 5th Floor

    New
      York,
      NY 10019-5373

    Attention:
      Yiting Liu

    Tel.
      No.:
      (212) 849-8238

    Fax
      No.:
      (212) 867-1416

    

    Other
      Subscribers

    

    Name
      of Subscriber: _______________

    Address:
      ________________________ 

    Attention:
      _______________________ 

    Tel:

    Fax:

     

    
      	 	 	 	 	 
	By: 	
            	 	 	
            
	 	
              

              
                Name:

                Title:

              

            

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    DISBURSEMENT
      REQUEST

     

    Pursuant
      Investor and Public Relations Escrow Agreement dated effective as of March
      28,
      2008, among FORME Capital, Inc., Vision Opportunity China Limited Partnership
      and Loeb & Loeb LLP, as Escrow Agent, the Company hereby request
      disbursement of funds in the amount and manner described below from account
      number _____________, styled ____________________________ Escrow
      Account.

     

    
      	 	
              Please
                disburse to:

            	 	________________________________	 
	 	 	 	 	 
	 	Amount to disburse:	 	________________________________	 
	 	 	 	 	 
	 	Form of distribution:	 	________________________________	 
	 	 	 	 	 
	 	Payee:	 	 	 
	 	 	 	 	 

    

     

     

    
      	 	
              Name     
                

            	 :	 	________________________________	 
	 	
              Address       
                

            	 :	 	________________________________ 	 
	 	
              City/State      

            	 :	 	________________________________ 	 
	 	
              Zip         

            	 :	 	________________________________ 	 

    

     

    Statement
      of event or condition which calls for this request for
      disbursement:

    _______________________________________________________________

    _______________________________________________________________

     

    
      	 	 	 
	 	
              FORME
                CAPITAL, INC.

            
	 
 	 
 	 
 
	Date: _________________________	By:  	
            
	 	
              
Name:
	 	Title 

    

     

    
      
        
        

      

      
        9

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