Document:

form8k080508ex10-1.htm

     

    Exhibit
10.1

     

     

    

     

     

    SECURITIES
PURCHASE AGREEMENT

     

    

     

    

     

    THIS SECURITIES PURCHASE
AGREEMENT, dated as of the date of acceptance set forth below, is entered
into by and between PEGASUS TEL, INC., a Delaware corporation (the “Company”),
and the undersigned (individually and collectively, the “Buyer”).

     

    

     

    W I T N E S S E T
H:

     

    

     

    WHEREAS, the Company and the
Buyer are executing and delivering this Agreement in accordance with and in
reliance upon the exemption from securities registration afforded by Section
4(2) promulgated under the Securities Act of 1933, as amended (the “Act”);
and

     

    

     

    WHEREAS, the Company is
authorized to issue up to ten million (10,000,000) shares of preferred stock,
par value $0.0001 per share (the “Preferred Stock”), in one or more classes with
rights and designations as determined and established by the Company’s Board of
Directors; and

     

    

     

    WHEREAS, on July 31, 2008, by
unanimous written consent, the Board of Directors of the Company resolved to
create a class of Preferred Stock designated as Series A Convertible Preferred
Stock with all rights and distinctions as set forth in that certain Certificate
of Designations prepared and provided to the Board;

     

    

     

    WHEREAS, on August 1, 2008,
the proper officer of the Company caused to be filed the Certificate of
Designations with the Secretary of State of the State of Delaware;
and

     

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    WHEREAS, the Buyer wishes to
purchase a certain amount of the Company’s shares of Series A Convertible
Preferred Stock, par value $0.0001 per share (the “Shares”), upon the terms and
subject to the conditions of this Agreement;

     

    

     

    NOW THEREFORE, in
consideration of the premises and the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows:

     

     

    1.      AGREEMENT
TO PURCHASE; PURCHASE PRICE.

     

    2.      Purchase.  The
Buyer hereby agrees to purchase from the Company (i) the number of Shares set
forth on the signature page of this Agreement. The purchase price for the Shares
shall be $0.0001 (the par value) per Share and shall be payable in United States
Dollars (the “Purchase Price”).

     

    a.      Form
of Payment; Escrow Arrangements; Offering Termination
Date.  The Buyer shall pay the Purchase Price for the Shares by
check or wire directly to the Company.

     

    3.      BUYER
REPRESENTATIONS, WARRANTIES, ETC.; ACCESS TO INFORMATION; INDEPENDENT
INVESTIGATION.

     

    The Buyer
represents and warrants to, and covenants and agrees with, the Company as
follows:

     

    a.      The
Buyer is purchasing the Shares for its own account for investment only and not
with a view towards the public sale or distribution thereof and not with a view
to or for sale in connection with any distribution thereof;

     

    b.      The
Buyer is (i) an “accredited investor” as that term is defined in Rule 501 of the
General Rules and Regulations under the Act by reason of Rule 501(a)(3), and/or
(ii) experienced in making investments of the kind described in this Agreement
and the related documents, (iii) able, by reason of the business and financial
experience of its officers (if an entity) and professional advisors (who are not
affiliated with or compensated in any way by the Company or any of its
affiliates or selling agents), to protect its own interests in connection with
the transactions described in this Agreement, and the related documents, and
(iv) able to afford the entire loss of its investment in the
Shares;

     

    c.      All
subsequent offers and sales of the Shares by the Buyer shall be made pursuant to
registration under the Act or pursuant to an exemption from
registration;

     

    d.      The
Buyer understands that the Shares are being offered and sold to it in reliance
on specific exemptions from the registration requirements of United States
federal and state securities laws and that the Company is relying upon the truth
and accuracy of, and the Buyer’s compliance with, the representations,
warranties, agreements, acknowledgements and understandings of the Buyer set
forth herein in order to determine the availability of such exemptions and the
eligibility of the Buyer to acquire the Shares;

     

    e.      The
Buyer and its advisors, if any, have been furnished with all materials relating
to the business, finances and operations of the Company and materials relating
to the offer and sale of the Shares which have been requested by the Buyer. The
Buyer and its advisors, if any, have been afforded the opportunity to ask
questions of the Company and have received complete and satisfactory answers to
any such inquiries.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    f.      The
Buyer understands that its investment in the Shares involves a high degree of
risk;

     

    g.      The
Buyer understands that no United States federal or state agency or any other
government or governmental agency has passed on or made any recommendation or
endorsement of the Shares;

     

    h.      This
Agreement has been duly and validly authorized, executed and delivered on behalf
of the Buyer and is a valid and binding agreement of the Buyer enforceable in
accordance with its terms, subject as to enforceability to general principles of
equity and to bankruptcy, insolvency, moratorium and other similar laws
affecting the enforcement of creditors’ rights generally.

     

    4.      COMPANY
REPRESENTATIONS, ETC.

    

     

    The
Company represents and warrants to the Buyer that:

     

     

    a.      Company
Status.  The Company is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware, and has
the requisite corporate power to own its properties and to carry on its business
as now being conducted.  The Company is duly qualified as a foreign
corporation to do business and is in good standing in each jurisdiction where
the nature of the business conducted or property owned by it makes such
qualification necessary other than those jurisdictions in which the failure to
so qualify would not have a material and adverse effect on the business,
operations, properties, prospects or condition (financial or otherwise) of the
Company.

     

    b.      Authorized
Shares.  The Company has authorized and reserved for issuance,
free from preemptive rights, the Shares and the shares of Common Stock issuable
upon the conversion of the Shares (the “Conversion Shares,” and together with
the Shares, the “Securities”).  The Shares have been, and the
Conversion Shares upon issuance will be, duly authorized and will be duly and
validly issued, fully paid and non-assessable and will not subject the holder
thereof to personal liability by reason of being such holder.

     

    c.      Securities
Purchase Agreement.  This Agreement and the transactions
contemplated hereby have been duly and validly authorized by the Company, this
Agreement has been duly executed and delivered by the Company and this
Agreement, when executed and delivered by the Company, will be, a valid and
binding agreement of the Company enforceable in accordance with its terms,
subject as to enforceability to general principles of equity and to bankruptcy,
insolvency, moratorium, and other similar laws affecting the enforcement of
creditors’ rights generally.

     

    d.      Non-contravention.  The
execution and delivery of this Agreement by the Company, the issuance of the
Securities, and the consummation by the Company of the other transactions
contemplated by this Agreement do not and will not conflict with or result in a
breach by the Company of any of the terms or provisions of, or constitute a
default under (i) the articles of incorporation or by-laws of the Company, (ii)
any indenture, mortgage, deed of trust, or other material agreement or
instrument to which the Company is a party or by which it or any of its
properties or assets are bound, (iii) to its knowledge, any existing applicable
law, rule, or regulation or any applicable decree, judgment, or (iv) to its
knowledge, order of any court, United States federal or state regulatory body,
administrative agency, or other governmental body having jurisdiction over the
Company or any of its properties or assets, except such conflict, breach or
default which would not have a material adverse effect on the transactions
contemplated herein. The Company is not in violation of any material laws,
governmental orders, rules, regulations or ordinances to which its property,
real, personal, mixed, tangible or intangible, or its businesses related to such
properties are subject.

     

    e.      Approvals.  No
authorization, approval or consent of any court, governmental body, regulatory
agency, self-regulatory organization, or stock exchange or market is required to
be obtained by the Company for the issuance and sale of the Shares to the Buyer
as contemplated by this Agreement, except such authorizations, approvals and
consents that have been obtained.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    f.      No
Trading Market.  There is no trading market for the
Securities.

     

    5.      CERTAIN
COVENANTS AND ACKNOWLEDGMENTS.

     

    a.      Transfer
Restrictions.  The Buyer acknowledges that (1) the Securities
have not been registered under the provisions of the Act and may not be
transferred unless (A) subsequently registered thereunder, as provided for
herein, or (B) the Buyer shall have delivered to the Company an opinion of
counsel, reasonably satisfactory in form, scope and substance to the Company, to
the effect that the Securities to be sold or transferred may be sold or
transferred pursuant to an exemption from such registration; and (2) any sale
any Security made in reliance on Rule 144 promulgated under the Act may be made
only in accordance with the terms of said Rule and further, if said Rule is not
applicable, any resale of that Security under circumstances in which the seller,
or the person through whom the sale is made, may be deemed to be an underwriter,
as that term is used in the Act, may require compliance with some other
exemption under the Act or the rules and regulations of the SEC
thereunder.

     

    b.      Restrictive
Legend.  The Buyer acknowledges and agrees that the Securities
and, until such time as they are registered under the Act as hereinafter
contemplated, the Securities shall bear a restrictive legend in substantially
the following form (and a stop-transfer order may be placed against transfer
thereof):

    

    THESE
SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD
OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT OR AN
OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE CORPORATION THAT SUCH
REGISTRATION IS NOT REQUIRED.

     

    c.      Filings.  The
Company undertakes and agrees to make all necessary filings in connection with
the sale of the Securities to the Buyer under any United States laws and
regulations, or by any domestic securities exchange or trading market, and to
provide a copy thereof to the Buyer promptly after such filing.

     

    d.      Available
Conversion Shares.  The Company shall have at all times
authorized and reserved for issuance, free from preemptive rights, shares of
Common Stock equal to the Conversion Shares.

     

    6.      GOVERNING
LAW:  MISCELLANEOUS.  This Agreement shall be
governed by and interpreted in accordance with the laws of the State of
Delaware.  A facsimile transmission of this signed Agreement shall be
legal and binding on all parties hereto.  This Agreement may be signed
in one or more counterparts, each of which shall be deemed an
original.  The headings of this Agreement are for convenience of
reference and shall not form part of, or affect the interpretation of, this
Agreement.  If any provision of this Agreement shall be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement or the
validity or enforceability of this Agreement in any other
jurisdiction.  This Agreement may be amended only by an instrument in
writing signed by the party to be charged with enforcement.  This
Agreement supersedes all prior agreements and understandings among the parties
hereto with respect to the subject matter hereof.

     

    7.      NOTICES.  Any
notice required or permitted hereunder shall be given in writing (unless
otherwise specified herein) and shall be deemed effectively given, (i) on the
date delivered, (a) by personal delivery, or (b) if advance copy is given by
fax, (ii) seven  business days after deposit in the United States
Postal Service by regular or certified mail, or (iii) three business days
mailing by international express courier, with postage and fees prepaid,
addressed to each of the other parties thereunto entitled at the following
addresses, or at such other addresses as a party may designate by ten days
advance written notice to each of the other parties hereto.

    

     

    COMPANY:          PEGASUS
TEL, INC.

    118 Chatham Road

    Syracuse,
New York 13203

    Attention: Carl E. Worboys,
President

    

    with a copy to:

    

    The
Sourlis Law Firm

    Virginia
K. Sourlis, Esq.

    The
Galleria

    2 Bridge
Avenue

    Red Bank,
New Jersey 07701

    

     

    BUYER:         
       At the address set forth on the
signature page of this Agreement.

     

     

    8.      SUCCESSORS
AND ASSIGNS.   This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
permitted assigns.

    

     

    

     

    

     

    

     

    [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

     

    

     

    [SIGNATURE PAGES FOLLOW]

     

    

     

    

     

    

     

    
      
         

      

      
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    IN WITNESS WHEREOF, this
Agreement has been duly executed by the Buyer or one of its officers thereunto
duly authorized as of the date set forth below.

     

    

     

    Total
Number of
Shares:                            __________________________
Shares of Series A Convertible Preferred Stock, par value $0.0001 per share, of
Pegasus Tel, Inc., a Delaware corporation.

    

    Purchase
Price:                                           $0.0001
per share.

    

    Total
Purchase
Price:                                $______________________________

    

    

    

     

                   
____________________________________       
Address:___________________________________                      

     

    Printed
Name of
Buyer                                                                    ___________________________________                                       

     

                                                                                                                               
___________________________________

    

     

    

     

    

     

    By:    _________________________________     
Fax
No. ___________________________________                               

     

    (Signature
of Authorized Person)

     

    

     

                    
_____________________________________     
Jurisdiction ________________________________                               

     

    Printed
Name and
Title                                     of
incorporation or
organization

     

    

     

    

     

    

                     
_______________________________________________________________

     

    Taxpayer
identification number or social
security number, as
applicable

     

    
      
         

      

      
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    *************************************************************************************

     

    

     

    This
Agreement has been accepted as of the date set forth below.

     

    

     

    

     

    PEGASUS
TEL, INC.

     

    

     

    

     

    

     

    By: /s/ Carl E.
Worboys

     

    Carl E. Worboys

     

    President

    

    

    Dated:     ____
___, 2008

     

     

     

    
6exv4w1

  Exhibit
4.1

SECOND AMENDMENT TO RIGHTS AGREEMENT

     This Second Amendment to Rights Agreement between Grey Wolf, Inc., a Texas corporation (the
“Company”), and American Stock Transfer & Trust Company, a New York corporation (the “Rights
Agent”), is entered into and effective as of this 21st day of August, 2008.

     WHEREAS, the Company entered into a Rights Agreement, dated as of September 21, 1998 (the
“Rights Agreement”), with American Stock Transfer & Trust Company as Rights Agent;

     WHEREAS, the Company and Rights Agent entered into the First Amendment to Rights Agreement
(the “First Amendment”), dated as of April 20, 2008 in connection with the Agreement and Plan of
Merger among Basic Energy Services, Inc., a Delaware corporation (“Basic”), Horsepower Holdings,
Inc., a Delaware corporation, and the Company (the “Basic Merger Agreement”);

     WHEREAS, effective as of July 15, 2008, Basic and the Company terminated the Basic Merger
Agreement;

     WHEREAS, the Company has determined to enter into an Agreement and Plan of Merger (the “Merger
Agreement”) by and among Precision Drilling Trust, an Alberta unincorporated open-ended investment
trust (“Precision”), the Company, and Precision Lobos Corporation, a Texas corporation and a
direct, wholly-owned subsidiary of Precision (“Lobos”);

     WHEREAS, at the time of execution of this Second Amendment to Rights Agreement (the “Second
Amendment”), it has not been determined whether Precision Drilling Corporation, a corporation
amalgamated under the Laws of the Province of Alberta (“PDC”), will be a party to the Merger
Agreement;

     WHEREAS, pursuant to Section 3.25 of the Merger Agreement, the Company is required to amend
the Rights Agreement to (i) rescind the changes implemented by the First Amendment and (ii) ensure
that the execution and delivery of the Merger Agreement by Precision, Lobos, and PDC, if PDC is a
party to the Merger Agreement, does not make Precision, Lobos, or PDC, if PDC is a party to the
Merger Agreement, an “Acquiring Person” or constitute a “Flip-In Event” under the Rights Agreement;

     WHEREAS, the Rights Agreement provides that at any time when the Right Certificates (as
defined in the Rights Agreement) are redeemable, the Company may, in its sole and absolute
discretion, and the Rights Agent shall, if the Company so directs, supplement or amend the Rights
Agreement without the approval of any holders of Right Certificates to make any provisions with
respect to the Rights which the Company may deem necessary or desirable;

     WHEREAS, as of the date of this Second Amendment to Rights Agreement (the “Second Amendment”),
the Right Certificates are redeemable under the terms of the Rights Agreement;

 

 

     WHEREAS, the board of directors of the Company (the “Board of Directors”) desires to amend the
Rights Agreement to assure that the transactions contemplated by the Merger Agreement will not make
Precision, Lobos, or PDC, if PDC is a party to the Merger Agreement, an “Acquiring Person” under
the Rights Agreement;

     WHEREAS, the Board of Directors deems it desirable to amend the Rights Agreement to rescind
the changes to the Rights Agreement implemented by the First Amendment, other than the amendment to
the definition of “Flip In Event” under the First Amendment;

     WHEREAS, the Board of Directors deems it desirable to effect the termination of the Rights
Agreement effective immediately prior to the Effective Time (as defined in the Merger Agreement) of
the merger of the Company contemplated by the Merger Agreement;

     WHEREAS, capitalized terms used and not otherwise defined in this Second Amendment have the
meanings set forth in the Rights Agreement; and

     WHEREAS, the Board of Directors has determined it advisable and in the best interest of its
stockholders to enter into this Second Amendment to enable the Company to enter into the Merger
Agreement and consummate the transactions contemplated thereby.

     NOW, THEREFORE, pursuant to the Company’s authority set forth in Section 27 of the Rights
Agreement, the Rights Agreement hereby is amended as follows:

Section 1. Amendments

     Definition of “Acquiring Person.” The definition of “Acquiring Person” set forth in Section 1
of the Rights Agreement is hereby amended to delete the last sentence of such definition in its
entirety, and replace such sentence with the following:

“Neither Precision Drilling Trust, an Alberta unincorporated
open-ended investment trust (“Precision”), Precision Lobos
Corporation, a Texas corporation (“Lobos”), Precision Drilling
Corporation, a corporation amalgamated under the laws of the
Province of Alberta (“PDC”), if PDC is a party to the Merger
Agreement, nor any of their Affiliates or Associates shall become an
Acquiring Person as a result of (i) the execution and delivery by
the parties thereto of that certain Agreement and Plan of Merger by
and among Precision, Lobos, PDC, if PDC is a party thereto, and the
Company, as the same may be hereinafter amended from time to time
(the “Merger Agreement”) or (ii) the consummation of any of the
transactions contemplated by the Merger Agreement.”

     Definition of “Beneficial Owner.” The definition of “Beneficial Owner” set forth in Section 1
of the Rights Agreement is hereby amended to delete the last sentence in its entirety, and replace
such sentence with the following:

“Notwithstanding anything in this Agreement to the contrary, neither
Precision, Lobos, or PDC, if PDC is a party to the Merger

2

 

Agreement, nor any of their Affiliates shall become a Beneficial
Owner as a result of (i) the execution and delivery by the parties
thereto of the Merger Agreement or (ii) the consummation of any of
the transactions contemplated by the Merger Agreement.”

     Section 7 and Definition of “Final Expiration Date.” Section 7(a) of the Rights Agreement is
hereby amended to restate clause (i) of Section 7(a) as follows:

“(i) the earlier of the Close of Business on (x) September 18, 2008
or (y) February 28, 2009, being (the “Final Expiration Date”),”

Section 2. Execution.

     Pursuant to Section 27 of the Rights Agreement, the Rights Agent is hereby directed to execute
this Second Amendment.

[Signature page follows]

3

 

     IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed
as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	GREY WOLF, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Donald J. Guedry, Jr.
	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Donald J. Guedry, Jr.	 	 
	 	 	Title: Vice President & Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	AMERICAN STOCK TRANSFER & TRUST COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Herbert J. Lemmer	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Herbert J. Lemmer	 	 
	 	 	Title: Vice President	 	 

4

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