Document:

ex10-2.htm

Exhibit 10.2

 

IDEAL POWER INC.

NON-QUALIFIED STOCK OPTION AWARD AGREEMENT

January 8, 2014

R. Daniel Brdar

109 Lake Ridge Road

Southbury, Connecticut 06488

Dear Dan:

We are pleased to notify you (sometimes referred to as the “Optionee”) that, as a material inducement to your employment, the Compensation Committee of the Board of Directors of Ideal Power Inc. (the “Company”) has granted to you an option (the “Option”) to purchase shares of the Company’s common stock, $0.001 par value (the “Common Stock”), pursuant to and in accordance with this Non-Qualified Stock Option Award Agreement, as supplemented by Exhibit A, (the “Award Agreement”), as follows:

Grant Date:                                      January 8, 2014

Exercise Price:                               [Closing price of one share of the Company’s common stock on January 8, 2014.]

Number of Option Shares:            250,000 shares of common stock, par value $0.001

Expiration Date:                             January 8, 2024

Type of Option:                              Non-Qualified Option

Vesting Schedule:                          The right to purchase the shares will grant in equal increments of 62,500 

                                                         shares over a period of 4 years, beginning on January 8, 2015 and 

                                                         continuing thereafter on January 8, 2016, 2017, and 2018.

  

-1-

  

You acknowledge and agree that the Option has been granted pursuant to, and is controlled by, the Award Agreement.

Very truly yours,

IDEAL POWER INC.

By:  /s/ Lon E. Bell

        Lon E. Bell, Chairman of the Compensation Committee

Acknowledged and Agreed To:

 

/s/ R. Daniel Brdar

R. Daniel Brdar

  

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EXHIBIT A

TO

IDEAL POWER INC.

NON-QUALIFIED STOCK OPTION AWARD AGREEMENT

 

1.           General.  This Option shall be treated as a nonqualified stock option.  The Option is granted as an employment inducement award pursuant to Rule 5635 of the Rules of The NASDAQ Stock Market, as indicated in the attached Non-Qualified Stock Option Award Agreement which, together with this supplement, is referred to herein as the “Award Agreement”.  All capitalized terms set forth in this supplement that are not otherwise defined shall have the meanings ascribed to them under the Award Agreement.  The term of the Option shall be for a period of 10 years from the Date of Grant, or such shorter period as prescribed herein.  The Option shall be exercisable in equal increments over a period of 4 years, beginning on the first anniversary of the date of the Optionee’s employment and continuing thereafter on each subsequent anniversary date of the Optionee’s employment, subject to the Optionee providing continued services to the Company as the Chief Executive Officer through such date or as otherwise provided herein.  The Optionee shall have none of the rights of a stockholder with respect to any of the shares of Common Stock subject to the Option until such shares shall be issued upon the exercise of the Option.  Nothing herein contained shall confer on the Optionee any right to continue in the employ of the Company or any subsidiary thereof or interfere in any way with the right of the Company or any subsidiary thereof to terminate the employment or service of the Optionee at any time.

 

2.           Transferability.  The Option shall not be transferable otherwise than by will or the laws of descent and distribution, and the Option shall be exercisable, during the lifetime of the Optionee, only by the Optionee.  Without limiting the generality of the foregoing, the Option may not be assigned, transferred (except as aforesaid), pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process.  Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Option contrary to the provisions hereof, and the levy of any execution, attachment, or similar process upon the Option shall be null and void and without effect.

3.           Termination of Employment and Service.  The effect on the Option of the Optionee’s termination of employment and service shall be as follows:

 

(i)           if the Optionee dies while an employee of the Company, the Optionee’s estate, or any person who acquires the Option by bequest or inheritance, may exercise the Option to the extent that the Optionee was entitled to do so within the period beginning on the Optionee’s date of death and ending one year thereafter, provided, however, that if the Optionee’s death occurs prior to January 8, 2018, the Optionee’s estate, or any person who acquires the Option by bequest or inheritance, will also be entitled to exercise this Option for an additional number of shares of the Company’s Common Stock, which number shall be computed by multiplying (i) the number of days from January 9th of the year of the Optionee’s date of death through the date of the Optionee’s death by (ii) 171.232 but provided, further, that no fractional shares shall be issued as a result of this proration;

 

(ii)           if the Optionee’s employment by the Company is terminated for Cause, as defined below, the Option shall expire forthwith upon the Optionee’s termination and may not be exercised thereafter;

 

(iii)           If the Optionee’s employment by the Company is terminated as a result of a Change in Control, as defined below, the Optionee may thereafter exercise the Option within the period ending one year after the Optionee’s termination date, but only to the extent the Option was exercisable on the Optionee’s termination date.  It will be presumed that a termination results from a Change in Control if the Optionee’s employment is terminated during the period that begins when negotiations for the Change in Control begin and ends on the six month anniversary of the closing of the Change in Control transaction and such termination is not a termination for Cause or a termination resulting from the Optionee’s death, disability or any other reason.

  

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    (iv)           if the Optionee’s employment by the Company terminates for any reason other than death, a Change in Control, or for Cause, the Optionee (or if the Optionee dies after the Optionee’s termination date, the Optionee’s estate or any person who acquires the Option by bequest or inheritance) may thereafter exercise the Option within the period ending 3 months after the Optionee’s termination date, but only to the extent the Option was exercisable on the Optionee’s termination date.

For purposes of this Award Agreement, “Cause” shall mean that the Company reasonably concludes that the Optionee has committed fraud, theft, embezzlement, misappropriation of the Company’s funds or other property, or any felony.  “Cause” may also include any of the following:

(a)           a violation by the Optionee of any statutory or common law duty of loyalty to the Company; or

(b)           a material violation by the Optionee of the Company's employment policies;

(c)           commission of such acts of dishonesty, gross negligence, or willful misconduct as would prevent the effective performance of the Optionee’s duties or which result in material harm to the Company or its business; or

(d)           any other event which may be defined as “Cause” in any employment or services agreement entered into between the Company and the Optionee.

4.           Adjustments.  If all or any portion of the Option is exercised subsequent to any stock dividend, stock split, recapitalization, combination or exchange of shares, reorganization (including, but not limited to, merger or consolidation), liquidation or other event occurring after the date hereof, as a result of which any shares or other securities of the Company or any other entity (including, but not limited to, any subsidiary of the Company) shall be issued in respect of the outstanding shares of Common Stock, or shares of Common Stock shall be changed into the same or a different number of shares or other securities of the same or any other class or classes, the person or persons so exercising the Option shall receive, for the aggregate price paid upon such exercise, the class and aggregate number of shares or other securities which, if shares of Common Stock (as authorized at the date hereof) had been purchased on the date hereof for the same aggregate price (on the basis of the price per share) and had not been disposed of, such person or persons would be holding at the time of such exercise as a result of such purchase, any and all such stock dividends, stock splits, recapitalizations, combinations or exchanges of shares, reorganizations, liquidations or other events.  In the event of any corporate reorganization, separation or division (including, but not limited to, split-up, split off, spin-off or sale of assets) as a result of which any cash or shares or other securities of any entity other than the Company (including, but not limited to, any subsidiary of the Company), shall be distributed in respect of the outstanding shares of Common Stock, a committee of the Board shall make such adjustments in the terms of the Option (including, but not limited to, the number of shares covered and the purchase price of such shares) as it may deem appropriate to provide equitably for the Optionee’s interest in the Option. Upon any adjustment as aforesaid, the minimum number of full shares that may be purchased upon any exercise of the Option as specified in the Award Agreement shall be adjusted proportionately.  No fractional shares shall be issued upon any exercise of the Option, and the aggregate price paid shall be appropriately reduced on account of any fractional share not issued.  In the event of a Change in Control, the Option may be assumed or an equivalent award may be substituted by the acquiror.  In the event that the Option is not so assumed or substituted therefor in a Change in Control, the Option may be terminated in exchange for a cash payment equal to (i) the excess (if any) of the value per share of Common Stock provided to stockholders of the Company generally in connection with the Change in Control (or, if none, the fair market value of a share of Common Stock on the date of the Change in Control or, if not a trading day, on the last trading day preceding the date of the Change in Control) over the exercise price of the Option multiplied by (ii) the number of shares of Common Stock subject to the Option.

 

5.           Change in Control.  “Change in Control” shall be defined as the sale or disposition by the Company to an unrelated third party of substantially all of its business or assets, or the sale of the capital stock of the Company in connection with the sale or transfer of a Controlling Interest in the Company to an unrelated third party, or the merger or consolidation of the Company with another corporation as part of a sale or transfer of a Controlling Interest in the Company to an unrelated third party.  For purposes of this definition, the term “Controlling Interest” means the sale or transfer of the Company’s securities representing at least 50.1% of the voting power.

  

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6.           Manner of Exercise.  Subject to the terms and conditions contained in the Award Agreement, the Option may be exercised by giving written notice to the Secretary of the Company at the location of its principal office at the time of exercise, which is currently located at 5004 Bee Creek Road, Suite 600, Spicewood, Texas 78669.  Such notice shall state the election to exercise the Option and the number of shares in respect of which it is being exercised, shall be signed by the person or persons so exercising the Option and shall be accompanied by instructions to the Secretary to exercise, in whole or in part, along with payment of the full purchase price of said shares by cash, including a personal check made payable to the Company, and by payment to the Company of any withholding tax.

 

Provided the Option Shares are registered on an effective registration statement, a reoffer prospectus is filed with the Securities and Exchange Commission and the transaction complies with the Company’s policies, the Rules of The NASDAQ Stock Market and any applicable state and federal securities laws, the Optionee may also exercise this Option as follows:

    (i)           through a “same day sale” commitment from the Optionee and a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby the Optionee irrevocably elects to exercise the Option and to sell a portion of the shares of Common Stock so purchased to pay for the exercise price, and whereby the FINRA Dealer irrevocably commits upon receipt of such shares of Common Stock to forward the exercise price directly to the Company; or

    (ii)           through a “margin” commitment from the Optionee and a FINRA Dealer whereby the Optionee irrevocably elects to exercise the Option and to pledge the shares of Common Stock so purchased to the FINRA Dealer in a margin account as security for a loan from the FINRA Dealer in the amount of the exercise price, and whereby the FINRA Dealer irrevocably commits upon receipt of such shares of Common Stock to forward the exercise price directly to the Company.

 

Shares which otherwise would be delivered to the Optionee may be delivered, at the election of the Optionee, to the Company in payment of Federal, state and/or local withholding taxes due in connection with an exercise.  A certificate or certificates representing said shares shall be delivered as soon as practicable after the notice shall be received by the Company.  The certificate or certificates for the shares as to which the Option shall have been so exercised shall be registered in the name of the person or persons so exercising the Option and shall be delivered as aforesaid to or upon the written order of the person or persons exercising the Option.  In the event the Option shall be exercised, pursuant to paragraph 2 hereof, by any person or persons other than the Optionee, such notice shall be accompanied by appropriate proof of the right of such person or the persons to exercise the Option.  The date of exercise of the Option shall be the date on which the aforesaid written notice, properly executed and accompanied as aforesaid, is received by the Secretary.  The payment due to the Optionee upon exercise of the Option will be settled solely in Common Stock.  All shares that shall be purchased upon the exercise of the Option as provided herein shall be fully paid and non-assessable.

 

7.           Entire Agreement.  This Award Agreement constitutes the entire understanding of the parties with respect to the Option.  The terms of this Award Agreement may not be altered, modified or amended except by a written instrument signed by the relevant parties.

 

8.           Choice of Law.  The terms and conditions contained herein and in the Award Agreement shall be governed by and interpreted pursuant to the laws of the State of Delaware, without giving effect to the principles of conflict of lawscentor_ex101.htm

EXHIBIT 10.1

 

CENTOR ENERGY INC.

111 Panorama Hills Road SW, Calgary, Alberta, T3K 5J1

 

December 17, 2013

 

1583412 Alberta Ltd.

 

Calgary, AB

T2R OE4

 

	
Attention: 

	
Mr. Charlie Chapman

President

 

Dear Sir:

 

	
Re: 

	
Offer to Purchase

Pasquia Hills Oil Shale Leases (55% W.l.)

 

Centor Energy Inc. ("Centor" or the "Purchaser") hereby offers to purchase, subject to and in accordance with the terms and conditions herein contained, a 55 percent working interest in the title, estate and interest in and to the lands, the leases, the leased substances, all wells, facilities and pipelines, proprietary seismic data, equipment and material related thereto all as described on Schedule "A" attached hereto (the "Assets"), represented by 1583412 Alberta Ltd. (the "Vendor").

	
1. 

	
Vendor:1583412 Alberta Ltd. (representing the Working Interest Participants) 

 

Purchaser: Centor Energy Inc.

 

	
2. 

	
Purchase Price and Payment:

 

The  purchase  price  shall  be  Two  Million  Four  Hundred  Seventy  Five  Thousand  Dollars ($2,475,000) in Canadian Funds, to be paid as follows:

 

	
(i)    

	
A cash sum of fifty thousand dollars CDN ($50,000) to Vendor on acceptance and signing of offer; and

 

	
(ii)    

	
A cash sum of two hundred seventy thousand dollars CDN ($270,000) to Vendor on closing; and

 

	
(iii)    

	A cash sum of three hundred fifty thousand dollars CDN ($350,000) to be held in trust andapplied to the completion of the Hatch pre-feasibility study and further modified Fischer analysis at Umatac, on closing; and

 

  

1

  

 

	
(iv)    

	
Deferred cash payments totaling three hundred forty thousand dollars CDN ($340,000) to be paid in four equal monthly installments of eighty five thousand dollars CDN ($85,000) commencing 60 days after closing; and

 

	
(v)    

	Issuance of common shares of Centor Energy Inc. amounting to a value of one million four hundred thousand eighty five dollars CDN ($1,485,000), i.e. 2,121,428 shares at $0.70/share.

 

	
3.

	
Allocation of Purchase Price:

 

The purchase price for the Assets shall be allocated as follows:

 

	 Tangibles:	 	$	100.00	 
	 Petroleum and Natural Gas Rights:	 	$	2,474,890.00	 
	 Miscellaneous Interests:	 	 	10.00	 
	 	 	$	2,475,000.00	 

 

At closing, Purchaser shall pay to the Vendor the Purchase Price in accordance with Clause 2.0 herein, plus the applicable Goods and Services Tax.

	
4.

	
Encumbrances:

 

The Vendor's interest in the Assets shall be unencumbered except for the applicable Crown royalty and any other encumbrances set out in Schedule "A" attached hereto. Any encumbrances not disclosed prior to closing shall cause this agreement to terminate with no further obligation or liability on behalf of the Purchaser.

 

	
5. 

	
Effective Date:

 

	

(a)    

	

The transaction contemplated by this offer shall be effective at 8:00 a.m. December 1, 2013 (the "Effective Date").  All benefits and obligations relating to the Assets shall be apportioned between the Vendor and Purchaser as of the Effective date, with the Vendor receiving all benefits and obligations prior to the Effective Date and the Purchaser receiving all benefits and obligations from and after the Effective Date.

 

	

(b)    

	

Except  as  herein  provided  to the contrary,  the  Vendor  shall continue  to remain  liable and indemnify the Purchaser from and against all liabilities, losses, claims or damages accruing or arising prior to the Closing Date and the Purchaser shall indemnify the Vendor from and against any liabilities, losses, claims or damages accruing or arising subsequent to the Closing Date, and such condition shall either be included in or deemed to apply to all assignments, transfers, declarations of trust or documents conveying any of the Assets hereunder.

 

  

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6. 

	
Closing Date:

 

The closing of the transaction contemplated by this offer shall be held at the offices of the Purchaser on February 16, 2014 (the "Closing Date") or any other place, time or date mutually agreeable to the Purchaser and the Vendor.

 

	
7. 

	
Purchaser's Closing Conditions:

 

Upon acceptance of this offer by the Vendor, the obligation of the Purchaser to close and complete the purchase of the Assets is subject to the following conditions which may be waived in whole or in part by the Purchaser within 20 days prior to the Closing Date:

 

	
(a)    

	
the Purchaser shall have received a satisfactory title opinion from its legal counsel;

 

	

(b)    

	

any consents, rights of first refusal or other restrictions on the transfer, sale or assignment of theAssets shall have been waived or complied with;

 

	

(c)    

	

the Purchaser shall have the opportunity to review, and shall be satisfied with, all agreements and encumbrances relating to the Assets;

	

(d)    

	

the Purchaser shall have the opportunity to conduct an environmental audit or environmental inspection of the Assets and upon completion of same shall be satisfied that it wishes to proceed with the purchase;

	

(e)    

	

the Purchaser shall have received releases and registrable discharges from all or any party(s) holding security interests in the Assets;

 

	

(f)    

	

there shall be no claims or proceedings threatened or pending involving the Vendor in connection with the Assets which claims or proceedings in the aggregate would, in the opinion of the Purchaser, have a material adverse effect on the Assets;

	

(g)    

	

the Assets as identified on the attached Schedule "A" have not been amended to eliminate any or all of the Properties contained therein; and

 

  

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(h)    

	
prior to closing, Purchaser will have secured adequate financing and all required regulatory approvals.

	
8. 

	
Vendor's Closing Conditions:

 

The obligation of the Vendor to close and complete the sale of the Assets is subject to the following conditions which are inserted for the sole benefit of the Vendor and which may be waived in whole or in part by the Vendor prior to the Closing Date:

	
(a)    

	
the Vendor shall be satisfied that all regulatory approvals required by the Purchaser in connection with the transaction contemplated by this agreement have either been obtained or are not required, including, without limiting the generality of the foregoing, approval under the Investment Canada Act (Canada); and any consents, rights of first refusal or other restrictions on the transfer, sale or assignment of the Assets have been waived or complied with.

	
9. 

	
Commitments by Vendor:

 

During the period from the date of acceptance of this offer until the Closing Date, the Vendor shall not enter into any agreements, or amend any existing agreements relating to the Assets, and shall not commit to make any expenditure in relation thereto, nor shall it enter into any agreements relating to the sale of production there from, save and except for such agreements and expenditures as are in the normal course of business. The Vendor shall be free to dispose of any petroleum substances produced prior to the Closing Date and such production shall be adjusted in accordance with Clause 6 hereof.

 

	
10.

	
Formal Agreement:

 

This offer is subject to the Vendor and the Purchaser entering into a mutually acceptable formal purchase and sale agreement embodying the terms of this offer. If this offer is accepted, the Vendor shall prepare a formal agreement which Agreement shall embody the terms and conditions of this letter and other provisions customary in transactions pertaining to the purchase and sale of hydrocarbon interest. The formal agreement will include the "right of first refusal" to Centor on the withheld 11.667% working interest.

	
11.

	
Purchaser's Review:

 

Forthwith upon acceptance of this offer, the Vendor shall provide to the Purchaser and its consultants and/or advisors access and copies if required of all books, records, files, income and operating statements, engineering reports, environmental assessments and all land and contractual documents of the Vendor relating to the Assets.

 

  

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12.

	
Confidentiality:

 

Until Closing has occurred, each party shall keep all information confidential in connection with the Assets and shall not release any information concerning this agreement and the transactions herein provided for, without the prior written consent of the other party, which consent shall not be unreasonably withheld, except that either party shall be entitled to make whatever disclosures they may be required pursuant to any requirement of Stock Exchanges and Securities Regulators.

 

This offer is open for your acceptance until 12:00 noon, December 20, 2013.

 

Kindly indicate your acceptance of this offer by signing in the space provided below and returning one executed copy to the undersigned.

 

 

Yours truly,

 

CENTOR ENERGY, INC.

 

/s/ Michael Sullivan

 

Michael Sullivan,

CFA President, CEO and Director

 

/s/ Fred Da Silva

 

Fred Da Silva

Vice President, CFO and Director

 

Accepted and Agreed to this 17th day of December, 2013.

1583412 ALBERTA LTD.

 

/s/ C.W. Chapman

C.W. Chapman, P.Eng

President

 

  

5

  

 

Schedule A

 

Attached to and made part of an Offerto Purchase dated December 17, 2013 made between Centor Energy Inc ("Purchaser")

and 1583412 Alberta Inc. as agent for the working  interest participants ("Vendor")

 

Pasquia Hills, Saskatchewan

	 	 	 	 	 	 	 	 	A praised Interest	 	 	Royalty Burdens	 
	  

Description

	 	
Rights

Owned

	 	 	
Gross

Acres

	 	 	Working 

%

	 	 	
Royalty 

%

	 	 	
Basic 

%

	 	 	
Overriding 

%

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Lease# SHA00013	 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 
	Twp 47 R9e 12 W2M 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sees 11,12,13,14,15.16.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17,20, 21' 22, 23, 24, 25, 26,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	27,28,29,32, 33,36	 	[A]	  	 	 	12,850	 	 	 	55.000	 	 	 	 	 	 	 	[1	]	 	 	10	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Lease # SHA00011	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Twp 48 Rge 11 W2M	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sees 4, 5, 6, 7, 8, 9, 16, 17,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18, 19, 20, 21, 28, S/2 & NE/4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29	 	[A]	  	 	 	8808	 	 	 	55.000	 	 	 	 	 	 	 	[1	]	 	 	10	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	21,658	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	General Notes:	[1] 1% of Gross revenue BPO, 20% of net revenue APO 

[2] This GORR would be eliminated as part of the negotiated terms of a subsequent disposition at a ceiling value of one million dollars

	 	 
	Rights Owned:	[A] Oil shale or oil shale products

 

  

6

  

 

CONSENT OF PROPOSAL

 

	Lands: 	Pasquia Hills Leases# SHA00013 and SHA00011
	 	 
	Agent:	1583412 Alberta Ltd. 
	 	 
	Working Interest Participants (WIP):	Vega Resources Ltd. 

Oil Shale International Corp. 

ChapManagement, Inc.

TransAction Oil & Gas Ventures Inc.

 

It is proposed that:

 

1. The Agent seek out a purchaser, and negotiate the terms of disposition of all or a portion of the interest in the lands held by the WIPs at the sole discretion of the Agent; and

 

2. The Agent be authorized to enter into binding agreements regarding the negotiated disposition on behalf of the WIPs; and

 

3. The Agent be authorized to receive funds related to the disposition from the purchaser and allocate them appropriately as to each WIP's interest sold; and

 

4. The Agent be authorized to pay trade debts related to the exploration program conducted in February 2013 (amounting to approximately $320,000) from the proceeds of the disposition; and

 

5. The Agent be authorized to set aside a cash amount from the proceeds of $350,000 to be applied to the completion of the Hatch pre-feasibility study and further assay work on the cores; and

 

6. The Agent will undertake to look after the best interest of the WIPs and to provide full accountability of the payments received and will promptly distribute the rightful share to each WIP.

 

The undersigned hereby consents and agrees to the above proposal. Signed in the city of Calgary this 29th day of November 2013

 

Oil Shale International Corp.

 

/s/ Herb Miller

 

Herb Miller, Managing Director

 

  

7

  

 

CONSENT OF PROPOSAL

 

	Lands:	Pasquia Hills Leases # SHA00013 and SHA00011
	 	 
	Agent:	1583412 Alberta Ltd. 
	 	 
	Working Interest Participants (WIP):	Vega Resources Ltd. 

Oil Shale International Corp.

ChapManagement, Inc.

TransAction Oil & Gas Ventures Inc. 

 

It is proposed that:

 

1. The Agent seek out a purchaser, and negotiate the terms of disposition of all or a portion of the interest in the lands held by the WIPs at the sole discretion of the Agent; and

 

2. The Agent be authorized to enter into binding agreements regarding the negotiated disposition on behalf of the WIPs; and

 

3. The Agent be authorized to receive funds related to the disposition from the purchaser and allocate them appropriately as to each WIP's interest sold; and

 

4. The Agent be authorized to pay trade debts related to the exploration program conducted in February 2013 (amounting to approximately $320,000) from the proceeds of the disposition; and

 

5. The Agent be authorized to set aside a cash amount from the proceeds of $350,000 to be applied to the completion of the Hatch pre-feasibility study and further assay work on the cores; and

 

6. The Agent will undertake to look after the best interest of the WIPs and to provide full accountability of the payments received and will promptly distribute the rightful share to each WIP.

 

The undersigned hereby consents and agrees to the above proposal. Signed in the city of Calgary this 27th day of November 2013

 

ChapManagement, Inc.

/s/ C.W. Chapman

C.W. Chapman,  P.Eng

  

8

  

CONSENT OF PROPOSAL

 

	Lands:	Pasquia Hills Leases# SHA00013 and SHA00011
	 	 
	Agent:	1583412 AIberta Ltd. 
	 	 
	Working Interest Participants (WIP):	Vega Resources Ltd. 

Oil Shale International Corp.

ChapManagement, Inc.

TransAction Oil & Gas Ventures Inc. 

 

It is proposed that:

 

1. The Agent seek out a purchaser, and negotiate the terms of disposition of all or a portion of the interest in the lands held by the WIPs at the sole discretion of the Agent; and

 

2. The Agent be authorized to enter into binding agreements regarding the negotiated disposition on behalf of the WIPs; and

 

3. The Agent be authorized to receive funds related to the disposition from the purchaser and allocate them appropriately as to each WIP's interest sold; and

 

4. The Agent be authorized to pay trade debts related to the exploration program conducted in February 2013 (amounting to approximately $320,000) from the proceeds of the disposition; and

 

5. The Agent be authorized to set aside a cash amount from the proceeds of $350,000 to be applied to the completion of the Hatch pre-feasibility study and further assay work on the cores; and

 

6. The Agent will undertake to look after the best interest of the WIPs and to provide full accountability of the payments received and will promptly distribute the rightful share to each WIP.

 

The undersigned hereby consents and agrees to the above proposal. Signed in the city of Calgary this 27th day of November 2013

 

TransAction Oil & Gas Ventures Inc.

 

/s/ C.W. Chapman

C.W. Chapman, P.Eng

  

9

  

 

CONSENT OF PROPOSAL

 

	Lands:	Pasquia Hills Leases# SHA00013 and SHA00011
	 	 
	Agent:	1583412 Alberta Ltd. 
	 	 
	Working Interest Participants (WIP):	Vega Resources ltd. 

Oil Shale InternationalCorp. 

ChapManagement, Inc. 

TransAction Oil & Gas Ventures Inc. 

 

It is proposed that:

 

1. The Agent seek out a purchaser, and negotiate the terms of disposition of all or a portion of the interest in the lands held by the WIPs at the sole discretion of the Agent; and

 

2. The Agent be authorized to enter into binding agreements regarding the negotiated disposition on behalf of the WIPs; and

 

3. The Agent be authorized to receive funds related to the disposition from the purchaser and allocate them appropriately as to each WIP's interest sold; and

 

4. The Agent be authorized to pay trade debts related to the exploration program conducted in February 2013 (amounting to approximately $320,000) from the proceeds of the disposition; and

 

5. The Agent be authorized to set aside a cash amount from the proceeds of $350,000 to be applied to the completion of the Hatch pre-feasibility study and further assay work on the cores; and

 

6. The Agent will undertake to look after the best interest of the WIPs and to provide full accountability of the payments received and will promptly distribute the rightful share to each WIP.

The undersigned hereby consents and agrees to the above proposal. Signed in the city of Calgary this 27th day of November 2013

 

Vega Resources, Ltd

/s/ Richard Johnson

 

 

10

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