Document:

Exhibit 10.80 - Consulting Agreement

CONSOL Energy Inc.
CNX Center
1000 CONSOL Energy Drive
Canonsburg, PA  15317-6506

	
			
	Phone:
	724/485-4018
	 

	Fax:
	724/485-4849
	 

	e-mail:
	jbrettharvey@consolenergy.com

	Web:
	www.consolenergy.com
	 

J. BRETT HARVEY
Chairman and Chief Executive Officer
December 18, 2012

William J. Lyons
3203 Washington Pike
Bridgeville, PA  15017
 

Re:  Acknowledgement 

Dear Bill:

As you know, in recognition of your service with CONSOL Energy Inc. (the "Company"), the Company, with the approval of the Compensation Committee of the Company’s Board of Directors,  has determined to award you a discretionary bonus in the amount of $395,500 (the "Discretionary Bonus"), subject to your execution and delivery of this letter.  

By signing this letter, you hereby acknowledge that if the Compensation Committee determines that 2012 short-term incentive compensation bonuses are earned and payable pursuant to the terms of the Executive Annual Incentive Plan (the "2012 STIC Bonuses"), the Compensation Committee will exercise its right of negative discretion with respect to the 2012 STIC Bonus pay-out and reduce your 2012 STIC Bonus pay-out amount payable in 2013 by the amount of the Discretionary Bonus.  You hereby expressly acknowledge such reduction will occur if the 2012 STIC Bonus is deemed earned by the Compensation Committee.                            

 	
		
	/s/ J. Brett Harvey

	     J. Brett Harvey

	Chairman of the Board and Chief Executive Officer

	(Principal Executive Officer)

ACKNOWLEDGED AND AGREED BY:	
		
	/s/ William J. Lyons

William J. Lyons 
December 19, 2012securealter101.htm

Exhibit 10.1

 

SETTLEMENT AGREEMENT AND ROYALTY

AND SHARE BUY BACK

This Agreement is entered into and effective as of February 1, 2013 by and between SECUREALERT, INC., a Utah corporation (“SA”) with its principal executive office located at 150 West Civic Center Drive, Suite 100, Sandy, Utah 84070, BORINQUEN CONTAINER CORPORATION (“BQN”) a Puerto Rican corporation, with a principal mailing address of P.O. Box 36477 San Juan, Puerto Rico 00936-4744, and Sapinda Asia Limited, a British Virgin Islands corporation (“Sapinda”). SA, BQN and Sapinda are also referred to individually as a “party” and collectively as the “parties.”

WHEREAS, SA and BQN entered into that certain Royalty Agreement dated July 1, 2011, subsequently amended effective as of July 1, 2011 (the “Royalty Agreement”) granting BQN the right to receive royalties based on income derived by SA in the Territory (as defined in the Royalty Agreement).  The parties agree that SA owes BQN certain amounts for royalties earned by BQN under the Royalty Agreement and for other concepts; and

WHEREAS, the parties later entered into certain agreements for the sale of BQN’s rights under the Royalty Agreement and for the sale of BQN’s shares of stock in SA (herein referred to as the “Buy Back Agreements”) and Sapinda and SA defaulted under those agreements. In connection with those agreements SA and Sapinda entered into a $16,640,000 loan agreement and

WHEREAS, BQN terminated the Buy Back Agreements, and

WHEREAS, SA desires to purchase BQN’s rights under the Royalty Agreement and pay BQN all amounts owed to BQN under that agreement and Sapinda has agreed to contribute funds to SA to enable SA to purchase such royalty rights; and

WHEREAS, Sapinda desires to purchase all of BQN’s shares of stock in SA, and

WHEREAS, the parties and Tetra House Pte. Ltd., a Singapore corporation, (“TH”) desire to release each other from any claims that they may have against each other under the Royalty Agreement and the Buy Back Agreements and any extensions or amendments thereof,

NOW, THEREFORE, in consideration of the mutual promises, covenants, representations and good and valuable consideration between the parties, the adequacy of which is hereby acknowledged, the parties hereby agree as follows:

1. Initial Payment:  Simultaneously with the execution of this agreement SA will make a payment to BQN of Thirteen Million Dollars ($13,000,000.00) by wire transfer of immediately available funds from a bank in the United States.

2. Second Payment: Not later than February 28, 2013, Sapinda will pay BQN  Five Million Dollars ($5,000,000.00) consisting of Three Million Dollars ($3,000,000.00) by wire transfer of immediately available funds from a bank in the United States and Two Million Dollars ($2,000,000.00) that BQN has previously received from Sapinda. In the event of a failure by Sapinda to make this second payment BQN shall return One Million Dollars ($1,000,000.00) to Sapinda and shall be entitled to keep all of its shares in SA and all monies previously received from Sapinda as liquidated damages.

  

  

  

 

3. Settlement of Claims and Transfer of Shares and Royalty Rights:  BQN’s royalty rights will be transferred to SA immediately upon receipt of the Initial Payment by BQN at its bank in Puerto Rico and the parties and TH will release each other fully from any and all claims that any of the parties may have against each other that may arise under the Royalty Agreement and the Buy Back Agreements and any extensions or amendments thereof. BQN agrees to provide a revocable proxy to Sapinda of all its shares in SA for a period of one year, renewable for a maximum of four more years based on a review and discussion between BQN and Sapinda of the performance and future plans of SA. In addition, upon receipt by BQN of the Second Payment, BQN will assign all of its shares in SA to Sapinda and the parties will release each other fully from any and all claims that any of the parties may have against each other that may arise under this agreement or under the Royalty Agreement and the Buy Back Agreements.

4. Representations and Warranties of the parties:   SA, BQN and Sapinda, and each of them, represents and warrants that it possesses all of the rights and authority necessary to enter into and fulfill its obligations under this Agreement.

5. Additional Actions:  Each of the parties hereto covenants and agrees, at its own cost and expense, to execute and deliver, at the request of any other party hereto, such additional documents and instruments and to take such other action as such other party may reasonably request to consummate the transactions contemplated herein.

5.1   Sapinda shall enter into a Revolving Loan Agreement with SA wherein SA can borrow up to $1,200,000 at an interest rate of three percent (3%) per annum for unused funds and ten percent (10%) per annum for borrowed funds.  The term of the agreement shall run until June 30, 2014.

6. Miscellaneous:

(a) Applicable Law.  This Agreement shall be interpreted under the laws of the Commonwealth of Puerto Rico and any dispute arising under this Agreement shall be decided in the courts of Puerto Rico.

(b) Severability.  In the event that in any legal proceeding it is determined that any of the sections of this Agreement or any subsection, provision, or part thereof is severed from this Agreement for the purposes only of particular legal proceedings in question, and this Agreement, and the said section, subsection, provision or part thereof, shall in every other respect continue in full force and effect.

(c) Successors and Assigns.  This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns.

(d) Amendment.  No amendment, supplement, modification, waiver or termination of this Agreement or any provision hereof shall be binding unless executed in writing by the party to be charged therewith.  No waiver of any provisions of this Agreement shall constitute a waiver of any other provision (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

(e) Counterparts.  This Agreement may be executed by facsimile or electronically (e-mail) and in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

(f) Attorney’s Fees.  In the event of any lawsuit, action, proceeding or mediation brought by either party for a breach of any term or provision hereof, or to enforce any term or provision hereof, the prevailing party shall be entitled to reasonable attorney’s fees in addition to court costs and other expenses of litigation or mediation in said action or proceeding.  For purposes of this Agreement “prevailing party” includes, without limitation, a party who agrees to dismiss an action or proceeding upon the other party’s payment of the sums allegedly due or performance of the covenants allegedly breached, or who obtains substantially the relief sought.

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

  

  

  

IN WITNESS WEREOF, each of the parties has caused this Agreement to be executed in its name and on its behalf by its duly authorized representative as of the date first set forth above.

SECUREALERT, INC.

A Utah corporation

By;  /s/ George Schmitt

George Schmitt

Executive Committee Acting CEO

By:  /s/ Winfried Kunz

Winfried Kunz

Executive Committee Acting CEO

BORINQUEN CONTAINER CORPORATION

A Puerto Rico Corporation

By:  /s/ Hector Gonzalez

Hector Gonzalez

Chairman of the Board of Directors

SAPINDA ASIA LIMITED

A British Virgin Islands corporation

By:  /s/ Lars Windhorst

Lars Windhorst

  CEO

TETRA HOUSE PTE. LTD.

A Singapore corporation

By: /s/ Luc Ceulemans

Luc Ceulemans

Directorworthington8kexh1001.htm

Exhibit 10.01

SETTLEMENT AGREEMENT AND MUTUAL RELEASE OF CLAIMS

This Settlement Agreement and Mutual Release (hereinafter “AGREEMENT”) is entered into on this, the 25th day of January, 2013, by, between, and among Worthington Energy, Inc. (“Worthington”), on the one hand, and BLACK CAT Exploration & Production, LLC (“Black Cat”) and Anthony Mason (“Tony”) on the other hand. Black Cat and Tony are collectively referred to as the “Claimants”. Worthington and the Claimants are hereinafter referred to collectively as “SETTLING PARTIES”.  The SETTLING PARTIES enter this AGREEMENT individually, and on behalf of themselves and their respective principals, agents, attorneys, officers, directors, shareholders, servants, representatives, employees, members, partners, subsidiaries, affiliated companies, insurers, predecessors, successors-in-interest and assigns.

The SETTLING PARTIES intend that the terms of this agreement and underlying transactions remain confidential.

1.0           PARTIES’ REPRESENTATIONS

Each SETTLING PARTY represent as follows:

(a) That this AGREEMENT will be binding upon it when executed; and

(b) That the representations set forth herein shall endure forever and shall survive the execution of this AGREEMENT and the settlement, as more fully described below.

2.0           RECITALS

2.1           WHEREAS, it is the intent of the SETTLING PARTIES to fully and finally resolve any and all of the claims at issue between them in order to preclude any potential future litigation between and among the SETTLING PARTIES, all terms of this AGREEMENT are to be construed so that their meaning will effectuate this intent.

2.2           WHEREAS, the SETTLING PARTIES each recognize that any future litigation among them would require substantial time, effort, and expense unless their claims are settled and terminated between and among them at this time.

2.3           WHEREAS, the SETTLING PARTIES wish to reduce to writing the full terms of their AGREEMENT.

3.0           NO ADMISSION

In making this AGREEMENT, the SETTLING PARTIES do not admit the sufficiency of any claims, allegations, assertions, contentions, or positions of any other party, or the sufficiency of any defenses to any such claims, allegations, assertions, contentions or positions.  Further, in making this AGREEMENT, the SETTLING PARTIES agree that the covenants and releases comprising this AGREEMENT are not intended to be admissions of liability, negligence, willful conduct, breach of contract, bad faith conduct or fault of any kind whatsoever.  The SETTLING PARTIES hereto desire to resolve the instant action in an amicable fashion.  The SETTLING PARTIES have entered into this AGREEMENT in good faith and with the desire to forever settle as between them all claims and to execute a Release as set forth in Paragraph 4.0 below.

 

  

  

  

AGREEMENT AND RELEASE

WHEREFORE, in consideration of the covenants and agreements expressed herein, and the recitals set forth above, which form a part of, and are incorporated into this AGREEMENT, the parties hereto agree as follows:

4.0           SETTLEMENT TERMS

(a) In consideration of this Release, the Worthington hereby grants to the Claimants the following:

	
(i)  

	
A Payment of $125,000 to the Claimants representing all amounts owed to Tony and all amounts owed to Black Cat.  The $125,000 will be comprised of 10 monthly payments in the amount of $12,500 each. The first payment will be issued in 45 days following the execution date of this Agreement.  Each additional payment will be made in 30 days thereafter.

	
(ii)  

	
On the closing of a funding of the VM179 credit facility of at least $3,500,000 (1st Tranche), all unpaid portions of the $125,000 will become fully due and payable.

	
(iii)  

	
All current production of the I-1 well (from the date it went on-line) belongs goes to Black Cat

(b) In consideration of this Release, the Claimants here grant to Worthington the following:

	
(i)  

	
The return of all Worthington or Paxton Energy stock certificates which were issued to any Claimant or any affiliate of any Claimant or a designee of any Claimant.

	
(ii)  

	
All studies, contact information, documentation and other forms of related information regarding the VM179 Seismic acquisition.

	
(iii)  

	
Tony will resign from the Board of Directors of Worthington and as President and CEO of Worthington.

(i) Each of the Settling Parties hereby release and forever discharges each other, and all of their representatives, agents, employees, heirs, successors, administrators, executors, attorneys, and any parents, affiliates, subsidiaries, officers, directors, shareholders, predecessors and assigns, from any and all claims, actions and causes of action, known or unknown which may have arisen or may in the future arise in connection with or in any manner related to or arising out of the any event or occurrence related to the transaction contemplated in the recital (“Released Claims”).

  

  

  

 

(j) The Settling Parties further expressly agree that this Agreement shall be binding upon their successors and assigns and shall inure to the benefit of the Settling Parties and each of them.  The Settling Parties further represent that any approvals of this Agreement required to be obtained by each of the Settling Parties have been obtained and that the Settling Parties are expressly or otherwise fully authorized to release and discharge each other as described herein.

The parties confirm that this is a written Settlement Agreement as contemplated by Section 154.071 of the Texas Civil Practice and Remedies Code.

5.0           ENTIRE AGREEMENT

This AGREEMENT constitutes the full and entire AGREEMENT between the SETTLING PARTIES hereto and such Parties acknowledge that there is no other Agreement, oral or written, between the SETTLING PARTIES hereto.

6.0           FINAL AGREEMENT

The parties to this AGREEMENT and each of them, acknowledge that (1) this AGREEMENT and its reduction to final form is the result of extensive good faith negotiations between the parties; (2) the parties have carefully reviewed and examined this AGREEMENT; (3) the parties have had ample opportunity to consult with independent legal counsel; and (4) any statute or rule of construction that ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this AGREEMENT.

7.0           FEES AND COSTS

All parties will bear their own fees and costs concerning preparation and execution of this AGREEMENT and all required definitive agreements.

8.0           NO INDUCEMENT

Each SETTLING PARTY expressly warrants and represents that, in executing this AGREEMENT, it is not relying upon any representation, promise, inducement or statement made by or on behalf of any of the other persons or entities which/who are parties to this AGREEMENT.  Nor is any party relying on any omission or the absence of any statement, representation, promise or inducement not made herein.  Each party hereto expressly waives any right it might ever have to claim that this AGREEMENT was in any way induced by fraud.

  

  

  

 

9.0           MODIFICATIONS

This AGREEMENT may not be amended or modified, except by a written instrument executed by the parties affected by such amendment to this AGREEMENT.

10.0           COUNTERPARTS

This AGREEMENT may be executed in counterparts with the same effect as if all original signatures were placed on one document, and which, when taken together, shall constitute one original agreement.

11.0           PARAGRAPH HEADINGS

Paragraph headings are for reference only and shall not affect the interpretation of any paragraph hereto.

12.0           PARTIAL INVALIDITY

Each provision of this AGREEMENT is valid and enforceable to the fullest extent permitted by law.  If any provision of this AGREEMENT, or the application of such provision to any person or circumstance, is deemed to be invalid or unenforceable, the remainder of this AGREEMENT, or the application of such provision to persons or circumstances other than those as to which it is held invalid or unenforceable, is not affected by such invalidity or unenforceability, unless such provision or application of such provision is essential to this AGREEMENT.

13.0           APPLICABLE LAW

This AGREEMENT is made and entered into in the State of Nevada and shall be deemed to have been executed and delivered within the State of Nevada, and the rights and obligations of the parties hereunder shall be governed by, and construed, and enforced in accordance with the laws of the State of Nevada without regard to its conflict of laws principles.

  

  

  

 

14.0           NON-ASSIGNMENT

The SETTLING PARTIES hereby warrant that they are the legal owners of the RELEASED CLAIMS described and being released herein and have not assigned all or any portion of the claims to any person or entity.  The SETTLING PARTIES further expressly agree to defend, protect, indemnify and hold each other harmless if any person, firm or corporation shall assert or attempt to assert any claims against either one of the SETTLING PARTIES by reason of the foregoing matters.

15.0           PRESS RELEASE

 

The SETTLING PARTIES will mutually agree on the language and tone of any press release or other disclosure by either party regarding the Agreement, except as required by the Securities Act of 1933, as amended.

16.0           EFFECTIVE DATE

The Parties hereto deem this AGREEMENT to be effective as of the date that the AGREEMENT is fully executed by all Parties.

IN WITNESS WHEREOF, the undersigned have executed this AGREEMENT and mutual release on the date affixed by their signature.

 

	  	
WORTHINGTON ENERGY, INC.

	  	  
	  	
/s/ CHARLES VOLK

	  	
By: Charles Volk, Chairman

	  	  
	  	  
	  	  
	  	
/s/ ANTHONY MASON

	  	
Anthony Mason

	  	  
	  	
Black Cat Exploration & Production, LLC

	  	  
	  	  
	  	
BY /s/ ANTHONY MASON

	  	
Title: Chief Executive Officer

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