Document:

ex10-4.htm

    Exhibit
10.4

    
      DEBT
EXTINGUISHMENT AGREEMENT

      

      THIS DEBT EXTINGUISHMENT
AGREEMENT (this “Agreement”) is made effective as of
the 2nd day of October 2009, by and between The Loev Law Firm, PC (“Creditor”)
and RX Scripted, Inc. (the “Company”),
each a “Party”
and collectively the “Parties.”

      

      PRELIMINARY
STATEMENTS

      

      
        	
                 
      

              	
                1.

              	
                The
      Company owes Creditor an aggregate of $45,830.31 (the “Debt”)
      as of the date of this Agreement pursuant to and in connection with (a) a
      Convertible Promissory Note dated on or around March 11, 2008, with an
      effective date of September 18, 2007 (the “Note”,
      as amended, modified and extended from time to time); and (b) outstanding
      legal fees owed by the Company to the Creditor in consideration for legal
      services rendered to the Company by Creditor (the “Legal
      Fees”);

              

      

      

      
        	
                 
      

              	
                2.

              	
                The
      Company and certain shareholders of the Company, including Creditor (the
      “Shareholders”),
      have previously entered into a Stock Purchase Agreement (the “Purchase
      Agreement”), pursuant to which the Shareholders have agreed to sell
      a controlling interest in the Company;
and

              

      

      

      
        	
                 
      

              	
                3.

              	
                A
      required condition to the closing of the Purchase Agreement is the
      forgiveness by the Creditor of the Debt, the extinguishment of the Note
      and the forgiveness of the Legal
Fees.

              

      

      

      NOW, THEREFORE, in
consideration of the mutual agreements contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties do hereby agree as follows:

      

      1.           Debt Forgiveness and Note
Extinguishment.

      

      The
Creditor agrees to forgive the entire amount of the Debt (the “Forgiveness”),
forever extinguish the Note, and forgive the Legal Fees and any obligations
owing to Creditor in connection with such Note or Legal Fees (the “Extinguishment”)
in consideration for $10 and other good and valuable consideration from the
Company, which funds the Creditor agrees to accept in consideration for full and
complete satisfaction of the Note, the Legal Fees and the Debt.

      

      
        	
                2.

              	
                Consideration.  Each
      of the Parties agrees and confirms by signing below that they have
      received valid consideration in connection with this Agreement and/or
      pursuant to and in connection with the Purchase Agreement and the
      transactions contemplated therein.

              

      

      

      
        	
                3.

              	
                Further
      Assurances.  The Parties agree that, from time to time,
      each of them will take such other action and to execute, acknowledge and
      deliver such contracts, deeds, or other documents (a) as may be reasonably
      requested and necessary or appropriate to carry out the purposes and
      intent of this Agreement; or (b) to effect or evidence the Forgiveness of
      the Debt and Extinguishment of the Note and Legal
  Fees.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      4.           Miscellaneous.

      

      
        	
                 
      

              	
                (a)

              	
                Benefit and
      Burden.  This Agreement shall inure to the benefit of,
      and shall be binding upon, the Parties hereto and their successors and
      permitted assigns.

              

      

      

      
        	
                 
      

              	
                (b)

              	
                Amendments and
      Waiver.  No amendment, modification, restatement or
      supplement of this Agreement shall be valid unless the same is in writing
      and signed by the Parties hereto.  No waiver of any provision of
      this Agreement shall be valid unless in writing and signed by the Party
      against whom that waiver is sought to be
  enforced.

              

      

      

      
        	
                 
      

              	
                (c)

              	
                Assignments.  Purchaser
      may assign any of its rights, interests and obligations under this
      Agreement and must notify Seller in
writing.

              

      

      

      
        	
                 
      

              	
                (d)

              	
                Counterparts.  This
      Agreement may be executed in counterparts and by the different Parties in
      separate counterparts, each of which when so executed shall be deemed an
      original and all of which taken together shall constitute one and the same
      agreement.

              

      

      

      
        	
                 
      

              	
                (e)

              	
                Construction.  In
      this Agreement words importing the singular number include the plural and
      vice versa; words importing the masculine gender include the feminine and
      neuter genders.

              

      

      

      
        	
                 
      

              	
                (f)

              	
                Severability.  Should
      any clause, sentence, paragraph, subsection, Section or Article of this
      Agreement be judicially declared to be invalid, unenforceable or void,
      such decision will not have the effect of invalidating or voiding the
      remainder of this Agreement, and the Parties agree that the part or parts
      of this Agreement so held to be invalid, unenforceable or void will be
      deemed to have been stricken herefrom by the Parties, and the remainder
      will have the same force and effectiveness as if such stricken part or
      parts had never been included
herein.

              

      

      

      
        	
                 
      

              	
                (g)

              	
                Applicable
      Law.  THIS AGREEMENT AND THE RIGHTS
      AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND
      CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT
      GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES
      THEREOF.

              

      

      

      
        	
                 
      

              	
                (h)

              	
                Entire
      Agreement.  This Agreement sets forth all of the
      promises, agreements, conditions, understandings, warranties and
      representations among the Parties with respect to the transactions
      contemplated hereby and thereby, and supersedes all prior agreements,
      arrangements and understandings between the Parties, whether written, oral
      or otherwise.

              

      

      

      
        	
                 
      

              	
                (i)

              	
                Faxed
      Signatures.  For purposes of this Agreement, a faxed
      signature shall constitute an original
  signature.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN WITNESS WHEREOF, the
Parties have duly executed this Agreement as of the day and year first above
written.

      

      
        
          
            
              	 
      	
                      “CREDITOR”

                    
	 
      	 
      
	 
      	
                      The
      Loev Law Firm, PC

                    
	 
      	 
      
	 
      	
                      /s/
      David Loev

                    
	 
      	
                      David
      M. Loev,

                    
	 
      	
                      Manager

                    
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                      “COMPANY”

                    
	 
      	 
      
	 
      	
                      RX
      Scripted, Inc.

                    
	 
      	 
      
	 
      	 
      
	 
      	
                      By:
      /s/ MaryAnne
      McAdams

                    
	 
      	
                      MaryAnne
      McAdams

                    
	 
      	
                      Presidentexhibit105.htm - Generated by SEC Publisher for SEC Filing

 

Exhibit 10.5

 

ASSIGNMENT AND BILL OF SALE 

THIS ASSIGNMENT AND BILL OF SALE ("Assignment") executed by Baysbore Exploration L.L.c., a Texas Limited Liability Company ("Assignor"), whose address is 1949 Clens Rd., Bellville, Austin County, Texas 77418, to Entheos Technologies, a Nevada corporation, whose address is Suite 216, 1628 West 1st Ave, Vancouver, BC, Canada ("Assignee"), dated effective 12:01 a.m. on September 1, 2008 (said hour and day being hereinafter called the "Effective Time"). 

ARTICLE I 

Assignment of Oil and Gas Properties 

Assignor, for Ten and Noll 00 Dollars ($10.00) and other good and valuable consideration in hand paid by Assignee, the receipt and sufficiency of which consideration are hereby acknowledged and confessed, by these presents does hereby ASSIGN, TRANSFER, SET OVER and DELIVER unto Assignee, in the respective percentage set forth below, all of Assignor's right, title and interest in and to the following properties described below in Section 1.2. 

1.1.      Percentage.

 

Bayshore Exploration L.L.C. 

Assignor 

21.75% of 8/8ths Working Interest 

 

1.2 Properties. The interests granted, bargained, sold, conveyed, assigned and delivered to Assignee pursuant to this Article I and described in this Section 1.2 are hereinafter sometimes collectively called the "Properties": 

(a) All of Assignor's right, title and interest in, to and under or derived from the oil and gas leasehold interests, fee interests and mineral interests in the lands described on Exhibit "A", (the "Lease"); 

(b) All of Assignor's right, title and interest in, to and under or derived from the oil and gas well located on the Lease and described on Exhibit "A" (the "Well"); 

(c) All of Assignor's right, title and interest in and to, or derived from, all of the presently existing and valid unitization and pooling agreements and units (including all units formed by voluntary agreement and those formed under the rules, regulations, orders or other official acts of any governmental entity having appropriate jurisdiction) to the extent they relate to any of the interests in the Lease or the Well; 

(d) All of Assignor's right, title and interest in and to all oil, gas andlor other liquid or gaseous hydrocarbons (collectively, the "Hydrocarbons") produced from or attributable to the Lease or the Well and attributable to the period from and after the Effective Time; 

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(e) All of Assignor's right, title and interest in and to, or derived from, all of the presently existing and valid oil sales contracts, casinghead gas sales contracts, gas sales contracts, processing contracts, gathering contracts, transportation contracts, easements, rights-of-way, servitudes, surface leases and other contracts, to the extent the same are assignable and relate to the Lease or the Well; 

(f) All of Assignor's right, title and interest in and to all personal property and improvements (collectively, the "Equipment"), including without limitation, wells (whether producing, plugged and abandoned, shut-in, injection, disposal or water supply), tanks, boilers, platforms, buildings, fixtures, machinery, equipment, pipelines, utility lines, power lines, telephone lines, telegraph lines and other appurtenances located on, in, under and about the Lease or the Well, to the extent the same are situated upon and used or held for use by Assignor in connection with the ownership, operation, maintenance and repair of the Lease or the Well, subject to the reservations stated below; 

(g) All franchises, licenses, permits, approvals, consents, certificates and other authorizations and other rights granted by governmental authorities and all certificates of convenience or necessity, immunities, privileges, grants and other rights that relate to the Properties or the ownership or operation of any thereof, to the extent the same are assignable (the "Permits"); and 

(h) All of Assignor's books, records and files related to the any of the properties described in (a) through (f) above, including all (i) abstracts, title opinions, title reports, environmental site assessments, environmental compliance reports, lease and land files, surveys, analyses, compilations, correspondence, filings with and reports to regulatory agencies and other documents, contracts, agreements and instruments that in any manner relate to such properties, (ii) computer databases that are owned by or licensed to Assignor that relate to such properties, (iii) geophysical, geological, engineering, exploration, production and other technical data, magnetic field recordings, digital processing tapes, field prints, summaries, reports and maps, whether written or in electronically reproducible form, that are in the possession of Assignor and relate to such properties and (iv) all other books, records, files and magnetic tapes containing title or other information that are in the possession of Assignor and relate to such properties (the "Data"), but specifically excluding (i) previous offers and economic analyses associated with the acquisition, sale or exchange of such properties, (ii) interpretive information, (iii) personnel information, (iv) corporate, legal, financial and tax information, (v) information covered by a non-disclosure obligation, (vi) information covered by a legal privilege and (vii) any other Data or information that Assignor does not have the right to assign to Assignee. 

TO HA VE AND TO HOLD the Properties unto Assignee, its respective successors and assigns forever, subject, however, to the matters set forth herein. 

ARTICLE II 

Warranty of Title; Permitted Encumbrances 

2.1 Warranty of Title. Assignor is the lawful owner of and has good title to the interests above assigned in and to said Lease, estate rights and property, free and clear from all liens, 

 

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encumbrances or adverse claims (the "Permitted Encumbrances"). The Lease is a valid and subsisting lease on the land described above and all rentals and royalties have been paid and all conditions necessary to keep the same in full force have been duly performed; and the Assignor does hereby bind itself to warrant and forever defend, all and singular, the Properties unto Assignee, against every person whomsoever lawfully claiming or to claim the same or any part thereof, by, through or under Assignor, but not otherwise, and subject to the Permitted Encumbrances. 

2.2 Disclaimer of Representations and Warranties. THE PROPERTIES ARE ASSIGNED TO ASSIGNEE "AS IS, WHERE IS" AND WITH ALL FAULTS IN THEIR PRESENT CONDITION AND STATE OF REPAIR, WITHOUT RECOURSE. EXCEPT AS EXPRESSLY SET FORTH IN SECTION 2.1 HEREOF, ASSIGNOR HEREBY DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES CONCERNING THE PROPERTIES, EXPRESS, STATUTORY, IMPLIED OR OTHERWISE, INCLUDING WITHOUT LIMITATION, ANY WARRANTIES OF TITLE, THE QUALITY OF HYDROCARBON RESERVES, THE QUANTITY OF HYDROCARBON RESERVES, THE AMOUNT OF REVENUES, THE AMOUNT OF OPERATING COSTS, CONDITION (pHYSICAL OR ENVIRONMENTAL), QUALITY, COMPLIANCE WITH APPLICABLE LAWS, ABSENCE OF DEFECTS (LATENT OR PATENT), SAFETY, STATE OF REPAIR, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND ASSIGNEE EXPRESSLY RELEASE ASSIGNOR FROM THE SAME. ASSIGNOR DISCLAIMS ANY AND ALL LIABILITY AND RESPONSIBILITY FOR AND ASSOCIATED WITH THE QUALITY, ACCURACY, COMPLETENESS OR MATERIALITY OF THE RECORDS AND ANY OTHER INFORMATION PROVIDED AT ANY TIME (WHETHER ORAL OR WRITTEN) TO ASSIGNEE, ITS OFFICERS, AGENTS, EMPLOYEES AND REPRESENTATIVES IN CONNECTION WITH THE PROPERTIES, INCLUDING WITHOUT LIMITATION, QUALITY OF HYDROCARBON RESERVES, QUANTITY OF HYDROCARBON RESERVES, AMOUNT OF REVENUES, AMOUNT OF OPERATING COSTS, FINANCIAL DATA, CONTRACT DATA, ENVIRONMENTAL CONDITION OF THE PROPERTIES, PHYSICAL CONDITION OF THE PROPERTIES AND CONTINUED FINANCIAL VIABILITY OF THE PROPERTIES, AND ASSIGNEE EXPRESSL Y RELEASE ASSIGNOR FROM THE SAME. 

2.3 Subrogation. Assignee shall be and are hereby subrogated to all covenants and warranties of title by parties (other than Assignor) heretofore given or made to Assignor or its predecessors in title in respect of any of the Properties. 

ARTICLE III 

Miscellaneous

3.1 Further Assurances. Assignor covenants and agrees to execute and deliver to Assignee all such other and additional instruments and other documents and will do all such other acts and things as may be necessary more fully to assure to Assignee or its successors or assigns, all of the respective properties, rights and interests herein and hereby assigned or intended to be 

 

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assigned, including without limitation, executing separate assignments of individual oil, gas and mineral lease or interests therein, which are included in the Properties and which are necessary to facilitate the recognition of Assignee's ownership of the Properties. 

3.2 Successors and Assigns. All of the provisions hereof shall inure to the benefit of and be binding upon the respective successors and assigns of Assignor and Assignee. All reference herein to either Assignor or Assignee shall include their respective successors and assigns. 

3.3 Counterparts. This Assignment may be executed in several original counterparts, all of which are identical, and each such counterpart hereof shall be deemed to be an original instnunent, but all such counterparts shall constitute but one and the same assignment. 

IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be executed on the dates of their respective acknowledgments set forth below, to be effective, however, as of the Effective Time. 

 

 

 

	
Assignor 

Bayshore Exploration L.L.c. 

	

	
STATE OF TEXAS 

COUNTY OF W ASIDNGTON 

	§ 	

 

§ 
 

 

This instrument was acknowledged before me on the 5th day of September, 2008, by Jamin Swantner, President of Bayshore Exploration L.L.c., a Texas Limited Liability Company, on behalf of said corporation. 

 

 

 

 

 

Notary Public in and for the State of Texas 

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EXHIBIT "A" 

Attached to and made a part of that certain Assignment and Bill of Sale from Bayshore xploration L.L.c. ("Assignor") to Entheos Technologies, Inc. ("Assignee") pertaining to the Bayshore Exploration L.L.C.- Cooke No.6 Well and the 40-acre proration unit assigned thereto located in La Salle County, Texas and further described as follows: 

Description of the Properties: 

 

Well Name: 

Working Interest Ownership: 

Net Revenue Interest: 

Leasehold Interest: 

Proration Unit: 

Bayshore Exploration L.L.C. - Cooke No.6 Well 21.75% of8/8ths 

16.3125% of8/8ths 

21.75% of 8/8ths 

Bayshore Exploration L.L.C.-Cooke No.6 Well 

ocated at 1107 feet from the South line and 635 feet from the West line of the H.&G.N. R.R. Co. Survey No. 237, Abstract No. 308, La Salle County, Texas, including the 40-acre unit assigned thereto which is the SW/4 of the SW/4 of the H.&G.N. R.R. Co. Survey No. 237, Abstract o. 308, La Salle County, Texas.

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