Document:

EXHIBIT
        10.67

       

       

       

      EXECUTION
        VERSION

       

    

    REGISTRATION
      RIGHTS AGREEMENT

    

    REGISTRATION
      RIGHTS AGREEMENT
      (this
“Agreement”),
      dated
      as of December 10, 2007, by and between TEKOIL
      & GAS CORPORATION,
      a
      Delaware corporation, with offices located at 5036 Dr. Phillips Blvd., Suite
      232, Orlando, Florida 32819 (the “Company”),
      and
      the “Buyer” so described on the signature page hereto (referred to as
“Buyer”).

    

    PRELIMINARY
      STATEMENTS

    

    A. Pursuant
      to a certain Purchase Agreement by and between the parties of even date herewith
      (the “Purchase
      Agreement”),
      the
      Company has agreed to issue to the Buyer 3,571,429 shares of the Company’s
      common stock, par value $0.000001 per share (the “Common
      Stock”)
      and
      the “Warrant” described below; 

    

    B. Pursuant
      to a certain Warrant to Purchase Common Stock by and between the parties of
      even
      date herewith, (“Warrant”)
      the
      Company has agreed to issue up to an additional 3,571,429 shares of Common
      Stock
      on appropriate exercise thereunder and subject to the terms thereof;
      and

    

    C. 
      The
      Company has agreed to provide certain registration rights under the Securities
      Act of 1933, as amended, and the rules and regulations thereunder, or any
      similar successor statute (collectively, the “1933
      Act”),
      and
      applicable state securities laws.

    

    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 Company and the Buyer hereby agree as
      follows:

     

    1. DEFINITIONS.

     

    a. As
      used
      in this Agreement, the following terms shall have the following
      meanings:

    

    (i) “Investor”
means
      the Buyer and any transferee or assignee thereof who agrees to become bound
      by
      the provisions of this Agreement in accordance with Section 9
      hereof.

    

    (ii) “register,”
      “registered,”
and
      “registration”
refer
      to a registration effected by preparing and filing a Registration Statement
      or
      Statements in compliance with the 1933 Act and pursuant to Rule 415 under the
      1933 Act or any successor rule providing for offering securities on a continuous
      basis (“Rule
      415”),
      and
      the declaration or ordering of effectiveness of such Registration Statement
      by
      the United States Securities and Exchange Commission (the “SEC”).

    

    (iii) “Registrable
      Securities”
means
      the shares of Common Stock issued pursuant to the Purchase Agreement and the
      Shares of common stock issued or issuable pursuant to the Warrant.

    

    (iv) “Registration
      Period”
means
      the period commencing on the date on which the Registration Statement filed
      pursuant to this Agreement is declared effective by the SEC and expiring on
      the
      date that (A) the Investor may sell the Registrable Securities pursuant to
      Rule
      144 (k) promulgated under the 1933 Act, or (B) the Investor has sold all of
      the
      Registrable Securities.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (v) “Registration
      Statement”
means
      a
      registration statement of the Company under the 1933 Act, as described in
      Section 1.a.(ii) above.

    

    b. Capitalized
      terms used herein and not otherwise defined herein shall have the respective
      meanings set forth in the Purchase Agreement.

    

    2. REGISTRATION
      RIGHTS. 

    

    Mandatory
      Registration.
      The
      Company shall prepare and file with the SEC a Registration Statement on Form
      S-3
      (or, if such form is unavailable for such a registration, on such other form
      as
      is available for such a registration) covering the resale of the Registrable
      Securities within 30 days of the date of the Purchase Agreement (the
“Filing
      Date”).
      The
      Registration Statement (and each amendment or supplement thereto, and each
      request for acceleration of effectiveness thereof) shall be provided to and
      approved by the Buyer and their counsel prior to its filing or other submission,
      such approval not to be unreasonably withheld. The Company will use its
      reasonable efforts to cause such Registration Statement to become effective
      within 90 days of filing (the “Effective
      Date”).

    

    3. OBLIGATIONS
      OF THE COMPANY. 

    

    In
      connection with the registration of the Registrable Securities, the Company
      shall have the following obligations:

    

    a. A
      Registration Statement filed pursuant to this Agreement (including any
      amendments or supplements thereto and prospectuses contained therein) shall
      not
      contain any untrue statement of a material fact or omit to state a material
      fact
      required to be stated therein, or necessary to make the statements therein,
      in
      light of the circumstances in which they were made, not misleading.

    

    b. The
      Company shall prepare and file with the SEC such amendments (including
      post-effective amendments) and supplements to the Registration Statement and
      the
      prospectus used in connection with the Registration Statement as may be
      necessary to keep the Registration Statement effective at all times during
      the
      Registration Period, and, during the Registration Period, comply with the
      provisions of the 1933 Act with respect to the disposition of all Registrable
      Securities of the Company covered by the Registration Statement until such
      time
      as all of such Registrable Securities have been disposed of in accordance with
      the intended methods of disposition by the seller or sellers thereof as set
      forth in the Registration Statement.

    

    c. The
      Company shall furnish to the Investor if its Registrable Securities are included
      in the Registration Statement and its legal counsel (i) promptly after the
      same
      is prepared and publicly distributed, filed with the SEC, or received by the
      Company, one copy of the Registration Statement and any amendment thereto,
      each
      preliminary prospectus and prospectus and each amendment or supplement thereto,
      and (ii) such number of copies of a prospectus, including a preliminary
      prospectus, and all amendments and supplements thereto and such other documents
      as the Investor may reasonably request in order to facilitate the disposition
      of
      the Registrable Securities owned by the Investor.

    

    d.
      As
      promptly as practicable after becoming aware of such event, the Company shall
      notify the Investor of the happening of any event, of which the Company has
      knowledge, as a result of which the prospectus included in the Registration
      Statement, as then in effect, includes an untrue statement of a material fact
      or
      omission to state a material fact required to be stated therein or necessary
      to
      make the statements therein, in light of the circumstances under which they
      were
      made, not misleading, and use its best efforts promptly to prepare a supplement
      or amendment to the Registration Statement to correct such untrue statement
      or
      omission, and deliver such number of copies of such supplement or amendment
      to
      the Investor as the Investor may reasonably request.

    
      
        
        

      

      
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    e. 
      The
      Company shall use its best efforts to prevent the issuance of any stop order
      or
      other suspension of effectiveness of a Registration Statement, and, if such
      an
      order is issued, to obtain the withdrawal of such order at the earliest possible
      moment and to notify the Investor if the Investor holds Registrable Securities
      being sold (or, in the event of an underwritten offering, the managing
      underwriters) of the issuance of such order and the resolution thereof.

    

    f. 
      The
      Company shall hold in confidence and not make any disclosure of information
      concerning the Investor provided to the Company unless (i) the Company
      determines disclosure of such information is necessary to comply with federal
      or
      state securities laws, (ii) the disclosure of such information is necessary
      to
      avoid or correct a misstatement or omission in any Registration Statement,
      (iii)
      the release of such information is ordered pursuant to a subpoena or other
      final, non-appealable order from a court or governmental body of competent
      jurisdiction, or (iv) such information has been made generally available to
      the
      public other than by disclosure in violation of this or any other agreement. The
      Company agrees that it shall, upon learning that disclosure of such information
      concerning the Investor is sought in or by a court or governmental body of
      competent jurisdiction or through other means, give prompt notice to the
      Investor and allow the Investor, at the Investor’s expense, to undertake
      appropriate action to prevent disclosure of, or to obtain a protective order
      for, such information.

    

    g. The
      Company and the Investor agree that the Investor will suffer damages if the
      Registration Statement is not filed by the Filing Date and not declared
      effective by the SEC by the Effective Date, and maintained in the manner
      contemplated by Section 3(b) hereof, and it would not be feasible to ascertain
      the extent of such damages with precision. Accordingly, if (A) the Registration
      Statement is not filed on or before the Filing Date, (B) is not declared
      effective on or before the Effective Date, or (C) the Registration Statement
      is
      filed and declared effective but shall thereafter cease to be effective without
      being succeeded within fifteen (15) business days by an effective replacement
      or
      amended registration statement or for a period of time which shall exceed 30
      days in the aggregate per year (defined as a period of 365 days commencing
      on
      the actual Effective Date (each such event referred to in clauses (A) through
      (C) of this Section 3(g) is referred to herein as a “Non-Registration
      Event”),
      then
      the Company shall deliver to the holder of two percent (2%) of the Purchase
      Price (as defined the Purchase Agreement) for each thirty (30) days or part
      thereof (the “Liquidated
      Damages”).
      The
      Company must pay the Liquidated Damages in cash. The Liquidated Damages must
      be
      paid within ten (10) days after the end of each thirty (30) day period or
      shorter part thereof for which Liquidated Damages are payable. 

    

    4. OBLIGATIONS
      OF THE INVESTOR.

    

    In
      connection with the registration of the Registrable Securities, the Investor
      shall have the following obligations:

    

    a. It
      shall
      be a condition precedent to the obligations of the Company to complete the
      registration of Registrable Securities pursuant to this Agreement that the
      Investor shall furnish to the Company such information regarding itself, the
      Registrable Securities held by it and the intended method of disposition of
      the
      Registrable Securities held by it as shall be reasonably required to effect
      the
      registration of such Registrable Securities and shall execute such documents
      in
      connection with such registration as the Company may reasonably request. At
      least five (5) days prior to the first anticipated filing date of the
      Registration Statement, the Company shall notify the Investor of the information
      the Company requires from the Investor if the Investor elects to have any of
      the
      Investor’s Registrable Securities included in the Registration Statement.

    
      
        
        

      

      
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    b. The
      Investor by the Investor’s acceptance of the Registrable Securities agrees to
      cooperate with the Company as reasonably requested by the Company in connection
      with the preparation and filing of the Registration Statement hereunder, unless
      the Investor has notified the Company in writing of the Investor’s election to
      exclude all of the Investor’s Registrable Securities from the Registration
      Statement.

    

    c. The
      Investor agrees that, upon receipt of any notice from the Company of the
      happening of any event of the kind described in Section 3(d) or 3(e), the
      Investor will immediately discontinue disposition of Registrable Securities
      pursuant to the Registration Statement covering such Registrable Securities
      until the Investor’s receipt of the copies of the supplemented or amended
      prospectus contemplated by Section 3(d) or 3(e) and, if so directed by the
      Company, the Investor shall deliver to the Company (at the expense of the
      Company) or destroy (and deliver to the Company a certificate of destruction)
      all copies in the Investor’s possession, of the prospectus covering such
      Registrable Securities current at the time of receipt of such
      notice.

    

    d. Investor
      may not participate in any underwritten registration hereunder unless the
      Investor (i) agrees to sell the Investor’s Registrable Securities on the basis
      provided in any underwriting arrangements, (ii) completes and executes all
      questionnaires, powers of attorney, indemnities, underwriting agreements and
      other documents reasonably required under the terms of such underwriting
      arrangements, and (iii) agrees to pay its pro rata share of all underwriting
      discounts and commissions.

    

    e. The
      Investor shall give notice to the Company when it has sold all of the
      Registrable Securities.

    

    5. EXPENSES
      OF REGISTRATION.

    

    All
      reasonable expenses, other than underwriting discounts and commissions, incurred
      in connection with registrations, filings or qualifications pursuant to Sections
      2 and 3, including, without limitation, all registration, listing and
      qualifications fees, printers and accounting fees, the fees and disbursements
      of
      counsel for the Company, shall be borne by the Company. Notwithstanding the
      foregoing, the Investor shall be responsible for all expenses, fees and
      disbursements incurred by such Investor or on such Investor’s behalf, including
      all fees and disbursements of counsel to the Investor.

    

    
      
        
        

      

      
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    6. INDEMNIFICATION.
      

    

    In
      the
      event any Registrable Securities are included in a Registration Statement under
      this Agreement:

    

    a. To
      the
      extent permitted by law, the Company will indemnify, hold harmless and defend
      (i) the Investor who holds such Registrable Securities, and (ii) the
      directors, officers and each person who controls any Investor within the meaning
      of the 1933 Act or the Securities Exchange Act of 1934, as amended (the
“1934
      Act”),
      if
      any, (each, an “Indemnified
      Person”),
      against any losses, claims, damages, liabilities or expenses (joint or several)
      (collectively, “Claims”)
      to
      which any of them may become subject insofar as such Claims (or actions or
      proceedings, whether commenced or threatened, in respect thereof) arise out
      of
      or are based upon: (i) any untrue statement or alleged untrue statement of
      a
      material fact in a Registration Statement or the omission or alleged omission
      to
      state a material fact therein required to be stated or necessary to make the
      statements therein not misleading, (ii) any untrue statement or alleged untrue
      statement of a material fact contained in any preliminary prospectus if used
      prior to the effective date of such Registration Statement, or contained in
      the
      final prospectus (as amended or supplemented, if the Company files any amendment
      thereof or supplement thereto with the SEC) or the omission or alleged omission
      to state therein any material fact necessary to make the statements made
      therein, in light of the circumstances under which the statements therein were
      made, not misleading, or (iii) any violation or alleged violation by the Company
      of the 1933 Act, the 1934 Act, any other law, including, without limitation,
      any
      state securities law, or any rule or regulation thereunder relating to the
      offer
      or sale of the Registrable Securities pursuant to a Registration Statement
      (the
      matters in the foregoing clauses (i) through (iii) being, collectively,
“Violations”).
      Subject to the restrictions set forth in Section 6(d) with respect to the number
      of legal counsel, the Company shall reimburse the Investor or controlling
      person, promptly as such expenses are incurred and are due and payable, for
      any
      legal fees or other reasonable expenses incurred by them in connection with
      investigating or defending any such Claim. Notwithstanding anything to the
      contrary contained herein, the indemnification agreement contained in this
      Section 6(a): (i) shall not apply to a Claim arising out of or based upon a
      Violation which occurs in reliance upon and in conformity with information
      furnished in writing to the Company by any Indemnified Person expressly for
      use
      in connection with the preparation of the Registration Statement or any such
      amendment thereof or supplement thereto, if such prospectus was timely made
      available by the Company pursuant to Section 3(c) hereof; (ii) with respect
      to
      any preliminary prospectus, shall not inure to the benefit of any such person
      from whom the person asserting any such Claim purchased the Registrable
      Securities that are the subject thereof (or to the benefit of any person
      controlling such person) if the untrue statement or omission of material fact
      contained in the preliminary prospectus was corrected in the prospectus, as
      then
      amended or supplemented, if such prospectus was timely made available by the
      Company pursuant to Section 3(c) hereof; (iii) shall not be available to the
      extent such Claim is based on a failure of the Investor to deliver or to cause
      to be delivered the prospectus made available by the Company; and (iv) shall
      not
      apply to amounts paid in settlement of any Claim if such settlement is effected
      without the prior written consent of the Company, which consent shall not be
      unreasonably withheld. Such indemnity shall remain in full force and effect
      regardless of any investigation made by or on behalf of the Indemnified Person
      and shall survive the transfer of the Registrable Securities by the Investor
      pursuant to Section 9.

    

    b. In
      connection with any Registration Statement in which the Investor is
      participating, the Investor agrees to indemnify, hold harmless and defend,
      to
      the same extent and in the same manner set forth in Section 6(a), the Company,
      each of its directors, each of its officers who signs the Registration
      Statement, each person, if any, who controls the Company within the meaning
      of
      the 1933 Act or the 1934 Act, any underwriter and any other stockholder selling
      securities pursuant to the Registration Statement or any of its directors or
      officers or any person who controls such stockholder or underwriter within
      the
      meaning of the 1933 Act or the 1934 Act (collectively and together with an
      indemnified Person, an “Indemnified
      Party”),
      against any Claim to which any of them may become subject, under the 1933 Act,
      the 1934 Act or otherwise, insofar as such Claim arises out of or is based
      upon
      any Violation, in each case to the extent (and only to the extent) that such
      violation occurs in reliance upon and in conformity with written information
      furnished to the Company by the Investor expressly for use in connection with
      such Registration Statement or to the extent such Claim is based upon any
      violation or alleged violation by the Investor of the 1933 Act, 1934 Act or
      any
      other law; and the Investor will reimburse any legal or other expenses
      reasonably incurred by them in connection with investigating or defending any
      such Claim; provided, however, that the indemnity agreement contained in this
      Section 6(b) shall not apply to amounts paid in settlement of any Claim if
      such
      settlement is effected without the prior written consent of the Investor, which
      consent shall not be unreasonably withheld; provided, further, however, that
      the
      Investor shall be liable under this Section 6(b) for only that amount of a
      Claim
      as does not exceed the net proceeds to the Investor as a result of the sale
      of
      Registrable Securities pursuant to such Registration Statement. Such indemnity
      shall remain in full force and effect regardless of any investigation made
      by or
      on behalf of such Indemnified Party and shall survive the transfer of the
      Registrable Securities by the Investors pursuant to Section 9. Notwithstanding
      anything to the contrary contained herein, the indemnification agreement
      contained in this Section 6(b) with respect to any preliminary prospectus shall
      not inure to the benefit of any Indemnified Party if the untrue statement or
      omission of material fact contained in the preliminary prospectus was corrected
      on a timely basis in the prospectus, as then amended or
      supplemented.

    
      
        
        

      

      
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    c. The
      Company shall be entitled to receive indemnities from underwriters, selling
      brokers, dealer managers and similar securities industry professionals
      participating in any distribution, to the same extent as provided above, with
      respect to information such persons so furnished in writing by such persons
      expressly for inclusion in the Registration Statement.

    

    d. Promptly
      after receipt by an Indemnified Person or Indemnified Party under this Section
      6
      of notice of the commencement of any action (including any governmental action),
      such Indemnified Person or Indemnified Party shall, if a Claim in respect
      thereof is to made against any indemnifying party under this Section 6, deliver
      to the indemnifying party a written notice of the commencement thereof, and
      the
      indemnifying party shall have the right to participate in, and, to the extent
      the indemnifying party so desires, jointly with any other indemnifying party
      similarly noticed, to assume control of the defense thereof with counsel
      mutually satisfactory to the indemnifying party and the Indemnified Person
      or
      the Indemnified Party, as the case may be; provided, however, that an
      Indemnified Person or Indemnified Party shall have the right to retain its
      own
      counsel with the fees and expenses to be paid by the indemnifying party, if,
      in
      the reasonable opinion of counsel retained by the indemnifying party, the
      representation by such counsel of the Indemnified Person or Indemnified Party
      and the indemnifying party would be inappropriate due to actual or potential
      differing interests between such Indemnified Person or Indemnified Party and
      any
      other party represented by such counsel in such proceeding. The failure to
      deliver written notice to the indemnifying party within a reasonable time of
      the
      commencement of any such action shall not relieve such indemnifying party of
      any
      liability to the Indemnified Person or Indemnified Party under this Section
      6,
      except to the extent that the indemnifying party is prejudiced in its ability
      to
      defend such action. The indemnification required by this Section 6 shall be
      made
      by periodic payments of the amount thereof during the course of the
      investigation or defense, as such expense, loss, damage or liability is incurred
      and is due and payable.

    

    7. CONTRIBUTION.
      

    

    To
      the
      extent any indemnification by an indemnifying party is prohibited or limited
      by
      law, the indemnifying party agrees to make the maximum contribution with respect
      to any amounts for which it would otherwise be liable under Section 6 to the
      fullest extent permitted by law; provided, however, that (i) no contribution
      shall be made under circumstances where the maker would not have been liable
      for
      indemnification under the fault standards set forth in Section 6, (ii) no seller
      of Registrable Securities guilty of fraudulent misrepresentation (within the
      meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
      from
      any seller of Registrable Securities who was not guilty of such fraudulent
      misrepresentation, and (iii) contribution by any seller of Registrable
      Securities shall be limited in amount to the net amount of proceeds received
      by
      such seller from the sale of such Registrable Securities.

    

    8. AMENDMENT
      OF REGISTRATION RIGHTS. 

    

    Provisions
      of this Agreement may be amended and the observance thereof may be waived
      (either generally or in a particular instance and either retroactively or
      prospectively), only with the written consent of the Company and the Investor.
      Any amendment or waiver effected in accordance with this Section 10 shall be
      binding upon the Investor and the Company.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    9. MISCELLANEOUS.

    

    a. A
      person
      or entity is deemed to be a holder of Registrable Securities whenever such
      person or entity owns of record such Registrable Securities. If the Company
      receives conflicting instructions, notices or elections from two or more persons
      or entities with respect to the same Registrable Securities, the Company shall
      act upon the basis of instructions, notice or election received from the
      registered owner of such Registrable Securities.

    

    b. Any
      notices required or permitted to be given under the terms of this Agreement
      shall be sent by registered or certified mail, return receipt requested, or
      delivered personally or by courier and shall be effective five days after being
      placed in the mail, if mailed, or upon receipt, if delivered personally or
      by
      courier, in each case addressed to a party. The addresses for such
      communications shall be:

    

    
      	
              If to the Company:

            	
              Tekoil
                & Gas Corporation

            
	 	
              5036
                Dr. Phillips Blvd., Suite 232

            
	 	
              Orlando,
                Florida 32819

            
	 	
              Telephone:
                (407) 996-8506

            
	 	
              Telecopy:
                (407) 996-8507

            
	 	
              Attention:
                Mr. Mark Western

            

    

    

    
      	
              With
                copy to:

            	
              Baker
                & Hostetler LLP

            
	 	
              200
                South Orange Avenue

            
	 	
              Orlando,
                FL 32801

            
	 	
              Telephone:
                (407) 649-4001

            
	 	
              Telecopy:
                (407) 841-0168

            
	 	
              Attention:
                Kenneth C. Wright, Esq.

            

    

    

    If
      to the
      Buyer, at the address of Buyer set forth on the signature page
      below.  

     

    Each
      party shall provide notice to the other party of any change in
      address.

    

    c. Failure
      of any party to exercise any right or remedy under this Agreement or otherwise,
      or delay by a party in exercising such right or remedy, shall not operate as
      a
      waiver thereof.

    

    d. This
      Agreement shall be enforced, governed by and construed in accordance with the
      laws of the State of Delaware applicable to agreements made and to be performed
      entirely within such State. In the event that any provision of this Agreement
      is
      invalid or unenforceable under any applicable statute or rule of law, then
      such
      provision shall be deemed inoperative to the extent that it may conflict
      therewith and shall be deemed modified to conform with such statute or rule
      of
      law. Any provision hereof which may prove invalid or unenforceable under any
      law
      shall not affect the validity or enforceability of any other provision
      hereof.

    

    e. This
      Agreement, the Warrant and the Purchase Agreement constitute the entire
      agreement among the parties hereto with respect to the subject matter hereof
      and
      thereof. There are no restrictions, promises, warranties or undertakings, other
      than those set forth or referred to herein and therein. This Agreement and
      the
      Warrant Agreement supersede all prior agreements and understandings among the
      parties hereto with respect to the subject matter hereof and
      thereof.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    f. Subject
      to the restrictions on transfer provided in the agreements described herein
      and
      under applicable securities laws, this Agreement shall inure to the benefit
      of
      and be binding upon the successors and assigns of each of the parties
      hereto.

    

    g. The
      headings in this Agreement are for convenience of reference only and shall
      not
      limit or otherwise affect the meaning hereof.

    

    h. This
      Agreement may be executed in two or more identical counterparts, each of which
      shall be deemed an original but all of which shall constitute one and the same
      agreement. This Agreement, once executed by a party, may be delivered to the
      other party hereto by facsimile transmission of a copy of this Agreement bearing
      the signature of the party so delivering this Agreement.

    

    i. Each
      party shall do and perform, or cause to be done and performed, all such further
      acts and things, and shall execute and deliver all such other agreements,
      certificates, instruments and documents, as the other party may reasonably
      request in order to carry out the intent and accomplish the purposes of this
      Agreement and the consummation of the transactions contemplated
      hereby.

     

    [Signatures
      on Following Page]

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

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

    

    
      	 “Company”
	 	 
	 TEKOIL
              & GAS CORPORATION
	 	 
	 	 
	 	 
	
              By:
                

            	
              /s/
                Mark S. Western

            
	 	
              Mark
                Western, Chairman and CEO

            

    

    

    
      	
              “Buyer”

            
	 
	
              RAB
                Special Situations (Master) Fund Limited by

            
	 
	 
	
              /s/
                Simon Gwyther

            
	
              (Signature)

            
	 
	
              Simon
                Gwyther

            
	
              (Name)

            
	 
	 
	
              /s/
                Jake Leavesley

            
	
              (Signature)

            
	 
	
              Jake
                Leavesley

            
	
              (Name)

            
	 
	
              Authorized
                signatories for RAB Capital plc for and on behalf of RAB Special
                Situations (Master) Fund Limited

            

    

     

    
      	
              Address:

            	
              c/o
                RAB Capital plc

            
	 	
              1
                Adam Street

            
	 	
              London
                WC2N 6LE

            
	 	
              United
                Kingdom

            

    

    
      
        
        

      

      
        9EXHIBIT
      10.68

    
 

    EMPLOYMENT
      AGREEMENT

    

    THIS
      EMPLOYMENT AGREEMENT (the “Agreement”), executed on May 11, 2007 (the “Execution
      Date”), but effective as of May 1, 2007 (the “Effective Date”), is entered into
      by and between MICHAEL VOSBEIN, having an address at 2715 Tannehill Dr.,
      Houston, Texas 77008 (“Employee”), and TEKOIL & GAS CORPORATION, a Delaware
      Corporation (“Company”).

    

    R
      E C I T A L S:

    

    WHEREAS,
      the Employee is being hired as of the date hereof by the Company to serve as
      the
      Vice President of Operations; and

    

    WHEREAS,
      no formal document exists governing the relationship between the Company and
      the
      Employee, and the Company and Employee desire by the execution of this Agreement
      to create a document memorializing the terms and conditions of the Employee’s
      service with the Company; and

    

    WHEREAS,
      the Company has granted Employee, effective as of the time periods set forth
      herein, Two Hundred Fifty Thousand (250,000) shares of the Company’s Common
      Stock, par value $.000001, (the “Issued Stock”) as additional consideration for
      services hereunder.

    

    NOW,
      THEREFORE, in consideration of the mutual agreements hereinafter set forth,
      Employee and the Company have agreed and do hereby agree as
      follows:

    

    A
      G R E E M E N T:

    

    1. Duties.
      The
      Company hereby agrees employ and engage Employee as Vice President of
      Operations, and Employee hereby accepts and agrees to such hiring, engagement,
      and employment. Employee agrees to perform any and all duties and to assume
      any
      and all responsibilities that may be assigned to him from time to time by the
      or
      Board of Directors of the Company or officers of the Company, or as may be
      required by the Bylaws, Articles of Incorporation or other governing document
      of
      the Company. During the duration of his employment, Employee will devote his
      full time, energy, and skill to the performance of his duties for the Company
      and for the benefit of the Company. Employee shall render such services to
      the
      Company and perform his duties
      at
      such place or places in as the Company shall require in accordance with its
      best
      interests, needs, business and opportunities. Employee
      will also exercise due diligence and care in the performance of Employee’s
      duties to the Company under this Agreement. During
      the term hereof, Employee shall not enter into the services of or be employed
      in
      any capacity or for any purposes whatsoever, whether directly or indirectly,
      by
      any person, firm, corporation or entity other than Company, and will not, during
      said period of time, be engaged in any business, enterprise or undertaking
      other
      than employment by the Company.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2. Employment
      Period.
      Employee’s employment with the Company shall be for an initial term of three (3)
      years (the “Initial Term”), and shall be deemed to have commenced on the
      Effective Date, and shall continue thereafter until ended in accordance with
      this Agreement. After the Initial Term, Employee’s employment will be “at will,”
meaning that either Employee or the Company will be entitled to terminate the
      employment at any time and for any reason, with or without cause prior to the
      expiration of this Agreement. Any contrary representations which may have been
      made to Employee are superseded by this Agreement. The “at will” nature of the
      employment after the Initial Term may only be changed in an express written
      agreement signed by Employee and a duly authorized officer of the
      Company.

     

    3. Compensation.

     

    (a) Base
      Salary.
      The
      Company shall pay Employee, and Employee agrees to accept from the Company
      in
      full payment for Employee’s services and promises to the Company (specifically
      including the covenants set forth in Sections 5 and 9), a base salary at an
      annual rate of One
      Hundred Eighty Thousand and 00/100 Dollars ($180,000)
      during
      the duration of Employee’s employment
      (“Base
      Salary”), payable in equal bi-monthly installments or
      otherwise in accordance with the Company’s normal pay practices as the same may
      be altered from time to time by Company. 

     

    (b) Bonus.
      At the
      sole and absolute discretion of the Board of Directors, and subject to the
      satisfaction of such conditions or performance criteria as may be established
      from time to time at the sole discretion of the Board of Directors, Employee
      may, from time to time, receive an additional bonus. This bonus may consist
      of,
      without limitation, either equity interests in the Company or cash.

     

    (c) Withholding
      Taxes.
      All
      forms of compensation paid or payable to Employee whether set forth in this
      Agreement or otherwise are subject to reduction to reflect applicable
      withholding and payroll taxes.

     

    (d) Issued
      Stock. As
      compensation hereunder, the Employee shall receive the Issued Stock, which
      shall
      be governed and controlled by the terms and conditions set forth herein. The
      Issued Stock shall be issued as follows: (i) Eighty Three Thousand (83,000)
      shares issued as of the date hereof, (ii) Eighty Three Thousand (83,000) shares
      issued on the one year anniversary of this Agreement, and (iii) Eighty Four
      Thousand (84,000) shares issued on the second yearly anniversary of this
      Agreement. Employee recognizes, acknowledges and agrees that all of the Issued
      Stock shall remain restricted for the minimum periods required by any and all
      applicable laws, regulations and rules. 

     

    (e) Vacation.
      Employee shall be entitled to vacation on the terms and subject to the
      conditions established by the Board of Directors of the Company. 

     

    (f) Health
      Care Reimbursement. Until
      the
      Company institutes its own employee health care plan, at which point Employee
      shall pay for his own health care premiums if Employee decides to participate
      in
      the Company’s employee health care plan,
      Employee
      shall be responsible for the payment of his own health care
      benefits..
      

     

    
      
        
        

      

      
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    4. Resignation;
      Termination for Cause; Other Terminations.

     

    (a) Termination
      for Cause.
      The
      Company may terminate Employee’s employment at any time for cause (as defined
      below) with thirty (30) days written notice and opportunity to cure the
      violation. Such opportunity to cure will only be available if the violation
      is
      contained in one of the following paragraphs (contained below in this Subsection
      4(a)): (iv), (x) (xii). If Employee’s employment is terminated pursuant to this
      Subsection 4(a), all of Employee’s rights, all of the Company’s obligations
      hereunder shall immediately terminate, and the Issued Stock will be subject
      to
      the Option to Repurchase as set forth below. As used in this section, “for
      cause” shall mean any of the following:

     

    (i) Willfully
      damaging the Company’s property, business, reputation or goodwill;

     

    (ii) Committing
      a felony;

     

    (iii) Death,
      theft, dishonesty, fraud or embezzlement;

     

    (iv) Using
      alcohol, narcotics or other controlled substances to the extent that it prevents
      the Employee from efficiently performing services for the Company;

     

    (v) Willfully
      injuring any other employee of the Company;

     

    (vi) Willfully
      injuring any person in the course of performance of services for the
      Company;

     

    (vii) Disclosing
      to a competitor or other unauthorized persons confidential or proprietary
      information or secrets of the Company;

     

    (viii) Soliciting
      business on behalf of a competitor or a potential competitor;

     

    (ix) Sexually
      harassing any other employee of the Company or committing any act which
      otherwise creates an offensive work environment for other employees of the
      Company;

     

    (x) Failing
      to comply with any provision of the Company’s policy manual as it applies to
      Employee; 

     

    (xi) The
      Company ceases business operations on the Masters Properties; or

     

    (xii) Breaching
      this Agreement.

     

    The
      Company shall not be limited to termination as a remedy for any improper or
      illegal act of Employee, but may also seek damages, injunction or such other
      remedy as it may deem appropriate under the circumstances. This shall include
      without limitation the option by the Company, in its sole and absolute
      discretion, to repurchase the Issued Stock, in whole or in part, for an amount
      of $.01 per share (the “Option to Repurchase”), immediately
      upon the termination of the Employee’s employment with the Company for cause, or
      the Employee’s resignation. Upon the termination of the Employee for cause,
      Employee’s obligations and the Company’s rights under Sections 5, 6, 7, 8, 9, 10
      and 11 shall survive the termination of this Agreement for a period of one
      (1)
      year.

     

    
      
        
        

      

      
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    (b) Termination
      Without Cause.
      The
      Company may terminate Employee’s employment at any time without cause pursuant
      to written notice provided to Employee not less than thirty (30) days in advance
      of such termination date. If Employee’s employment is terminated pursuant to
      this Section 4(b), all of Employee’s rights and all of the Company’s obligations
      hereunder shall immediately terminate and the Company, in its sole and absolute
      discretion, shall be entitled to exercise its Option to Repurchase; provided,
      however, that the Issued Stock subject to the Option to Repurchase shall be
      reduced by 1/36 for each month of Employee’s completed employment with the
      Company, beginning the date hereof and continuing hereafter. Notwithstanding
      a
      termination of this Agreement pursuant to this Section 4(b), Employee’s
      obligations and the Company’s rights under Sections 5, 6, 7, 8, 9, 10 and 11
      shall survive the termination of this Agreement for a period of one (1) year.
      

     

    5. Nonsolicitation;
      Noncompetition.

     

    (a) Employee
      agrees that he will not at any time during the Employee’s employment or the
      Restriction Period (“Restriction Period” shall mean the one (1) year subsequent
      to the end of Employee’s employment by the Company for any reason, which ending
      of employment shall be referred to as the “Termination Date”), whether
      voluntarily or involuntarily, directly or indirectly for himself or any other
      person or entity solicit, interfere with or endeavor to entice away from Company
      or any of its affiliates any other employee of Company or any of its affiliates.
      Additionally, Employee agrees that during the Restriction Period any employment
      by Employee or any entity in which he has an interest, directly or indirectly
      (other than a publicly traded company in which he has less than a 1% interest)
      of any person who was in the employ of the Company or any of its affiliates
      within the preceding year, shall be a violation of this paragraph. For the
      purposes of this Agreement indirect interests shall include interests held
      by
      Employee’s family members or any partner in a partnership, limited liability
      company or other entity in which he has a 10% or greater ownership
      interest.

     

    (b) Employee
      further agrees that he will not at any time during the Restriction
      Period,
      whether
      voluntarily or involuntarily, directly
      or
      indirectly, for himself or any other person or entity:

     

    (i) Engage,
      directly or indirectly (either as an employee, officer, director, partner,
      shareholder, consultant or independent contractor), in any business
      substantially similar to that carried on by the Company, or any of its
      affiliates, or in providing services or products or offering to provide products
      or services of the kind provided by the Company or any of its affiliates as
      of
      the Termination Date within those areas in the United States, US Territories,
      Canada, Mexico, Central America and the Caribbean (the “Non-Competition Area”)
      which the Company or any of its affiliates is doing business as of the
      Termination Date or in which, at the time of the Termination Date, the Company
      or any of its affiliates contemplates doing business, or, for those customers
      of
      the Company or any of its affiliates for whom the Company or any of its
      affiliates: (A) is engaged in providing services or products as of the
      Termination Date, or (B) has either provided services or products within the
      twenty four month (24) period prior to the Termination Date, or (C) has
      contacted at any time during the twelve (12) months prior to the Termination
      Date, for the purpose of offering to provide services or products (all of which
      are hereinafter referred to as the “Clients”);

     

    
      
        
        

      

      
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    (ii) Solicit
      or attempt to solicit those Clients for the purposes of providing or offering
      to
      provide any services or products of a type which the Company or any of its
      affiliates provides or contemplates providing as of the Termination Date, on
      behalf of those Clients, whether directly or through any other persons,
      partnerships, corporations, companies or other entities; or

     

    (iii) Take
      any
      other action which would impair the value of the business or assets of the
      Company or any of its affiliates, including, without limitation, any action
      which would tend to disparage or diminish the reputation of the Company or
      any
      of its affiliates.

     

    (c) If
      in any
      judicial proceeding, a court shall refuse to enforce this Agreement, whether
      because the time limit is too long or because the restrictions contained herein
      are more extensive (whether as to geographic area, scope of business or
      otherwise) than is necessary to protect the business and goodwill of the
      Company, it is expressly understood and agreed between the parties hereto that
      this Agreement is deemed modified to the extent necessary to permit this
      Agreement to be enforced in any such proceedings.

     

    (d) If
      the
      Company or its successors in interest shall make application to a court of
      competent jurisdiction for injunctive relief, then the Restriction Period
      specified herein shall be tolled from the time of application for injunctive
      relief until the date of final adjudication of the claim for injunctive relief.
      Additionally, Employee waives, to the greatest extent permissible, any
      requirement that the Company post bond or other security as a precondition
      to an
      injunction, whether temporary or permanent.

     

    (e) Employee
      agrees that compliance with this Section is necessary to protect the goodwill
      and other proprietary interests of the Company and that a breach of this
      paragraph will give rise to irreparable and continuing injury to the Company
      which is not adequately compensable in monetary damages or at law. Accordingly,
      Employee agrees that the Company, its successors and assigns may obtain
      injunctive relief against the breach or threatened breach of the foregoing
      provisions, in addition to any other legal remedies which may be available
      to it
      under this Agreement. Employee further acknowledges that in the event of his
      termination or expiration of employment with the Company, his knowledge,
      experience and capabilities are such that Employee can obtain employment in
      business activities which are of a different or noncompeting nature than those
      performed in the course of employment with the Company; and that the enforcement
      of a remedy hereunder by way of injunction will not prevent Employee from
      earning a reasonable livelihood.

     

    
      
        
        

      

      
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    6. Accounting
      for Profits.
      Employee covenants and agrees that if he violates the provisions of Sections
      5,
      7, 8, 9, 10 or 11 the Company shall be entitled to an accounting and repayment
      of all profits, compensation, commissions, remuneration or other benefits that
      Employee has realized and/or may realize as a result of or in connection with
      any such violation. These remedies shall be in addition and not in limitation
      of
      any injunctive relief or other rights or remedies to which the Company is or
      may
      be entitled at law, in equity or under this Agreement.

     

    7. Assignment
      of Proprietary Information.
      Except
      as may be required in the course of employment by the Company, Employee agrees
      that any and all proprietary information, as hereinafter defined, which Employee
      has made, conceived of, developed or originated, either individually or jointly
      with any other person or persons at any time during the period of employment
      by
      the Company, or during a period of five (5) years after termination or
      expiration of said employment, whether during working hours or any other time,
      which relate in any way to the business or the type of business now or hereafter
      engaged in or contemplated by the Company during the period of Employee’s
      employment or which result from or may be suggested by any work Employee does
      for the Company or at the Company’s request, shall be the property of the
      Company. As used herein, “Proprietary Information” shall mean any and all
      proprietary property including but not limited to all techniques, processes,
      devices, charts, manuals, payroll, and improvements thereto together with the
      names and identities of all clients and prospective clients, price lists,
      suppliers and all other information or materials which the Company may from
      time
      to time designate and treat as confidential and proprietary or as a trade
      secret.

     

    Employee
      shall promptly disclose and assign such Proprietary Information to the Company’s
      representatives and do all such acts, and execute and deliver all such
      documents, as may be necessary to vest in the Company the title to all such
      Proprietary Information and enable the Company to properly prepare and prosecute
      any and all applications for patents, trademarks or copyrights thereon as well
      as all reissues, renewals and extensions thereof, so that the Company shall
      be
      the sole and absolute owner of all right, title and interest in said proprietary
      property. It is understood and agreed that the words “which relate in any way to
      the business or the type of business now or hereafter carried on or contemplated
      by the Company” shall properly cover any reasonable development or extension of
      the Company’s field of operation. These obligations shall continue beyond the
      termination or expiration of Employee’s employment with respect to inventions,
      discoveries and developments conceived or made by Employee during the period
      of
      employment and shall be binding on Employee’s assigns, executors, heirs,
      administrators and other legal representatives. Employee agrees that all
      correspondence, drawings, reports, ideas, blueprints, manuals, letters, notes,
      analyses, notebooks, reports, charts, programs, proposals or any other documents
      concerning the Company’s customers or products or processes, whether or not
      prepared by and in the course of employment, alone or in conjunction with
      others, is the property of the Company and upon termination or expiration of
      employment for any reason, Employee shall promptly return to the Company any
      such documents in his possession, custody or control.

     

    8. Information
      and Testimony.
      Employee will, without expense to himself, give such true information and
      testimony under oath if requested, as may be requested of his by the Company
      relative to any Proprietary Information that is subject to disclosure to the
      Company under the terms hereof.

     

    
      
        
        

      

      
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    9. Proprietary
      Information.
      Employee agrees that he will not at any time during or after the termination
      or
      expiration of his employment, except as authorized or directed in writing by
      the
      Company, use for Employee’s own benefit, copy, reveal, divulge or make known in
      any manner to any person, firm or the Company the contents of any methods,
      inventions, systems, processes, concepts, techniques, and devices related to
      such matters used or developed by the Company, whether or not owned by the
      Company, or the methods, processes or manner of the creation and sale of
      products or services provided by, sold or leased by the Company, all sometimes
      referred to as “trade secrets,” as defined below.

     

    Employee
      further agrees that he will not at any time during or after the termination
      or
      expiration of said employment, except as authorized or directed in writing
      by
      the Company, sell, exchange or give away or otherwise dispose of any methods,
      inventions, systems, processes, concepts, techniques and devices related to
      the
      business now or hereafter owned and operated by the Company, whether the same
      shall or may have been originated, discovered or otherwise created by Employee.
      Employee further agrees not to reveal, divulge or make known to any person,
      firm
      or the Company the name of any of the Company’s clients, price lists, suppliers
      or any secret, trade secret or other Proprietary Information whatsoever in
      connection with the Company, its business or its clients or anything pertaining
      thereto.

    

    Employee
      understands that if, either during employment or thereafter, he discloses to
      others, uses for his own benefit or for the benefit of any person or entity
      other than the Company, copies or makes notes of any such trade secrets,
      information or facilities, such conduct will constitute a breach of the
      confidence and trust bestowed upon Employee by the Company and will be a breach
      of this Agreement.

    

    “Trade
      Secret” shall mean the whole or any portion of any formula, pattern, device,
      combination of devices, or compilation of information which is for use, or
      is
      used in the operation of the Company’s business and which provides the business
      an advantage, or an opportunity to obtain an advantage, over those who do not
      know or use it. Trade Secret includes any scientific, technical or commercial
      information, including any design, process, procedure, list of suppliers, list
      of customers, business code, sales or installation technique, or improvement
      thereof. For purposes of interpretation hereunder the following shall
      apply:

    

    Irrespective
      of novelty, invention, patentability, the state of the prior art, and the level
      of skill in the business, art, or field to which the subject matter pertains,
      when the owner thereof takes measures to prevent it from becoming available
      to
      persons other than those selected by the owner to have access thereto for
      limited purposes, a trade secret is considered to be secret, of value, for
      use
      or in use by the business, and of advantage to the business, or providing an
      opportunity to obtain an advantage, over those who do not know or use
      it.

     

    
      
        
        

      

      
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    In
      addition, a “Trade Secret” shall include information (not readily compiled from
      publicly available sources) which has been made available to Employee during
      the
      course of his employment, including but not limited to the names, addresses,
      telephone number, qualifications, education, accomplishments, experience and
      resumes of all persons who have applied or been recruited for employment, for
      either or both permanent and temporary jobs, job order specifications and the
      particular characteristics and requirements of persons generally hired by the
      Company, as well as specific job listings from companies with whom the Company
      does, or attempts to do business, as well as mailing lists, computer runoffs,
      financial or other information not generally available to others, and all
      information defined as a trade secret by applicable Florida law.

    

    Employee
      further agrees that he is under no obligation to any former company which is
      in
      any way inconsistent with this Agreement or which imposes any restriction on
      behalf of the Company. The Employee also acknowledges that he has been
      instructed that during the term of employment by the Company, he is not to
      divulge to the Company, its employees or its consultants any confidential
      information obtained from any previous employers or any other
      person.

    

    10. Return
      of Records.
      On
      termination of employment, Employee shall deliver all records, notes, data,
      memoranda, models, and equipment of any nature that are in Employee’s possession
      or under his control and that are the property of the Company or relate to
      the
      employment or to the business of the Company. 

     

    11. No
      Slander.
      Employee agrees not to in any way slander or injure the business reputation
      or
      goodwill of the Company, including, by way of illustration, through any contact
      with Clients, prospective clients, vendors, suppliers, employees or agents
      of
      the Company which could slander or injure the business reputation or goodwill
      of
      the Company.

     

    12. Waiver
      or Modification.
      No
      waiver or modification of this Agreement or of any covenant, condition, or
      limitation herein contained shall be valid unless in writing and duly executed
      by the party to be charged therewith. Furthermore, no evidence of any
      modification or waiver shall be offered or received as evidence in any
      proceeding, arbitration or litigation between the parties arising out of or
      affecting this Agreement or the rights or obligations of any party hereunder,
      unless such waiver or modification is in writing, duly executed as aforesaid.
      The provisions of this paragraph may not be waived except as herein set
      forth.

     

    
      
        
        

      

      
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    13. Issued
      Stock; Transferability.
      Notwithstanding anything to the contrary in this Agreement, the Issued Stock
      and
      the rights and privileges conferred in whole or in part hereby may not be
      transferred, assigned, pledged or hypothecated in any way (whether by operation
      of law or otherwise), and the Company shall have no obligation to transfer
      such
      shares, unless registered under the Securities Act of 1933, as amended (the
      “Act”) or, in the opinion of counsel to the Company, such
      transaction is in compliance with or exempt from the registration and prospectus
      requirements of the Act. The Employee shall pay all costs incurred by the
      Company in such a transaction, including but not limited to legal fees and
      costs. The Issued Stock shall not be subject to levy and execution, attachment
      or similar process. Upon any attempt to transfer, assign, pledge, hypothecate
      or
      otherwise dispose of the Issued Stock, or any right or privilege conferred
      hereby, contrary to the provisions of this Agreement, or upon the levy or
      execution, attachment or similar process on the Issued stock or the rights
      and
      privileges conferred under this Agreement, the Company shall have the right
      to
      buy back the Issued Stock, in whole or in part, in the manner described in
      Section 6.
      Each
      certificate or other documentation evidencing the ownership of any shares of
      Issued Stock to be imprinted with a legend in substantially the following
      form:

     

    THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY
      NOT BE REOFFERED, SOLD, TRANSFERRED, PLEDGED, OR ASSIGNED IN THE ABSENCE OF
      (A)
      AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER SAID ACT AND THE
      STATE SECURITIES ACT OR BLUE SKY ACT OF ANY STATE HAVING JURISDICTION THEREOF,
      OR (B) AN OPINION OF COUNSEL, REASONABLY SATISFACTORY IN FORM, SCOPE AND
      SUBSTANCE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT
      OR
      THE SECURITIES ACT OR BLUE SKY ACT OF ANY STATE HAVING JURISDICTION WITH RESPECT
      THERETO. ADDITIONALLY, THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO AN
      OPTION TO REPURCHASE IN FAVOR OF THE COMPANY AS DESCRIBED IN THAT CERTAIN
      EMPLOYMENT AGREEMENT DATED MAY 1, 2007.

     

    The
      certificate may also bear additional inscriptions that the Company, in its
      sole
      and absolute discretion, otherwise deems are required by federal, state, foreign
      or local securities laws. All shares of Issued Stock shall be subject to such
      stop-transfer orders and other restrictions as the Company may deem advisable
      under the rules, regulations, and other requirements of the Securities and
      Exchange Commission, any stock exchange upon which the Common Stock is then
      listed, and any applicable federal or state securities law, and the Company
      may
      cause a legend or legends to be put on any certificates evidencing such shares
      to make appropriate reference to such restrictions.

     

    14. Restrictions
      on the Issued Stock.
      The
      Issued Stock is subject to all restrictions in this Agreement. By acceptance
      of
      the Issued Stock, the Employee agrees that the Issued Stock will be held for
      investment and will not be held with a view to their distribution, as that
      term
      is used in the Act, unless in the opinion of counsel to the Company, such
      distribution is in compliance with or exempt from the registration and
      prospectus requirements of that Act. As a condition of this Agreement, the
      Company may require the Employee to confirm any factual matters reasonably
      requested by counsel for the Company. 

     

    
      
        
        

      

      
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    THE
      EMPLOYEE UNDERSTANDS THAT THE ISSUED STOCK WILL NOT BE REGISTERED AT THE TIME
      THIS AGREEMENT UNDER THE SECURITIES ACT. THE EMPLOYEE REPRESENTS THAT IT IS
      EXPERIENCED IN EVALUATING COMPANIES SUCH AS THE COMPANY, HAS SUCH KNOWLEDGE
      AND
      EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS AS TO BE CAPABLE OF EVALUATING
      THE
      MERITS AND RISKS OF ITS INVESTMENT, AND HAS THE ABILITY TO SUFFER THE TOTAL
      LOSS
      OF THE INVESTMENT. THE EMPLOYEE FURTHER REPRESENTS THAT IT HAS HAD THE
      OPPORTUNITY TO ASK QUESTIONS OF AND RECEIVE ANSWERS FROM THE COMPANY CONCERNING
      THE TERMS AND CONDITIONS OF THE ISSUED STOCK, THE COMMON STOCK, AND THE BUSINESS
      OF THE COMPANY, AND TO OBTAIN ADDITIONAL INFORMATION TO SUCH EMPLOYEE’S
      SATISFACTION. THE EMPLOYEE FURTHER REPRESENTS THAT IT IS AN “ACCREDITED
      INVESTOR” WITHIN THE MEANING OF REGULATION D UNDER THE SECURITIES ACT, AS
      PRESENTLY IN EFFECT.

     

    15. Choice
      of Law; Waiver of Jury Trial.
      This
      Agreement and the performance hereunder and all suits and special proceedings
      hereunder shall be construed in accordance with the laws of the State of
      Florida. In any action, special proceeding or other proceeding that may be
      brought arising out of, in connection with, or by reason of this Agreement,
      the
      laws of the State of Florida shall be applicable and shall govern to the
      exclusion of the law of any other forum, without regard to the jurisdiction
      in
      which the action or special proceeding may be instituted. All actions under
      this
      Agreement shall be taken in a court of competent jurisdiction within the county
      in the State of Florida in which the Company’s principal place of business is
      located and Employee hereby waives and agrees that he shall not assert that
      such
      forum is inconvenient. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS
      IT MAY HAVE TO DEMAND A TRIAL BY JURY FOR ANY ACTION, PROCEEDING OR COUNTERCLAIM
      ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT OR THE RELATIONSHIP
      OF
      THE PARTIES. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY
      JURY
      ARISING FROM ANY SOURCE, INCLUDING BUT NOT LIMITED TO THE CONSTITUTION OF THE
      UNITED STATES, THE CONSTITUTION OF ANY STATE, COMMON LAW OR ANY APPLICABLE
      STATUTE OR REGULATION. EACH PARTY HEREBY ACKNOWLEDGES THAT IT IS KNOWINGLY
      AND
      VOLUNTARILY WAIVING THE RIGHT TO DEMAND TRIAL BY JURY.

     

    16. Binding
      Effect of Agreement.
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective heirs, successors, assigns and legal
      representatives.

     

    17. Invalid
      Provision.
      The
      invalidity or unenforceability of a particular provision of this Agreement
      shall
      not effect the other provisions hereto, and this Agreement shall be construed
      in
      all respects as if such invalid or unenforceable provisions were
      omitted.

     

    18. Costs
      of Enforcement.
      In the
      event either party initiates action to enforce his or its rights hereunder,
      the
      substantially prevailing party shall recover from the substantially
      non-prevailing party its reasonable expenses, court costs, including taxed
      and
      untaxed costs, and reasonable attorneys’ fees, whether suit be brought or not
      (jointly referred as to “Expenses”). As used herein, Expenses include expenses
      incurred in any appellate or bankruptcy proceeding. All such Expenses shall
      bear
      interest at the highest rate allowable under the laws of the State of Florida
      from the date the substantially prevailing party pays such Expenses until the
      date the substantially non-prevailing party repays such Expenses. Expenses
      incurred in enforcing this paragraph shall be covered by this paragraph. For
      this purpose, the court is requested by the parties to award actual costs and
      attorneys’ fees incurred by the substantially prevailing party, it being the
      intention of the parties that the substantially prevailing party be completely
      reimbursed for all such costs and fees. The parties request that inquiry by
      the
      court as to the fees and costs shall be limited to a review of whether the
      fees
      charged and hourly rates for such fees are consistent with the fees and hourly
      rates routinely charged by the attorneys for the substantially prevailing
      party.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    19. Assignment.
      This
      Agreement shall be construed as a contract for personal services by Employee
      to
      the Company and shall not be assignable by Employee. This Agreement may be
      assigned by the Company.

     

    20. Strict
      Construction.
      This
      Agreement was the joint, negotiated product of the parties. Therefore, neither
      party shall advance a position that any provision hereof should be more strictly
      construed against the other party on the basis that such other party prepared
      such provision.

     

    21. Cumulative
      Rights.
      Unless
      otherwise provided herein, all rights, powers and privileges conferred upon
      the
      parties by law, this Agreement or otherwise shall be cumulative.

     

    22. Waiver.
      No
      failure of any party to exercise any power given such party hereunder or to
      insist upon strict compliance by any party with its obligations hereunder,
      and
      no custom or practice of the parties in variance with the terms hereof shall
      constitute a waiver of the parties’ right to demand exact compliance with the
      terms hereof.

     

    23. Survival.
      The
      provisions of this Agreement shall continue and survive the closing hereof
      unless or until there is a completion and fulfillment of all the conditions,
      covenants and warranties herein.

     

    24. Time.
      Time is
      of the essence of this Agreement.

     

    25. Notices.
      All
      notices, requests, demands and other communications required or permitted
      hereunder shall be in writing and shall be deemed to have been duly given when
      delivered by hand or when mailed by certified registered mail, return receipt
      requested, with postage prepaid to their current address or to such other
      address as they request in writing.

     

    26. Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original, but all of which shall constitute the same
      instrument.

     

    27. Singular/Plural
      Feminine/Masculine, Successors or Assigns.
      All
      references as used herein shall include male and female, singular and plural,
      and successors or assigns in the use of a corporation, partnership, individual
      or entity in any place or places herein in which the context may require or
      permit such substitution, substitutions or designations.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    28. Complete
      Agreement.
      This
      written Agreement contains the sole and entire agreement between the parties
      as
      to the matters contained herein, and supersedes any and all other agreements
      between them. The parties acknowledge and agree that neither of them has made
      any representation with respect to such matters of this Agreement or any
      representations except as are specifically set forth herein, and each party
      acknowledges that he or it has relied on his or its own judgment in entering
      into this Agreement. The parties further acknowledge that statements or
      representations that may have been heretofore made by either of them to the
      other are void and of no effect and that neither of them has relied thereon
      in
      connection with his or its dealing with the other.

     

    IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the date first
      set forth above.

    

    
      	“EMPLOYER”
	 	 
	TEKOIL
              & GAS CORPORATION
	 	 
	
              By:
                

            	
              /s/
                Mark S. Western

            
	
              Print
                Name: Mark S. Western

            
	
              Title:
                

            	
              Chief
                Executive Officer and

            
	 	
              Chairman
                of the Board of Directors

            
	 	 
	“EMPLOYEE”
	 	 
	
              /s/
                Michael Vosbein

            
	Michael
              Vosbein

    

    

    
      
        
        

      

      
        12

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