Document:

Exhibit 10.3

    
      

    

    

      NONCOMPETITION,
        NONDISCLOSURE AND NONSOLICITATION
        AGREEMENT

       

      This
        NONCOMPETITION,
        NONDISCLOSURE AND NONSOLICITATION AGREEMENT
        (this
“Agreement”)
        is
        made as of June 6, 2007, by and between YP Corp., a Nevada corporation
        (“YP”),
        and
        Rajesh Navar (“Shareholder”).

       

      RECITALS

       

      A.    Shareholder
        owns approximately 70% of all the issued and outstanding capital stock of
        LiveDeal on a fully-diluted basis.

       

      B.    YP;
        LD
        Acquisition Co., a California corporation wholly owned by YP (“Merger
        Sub”);
        LiveDeal, Inc., a California corporation (“LiveDeal”);
        Rajesh Navar and Arati Navar, Trustees of the Rajesh & Arati Navar Living
        Trust dated 9/23/2002; and Shareholder, in his capacity as the Shareholders’
Representative, are parties to that certain Agreement and Plan of Merger
        dated
        as of the date hereof (the “Merger
        Agreement”),
        pursuant to which the Merger Sub will merge with and into LiveDeal so that
        LiveDeal will become a wholly-owned subsidiary of YP. Capitalized terms used
        herein which are not otherwise defined herein shall have the meanings ascribed
        to them in the Merger Agreement.

       

      C.    As
        a
        condition to its willingness to enter into the Merger Agreement, YP has required
        that this
        Agreement be executed and delivered by Shareholder at or prior to the
        Closing.

       

      D.    Shareholder
        has entered into an Employment Agreement with YP, dated as of even date hereof
        (the “Employment
        Agreement”)

       

      AGREEMENT

       

      NOW,
        THEREFORE, for good and valuable consideration, the sufficiency and receipt
        of
        which are hereby acknowledged, the parties hereto, intending to be legally
        bound, hereby agree as follows:

       

      
        	
                1.

              	
                Acknowledgments
                  by Shareholder.

              

      

       

      (a)    Shareholder
        acknowledges that he has occupied a position of trust and confidence with
        LiveDeal prior to the date hereof and has had access to and has become familiar
        with the following, any and all of which constitute confidential information
        of
        LiveDeal (collectively the “Confidential
        Information”):
        (a)
        any and all trade secrets concerning the business and affairs of LiveDeal,
        product specifications, data, know-how, formulae, compositions, processes,
        designs, sketches, photographs, graphs, drawings, samples, inventions and
        ideas,
        past, current and planned research and development, current and planned
        manufacturing and distribution methods and processes, customer lists, current
        and anticipated customer requirements, price lists, market studies, business
        plans, computer software and programs (including object code and source code),
        database technologies, systems, structures architectures processes,
        improvements, devices, know-how, discoveries, concepts, methods of LiveDeal
        and
        any other information, however documented, of LiveDeal that is considered
        a
        trade secret under applicable law; (b) any and all information concerning
        the
        business and affairs of LiveDeal (which includes historical financial
        statements, financial projections and budgets, historical and projected sales,
        capital spending budgets and plans, the names and backgrounds of key personnel,
        contractors, agents, suppliers and potential suppliers, personnel training
        and
        techniques and materials, purchasing methods and techniques, however documented;
        and (c) any and all notes, analysis, compilations, studies, summaries and
        other
        material prepared by or for LiveDeal containing or based, in whole or in
        part,
        upon any information included in the foregoing.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (b)    Shareholder
        acknowledges that (a) the business of LiveDeal relating to the use and operation
        of the business by LiveDeal prior to Closing is international in scope; (b)
        its
        products and services related to such business are marketed throughout the
        world; (c) LiveDeal’s business prior to Closing competes with other businesses
        that are or could be located in any part of the world; (d) YP has required
        that
        Shareholder make the covenants set forth in Sections 2 and 3 of this Agreement
        as a condition to YP’s entering into the Merger Agreement and causing Merger Sub
        to merge into LiveDeal; (e) the provisions of Sections 2 and 3 of this Agreement
        are reasonable and necessary to protect and preserve YP’s interests in and right
        to the use and operation of the assets and business of LiveDeal from and
        after
        Closing; and (f) YP would be irreparably damaged if Shareholder were to breach
        the covenants set forth in Sections 2 and 3 of this Agreement.

       

      2.    Nondisclosure.
        Shareholder acknowledges and agrees that the protection of the Confidential
        Information is necessary to protect and preserve the value of the assets
        and
        business of LiveDeal. Therefore, Shareholder hereby agrees not to disclose
        to
        any unauthorized person or entity or use for his own account or for the benefit
        of any third party any Confidential Information, whether or not such information
        is embodied in writing or other physical form or is retained in the memory
        of
        Shareholder, without YP’s written consent, unless and to the extent that the
        Confidential Information is or becomes generally known to the public other
        than
        as a result of Shareholder’s fault or as required by law or legal process.
        Shareholder agrees to deliver to YP or destroy, promptly following such time
        as
        YP may request in writing, all documents, memoranda, notes, plans, records,
        reports and other documentation, models, components, devices or computer
        software, whether embodied in a disk or in other form (and all copies of
        all of
        the foregoing), that contain Confidential Information.

       

      3.    Noncompetition,
        Nonsolicitation and Nondisparagement.
        

       

      (a)    For
        purposes of this Agreement, the terms listed below shall have the following
        meanings:

       

      (i)    
“Area”
means
        the world; provided,
        however, that if a court of competent jurisdiction determines that such area
        is
        unenforceable, “Area” shall be defined as all countries in which the Company
        provides its services, or has provided within the 12 months preceding the
        date
        of this Agreement; provided, however, that if a court of competent jurisdiction
        determines that such area is unenforceable, “Area” shall be defined as the
        United States.

       

      (ii)    “Client
        Nonsolicitation Period”
means
        the period beginning on the date of this Agreement and ending on the greater
        of
        (A) the three-year anniversary of the date of this Agreement and (B) one-year
        from the date of termination of Shareholder’s employment by or service to YP;
        provided, however, that the Client Nonsolicitation Period will end immediately
        in the event Shareholder is terminated by YP without Cause (as defined in
        the
        Employment Agreement) or that he terminates his employment for Good Reason
        (as
        defined in the Employment Agreement) or that the Company fails to nominate
        him
        as a member of the Board of Directors of YP.

       

      
        
          
          

        

        
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      (iii)   “Competing
        Business”
means
        any person or entity engaged in the on-line, classified advertising services
        industry or that provides online yellow pages listing services, in each case,
        as
        its principal business. 

       

      (iv)   “LiveDeal
        Client(s)”
        means
        (a)
        any person or entity to which LiveDeal sells any products or services, or
        licenses any proprietary information, at any time during the Noncompetition
        Time
        Period, the Employee Nonsolicitation Time Period, or the Client Nonsolicitation
        Period, as applicable, and (b) any person or entity which LiveDeal has
        actively solicited and that Shareholder has knowledge of with respect to
        the
        sale of products or services at
        any
        time during the NoncompetitionTime Period, the Employee Nonsolicitation Time
        Period, or the Client Nonsolicitation Period, as applicable. In the case
        of a
        corporate client, “LiveDeal Client” shall be, in addition to the corporate
        client itself, the individual representative of the corporate client and
        his or
        her successor or equivalent within the organizational subdivision of the
        corporate client on behalf of which he or she patronized LiveDeal, and any
        organizational subdivision of the corporate client on behalf of which such
        individual representative has patronized LiveDeal, in each case, to the extent
        such individual representative is then employed with the corporate
        client.

       

      (v)    “Employee
        Nonsolicitation Period”
means
        the period beginning on the date of this Agreement and ending on the greater
        of
        the following: (A) one-year from the date of termination of Shareholder’s
        employment by or service to YP; or (B) the two-year anniversary of the date
        of
        this Agreement.

       

      (vi)   “Noncompetition
        Time Period”
means
        the period beginning on the date of this Agreement and ending on the greater
        of
        (A) the three-year anniversary of the date of this Agreement and (B) one-year
        from the date of termination of Shareholder’s employment by or service to YP;
        provided, however, that the Client Noncompetition Time Period will end
        immediately in the event Shareholder is terminated by YP without Cause (as
        defined in the Employment Agreement) or that he terminates his employment
        for
        Good Reason (as defined in the Employment Agreement) or that the Company
        fails
        to nominate him as a member of the Board of Directors of YP.

       

      (vii)        
        “YP
        Client(s)”
        means
        (a)
        any person or entity to which YP sells any products or services, or licenses
        any
        proprietary information, at any time during the Client Nonsolicitation Time
        Period, and (b) any person or entity which YP has
        actively solicited with respect to the sale of products or services at
        any
        time during the Client Nonsolicitation Period. In the case of a corporate
        client, “YP Client” shall be, in addition to the corporate client itself, the
        individual representative of the corporate client and his or her successor
        or
        equivalent within the organizational subdivision of the corporate client
        on
        behalf of which he or she patronized YP, and any organizational subdivision
        of
        the corporate client on behalf of which such individual representative has
        patronized YP.

       

      
        
          
          

        

        
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      (b)    As
        an
        inducement for YP to enter into the Merger Agreement and as additional
        consideration for the consideration to be paid to Shareholder under the Merger
        Agreement, Shareholder agrees that:

       

      (i)    
During
        the Noncompetition Time Period and in the Area, Shareholder will not, directly
        engage or invest in, own, manage, operate, finance, control or participate
        in
        the ownership, management, operation, financing or control of, be employed
        by,
        associated with or in any manner connected with, or render services or advice
        or
        other aid to, or guarantee any obligation of, any person or entity engaged
        in or
        planning to become engaged in a Competing Business, provided, however, that
        Shareholder may purchase or otherwise acquire up to (but not more than) two
        percent of any class of securities of any enterprise (but without otherwise
        participating in the activities of such enterprise) if such securities are
        listed on any national or regional securities exchange or have been registered
        under Section 12(g) of the Securities Exchange Act of 1934. Shareholder agrees
        that this covenant is reasonable with respect to its duration, geographical
        area
        and scope.

       

      (ii)    During
        the Employee Nonsolicitation Period, Shareholder shall not, directly or
        indirectly: (A) induce or attempt to induce any employee of LiveDeal who
        becomes
        an employee of YP in connection with the merger of LiveDeal into Merger Sub
        to
        leave the employ of YP; (B) in any way interfere with the relationship between
        YP and any such employee of YP; or (C) employ or otherwise engage as an
        employee, independent contractor or otherwise any such employee of YP; provided,
        however, that the restrictive covenants set forth in this Section 3(b)(ii)
        shall
        not restrict Shareholder from soliciting for hire or hiring any YP or LiveDeal
        employee who was terminated by LiveDeal or YP without cause or as a result
        of a
        constructive termination.

       

      (iii)   During
        the Client Nonsolicitation Period, Shareholder shall not, directly or
        indirectly: (A) induce or attempt to induce any LiveDeal Client to cease
        doing
        business with YP or in any way interfere with the relationship between any
        such
        LiveDeal Client and the YP; or (B) solicit the business of any YP Client
        known
        to Shareholder to be a YP Client, whether or not such Shareholder had personal
        contact with such YP Client, with respect to products or activities which
        compete in whole or in part with the business operated by YP.

       

      (c)    In
        the
        event of a breach by Shareholder of any covenant set forth in this Section,
        the
        term of such covenant will be extended by the period of the duration of such
        breach.

       

      (d)    Shareholder
        shall not disparage YP, LiveDeal, the business conducted by LiveDeal, the
        business conducted by YP, or any shareholder, director, officer, employee
        or
        agent of YP. None of YP, LiveDeal, any officer or director of either YP or
        LiveDeal shall disparage Shareholder or any of its affiliates. Anything to
        the
        contrary notwithstanding, this Section 3(e) shall not apply to any statements
        made in good faith during any litigation, arbitration or other legal proceeding
        involving any of the parties to this Agreement.

       

      (e)    Shareholder
        will, for a period of three years after the Closing, within ten days after
        accepting any employment, consulting engagement, engagement as an independent
        contractor, partnership or other association, advise YP of the identity of
        the
        new employer, client, partner or other person or entity with whom Shareholder
        has become associated. YP may serve notice upon each such person or entity
        that
        Shareholder is bound by this Agreement and furnish each such person or entity
        with a copy of this Agreement or relevant portions thereof.

       

      
        
          
          

        

        
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      4.    Remedies.
        Shareholder hereto agrees that YP may seek injunctive relief or any other
        equitable remedy, in addition to remedies at law or in damages, for any such
        failure. 

       

      5.    Successors
        and Assigns.
        This
        Agreement shall be binding upon, inure to the benefit of, and be enforceable
        by
        the parties hereto and their respective successors, assigns, heirs and devises,
        as applicable; and, nothing in this Agreement, express or implied, is intended
        to confer upon any other person or entity any rights or remedies of any nature
        whatsoever under or by reason of this Agreement. This Agreement shall not
        be
        assignable without the written consent of the other party hereto, except
        that YP
        may assign, in its sole discretion, all or any of its rights, interests and
        obligations hereunder to any of its affiliates.

       

      6.    Entire
        Agreement.
        This
        Agreement (including the documents and the instruments referred to herein)
        constitutes the entire agreement and supersedes all prior agreements and
        understandings, both written and oral, between the parties with respect to
        the
        subject matter hereof. 

       

      7.    Governing
        Law.
        This
        Agreement shall be governed by, and construed in accordance with, the internal
        laws of the State of California applicable to contracts executed and fully
        performed within the State of California, without regard to the conflicts
        of
        laws provisions thereof. 

       

      8.    Jurisdiction;
        Waiver of Venue.
        Each of
        the parties hereto irrevocably and unconditionally: (a) agrees that any legal
        suit, action or proceeding brought by any party hereto arising out of or
        based
        upon this Agreement or the transactions contemplated hereby may be brought
        in
        the Courts of the State of California or the United States District Court
        for
        the Northern District of California (each, a “Designated
        Court”);
        (b)
        waives, to the fullest extent it may effectively do so, any objection which
        it
        may now or hereafter have to the laying of venue of any such proceeding brought
        in any Designated Court, and any claim that any such action or proceeding
        brought in any Designated Court has been brought in an inconvenient forum;
        and
        (c) submits to the non-exclusive jurisdiction of Designated Courts in any
        suit,
        action or proceeding. Each of the parties agrees that a judgment in any suit,
        action or proceeding brought in a Designated Court shall be conclusive and
        binding upon it and may be enforced in any other courts to whose jurisdiction
        it
        is or may be subject, by suit upon such judgment. 

       

      9.    Notices.
        All
        notices and other communications hereunder shall be in writing and shall
        be
        deemed given upon receipt by the parties at the addresses (or at such other
        address for a party as shall be specified by like notice) as set forth in
        Section 9.2 of the Merger Agreement or on the signature pages thereto, as
        applicable. 

       

      10.   Severability.
        This
        Agreement shall be deemed severable and the invalidity or unenforceability
        of
        any term or provision of this Agreement shall not affect the validity or
        enforceability of the balance of this Agreement or of any other term hereof,
        which shall remain in full force and effect.   With respect to any
        term or provision that is invalid or unenforceable, any
        court
        of competent jurisdiction is hereby authorized and respectfully directed
        to excise any such term or provision that is invalid or unenforceable
        and modify such term or provision to the extent necessary to be able to
        make such term or provision valid or enforceable. 

       

      
        
          
          

        

        
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      11.   Waiver.
        The
        parties hereto may, to the extent permitted by applicable law, subject to
        Section 12 hereof, (a) waive any inaccuracies in the representations and
        warranties contained herein or in any document delivered pursuant hereto,
        or (b)
        waive compliance with any of the agreements or conditions contained herein.
        Any
        agreement on the part of a party hereto to any such waiver shall be valid
        only
        if set forth in a written instrument signed on behalf of such party. The
        failure
        of any party to this Agreement to assert any of its rights under this Agreement
        or otherwise shall not constitute a waiver of those rights. 

       

      12.   Modification.
        No
        supplement, modification or amendment of this Agreement will be binding unless
        made in a written instrument that is signed by all of the parties hereto
        and
        that specifically refers to this Agreement. 

       

      13.   Counterparts.
        This
        Agreement may be executed in counterparts, all of which shall be considered
        one
        and the same agreement and shall become effective when such counterparts
        have
        been signed by each of the parties and delivered to the other parties, it
        being
        understood that all parties need not sign the same counterpart. 

       

      14.   Headings.
        All
        Section headings contained in this Agreement are for reference purposes only
        and
        shall not affect in any way the meaning or interpretation of this Agreement.
        

       

      [SIGNATURE
        PAGE FOLLOWS]

      
        
          
          

        

        
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      NONCOMPETITION,
        NONDISLOSURE AND NONSOLICITATION AGREEMENT

       

      SIGNATURE
        PAGE

       

      IN
        WITNESS WHEREOF, Shareholder and YP have caused this Agreement to be executed
        on
        the date first written above.

       

      
        	
                SHAREHOLDER:

              	 	
                YP:

              
	 	 	 	 
	 	 	
                YP
                  Corp., a Nevada corporation

              
	 	 	 	 
	/s/
                Rajesh Navar	 	
                By:

              	/s/
                Daniel L. Coury, Sr.
	
                Rajesh
                  Navar

              	 	
                Name:
                  Daniel L. Coury, Sr.

                Title:
                  Chief Executive Officer

              

      

       

    

    
    

    7Exhibit 10.1

    
      
        

      

    

     

    EMPLOYMENT
      AGREEMENT

    

    

    This
      EMPLOYMENT AGREEMENT ("Agreement") is executed as of May 1, 2007 (“Effective
      Date”) between PETROSEARCH
      ENERGY CORPORATION, a
      Nevada
      corporation ("Company") and RICHARD
      D. DOLE (“Employee”).

    

    RECITALS:

    

    A.   Company
      has been capitalized under the laws of the State of Nevada in order to acquire
      and develop key oil and gas development prospects across the United States.
      

    

    B.    Company
      desires to engage the services of Employee
      on an
      exclusive basis as an
      executive officer
      for the
      Company.

    

    TERMS
      OF AGREEMENT:

    

    NOW,
      THEREFORE, FOR VALUE RECEIVED, and in consideration of the mutual covenants
      contained herein, Company and Employee agree as follows:

    

    1.    Engagement/Term/Renewal
      Term.  Company
      shall employ Employee as President
      and Chief Executive Officer
      for a
      period of two (2) years from the Effective Date, subject to the termination
      provisions herein (the “Term”),
      and
      Employee hereby agrees to be engaged by Company for the Term in such capacity.
      This Agreement shall automatically renew for an identical term at the end of
      the
      indicated term unless the Agreement is superseded by a new agreement or unless
      notice of non-renewal is delivered in writing by the Company at least sixty
      (60)
      days prior to the end of the term then in effect. A notice of non-renewal of
      this Agreement by Company to employee shall give rise to the severance benefits
      described in paragraph 10a below. Bonuses shall not be deemed to be accrued
      and
      part of any severance package unless and until the Board of Directors has
      declared and awarded the particular bonus to the particular Employee.
THIS
      AGREEMENT SUPERSEDES AND REPLACES THE PRIOR EMPLOYMENT AGREEMENT BETWEEN THE
      PARTIES DATED NOVEMBER 15, 2004, AMENDED MAY 18, 2005 (“PRIOR AGREEMENT”) AND
      UPON EXECUTION HEREOF BY THE PARTIES, THE PRIOR AGREEMENT SHALL BE DEEMED TO
      BE
      TERMINATED AND OF NO FURTHER EFFECT.

    

    2.    Exclusive
      Employment/Other Engagements.  Company
      and Employee hereby stipulate that this Agreement is exclusive as to Employee,
      and Employee shall not accept or enter into contemporaneous
      consulting/employment
      relationships with third parties. Notwithstanding this exclusivity requirement,
      Employee may continue to serve on the Board of Directors of Double Eagle
      Petroleum Co. and other Boards of Directors as he deems appropriate and not
      in
      conflict with the Company’s needs. 

     

    3.    Compensation.  Employee
      shall be compensated for his services as follows:

     

    
      
        
        

      

      
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    a.    Base
      Salary.
      As
      compensation to Employee for the performance of his duties or obligations under
      this Agreement, Company shall pay Employee a base salary (the “Base Salary”) of
      TWO HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($250,000.00) annually, payable
      monthly, in semi-monthly installments of TEN THOUSAND FOUR HUNDRED SIXTEEN
      AND
      66/100 DOLLARS ($10,416.66) each during the term of this Agreement.

    

    b.    Bonus.
      In
      addition to receiving the Base Salary described in Section 3.a., Employee may
      be
      awarded such bonuses from time to time as are recommended by the CEO (including
      Employee, while Employee occupies that office) to the Board of Directors, and
      then reviewed and approved by the Compensation Committee of the Board of
      Directors (or, alternatively, approved by the Board of Directors directly
      without committee recommendation should such committee be non-existent or
      inactive). 

    

    c.    Company
      Related Travel.
      Employee shall be reimbursed, upon submission of receipts and proper
      documentation, for any and all Company related travel away from the principal
      office (Houston, Texas), including coach airfare, hotel and meals (subject
      to
      the expenditure limitations imposed by Company).

    

    d.    Documented
      Out-of-Pocket Expenses.
      Employee shall be promptly reimbursed for all other reasonable out-of-pocket
      expenses incurred on behalf of Company which are properly documented to Company;
      including, long distance telephone charges on telephones other than Company’s
      office phones.

    

    e.    Medical/Dental
      Insurance.
      Employee shall be entitled during the Term, upon satisfaction of all eligibility
      requirements, to participate in all health, dental, disability, life insurance,
      retirement and other benefit programs now or hereafter established by Company
      and shall receive such other benefits as may be approved from time to time
      by
      the CEO.

    

    4.    Death
      or Disability. Upon
      the
      death or long term disability of the Employee, this Agreement will automatically
      terminate, and the Employee (or his heirs in the case of death) will be entitled
      to twelve (12) months of Base Salary and benefits as listed above. All of the
      Employee’s outstanding warrants shall become exercisable upon the date of death
      or long term disability, and shall remain outstanding and exercisable per the
      terms of the warrant agreement.

    

    5.    Acknowledgment
      of Legislative Impact Upon Taxation.
      Company
      and Employee acknowledge and agree that Employee may in the future be awarded
      stock or warrant-based compensation as a bonus or as part of a plan implemented
      to benefit a group. Employee acknowledges that he/she has been advised of
      proposed legislative enactments which create uncertainty regarding future
      taxation of such stock or warrant-based compensation. Such compensation may
      be
      refused by Employee, if offered, but the Company shall have no duty to keep
      Employee apprised of the legislative enactments regarding taxation and shall
      have no liability for adverse tax consequences to Employee should Employee
      accept such stock or warrant-based compensation unless otherwise provided in
      this Agreement. 

    

    6.    Duties
      and Obligations. Employee
      shall perform the tasks consistent with the executive office designated herein
      and such other reasonable tasks directed by the Board of Directors, from time
      to
      time, at the location designated by the Company Chief Executive
      Officer.
      Employee
      hereby covenants and agrees to perform the services for which he is hereby
      retained in good faith and with reasonable diligence in light of attendant
      circumstances. 

     

    
      
        
        

      

      
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    7.    Termination
      for Cause
      by Company.
      This
      Agreement may be terminated for
      “cause”
      by
      Company
      immediately, without prior notice (except as indicated hereinbelow) and without
      severance pay. For purposes hereof, “cause”
      shall mean any of the following events:

    

    a.    Any
      embezzlement or wrongful diversion of funds of Company or any affiliate of
      Company by Employee;

    

    b.    Malfeasance,
      poor performance as to core or delegated job assignments in the opinion of
      the
      Board of Directors or insubordination by Employee in the conduct of his
      duties;

    

    c.    Failure
      to observe or strictly adhere to all Company policies put into effect and/or
      amended from time to time.

    

    d.    Abandonment
      by Employee of his job duties or repeated absences from Company-directed tasks
      which are not otherwise excused by the Company.

    

    e.    Competing
      with the Company or otherwise diverting away from the Company business
      opportunities intended for the Company or which could reasonably benefit the
      Company’s core business.

    

    f.    Other
      material
      breach
      of this Agreement by Employee that
      remains uncured for a period of at least thirty (30) days following written
      notice from Company to Employee of such alleged breach, which written notice
      describes in reasonable detail the nature of such alleged breach;
      or

    

    g.    Conviction
      of Employee or the entry of a plea of nolo contendere or equivalent plea of
      a
      felony in a court of competent jurisdiction, or any other crime or offense
      involving moral turpitude.

    

    8.    Termination for
      Good Reason by Employee.
      This
      Agreement may
      be
      terminated for “good reason” by Employee which, if so terminated, shall give
      rise to the severance pay provisions set forth in paragraph 10a below. For
      purposes hereof, “good reason” shall mean only material
      breach
      of
      this Agreement by the
      Company that remains uncured for a period of at least thirty (30) days following
      written notice from Employee to Company of such alleged breach, which written
      notice describes in reasonable detail the nature of such alleged
      breach.

    

    9.    Termination
      Upon a Change in Control.
      Should
      either the Company or Employee terminate employment under this Agreement as
      a
      result of a change of control (as defined below) and in connection therewith,
      should Employee not be offered (within forty five (45) days following the change
      of control) a renewal of employment for at least two (2) years beyond the date
      of the change-in-control at the identical role (i.e.
      Chairman
      of the Board and President and Chief Executive Officer) with the Company, at
      an
      annual compensation level (salary, bonus, benefits and stock/option awards)
      equal to compensation commensurate with the new role but in no case less than
      that in effect at the time of the change of control, and with such employment
      being in the same City (unless consented to by Employee), or alternatively,
      should such employment be offered in compliance with such parameters but
      nevertheless be declined by Employee, then Employee shall be entitled to the
      severance pay benefits described in paragraph 10b below. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    For
      purposes hereof, a “Change in Control” shall mean the occurrence during the Term
      of any of the following events (i)
      An
      acquisition (other than directly from the Company) of any voting securities
      of
      the Company (the “Voting Securities”) by any “Person” (as the term person is
      used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act
      of
      1934 (the “1934 Act”)) immediately after which such Person has “Beneficial
      Ownership” (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of
      40% or more of the combined voting power of the Company’s then outstanding
      Voting Securities; provided however, that in determining whether a Change in
      Control has occurred, Voting Securities which are acquired in a “Non-Control
      Acquisition” (as hereinafter defined) shall not constitute an acquisition which
      would cause a Change in Control. A “Non-Control Acquisition” shall mean an
      acquisition by (1) an employee benefit plan (or a trust forming a part thereof)
      maintained by (x) the Company or (y) any corporation or other Person of which
      a
      majority of its voting power or its equity securities or equity interest is
      owned directly or indirectly by the Company (a “Subsidiary”), (2) the Company or
      any Subsidiary, or (3) any Person in connection with a “Non-Control”
Acquisition, (ii)
      the sale
      or other disposition of all or substantially all of the business or assets
      of
      the Company to any person (other than a transfer to a Subsidiary); or
(iii)
      a
      merger, consolidation or reorganization involving the Company (other than with
      a
      Subsidiary). 

    

    10.   Severance
      Pay Provisions/Effect of Termination Without Cause by Company, With Good Reason
      by Employee or Due to Change in Control.
      

    

    a.    In
      the
      event that (i) Company delivers to Employee a notice of non-renewal in
      accordance with paragraph 1 above, (ii) this Agreement is terminated by Company
      without “cause”,
      or
      (iii) Employee terminates his employment for the “good reason set forth in
      paragraph 8 above, then Employee’s sole remedy shall be limited to recovery by
      Employee from Company of the Base Salary and
      benefits described
      above for a period equal to twenty-four (24) months from the date of the
      expiration of this Agreement (in the case of non-renewal) or the date of
      termination of this Agreement (whether termination is at the election of Company
      or Employee). 

    

    b.    In
      the
      event that this Agreement is within its term or any automatically extended
      term
      and is terminated as a result of a change in control which is not
      accompanied by an appropriate employment offer as described above, or which
      is
      accompanied by an appropriate offer of employment which is declined by Employee,
      then Employee shall be entitled to severance benefits equal to the sum of four
      (4) years Base Salary and the average of Employee’s last two (2) year’s
      aggregate bonuses (if any). Additionally,
      upon a change of control without the appropriate job offer to Employee in
      accordance with paragraph 9 above, or which is accompanied by an appropriate
      offer of employment which is declined by Employee, resulting in termination
      of
      employment by Company or Employee, the Company shall pay to Employee a cash
      sum
      equal to the estimated total tax impact of the severance package (including
      but
      not limited to provisions in the Internal Revenue Code relating to excessive
      compensation, alternative minimum tax or otherwise at that time) which are
      expected to adversely affect Employee as a result of the aggregate severance
      paid to Employee.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    The
      severance pay provided for in this Agreement shall be in lieu of any other
      severance or termination pay to which the Employee may be entitled under any
      Company severance or termination plan, program, practice or arrangement. The
      Employee’s entitlement to any other compensation or benefits shall be determined
      in accordance with the Company’s employee benefit plans and other applicable
      programs, policies and practices then in effect.

    

    11.   Time
      of Essence, Attorneys Fees.
      Time is
      of the essence with respect to this Agreement and same shall be capable of
      specific performance without prejudice to any other rights or remedies under
      law. If either party seeks to enforce, in law or in equity (including any
      arbitration proceeding), any provision contained herein, then the prevailing
      party in such proceeding shall be entitled to attorneys fees, interest and
      all
      such other disbursements and relief provided under law, but shall not be
      entitled to punitive or exemplary damages of any kind.

    

    12.   Modification
      or Amendment.
      The
      parties hereto may modify or amend this Agreement only by written agreement
      executed and delivered by the respective parties.

    

    13.   Binding
      on Heirs and Assigns.  This
      Agreement shall inure to and be binding upon the undersigned and their
      respective heirs, representatives, successors and permitted
      assigns. This Agreement may not be assigned by either party without the prior
      written consent of the other party.

    

    14.   Counterparts.
      For the
      convenience of the parties hereto, this Agreement may be executed in any number
      of counterparts, each such counterpart being deemed to be an original
      instrument, and all such counterparts shall together constitute the same
      agreement.

    

    15.   No
      Waivers.
      No
      waiver of or failure to act upon any of the provisions of this Agreement or
      any
      right or remedy arising under this Agreement shall be deemed or shall constitute
      a waiver of any other provisions, rights or remedies (whether similar or
      dissimilar).

    

    16.   GOVERNING
      LAW.
      THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
      OF
      THE STATE OF TEXAS AND SHALL BE PERFORMABLE IN HARRIS COUNTY, TEXAS EXCEPT
      TO
      THE EXTENT THAT NEVADA
      CORPORATE LAW CONTROLS THE MATTERS PERTAINING TO SECURITIES
      ISSUANCE AND CORPORATE GOVERNANCE BY OFFICERS AND
      DIRECTORS.

    

    17.   Notices. Any
      notice, request, instruction or other document to be given hereunder by any
      party to the other shall be in writing (by FAX, mail, telegram or courier)
      and
      delivered to the parties as follows:

    

    
      	
              If
                to Company:

            	
              Richard
                Dole

            

    

    
      	 	
              675
                Bering Drive, Suite 200

            

    

    
      	 	
              Houston,
                Texas 77057

            

    

    
      	 	
              FAX:
                713-961-9338

            

    

    

    
      	
              If
                to Employee:

            	
              Richard
                Dole

            

    

    
      	 	
              ____________________

            

    

    
      	 	
              ____________________
                

            

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    18.   Entire
      Contract/No Third Party Beneficiaries.
      This
      Agreement constitutes the entire agreement, and supersedes all other prior
      agreements and understandings, both written and oral, between the parties with
      respect to the subject matter hereof, and is not intended to create any
      obligations to, or rights in respect of, any persons other than the parties
      hereto. There are no third party beneficiaries of this Agreement.

    

    19.   Captions
      for Convenience.
      All
      captions herein are for convenience or reference only and do not constitute
      part
      of this Agreement and shall not be deemed to limit or otherwise affect any
      of
      the provisions hereof.

    

    20.   Severability.
      In case
      any one or more of the provisions contained in this Agreement shall for any
      reason be held to be invalid, illegal or unenforceable in any respect, such
      invalidity, illegality or enforceability shall not affect any other provision
      hereof, and this Agreement shall be construed as if such invalid, illegal or
      enforceable provision had never been contained herein.

    

    21.   BINDING
      ARBITRATION.
      ANY CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE
      BREACH THEREOF, SHALL BE SETTLED BY FINAL AND BINDING ARBITRATION CONDUCTED
      IN
      HOUSTON, TEXAS, IN ACCORDANCE WITH THE COMMERCIAL ARBITRATION RULES ("RULES")
      OF
      THE AMERICAN ARBITRATION ASSOCIATION IN EFFECT AT THE TIME THE CONTROVERSY
      OR
      CLAIM ARISES, BUT SAID ARBITRATION NEED NOT BE ADMINISTERED BY THE AMERICAN
      ARBITRATION ASSOCIATION. THE ARBITRATOR, WHICH SHALL BE AGREED UPON BY THE
      PARTIES, SHALL HAVE JURISDICTION TO DETERMINE ANY SUCH CLAIM AND MAY GRANT
      ANY
      RELIEF AUTHORIZED BY LAW FOR SUCH CLAIM EXCLUDING CONSEQUENTIAL AND PUNITIVE
      DAMAGES. EACH PARTY TO THE ARBITRATION SHALL BEAR THE INITIAL FILING FEES AND
      CHARGES EQUALLY, PROVIDED, HOWEVER, THAT THE ARBITRATOR SHALL AWARD
      REIMBURSEMENT OF ALL SUCH COSTS AND FEES TO THE PREVAILING PARTY AS A PART
      OF
      ITS AWARD. THIS PARAGRAPH SHALL LIKEWISE BE SPECIFICALLY ENFORCEABLE IN A COURT
      OF COMPETENT JURISDICTION SHOULD THE PARTY NOT DEMANDING ARBITRATION REFUSE
      TO
      PARTICIPATE IN OR COOPERATE WITH THE ARBITRATION PROCESS. 

    

    EXECUTED
      by the undersigned as of the Effective Date set forth above.

    

    SIGNATURES
      APPEAR ON FOLLOWING PAGE

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	 	 	
              PETROSEARCH
                ENERGY CORPORATION

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
              By: 
                

            	
              /s/David
                Collins

            	 
	 	 	 	
              David
                Collins, Chief Financial Officer

            	 
	 	 	 	 	 
	 	 	
              /s/
                Richard D. Dole

            	 
	 	 	
              RICHARD
                D. DOLE

            	 

    

     

    
       

      7

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