Document:

Exhibit 10.114

Effective Date: January 1, 2016

Vatsala Sharma

22338 La Quilla Drive

Los Angeles, CA 91311

		Re:	Eos Petro, Inc. Loan

Dear Vatsala Sharma:

Reference is made to the Secured Promissory Note dated February 15, 2012, as subsequently amended (the "Loan") by and between Eos Petro, Inc. ("Eos") and Vatsala Sharma ("Lender," collectively referred to with Eos as the "Parties").

The Loan has a principal balance of $600,000, with interest accruing at 18% per annum, which, as of December 31, 2015, equals $411,485 of accrued interest.

You are hereby requested in this letter (this "Letter Agreement") to indicate your agreement to, and acknowledgement of, the following regarding the Loan:

	
1.

	
Extension of Maturity Date. Prior to the execution of this Letter Agreement, the maturity date of the Loan was January 1, 2016. The Parties hereby agree that the maturity date of the Loan is extended to July 1, 2016.

	
2.

	
Issuance of Shares.   Pursuant to the terms of the Loan, the Parties agreed that if the Loan was not repaid by the maturity date, which was previously January 1, 2016, Eos will issue to Lender 275,000 restricted shares of its common stock (the "Maturity Shares").  Regardless of the extension of the maturity date herein, Eos' obligation to issues the Maturity Shares shall remain unchanged and such shares shall be issued as of January 1, 2016.

	
3.

	
Acknowledgement of Good Standing.  The Parties agree and acknowledge that any and all Events of Default which may have occurred under the Loan on or prior to the date first written above are hereby waived, and the Parties further acknowledge that the Loan, as modified by this letter agreement, is in good standing and full force and effect as of the date first written above.

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Please acknowledge your agreement to, and acceptance of, the foregoing by signing this Letter Agreement below.  Please return a signed copy to the undersigned, it being agreed that this Letter Agreement may be executed in counterparts and signatures received by electronic transmission shall have the same effect as original signatures.

Sincerely,

NIKOLAS KONSTANT, signing in his individual capacity and as the CFO and Chairman of Eos Petro, Inc., a Nevada corporation

/s/ Nikolas Konstant

ACKNOWLEDGED AND AGREED TO EFFECTIVE AS OF JANUARY 1, 2016 BY:

	 	 
	
VATSALA SHARMA

 

 

 

By:   /s/ Vatsala Sharma 

Name: 

Title:Exhibit 10.115

SEVENTH AMENDMENT

to the LowCal Agreements

THIS SEVENTH AMENDMENT TO THE LOWCAL AGREEMENTS (this "Seventh Amendment"), dated as of March 11, 2016, is by and among Eos Global Petro, Inc. ("Eos"), Eos Petro, Inc. (the "Company"), LowCal Industries, LLC ("LowCal"), and LowCo [EOS/Petro], LLC ("LowCo", and collectively referred to with Eos, Company and LowCal as the "Parties"). 

WHEREAS, pursuant to the terms of the Fifth Amendment to the LowCal Agreements, dated January 13, 2015, by and between the Parties (the "Fifth Amendment"), the following two notes were issued by the Company in favor of LowCal: (1) Amended and Restated Secured Promissory Note in the principal amount of $5,000,000.00 (the "Amended First Note"); and (2) Unsecured Promissory Note in the principal amount of $3,250,000.00 (the "Second Note");

WHEREAS, the Company has previously issued the following warrant to LowCal: Warrant No. LOW2014-1, issued August 14, 2014, exercisable into 500,000 shares of common stock of the Company at a per share exercise price of $4.00, with an expiration date of August 14, 2018 (the "First Warrant");

WHEREAS, pursuant to the terms of the Sixth Amendment to the LowCal Agreements, dated August 14, 2015, by and between the Parties (the "Sixth Amendment"), the Parties agreed to the following: (1) the maturity date of the Amended First Note was extended to January 1, 2016; (2) the maturity date of the Second Note was extended to January 1, 2016; (3) the First Warrant expiration date was extended to  January 1, 2019 and the exercise price was reduced to $2.00 per share; (4) the Company issued an additional 500,000 warrants to LowCo, with an expiration date of January 1, 2019 and a per share exercise price of $2.00 (the "Second Warrant"); and (5) the Company issued an additional 75,000 restricted shares of its common stock to LowCo; and

WHEREAS, the parties desire to amend the conversion price of the Amended First Note to $2.00 per share, and LowCal and LowCo desire to convert the Amended First Note, including any principal and accrued and unpaid interest due in connection therewith, into shares of the Company's restricted common stock upon the occurrence of an acquisition by the Company meeting certain threshold requirements (defined below as a "Qualifying Acquisition").

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties have agreed to the following terms:

	
 

	
1.

	
Extension of Amended First Note Maturity Date. The maturity date of the Amended First Note, previously set at January 1, 2016, is hereby extended to May 1, 2016.

	
 

	
2.

	
Extension of Second Note Maturity Date. The maturity date of the Second Note, previously set at January 1, 2016, is hereby extended to May 1, 2016.

 

	
 

	
3.

	
Acknowledgement of Good Standing. The Parties agree and acknowledge that any and all Events of Default of the Company or Eos and any events of default of LowCal or LowCo which may have occurred pursuant to the terms of the Sixth Amendment, including the Amended First Note and Second Note, on or prior to the date hereof are hereby waived, and the Parties further acknowledge that the same are in good standing and full force and effect as of the date hereof.

 

	
 

 

	
4.

	
Conversion of the Amended First Note Upon Qualifying Acquisition by the Company; Amendment of the Conversion Price of the First Amended Note. The Parties agree that if: (1) the Company pays off the $3,250,000.00 principal balance of the Second Note in full, plus any accrued and unpaid interest, and (2) either: (i) the Company closes a transaction where it acquires at least $10,000,000.00 in additional assets, through an asset purchase, stock purchase, merger, or other similar transaction ("Qualifying Acquisition"), which shall be determined by generally accepted accounting principles ("GAAP"), or (ii) the Company successfully uplists its common stock to a national exchange market (NASDAQ or  the New York Stock Exchange), then the following will automatically occur: (1) the conversion price of the Amended First Note will be reduced from $2.50 per share to $2.00 per share, and (2) any outstanding principal and interest due on the Amended First Note will be converted at a price of $2.00 per share into restricted shares of the Company's common stock, which shall be issued to LowCo.

 

	
 

 

	
5.

	
Amendment to Expiration Date of First Warrant and Second Warrant. The "Expiration Date," as such term is used in the First Warrant and Second Warrant, is hereby amended from January 1, 2019 to May 1, 2020.

 

	
 

	
6.

	
Issuance of Additional Shares. In addition to the above-referenced, as additional consideration for the terms set forth herein, upon receipt of a fully executed copy of this Seventh Amendment, the Company shall issue to LowCo an additional 75,000 restricted shares of its common stock (the "Additional Stock"). The Company further acknowledges and agrees that the piggyback registration rights referenced in the Sixth Amendment shall also apply to the Additional Stock.

 

	
 

	
7.

	
Entire Agreement. In conjunction with the matters considered herein, this Seventh Amendment, and the agreements referenced therein, as well as the Sixth Amendment and Fifth Amendment and the agreements referenced therein, contain the entire understanding and agreement of the Parties and there have been no promises, representations, agreements, warranties or undertakings by any of the Parties, either oral or written, of any character or nature, hereafter binding except as set forth herein. In the event of a conflict between this the Seventh Amendment, the Sixth Amendment, the Fifth Amendment, and any of the agreements referenced therein, this Seventh Amendment shall govern. This Seventh Amendment may be altered, amended or modified only by an instrument in writing, executed by the Parties and by no other means. Each Party waives its right to claim, contest or assert that this Agreement was modified, canceled, superseded or changed by any oral agreement, course of conduct, waiver or estoppel.

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IN WITNESS WHEREOF, the undersigned Parties hereby acknowledge that they have read, understand and consent to the modifications made to the Amended First Note and Second Note by this Seventh Amendment.

	
 

EOS PETRO, INC.

 

 

By: /s/ Nikolas Konstant

Name: 

Title: 

	
 

LOWCAL INDUSTRIES, LLC

 

 

By: /s/ Shlomo Lowy

Name: Kinderlach Ltd Co

Its: Managing Member

	
EOS GLOBAL PETRO, INC.

 

 

By: /s/ Nikolas Konstant

Name: 

Title: 

	
LOWCO [EOS/PETRO], LLC

 

 

By: /s/ Shlomo Lowy

Name: LowCo LLC

Its: Managing MemberExhibit 10.116

THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT, OR (B) AN OPINION OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE ACT.

EOS PETRO, INC.

AMENDED AND RESTATED

UNSECURED PROMISSORY NOTE

Original Principal Amount:  $200,000.00

Remaining Principal Amount: $100,000.00

Accrued Interest: $15,350

Exit Fee: $30,000

Originally Issued:  October 9, 2014

Amendment and Restatement On:  March 25, 2016

This unsecured promissory note (the "Note") amends, and restates in its entirety an unsecured promissory note originally issued by EOS PETRO, INC., a Nevada corporation (the "Company") to Ridelinks, Inc., a California corporation ("Holder") on October 9, 2014 (the "Original Note"), with an original principal amount of Two Hundred Thousand Dollars ($100,000.00) (the "Original Principal Amount"). Company and Holder may each be referred to herein as a "Party" and collectively as "Parties." As of the date of this Note, the Parties acknowledge and agree that Company has paid to Holder $100,000 of the Original Principal Amount, and the Company owes to Holder the remaining principal sum of One Hundred Thousand Dollars ($100,000.00) (the "Remaining Principal Amount").  In addition, the Parties acknowledge and agree that as of the date of this Note, there is $15,350 of accrued but unpaid interest due on the Original Note (the "Accrued Interest") and an exit fee of $30,000 (the "Exit Fee") is due upon payment of the Original Note on the Maturity Date (defined below). The Parties acknowledge and agree that as of the date of this Note, the Accrued Interest and Exit Fee are still due and payable to Holder on the Maturity Date.  All references to Dollars herein are to lawful currency of the United States of America.

FOR VALUE RECEIVED, Company hereby promises to pay to the order of Holder, or its registered assigns, the Remaining Principal Amount, the Accrued Interest and the Exit Fee. All of the Remaining Principal Amount of this Note, the Accrued Interest and the Exit Fee shall be due and payable on April 30, 2016 (the "Maturity Date"), and such payment of an aggregate total of $145,350 shall serve as full payment and satisfaction of the Note. In addition, Company promises to issue to Holder 40,000 restricted shares of its common stock (the "Stock Consideration") by April 6, 2016.  The certificates issued in connection with the Stock Consideration shall bear a restrictive legend as set forth at the top of this Note.  This Note, the Accrued Interest and the Exit Fee may be prepaid at any time in whole or in part without penalty.  The following is a statement of the rights of Holder and the conditions to which this Note is subject, and to which Holder, by the acceptance of this Note, agrees:

 

In any action at law or in equity to enforce or construe any provisions or rights under this Note, the unsuccessful Party or Parties to such litigation, as determined by a court pursuant to a final offer, judgment or decree, shall pay to the successful Party or Parties all costs, expenses and reasonable attorneys' fees incurred by such successful Party.

This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance with the laws of the State of California, without regard to the conflicts of law provisions of the State of California, or of any other state.

Eos-Petro, Inc.

A Nevada corporation

By: /s/ Nikolas Konstant

    Nikolas Konstant

    Its: Chairman

ACKNOWLEDGED AND AGREED TO EFFECTIVE AS OF MARCH 25, 2016 BY:

RIDELINKS, INC.

By: /s/ Rashmi Bansal

Name: Rashmi Bansal

Title: President

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