Document:

ex4c.htm

 

SPORT TECH ENTERPRISES, INC.

TOTAL AUTHORIZED ISSUE

100,000,000 SHARES PAR VALUE $.001 EACH

COMMON STOCK

THIS IS TO CERTIFY THAT ________________________________________ IS THE OWNER OF _________________________________________________________________________ FULLY PAID AND NON-ASSESSABLE SHARES OF THE ABOVE CORPORATION TRANSFERABLE ONLY ON THE BOOKS OF THE CORPORATION BY THE HOLDER HEREOF IN PERSON OR BY DULY AUTHORIZED ATTORNEY UPON SURRENDER OF THIS CERTIFICATE PROPERLY ENDORSED WITNESS, THE SEAL OF THE CORPORATION AND THE SIGNATURES OF ITS DULY AUTHORIZED OFFICERS.

DATED

 

 

SECRETARY                                                                                     PRESIDENTmobads1a1ex102_6302011.htm

 

Exhibit 10.2

Subscription Agreement

Mobad Service Corporation

1. Investment:

 (a)The undersigned (“Buyer”) subscribes for _________ Shares of Common Stock of  Mobad Service Corporation at $0.45  per share. 

 (b) Total subscription price ($0.45 times number of Shares): = $____________ 

PLEASE MAKE CHECKS PAYABLE TO: Evolve Bank and Trust fbo Mobad Service Corporation .

2. Investor Information:

	  	  	  	  	  	  	  	  	  	  	  	  
	
Name (type or print)

	  	
SSN/EIN/Taxpayer I.D.

	  	  	  
	  	  	  
	  	  	  
	
E-mail address:

	  	  
	  	  	  
	
Address:

	  	  
	  	  	  
	
Joint Name (type or print)

	  	
SSN/EIN/Taxpayer I.D.

	  	  	  
	  	  	  
	  	  	  
	
E-mail address:

	  	  
	  	  	  
	
Address:

	  	  
	  	  	  
	
Mailing Address (if different from above):

	  	  
	  	
Street

	
City/State

	
Zip

	  	  	  
	
Business Phone: (_____) ________________________

	  	
Home Phone: (_____) _________________________

3. Type of ownership: (You must check one box)

     r

Individual   __________________________ 

     r

	
Custodian for  ________________________

     r

Tenants in Common  ___________________

     r

	
Uniform Gifts to Minors Act of the State of: ___________

Corporation (Inc., LLC, LP)—Please List all officers,

directors, partners, managers, etc.:

     r 

	
Joint Tenants with rights of Survivorship

     r 

	
Partnership (Limited Partnerships use “Corporation”)

     r 

	
Trust

     r 

	
Community Property

     r 

	
Other (please explain)  ______________________________

 

 

  

  

  

 

 

4. Further Representations, Warrants and Covenants. Buyer hereby represents, warrants, covenants and agrees as follows:

(a) Buyer is at least eighteen (18) years of age with an address as set forth in this Subscription Agreement.

(b) Except as set forth in the Prospectus and the exhibits thereto, no representations or warranties, oral or otherwise, have been made to Buyer by the Company or any other person, whether or not associated with the Company or this offering. In entering into this transaction, Buyer is not relying upon any information, other than that contained in the Prospectus and the exhibits thereto and the results of any independent investigation conducted by Buyer at Buyer’s sole discretion and judgment.

(c) Buyer understands that his or her investment in the Shares is speculative and involves a high degree of risk, and is not recommended for any person who cannot afford a total loss of the investment. Buyer is able to bear the economic risks of an investment in the Offering and at the present time can afford a complete loss of such investment.

(d) Buyer is under no legal disability nor is Buyer subject to any order, which would prevent or interfere with Buyer’s execution, delivery and performance of this Subscription Agreement or his or her purchase of the Shares. The Shares are being purchased solely for Buyer’s own account and not for the account of others and for investment purposes only, and are not being purchased with a view to or for the transfer, assignment, resale or distribution thereof, in whole or part. Buyer has no present plans to enter into any contract, undertaking, agreement or arrangement with respect to the transfer, assignment, resale or distribution of any of the Shares.

(e) Buyer has (i) adequate means of providing for his or her current financial needs and possible personal contingencies, and no present need for liquidity of the investment in the Shares, and (ii) a liquid net worth (that is, ne worth exclusive of a primary residence, the furniture and furnishings thereof, and automobiles) which is sufficient to enable Buyer to hold the Shares indefinitely.

(f) If the Buyer is acting without a Purchaser Representative, Buyer has such knowledge and experience in financial and business matters that Buyer is fully capable of evaluating the risks and merits of an investment in the Offering.

(g) Buyer has been furnished with the Prospectus. Buyer understands that Buyer shall be required to bear all personal expenses incurred in connection with his or her purchase of the Shares, including without limitation, any fees which may be payable to any accountants, attorneys or any other persons consulted by Buyer in connection with his or her investment in the Offering.

5. Indemnification

Buyer acknowledges an understanding of the meaning of the legal consequences of Buyer’s representations and warranties contained in this Subscription Agreement and the effect of his or her signature and execution of this Agreement, and Buyer hereby agrees to indemnify and hold the Company and each of its officers and/or directors, representatives, agents or employees, harmless from and against any and all losses, damages, expenses or liabilities due to, or arising out of, a breach of any representation, warranty or agreement of or by Buyer contained in this Subscription Agreement.

6. Acceptance of Subscription

It is understood that this subscription is not binding upon the Company until accepted by the Company, and that the Company has the right to accept or reject this subscription, in whole or in part, in its sole and complete discretion. If this subscription is rejected in whole, the Company shall return to Buyer, without interest, the Payment tendered by Buyer, in which case the Company and Buyer shall have no further obligation to each other hereunder. In the event of a partial rejection of this subscription, Buyer’s Payment will be returned to Buyer without interest, whereupon Buyer agrees to deliver a new payment in the amount of the purchase price for the number of Shares to be purchased hereunder following a partial rejection of this subscription.

7. Governing Law

This Subscription Agreement shall be governed and construed in all respects in accordance with the laws of the State of South Dakota  without giving effect to any conflict of laws or choice of law rules.

IN WITNESS WHEREOF, this Subscription Agreement has been executed and delivered by the Buyer and by the Company on the respective dates set forth below.

 

	  	  	  
	
Signature of Buyer

	  	
Investor’s Subscription

	  	  	
Accepted this_____ day of ________, 2011

	  	  	  
	
Printed Name

	  	
Mobad Service Corporation 

	  	  	  
	  	  	  
	
Date:

	  	
Accepted by:

	  	  	  
	  	  	  

Deliver completed subscription agreements and checks to:

Mobad Service Corporation c/o

3211 Ocean Drive

Vero Beach , FL  32963pxte8k20110607ex10-01.htm

Exhibit 10.01

EMPLOYMENT AGREEMENT

Robert Fulton (Tony) Smith, Jr.

 

THIS EMPLOYMENT AGREEMENT ("Agreement") is made to be effective as of the 15th day of June, 2011 (“Starting Date”) between PAXTON ENERGY, INC., a Nevada corporation (“Paxton”), and ROBERT FULTON (TONY) SMITH, JR. (“Employee”).

 

For good and valuable consideration, the parties agree as follows:

 

1.      Hiring.   Paxton hereby hires and employs Employee, and Employee accepts such hiring, as a regular employee of Paxton and agrees to perform the duties specified below on the terms and conditions hereafter described.

 

2.      Duties.   Employee agrees, to the extent of the time commitment set forth below, to devote Employee’s attention to the performance of the following services to Paxton:

 

A.      Employee shall be a employee and shall devote at least sixty percent (60%) of each work week of 40 hours per week on behalf of Paxton. Paxton acknowledges that Employee serves as a officer, director, employee, and consultant to other companies, including Virgin Oil Company, Inc., a Louisiana corporation, and Virgin Offshore U.S.A., Inc., a Delaware corporation (“Outside Activities”).  Employee may spend time involved with such “Outside Activities” provided he does so in a way to fit into the time requirements of tasks to be performed for Paxton and does so without interference with Employee’s responsibilities and duties to Paxton.  Employee agrees to disclose to the board of directors upon request and from time to time the nature and complete details of all of his Outside Activities.

 

B.      Employee shall act initially as and shall have the title of President of Paxton.  Employee shall perform the variety of tasks within the scope of Employee’s title, including those described in the Bylaws of Paxton, and shall have the responsibility, subject to the direction of the chief executive officer, to oversee implementation of Paxton’s business plan and budget, and shall carry out duties and responsibilities customarily associated with the position of President.  Employee shall interface with other officers, employees, accountants, and consultants of Paxton regarding the implementation of the various initiatives undertaken by Paxton.

 

C.      Employee shall comply with Paxton’s written policies set out in Paxton’s Employee Handbook and Paxton’s Code of Ethics.  Employee acknowledges that such policies, from time to time, may be changed subject to giving notice to Employee.

 

D.      Although the principal office of Paxton is located in Carson City, Nevada, Paxton’s main business activities are located in Louisiana, and other states; thus Employee may work remotely from the principal office.

 

E.      Employee shall account for any and all property of Paxton that may come into Employee's possession in the course of the employment, and at the termination, Employee agrees to turn in and settle for all such property.

 

F.      Employee hereby grants to Paxton the right to use Employee’s name, picture, and curriculum vitae in connection with any brochures, web sites, slide presentations, offering memoranda, and other materials describing Paxton and Employee as part of the management team.

 

G.           Paxton, by action of the board of directors, reserves the right to change, either by increasing or decreasing, the duties of Employee and to designate other duties and responsibilities of Employee within the general scope of the foregoing.

  

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3.    Term and Termination.

 

A.      The term of this employment agreement (the “Term”) shall commence on June 15, 2011 and shall continue on a calendar month to month basis thereafter for a period of six full calendar months, subject to termination under the provisions set forth below. The parties acknowledge that this relationship is “at will,” which means that either party can terminate the relationship with or without cause at any time upon notice to the other party.  No oral or written modifications, express or implied, may alter or vary the terms of this “at will” employment unless specifically documented by a written agreement signed by Employee and by the CEO or other authorized officer of Paxton.  Any representations to the contrary, express or implied, written or oral, are hereby disclaimed.

 

B.      Either Employee or Paxton may terminate this agreement and the “at will” employment relationship for any or no reason by giving the other party written notice of termination.

 

4.      Compensation.  A. Paxton shall pay Employee for the services rendered hereunder during the Term a Base Salary of Ten Thousand Dollars and 00/100 ($10,000.00) per month for Employee’s commitment to Paxton (“Base Salary”).  The Base Salary shall be subject to review and adjustment from time to time by action of the Compensation Committee of the board of directors of Paxton.  The Base Salary shall be payable in two semimonthly installments for work performed from the 1st to the 15th day and from the 16th day to the last day of each calendar month.  If the Term begins on a day other than the 1st or ends on a day other than the last day of a month, Base Salary for such month shall be prorated based on the number of days of the Term in such month.

 

B.      Paxton’s payroll, fringe benefits other than the Option Plan, and human resource management services may be provided through a professional employer organization (“POE”). In such case ,  Employee’s employer of record for purposes of payroll, fringe benefits, and human resource matters may be the POE; however, the board of directors of Paxton or the Compensation Committee of the board of directors shall be responsible for overseeing Employee’s work and reviewing Employee’s performance.  Employee will execute forms and agreements provided by the POE to accomplish these purposes.

 

C.      Employee shall be entitled to the fringe benefits provided by Paxton to its regular employees allocated and reduced to the percentage commitment of time set forth in Section 2 A above.  Benefits may include  paid vacation time, sick leave, and medical and dental insurance on the terms and as described in the Employee Handbook.  No representation is made whether any of these fringe benefits will be offered or will continue to be offered on the same basis.. Benefits may be changed from time to time by Paxton or by the Compensation Committee  provided changes apply uniformly to all regular employees.

 

E.      Paxton’s Compensation Committee appointed by the board of directors shall review Employee’s Base Salary, his Incentive Compensation, and other benefits at the end of the term of six months and not less frequently than every twelve months thereafter.  Following such review, the board or the Compensation Committee may in its discretion increase (but shall not be required to increase) Employee’s Base Salary, Incentive Compensation, and other benefits, but may not decrease Employee’s Base Salary and Incentive Compensation during the time he serves as President.  The amount of such adjustment shall be effective upon the execution of either a written amendment to this Agreement or a Paxton, Inc. Payroll Data Change form.  As a salaried exempt employee, Employee will not be entitled to additional compensation for any over-time additional hours worked to complete assignments or work when reasonably required by business needs.

 

F.      Employee acknowledges and agrees that: (i) payments made to Employee pursuant to Employee’s employment by the Paxton shall be subject to withholding of applicable taxes; (ii) Employee shall be obligated to report as income all compensation received by Employee pursuant to this Agreement; and (iii) Employee shall pay all applicable taxes due on such compensation in the case of under-withholding by the Paxton.

  

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G.      Paxton shall reimburse Employee for all reasonable, authorized expenses incurred in furtherance of, or in connection with, Employee’s performance of the Services, in accordance with the Paxton's expense reimbursement policies as in effect from time to time.

 

5.  Indemnification.  A. To the maximum extent permitted by law and its Bylaws, Paxton agrees to indemnify and hold Employee harmless for any acts or decisions made in good faith while performing services for Paxton. To the same extent, Paxton will pay, and subject to any legal limitations, advance all expenses, including reasonable attorney fees and costs of settlements, actually and necessarily incurred by Employee in connection with the defense of any action, suit, or proceeding and in connection with any appeal, which has been brought against Employee by reason of his service as an officer or agent of Paxton.

 

B. Paxton shall obtain and maintain directors’ and officers’ liability insurance in a limit of at least $5.0 million and employment practices liability covering Employee.  Employee shall be entitled to the protection of any such insurance policies against all costs, charges, and expenses in connection with any action, suit, or proceeding to which Employee may be made a party by reason of his affiliation with Company

 

6.      Notices.  Any and all notices or other communications required or permitted by this Agreement or by law to be served on or given to a party hereto by the other party shall be deemed given: (i) when personally delivered; (ii) one (1) business day after timely delivery to Federal Express, United Parcel Service or other courier for overnight delivery, charges prepaid; (iii) at the earlier of its receipt or five days after deposit in a regularly-maintained receptacle for the deposit of the United States mail, first-class postage prepaid, addressed as described below; or (iv) using the electronic mail addresses set forth on the signature page or assigned by Paxton to employee, upon confirmation that the notice has been transmitted successfully to the receiving party’s electronic mail address, subject to the limitations set forth in any other applicable statute. In the event of any conflict between the mailing address and the electronic mail addresses set forth below and those in the books and records of Paxton, copies of the notices and communications shall be sent all such addresses and numbers. Either party may change any such address or electronic mail address for notice purposes by a notice given in this manner.

 

 7.      Assignment.   This Agreement shall not be terminated as a result of Paxton’s voluntary or involuntary dissolution or any merger in which Paxton is not the surviving or resulting corporation, or any transfer of all or substantially all of Paxton’s assets.  In the event of any such merger or transfer of assets, the provisions of this agreement shall be binding on and shall inure to the benefit of the parties and their respective legal representatives, successors, and assigns.  Employee acknowledges that this is an agreement for Employee’s personal services and agrees that Employee shall perform them individually and may not assign his rights nor transfer his obligations under this Agreement to any other party.

 

8      Dispute Resolution - Mandatory Mediation and Arbitration as EXCLUSIVE Remedies.

 

A. The parties agree that all claims, disputes, or controversies arising out of or relating to this Agreement, negotiations related thereto, performance during the Term, and/or matters relating to the cessation of the relationship with Paxton shall be resolved and determined exclusively under the mandatory mediation and arbitration procedures described below.  By way of example only, such claims include claims under U.S. federal, state, and local statutory or common law, such as the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, as amended, including the amendments of the Civil Rights Act of 1991, the Americans with Disabilities Act, the law and regulations regarding employment, the law of contract and the law of torts.

  

B.  Before filing for mandatory and binding arbitration with respect to any dispute, controversy, or claim arising out of or relating to this Agreement, the parties shall be obligated first to seek by good faith efforts to resolve such matter by mediation. As a condition precedent to filing for mandatory arbitration, a Notice of Claim shall be sent to the other party. The Notice of Claim shall specify the nature of the dispute, controversy, and claims and shall include the name of a proposed independent third party mediator or organization of mediators who shall be located in Reno, Nevada or other place designated in the notice or agreed to by the parties.  The party receiving the Notice of Claim shall within fifteen days thereafter either consent to mediate the matter in front of the mediator or organization of mediators so proposed or suggest an alternative mediator or organization of mediators likewise so located.  The parties shall undertake good faith efforts for a period of thirty days thereafter to appoint a mediator and submit the dispute, controversy, and claims to mediation.

 

  

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C.  If the mediation attempt is not successful, either party thereafter shall be entitled to seek binding arbitration.  The parties by mutual consent may elect to have the mediator act as the neutral arbitrator to render mandatory and binding decision.  If either party objects to having the mediator act as the binding arbitrator, the dispute shall be referred to the American Arbitration Association (“AAA”) for appointment of a neutral arbitrator for a mandatory final and binding determination pursuant to the Commercial Rules (the “Rules”) of the AAA.  Such arbitration shall be administered by the AAA and shall be held in the place agreed upon by the parties or designated by AAA.  Binding arbitration shall be initiated by a written request for arbitration delivered by one party to the other party and to the AAA.  A neutral arbitrator will be selected in accordance with the Rules.  Pending the hearing, the parties shall be entitled to undertake discovery proceedings, including the taking of depositions.  Promptly following the closing of the hearing, a final decision will be made concerning the disputed matter, which decision and the basis therefor will be in writing and delivered to the parties.  The final decision of the arbitrator will be binding on the parties and enforceable in any court of law having jurisdiction thereof.  Pending final decision of the disputed matter, the parties will continue diligently to observe and perform the terms of this Agreement.  In such arbitration, (i) Paxton will bear the costs of arbitration, including the costs of the arbitrator and AAA fees; (ii) the prevailing party will be entitled to any statutory, contractual, or other recovery to which the party would be entitled in a court of law; and (iii) all matters regarding enforcement and interpretation hereof shall be governed by the laws of the State of Nevada without regard to its choice of law principles.

 

D. The parties acknowledge that a breach of certain provisions of this Agreement may result in irreparable harm to a party, the nature and extent of which may be difficult to measure in damages, and for which damages will not be an adequate remedy.  The parties therefore agree that, in addition to any other right or remedy which a party may have for a breach thereof, an arbitrator may order an injunction or other equitable relief and such order may be enforced by an appropriate court.

 

E.  On any action for the breach of this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and costs.

 

THE PARTIES HAVE READ AND UNDERSTAND THAT THIS SECTION SETS OUT MANDATORY MEDIATION AND ARBITRATION PROCEDURES TO RESOLVE ALL DISPUTES HEREUNDER.  BY SIGNING THIS AGREEMENT, EACH PARTY AGREES, TO THE EXTENT PERMITTED BY LAW, TO SUBMIT ANY FUTURE CLAIMS ARISING OUT OF, RELATING TO, OR CONNECTED WITH THIS AGREEMENT, OR THE INTERPRETATION, VALIDITY, CONSTRUCTION, PERFORMANCE, BREACH, OR TERMINATION THEREOF, TO BINDING ARBITRATION AND THAT THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF EACH PARTY’S RIGHT TO A JURY TRIAL.

  

  

	
 SO ACKNOWLEDGED AND AGREED:

	
____________________

	
____________________

	  	
Employee’s Initials

	
Initials of Paxton’s Agent

 

9.      Amendments.   This Agreement may be amended at any time, but any amendment must be in writing and signed by both parties.

 

  

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10.       Counsel Input.  The parties acknowledge that each of them and their counsel have reviewed or have had an opportunity to review and revise this Agreement. Employee acknowledges that Employee had sufficient time to review, and has carefully reviewed and fully understands, all the provisions of this Agreement and is knowingly and voluntarily entering into this Agreement. The parties agree that the rule to the effect that any ambiguities shall be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

 

11.      No Waiver.  The failure of either party to insist on strict compliance with any of the terms, covenants, or conditions of this Agreement by the other party shall not be deemed a waiver of that term, covenant, or condition, nor shall any waiver or relinquishment of any right or power at any one time or times be deemed a waiver or relinquishment of that right or power for all or any other times.

 

12.      Severability.  If any term, provision, covenant, or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remainder of this Agreement shall remain in full force and effect and shall in no way be affected, impaired, or invalidated.  If any such court shall decline to enforce any provision of this Agreement, such provisions shall nevertheless be enforced to the greatest extent such court shall deem lawful.

 

IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the date set forth herein.

	
EMPLOYEE:

	
PAXTON:

	  	
Paxton, Inc.

	  	
a Nevada corporation

	  	  
	
/s/ ROBERT FULTON SMITH

	
By:  /s/ CHARLES F. VOLK, JR.

	
Robert Fulton Smith

	
Its:  Chief Executive Officer

	  	  
	
ADDRESS AND EMAIL ADDRESS:

	  
	  	  	  
	
Employee:

	
Robert Fulton (Tony) Smith

	
Paxton:

	
Paxton, Inc.  Attention:  President

	  	
909 Poydras Street Ste 2200

	  	
P.O. Box 1148

	  	
New Orleans LA 70112

	  	
Zephyr Cove, NV 89448-1148

	  	  	
Delivery:

	
295 Highway 50, Suite 2

	
Email:

	
tsmith@virginoil.net

	  	
Stateline, NV 89449

	  	  	  	
jimb@paxenergyinc.com

	  	  	  	  

Page 5 of 5

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