Document:

Exhibit 10.5

 

Agreement

 

This (this “Agreement”)
is made on this 6th day of November, 2013 (the “Effective Date”), by and among Eos Global Petro, Inc. (“Eos”),
Eos Petro, Inc. (“Parent”), LowCal Industries, LLC (“LowCal”) Sail Property Management Group
LLC (“Sail”) and LowCo [EOS/Petro], LLC (“LowCo, and collectively referred to with Eos, Parent,
LowCal and Sail as the “Parties”).

RECITALS

 

WHEREAS, the
Parties have entered into the following agreements (collectively referred to herein as the “LowCal Agreements”):

 

		1.	First Amendment to the LowCal Agreements, dated April 23, 2013, between the Parties;

 

		2.	Amended and Restated Leasehold Mortgage, Assignment, Security Agreement and Fixture Filing, dated
April 23, 2013, between Eos and LowCal);

 

		3.	Guaranty, dated February 8, 201,3 between Parent and LowCal;

 

		4.	Lock-Up/Leak-Out Agreement, dated February 8, 2013, between Parent and LowCal;

 

		5.	Series B Convertible Preferred Stock Purchase Agreement, dated February 8, 2013, between Parent
and LowCal;

 

		6.	Series B Convertible Preferred Stock Purchase Agreement, dated April 23, 2013, between Parent and
LowCal;

 

		7.	Compliance/Oversight Agreement, dated February 8, 2013, between Eos and Sail;

 

		8.	Second Amendment to the LowCal Agreements, dated November 6, 2013, between the Parties (the “Second
Amendment”);

 

		9.	Second Amended and Restated Loan Agreement and Secured Promissory Note, dated November 6, 2013,
between Eos and LowCal (the “Note”);

 

		10.	Common Stock Purchase Agreement, dated November 6, 2013, between Parent, LowCal and LowCo (the
“Stock Purchase Agreement”); and

 

		11.	Lock-Up/Leak-Out Agreement, dated November 6, 2013, between Parent and LowCal.

 

WHEREAS, pursuant
to the terms and conditions set forth in the LowCal Agreements, LowCal has agreed to loan $5,000,000.00 to Eos (the “Loan”);

 

    	 

    	 

    

 

WHEREAS, as
of November 6, 2013, LowCal has paid, and Eos has received, $2,500,000.00 of the Loan;

 

WHEREAS, pursuant
to the Note, the remaining $2,500,000.00 of the Loan is intended to be funded by LowCal to Eos as follows: (i) on or before November
7, 2013, LowCal shall pay to Eos $250,000.00; (ii) on or before November 8, 2013, LowCal shall pay to Eos $250,000.00; (iii) on
or before November 14, 2013, LowCal shall pay to Eos $250,000.00; (iv) on or before November 21, 2013, LowCal shall pay to Eos
$250,000.00; and (v) on or before December 20, 2013, LowCal shall pay to Eos $1,500,000.00 (the “Final Installment”);

 

WHEREAS, the
Parties used December 20, 2013, the date the Final Installment is anticipated to be received, as the “Closing Date”
of the Note and Stock Purchase Agreement, and also as the deadline for certain obligations and deliverables of Eos and Parent to
be completed under the Note, Second Amendment and Stock Purchase Agreement, including, but not limited to, the following (collectively
the “Eos Closing Obligations”):

 

		1.	Execution and delivery of an Escrow Agreement, as defined in the Note;

 

		2.	Execution and delivery of a Security Agreement, as defined in the Note;

 

		3.	Execution and delivery of Upstream Guarantees, as defined in the Note; and

 

		4.	Delivery of the Second Amendment Stock, as defined in the Note;

 

WHEREAS, pursuant
to the Note and Stock Purchase Agreement, if LowCal fails to deliver the Final Installment on December 20, 2013, the amount of
Second Amendment Stock Eos would sell to LowCal on December 20, 2013 would be proportionately reduced;

 

WHEREAS, LowCal
has requested a 20 day cure period in the event LowCal fails to timely pay the Final Installment, wherein LowCal could remedy its
failure to pay the Final Installment and thus receive the full amount of Second Amendment Stock set forth in the Stock Purchase
Agreement; and

 

WHEREAS, Eos
and Parent desire to grant such a 20 day cure period to LowCal, so long as such period is also extended to all of the Eos Closing
Obligations.

 

NOW, THEREFORE,
in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and in order to accommodate the desires of the Parties with respect to certain provisions of
the LowCal Agreements relating to a cure period for the Final Installment, the Parties have agreed that the following shall apply
to the LowCal Agreements, notwithstanding anything to the contrary in the LowCal Agreements:

 

1.On December
16, 2013, LowCal must provide written notice to Eos (such notice shall be in compliance with Section 8.2 of the Note) if it believes
the Final Installment shall not be funded by December 20, 2013 (a “Late Payment Notice”).

 

    	 

    	 

    

 

2.Upon receipt
of a Late Payment Notice, the obligations of Eos and Parent to deliver and perform any and all of the Eos Closing Obligations shall
be suspended, and shall not be due on December 20, 2013.

 

3.So long as
LowCal has delivered the Late Payment Notice, Eos and Parent hereby agree to grant to LowCal a 20 calendar day cure period from
December 21, 2013 to January 9, 2014 (the “Cure Period”) in order for LowCal to make the Final Installment.

 

4.If, at any
time after making the Late Payment Notice and through January 4, 2014, LowCal determines that it will make the Final Installment
on or before January 9, 2014, LowCal shall provide written notice to Eos (such notice shall be in compliance with Section 8.2 of
the Note) specifying the new date on which the Final Installment shall be made (a “Cure Payment Notice”). The
new date for the Final Installment may not be less than five calendar days from the date of the Cure Payment Notice, and in no
event may be subsequent to January 9, 2014 (such designated date the “New Closing Date”).

 

5.So long as
the Final Installment is paid on the New Closing Date, Parent and Eos’ obligations to deliver and perform any and all of
the Eos Closing Obligations shall also be due on the New Closing Date.

 

6.If a valid
Cure Payment Notice is not received by January 4, 2014, LowCal’s ability to pay the Final Installment Payment shall be terminated,
and the total amount of Second Amendment Stock issuable to LowCo shall be proportionately reduced as set forth in the Stock Purchase
Agreement.

 

7.Except to the extent specifically
provided hereby, the provisions of the LowCal Agreements shall remain in full force and effect. If there are any conflicts or inconsistencies
between the LowCal Agreements, the Eos Closing Deliverables and this Agreement, this Agreement shall control.

 

8.This Agreement may be executed
in two or more counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument.
Facsimile or other electronic signatures shall be accepted by the Parties as originals.

 

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF,
the Parties, intending to be legally bound, have caused this Agreement to be duly executed and delivered under seal as of the date
first above written.

 

 

	
         

        EOS PETRO, INC.

         

         

        By: /s/ Nikolas Konstant

        Name: Nikolas Konstant

        Title: Chairman
	
         

        LOWCAL INDUSTRIES, LLC

         

         

        By: /s/ Shlomo Lowy

        Name: Kinderlach Ltd Co

        Its: Managing Member

 

 

	
        EOS GLOBAL PETRO, INC.

         

         

        By: /s/ Nikolas Konstant

        Name: Nikolas Konstant

        Title: Chairman
	
        SAIL PROPERTY MANAGEMENT GROUP, LLC

         

         

        By: /s/ Shlomo Lowy

        Name: Shlomo Lowy

        Title: Managing Member

         

         

        LOWCO [EOS/PETRO], LLC

         

         

        By: /s/ Shlomo Lowy

        Name: LowCo LLC

        Its: Managing MemberExhibit 4.8

 

CONSENT

 

The undersigned are
the holders (the “Noteholders”) of more than fifty percent (50%) of the outstanding principal of 8% secured
convertible promissory notes in the aggregate original principal amount of $1,750,000 due March 31, 2017 (the “Notes”)
and related warrants for the purchase of 3,500,000 shares of common stock of Good Earth (the “Warrants”) issued
by Good Earth Energy Conservation, Inc., a Delaware corporation (“Good Earth”), under a Note and Warrant Purchase
Agreement dated April 10, 2012, as amended (the “Purchase Agreement”), pursuant to a series of closings on April 10,
2012, April 15, 2012, May 8, 2012 and July 16, 2012. The Notes are secured by a security interest in certain assets of Good Earth
granted to Fort Worth EV Investors L.L.C., a Texas limited liability company, as agent for the Noteholders, pursuant to a Security
Agreement dated April 10, 2012 (the “Security Agreement”). In connection with the issuance of the Notes and
the Warrants, Good Earth and the Noteholders also executed and delivered Equityholders Agreements dated April 10, 2012 and July
16, 2012 (the “Equityholders Agreements”) and Registration Rights Agreements dated April 10, 2012 and July 16,
2012 (the “Registration Agreements” and together with the Notes, the Warrants, the Purchase Agreement, the Security
Agreement and the Equityholders Agreements, the “Transaction Documents”).

 

The Company and the
Noteholders have reached an agreement to extend the date on which interest payments re-commence on the Notes:

 

The undersigned hereby:

 

(a)        extend
the date on which interest payments re-commence on the Notes to January 1, 2014; and

 

(b)        except
as modified by this Consent, ratify and reaffirm in all respects all of the covenants, terms and conditions of the Transaction
Documents, and all documents, instruments and agreements executed in conjunction therewith.

 

Executed in counterparts
effective as of March 31, 2013.

 

 

 

 

 

 

[Remainder of page intentionally left
blank]

 

    	 

    	 

    

	Agent for the Noteholders:	Fort Worth EV Investors L.L.C.,
	 	a Texas limited liability company
	 	 	 
	 	 	 
	 	By	/s/ James K. Phillips	 
	 		James K. Phillips,
	 	 	Authorized Signer
	 	 	 
	Noteholders:	Fort Worth EV Investors L.L.C.,
	 	a Texas limited liability company
	 	 	 
	 	 	 
	 	By:	/s/ James K. Phillips	 
	 	 	James K. Phillips,
	 	 	Authorized Signer
	 	 	 
	 	Brigadier Investment Group
	 	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	 	Evolution Capital Partners LLC
	 	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	 	Gerald Entine 1988 Family Trust
	 	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	 	The A and C Horn Trust
	 	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title: 	Trustee
	 	 	 
	 	 	 
	 	 	 
	 	Tom Niedermeyer	 

 

 

 

 

 

[Consent – signature page]

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