Document:

acmb_ex102.htm

EXHIBIT 10.2

 

MUTUAL RESCISSION OF SHARE EXCHANGE AGREEMENT

 

This MUTUAL RESCISSION OF SHARE EXCHANGE AGREEMENT (the “Agreement”) dated as of the 19th day of September 2016 is entered into by and among, AGRO CAPITAL MANAGEMENT CORP., a Nevada corporation registered with the U.S. Securities Exchange Commission and traded on OTC Markets (“AGRO”); CAPITAL EPITOME SDN BHD, a private Malaysian corporation (“CE”) and DATO MOHD NASIR BIN BABA, a Malaysian citizen (“DATO MOHD NASIR”) (each of CE and DATO MOHD NASIR are referred to herein as an “OWNER” and collectively, the “OWNERS”). AGRO and OWNERS are referred to singularly as a “Party” and collectively as the “Parties.”

 

RECITALS

 

WHEREAS, AGRO, CE and DATO MOHID NASIR are Parties to that certain Share Exchange Agreement dated December 31, 2015 (the “Exchange Agreement”), pursuant to which (i) AGRO acquired 100% of the issued and outstanding shares of AGRO CAPITAL MANAGEMENT BERHAD, a Malaysian corporation (referred to hereinafter as the “Target Shares”), (ii) in exchange for the Target Shares, AGRO issued an aggregate total of 30,000,000 shares of AGRO's common stock (“Shares Exchange”) to the OWNERS, and (iii) the Shares Exchange were allocated as follows: 17,000,000 shares to DATO MOHD NASIR; and 13,000,000 shares to CE; and

 

WHEREAS, AGRO CAPITAL MANAGEMENT BERHAD, a Malaysian corporation (“Target”) has been unable to deliver to AGRO financial information necessary to complete an audit of Target's last two (2) years of financial statements; and

 

WHEREAS, such inability has resulted in AGRO's inability to show any value for Target on its financial statements and the OWNERS are unable to realize any value in the Shares Exchange since no value has been added to AGRO's financials from the acquisition of the Target Shares; and

 

WHEREAS, the Parties now desire to unwind and rescind the transactions and share issuances set forth in the Exchange Agreement due to mutual lack of value.

 

NOW, THEREFORE, for good and adequate consideration, the receipt of which is hereby acknowledged, the Parties covenant, promise and agree as follows:

 

AGREEMENT

 

1. RESCISSION Effective on the date hereof, the Exchange Agreement is hereby rescinded in its entirety, and upon the completion of the deliveries set forth in Section 2 below, the obligations of each Party to the other Parties shall be terminated, except as otherwise provided herein.

 

2. DELIVERIES: Within five (5) business days of the execution of this Agreement, the following shall occur:

 

(a) DATO MOHD NASIR shall deliver to AGRO 17,000,000 shares of AGRO's common stock (the “DATO MOHD NASIR Shares”), endorsed or accompanied by a stock power sufficient for AGRO to cancel the DATO MOHD NASIR Shares;

 

	 
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(b) CE shall deliver to AGRO 13,000,000 shares of AGRO's common stock (the “CE Shares”), endorsed or accompanied by a stock power sufficient for AGRO to cancel the CE Shares; and

 

(c) AGRO shall deliver to [             ], as representative of the OWNERS, a certificate representing the Target Shares, endorsed or accompanied by a stock power sufficient for Target or OWNERS to return the Target Shares into the names of DATO MOHD NASIR and CE, in the amounts as previously held by each of them, respectively.

 

3. REPRESENTATIONS AND WARRANTIES: Each of the Parties hereby represents, warrants and agrees as follows:

 

(a) Each Party has all requisite corporate or other power and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby.

 

(b) Each Party hereby agrees to indemnify and defend the other Parties and their directors and officers and hold them harmless from and against any and all liability, damage, cost or expense incurred on account of or arising out of the actions of an indemnifying party for:

 

(i) Any breach of or inaccuracy in representations, warranties or agreements herein;

 

(ii) Any action, suit or proceeding based on a claim that any of said representations, warranties or agreements were inaccurate or misleading or otherwise cause for obtaining damages or redress from an indemnifying party or any of its directors or officers.

 

(c) The representations, warranties and agreements contained in this Agreement shall be binding on each Parties' successors, assigns, heirs and legal representatives and shall inure to the benefit of the respective successors and assigns of the other Parties.

 

4. Each Party on behalf of itself and its respective partners, agents, assigns, heirs, officers, directors, employees executors, and attorneys (“Affiliates”) hereby forever and finally releases, relieves, acquits, absolves and discharges the other Parties and their Affiliates from any and all losses, claims, debts, liabilities, demands, obligations, promises, acts, omissions, agreements, costs and expenses, damages, injuries, suits, actions and causes of action, of whatever kind or nature, whether known or unknown, suspected or unsuspected, contingent or fixed, that they may have against any other Party or their Affiliates, including without limitation claims for indemnification, based upon, related to, or by reason of any matter, cause, fact, act or omission occurring or arising at any moment out of the Exchange Agreement, except for maters arising out of this Agreement.

 

5. This Agreement may not be amended, canceled, revoked or otherwise modified except by written agreement subscribed by all of the Parties to be charged with such modification.

 
	 
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6. All Parties hereto agree to pay their own costs and attorneys' fees except as follows:

 

(a) In the event of any action, suit or other proceeding instituted to remedy, prevent or obtain relief from a breach of this Agreement, arising out of a breach of this Agreement, involving claims within the scope of the releases contained in this Agreement, or pertaining to a declaration of rights under this Agreement, the prevailing Party shall recover all of such Party's attorneys' fees and costs incurred in each and every such action, suit or other proceeding, including any and all appeals or petitions therefrom.

 

(b) As used herein, attorneys' fees shall be deemed to mean the full and actual costs of any legal services actually performed in connection with the matters involved, calculated on the basis of the usual fee charged by the attorneys performing such services.

 

7. The Parties agree and stipulate that each and every term and condition contained in this Agreement is material, and that each and every term and condition may be reasonably accomplished within the time limitations, and in the manner set forth in this Agreement.

 

8. The Parties agree and stipulate that time is of the essence with respect to compliance with each and every item set forth in this Agreement.

 

9. This Agreement sets forth the entire agreement and understanding of the Parties hereto and supersedes any and all prior agreements, arrangements and understandings related to the subject matter hereof. No understanding, promise, inducement, statement of intention, representation, warranty, covenant or condition, written or oral, express or implied, whether by statute or otherwise, has been made by any party hereto which is not embodied in this Agreement or the written statements, certificates, or other documents delivered pursuant hereto or in connection with the transactions contemplated hereby, and no Party hereto shall be bound by or liable for any alleged understanding, promise, inducement, statement, representation, warranty, covenant or condition not so set forth.

 

10. This Agreement may be executed in one or more counterparts, each of which when executed and delivered shall be an original, and all of which when executed shall constitute one and the same instrument.

 

[Remainder of page intentionally left blank. Signatures on the following page.]

 

	 
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IN WITNESS WHEREOF, the Parties hereto, agreeing to be bound hereby, execute this Agreement upon the date first set forth above.

 

 

AGRO CAPITAL MANAGEMENT CORP.,

A Nevada corporation

 

 

By:____________________________________

Name: CHRISTOPHER XAVIER DORAIRAJ

Title: CEO

 

 

CAPITAL EPITOME SDN BHD,

a private Malaysian corporation

 

 

By: ____________________________________

Name: MOHAMMAD HAREZ DANIEL

Title: DIRECTOR

 

 

DATO MOHD NASIR BIN BABA

 

_______________________________________

 

  

	
4EXHIBIT
10.2

 

______________________________

 

EMPLOYMENT
AGREEMENT

______________________________

EMPLOYMENT
AGREEMENT made effective as of the April 1st 2016, between Christos P. Traios, an individual
residing at Piraeus - Greece (hereinafter referred to as the "Executive") and, Petrogress, Inc. a corporation with offices
at 319, Clematis str. West Palm Beach - Florida (hereinafter referred to as the "Employer" or the “Company”).

 

1
WITNESSETH

 

WHISEAS,
the Employer desires to employ the Executive under the terms and conditions of the Agreement; and

WHISEAS,
the Executive is willing to provide his services to the Employer on the terms and conditions hereinafter set forth.

NOW
THEREFORE, in consideration of the mutual covenants and promises of the parties hereto, the Employer and the Executive agree
as follows:

		1.	Employment:
                                         The Employer hereby agrees to employ the Executive to perform managerial and executive
                                         functions for the Employer, and the Executive hereby agrees to perform such services
                                         for the Employer on the terms and conditions hereinafter stated, subject to the directives
                                         of the Board of Directors of the Employer.

		2.	Term
                                         of Employment: The period during which the
                                         Executive serves as an employee of the Company
                                         in accordance
                                         with and
                                         subject to
                                         the provisions
                                         of the
                                         Agreement is
                                         referred to
                                         in the Agreement as the Term of Employment. The Term of Employment pursuant to
                                         the Agreement shall be deemed to have commenced as of the April 1st 2016 and shall continue
                                         in full
                                         force and
                                         effect until
                                         the March
                                         31st, 2021, provided,
                                         however, that
                                         the Agreement
                                         shall be automatically
                                         renewed on
                                         a year-to-year
                                         basis thereafter
                                         unless terminated by
                                         either party on at least four (4) months prior written notice during any given
                                         year, unless sooner terminated as provided herein.

		3.	Position
                                         and Duties

(a)
The Executive
shall serve as
Chief Executive Officer
for the Company.
The Executive shall be
responsible for compliance
with and periodic
review of the
Company’s corporate governance policies
and practices, ensuring
that the Company
follows and complies
with state and federal regulations as well as internal corporate rules and polices as set forth in
the Company’s Certificate
of Incorporation and
By-Laws and as
may be determined
by the Board of Directors of the Company; the preparation and conducting of the meetings of the shareholders; establishment
and maintenance of clear and effective channels of communications between the various governing bodies of the Company; the keeping
of corporate records; and the review of and response to shareholders correspondence. The Employee shall also have such other duties
as from time to time may be prescribed by the Board. Notwithstanding the foregoing, the Agreement shall not apply to the Executive’s
position on the Board of Directors and shall only apply to his Corporate Secretary position with the Company.

(b)
During the Term, the Executive shall perform and discharge the duties
that may be assigned to his by the Board from time to time in accordance with the Agreement, and the Executive shall devote his
best talents, efforts and abilities to the performance of his duties hereunder.

(c)
During the
Term, the Executive
shall perform his
duties hereunder on
a full-time basis and shall be
employed exclusively by the Company. The Executive shall not engage in any other
business or accept other employment unless approved in advance by the Board. In addition to the foregoing, the Executive shall,
at all times during the Term and any extension thereof, discharge his duties in consultation
with, and under the supervision of the Board.

		4.	Compensation
                                         and Bonuses:

(a) During the Term of Employment the Employer shall pay the Executive a salary at an annual
rate of U.S.
$120,000.00 (One Hundred
Twenty Thousand U.S.
dollars (the Base Salary). The
Base Salary will be payable in monthly installments of ($10,000) Ten Thousand U.S.
Dollars on the 1st day of each month commencing on the starting date of the Agreement.

(b) In
addition to his Base Salary, the Company shall issue to the Executive, Five Hundred
Thousand (500,000) shares of Preferred stock;

(c)
The Executive will also be given an expense allowance of U.S. Five
Thousand ($5,000) Dollars per month subject to the Company receiving receipts for any such expenses. Any expenses in excess of
that amount will require the prior approval of the Board.

(d) The
Executive shall also be eligible to participate in any future bonus, profit
sharing and/or ESOP plans approved and enacted by the Board on the
same basis with all other
senior executives of the Company, subject to the terms thereof. The Executive understands, however, that no such plans are
currently in effect.

		5.	Benefits:

(a) General.
Executive shall be entitled to receive such benefits and fringe benefits, subject to the Company’s policies and guidelines
for the same, if any, as are approved from time to time by the Company for all of
the Company’s senior executives.

(b) Health
and Dental. The Employer currently does not have a health and dental plan, however, when the Employer is in a position
to have such a plan, the Executive will be offered the opportunity to participate in the plan.

(c)
Vacation: During each year of the term of the
Agreement, the Executive shall be entitled
to three (3)
weeks vacation annually,
which, if
unused, will accrue
daily and shall be
paid to Executive
(based upon the
per-day amount of
the Base Salary
for the calendar year in
which such vacation is accrued and pro rated through the date of such termination)
upon Executives termination
or the expiration
of the Term
of Employment.

(d)
Moving Expenses. Executive shall be entitled to receive reimbursement
for all reasonable expenses incurred by the Executive to move his immediate family and belongings if
required by the Company. At the Executives sole option, however, the Agreement may be terminated if
the Company requires such a move as a condition of continued employment.
In such a
case, the provisions
of Termination of
Employment will apply as if the
Company had terminated the Agreement without
cause.

(e) 
No Obligation to Establish or Maintain Benefits. Except as
contemplated by the Section 5 and
the other express
terms of the
Agreement, compliance with
the provisions of the Section
5 shall in
no way create
or be deemed
to create any
obligation, express or implied,
on the part
of the Company
or any Parent, Subsidiary, or Affiliate
of the Company with respect to
the continuation of any benefit or other plan or arrangement maintained as of
or prior to
the date hereof or
the creation and
maintenance of any
particular benefit or other plan or arrangement at any time after the date
hereof.

		6.	Termination
                                         of Employment: Unless renewed as provided in Section 2 hereof, the Agreement may
                                         be terminated as follows:

(a)
At any time by the mutual written consent of the Executive and the
Company. Upon termination pursuant to the Section 6(a), all obligations of the Company for the payment of earned but unpaid Base
Salary and any unpaid bonus and benefits through the date of termination shall continue until fully
discharged.

(b)
At any time for cause
by the Company upon written notice to the Executive. For the purposes of the Agreement, a termination shall be for cause if
a majority of the Board of Directors of the Company reasonably determines that:

		(i)	the
                                         Executive has been convicted by a court of competent jurisdiction or has pleaded guilty
                                         or nolo contendere to any felony or any lesser crime having as its predicate element
                                         fraud, embezzlement, misappropriation or breach of fiduciary duty against the Company;
                                         or

 

		(ii)	the Executive has committed an act which submits the Company to criminal liability;
                                         or

 

		(iii)	the Executive has committed a breach of any of the covenants, terms, or provisions in
                                         the Agreement concerning Non-competition or Intellectual Property;
                                         or

 

		(iv)	the
                                         Executive has committed a breach of any of the covenants, terms, or provisions
                                         of the
                                         Agreement other
                                         than those
                                         related to
                                         Non-competition or Intellectual
                                         Property, and
                                         which breach
                                         has not
                                         been remedied
                                         within thirty (30)
days after delivery to the Executive by the Company written notice thereof; or

 

		(v)	the
                                         Executive has
                                         disobeyed for
                                         a period
                                         of thirty
                                         (30) days
                                         reasonable and lawful
                                         written instructions
                                         from the
                                         Company’s Board
                                         of Directors
                                         regarding the performance of the Executives duties as required by Section 3 hereof
                                         or has been grossly negligent in the performance
                                         of the Executives duties hereunder, after written notice from said
                                         Board.

 

Upon
termination for cause as provided in the Section 6(b),

(A)
all obligations of the Company under the Agreement thereupon shall
terminate other than
any obligations with
respect to earned
but unpaid salary
and any unpaid bonus and benefits through the date of termination;

(B)
the Company shall have any and all rights and remedies under the
Agreement and applicable law, and

(C)
the Executive shall continue to be subject to any provisions under
the Agreement regarding Non-competition and Intellectual Property.

(c)
Upon the
Executives death or
upon the Executives
permanent disability (as
defined below) continuing for a period of ninety (90) days. Upon termination or the event of death or permanent disability
as provided in the Section 6(c), all obligations of the Company under
the Agreement thereupon
shall immediately terminate
other than any obligations with
respect to earned but unpaid salary and any unpaid bonus and benefits through date of termination, and to the extent applicable,
the Executive shall continue to be subject to the covenants, terms, and provisions under the Agreement with regard to Non-competition
and Intellectual Property. As used herein, the term permanent disability or permanently disabled is hereby defined as the inability
of the Executive, by reason of illness, injury, or other cause, to perform a major part of the duties and responsibilities which
the Executive had been performing prior to the date of disability
in connection
with the conduct
of the business and
affairs of the Company.

(d)
At any time by the Executive upon sixty (60) days written notice
of intent to terminate to the Company. Upon termination by the Executive as provided in
the Section 6(d), all obligations of the Company under the Agreement thereupon immediately shall terminate other than any
obligations with respect to earned but unpaid salary
and any unpaid
bonus and benefits
through the date
of termination, and the Executive
shall continue to be subject to covenants, terms, and provisions under the Agreement with regard to Non-competition and Intellectual
Property of the Agreement in accordance with the terms thereof.

(e) 
At any
time without
cause (as defined
in Section 6(b)
above) by the
Company upon written notice
to the Executive
of not less
than thirty (30)
days.  In the
event of termination of the Executive by the Company pursuant to the Section
6(e), the Company shall pay the Executive the Executives Base Salary for a period of six (6) months as severance pay and shall
pay any unpaid bonus and benefits in each case through the effective date of termination.
If terminated without cause, the provisions of the Non-competition and Intellectual Property shall not apply, although the Executive
shall nevertheless continue
to be bound
by the terms
of that Non-Disclosure Agreement between the Executive and the Company, a copy
of which is attached hereto as Exhibit A (Non-disclosure Agreement). Any payments of Base Salary of other amounts under the Section
6(e) shall be in the same intervals (i.e., weekly, monthly, yearly,
etc.) as such payments were made
to the executive immediately
prior to termination. Payment of the amounts contemplated by the Section 6(e) is agreed by the parties hereto to be in
full satisfaction and compromised of any claims arising out of any termination of the Executives employment pursuant to the Section
6(e).

(f) 
In any
event, all obligations
of the Company
and its affiliates
hereunder shall terminate as
of the last
day of the
Termination of Employment
other than the
obligation to pay
Base Salary earned an bonus and benefits accrued but unpaid with respect to periods ending prior
thereof.

		7.	Non-Competition
                                         and Intellectual Property

(a)
Except as otherwise provided in the Agreement, during any period
in which the Executive serves as an employee of the Company and for a period of two (2) years after the date of termination of
the Executives employment at any time (the Non-compete Period), the Executive shall
not, without the express written consent of the Board of Directors, directly or indirectly, engage, participate, invest in, be
employed by or assist, whether as owner, part-owner, shareholder, partner, director, officer, trustee, employee, agent,
or consultant, or
in any other
capacity, any business
entity other than
the Company and its affiliates,
which develops, manufactures, sells or markets products or performs services which are directly competitive with the products
or services of the Company, or products or
services which the
Company has under
development or which
are the subject of
active study on
the date of
the termination of
the Executives employment
(hereinafter a Competitor). Without limiting the foregoing, the foregoing covenant
shall prohibit the Executive during the period set forth above from (i) soliciting for or on behalf of any such Competitor any
customer of the Company and (ii) diverting to any such Competitor any customer of
the Company. In addition, during the period covered by the Section 7(a), the Executive shall not hire or attempt to hire for or
on behalf of any Person (including any Competitor) any
officer of employee of the
Company or encourage
for on or behalf of
any such Person (including the Competitor) any officer of employee to terminate his or his relationship or employment with
the Company. Notwithstanding the foregoing, however, the Executive may make passive
investments in a Competitor, whether or not the securities of such Competitor are publicly traded, if such investment constitutes
less than one percent (1%)
of the outstanding
shares of capital
stock or comparable equity interests
of the Competitor. As of the date of the Agreement, the Executive represents he is not performing any other duties for, and is
not a party to any similar agreement with any Competitor. The Executive understands that the restrictions set forth in
the Section 7(a) are intended to protect the Company’s interest in its proprietary information and established customer
relationships and goodwill, and agrees that such restrictions are reasonable and appropriate for the purpose. For purposes of
the Agreement, the term Person shall mean an individual, a corporation, an association, a partnership, a limited liability company
or partnership, an estate, a trust, and any other entity or organization.

(b)
For purposes of the Agreement, "proprietary information"
shall mean any proprietary information relating
to the business
of the Employer
or its Parent
or any entity
in which the Employer or its Parent
has a controlling interest that has not previously been publicly released by duly authorized representatives of the Employer and
shall include (but  shall not be limited to) information encompassed in all proposals,
marketing and sales plans, financial information, costs, pricing information, computer programs (including without limitation
source code, object code, algorithms and models), customer information, customer lists, and all methods, concepts, know-how or
ideas in or reasonably related to the business of Employer or any entity in which the Employer has a controlling interest.

(c)
In connection with the execution of the Agreement, the Executive
has executed and delivered the Non-disclosure and Confidentiality Agreement and for so long as the Executive
is subject to
the terms of
Section 7(a) hereof,
the Executive agrees
to be bound by the terms thereof
as if the same were set forth in full herein, it being understood that nay breach
of the Nondisclosure and Confidentiality Agreement shall constitute a breach of the Agreement.

		8.	Business
                                         Opportunities. The Executive agrees, while he is employed by the Company, to offer
                                         or otherwise make known or available to the Company and without additional compensation
                                         or consideration, any business prospects, contracts or other business opportunities
                                         that he
                                         may discover,
                                         find, develop
                                         or otherwise
                                         have available
                                         to his
                                         in any
                                         field in which the Company is engaged, and further agrees that any such
                                         prospects, contracts or other business opportunities shall be the property of
                                         the Company.

		9.	Specific
                                         Performance; Severability. It is specifically understood and agreed that nay breach
                                         of the provisions of the Agreement (including, without limitation, Section 7 hereof and
                                         the obligations referred
                                         to and
                                         incorporated therein)
                                         by the
                                         Executive is
                                         likely to
                                         result in
                                         irreparable injuring to the Company, that the remedy a law alone will be an inadequate
                                         remedy for such breach and
                                         that, in
                                         addition to
                                         any other
                                         remedy it
                                         may have,
                                         the Company
                                         shall be
                                         entitled to enforce the
                                         specific performance of the Agreement by the Executive through both temporary
                                         and permanent injunctive
                                         relief, and through
                                         any other appropriate
                                         equitable relief, without the necessity
                                         of showing or proving actual damages.

 

In
case any of the provisions contained in the Agreement shall for any reason be held to be invalid, illegal or unenforceable in
any respect, including without limitation geographic scope, duration of functional coverage, any such invalidity, illegality or
enforceability shall not
affect any other
provision of the
Agreement, but the
Agreement shall be construed as
if such invalid, illegal or unenforceable provision had been limited or modified
(consistent with its general intent) to the extent necessary to make it valid, legal
and enforceable provision or
part of a
provision, the Agreement
shall be construed
as if
such invalid, illegal or unenforceable provision or part of a provision had
never been contained in the Agreement.

		10.	Injunctive
                                         Relief: The Executive acknowledges that the injury to the Employer resulting from
                                         any violation by his of any of the covenants
                                         contained in the Agreement will be of such a
                                         character that
                                         it cannot
                                         be adequately
                                         compensated by
                                         money damages,
                                         and, accordingly,
                                         the Employer may, in addition to
                                         pursuing its other remedies, obtain an injunction
                                         from any court having jurisdiction of the matter restraining any such
                                         violation.

		11.	Representation
                                         of Executive: The Executive represents and warrants that neither the execution and
                                         delivery of the Agreement nor the performance of his duties hereunder violates the provisions
                                         of any other agreement to which he is a party or by which he is
                                         bound.

		12.	Parties;
                                         Non-Assignability: As used herein, the term the "Employer" shall mean and
                                         include the Employer, its Parent and any subsidiary thereof and any successor thereto
                                         unless the context indicates
                                         otherwise. Any
                                         assignment of
                                         the Agreement
                                         shall be
                                         subject to
                                         the provisions of
                                         Section 8(g).
                                         The Agreement
                                         and all
                                         rights hereunder
                                         are personal
                                         to the
                                         Executive and
                                         shall not be assignable by his and any purported assignment shall be null and
                                         void and shall not be binding on the Employer.

 

		13.	Entire
                                         Agreement: The Agreement and its attachments
                                         contains the entire agreement between the parties hereto with respect to the transactions
                                         contemplated herein and supersedes all previous
                                         representations, negotiations, commitments, and writing with respect thereto.

 

		14.	Amendment
                                         or Alteration: No amendment or alteration of the terms of the Agreement shall be
                                         valid unless made in writing and signed by all of the parties
                                         hereto.

		15.	Choice
                                         of Law: The Agreement shall be governed by the laws of Delaware
                                         USA.

		16.	Arbitration:
                                         Any controversy, claim, or breach arising out of or relating to the Agreement or the
                                         breach thereof
                                         shall be
                                         settled by
                                         arbitration in
                                         New York
                                         in
                                         accordance with
                                         the rules
                                         of the
                                         American Arbitration Association and the judgment upon the award rendered shall
                                         be entered by consent in any court having jurisdiction
                                         thereof.

		17.	Notices:
                                         Any notices
                                         required or
                                         permitted to
                                         be given
                                         under the
                                         Agreement shall
                                         be sufficient if in writing, and if
                                         sent by registered mail to the residence of the Executive, or to the principal
                                         office of the Employer, respectively.

		18.	Waiver
                                         of Breach: The waiver by any party hereto of a breach of any provision of the Agreement
                                         shall not operate or be construed as a waiver of any subsequent breach by any of the
                                         parties hereto.

		19.	Binding
                                         Effect: The terms of the Agreement shall be binding upon and inure to the benefit
                                         of the parties hereto and their respective personal representatives, heirs, administrators,
                                         successors, and permitted assigns.

		20.	Gender:
                                         Pronouns in any gender shall be construed
                                         as masculine, feminine, or neuter as the context requires in
                                         the Agreement.

		21.	Miscellaneous.
                                         The failure of any of the parties to require the performance of a term of obligation
                                         or to exercise of such right or the enforcement at any time of any other right hereunder
                                         or be deemed a waiver of any subsequent breach of the provision so
                                         breached, or of any other breach hereunder. The Agreement shall inure to the benefit
                                         of successors of the Company by way of merger, consolidation or transfer of all or substantially
                                         all of the assets of
                                         the Company,
                                         shall be
                                         binding upon
                                         the heirs,
                                         executors, administrators
                                         and legal representatives
                                         of the
                                         Executive and
                                         may not
                                         be assigned
                                         by the
                                         Executive. The Agreement supersedes
                                         all prior understandings and agreements among the parties relating to the subject matter
                                         hereof.

 

IN
WITNESS WHEREOF, the parties have executed the Agreement as of the day and year first above written.

	PETROGRESS, INC.	CHRISTOS P. TRAIOS
	 	 
	 	 
	_________________________________	______________________________

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