Document:

form8k062311ex10-2.htm

Luxor Oil & Gas Ltd.

300, 840 – 6 Avenue S.W.

Calgary, AB  T2P 3E1

Telephone: 403.260.5379

May 12, 2011

Buckeye Oil & Gas Canada, Inc.

300, 840 – 6 Ave SW

Calgary, AB  T2P 3E5

Attention: Pol Brisset, President

	  	  

Dear Sirs:

Re:           Farmout and Participation Agreement

Valhalla Area, AB

Further to recent discussions between our companies, this letter agreement intends to set forth the terms upon which Luxor Oil and Gas Ltd. (“Luxor”) is prepared to farm out certain of its interests in the Farmout Lands to Buckeye Oil & Gas Canada, Inc. (“Buckeye”)

1.      Definitions

Each capitalized term in this Head Agreement will have the meaning given to it in the Farmout & Royalty Procedure, and, in addition:

	
  

	
(a)

	
“Contract Depth” means the lesser of a depth sufficient to fully penetrate the Dunvegan formation or down to and including 775 metres subsurface;

(b)      “Farmout & Royalty Procedure” means the standard form 1997 CAPL Farmout &Royalty Procedure which by this reference is incorporated into this Agreement subject tothe elections and amendments that are attached as Schedule “B”;

	
  

	
(c)

	
“Farmee” means Buckeye, as to 80% of Luxor’s Pre-Farmout Rights;

(d)                 “Farmor” means Luxor as to 80% of its Pre-Farmout Rights;

	
  

	
(e)

	
“Mutual Interest Lands” means any interest in any single parcel of petroleum and natural gas rights where over 50% of that parcel, by surface area, is within one (1) mile of the Farmout Lands;

	
  

	
(f)

	
“Operating Procedure” means the standard form 2007 CAPL Operating Procedure, along with the standard form 1996 PASC Accounting Procedure annexed as Exhibit “I” thereto, which by this reference is incorporated into this Agreement subject to the elections and amendments that are attached as Schedule “C”;

(g)      “Participant” means Luxor as to 20% of its Pre-Farmout Rights;

	
  

	
(h)

	
“Pre-Farmout Rights” mean the 100% interest of Luxor in the Farmout Lands;

  

  

  

	
  

	
(i)

	
“ROFR Lands” shall mean the Part II Lands and the Part III Lands as identified on Schedule “A” attached hereto.

2.      Schedules

The following Schedules are attached hereto and made part of this Agreement:

	
  

	
(a)

	
Schedule “A”, which describes the Title Documents, the Farmout Lands, the ROFR Lands, Luxor’s Pre-Farmout Rights and the Encumbrances;

	
  

	
(b)

	
Schedule “B”, which specifies the elections and amendments to the Farmout & Royalty Procedure;

	
(c)

	
Schedule “C”, which specifies the elections and amendments to the Operating Procedure;

	
  

	
(d)

	
Schedule “D”, which specifies the types of drilling information required to be supplied by the Participant to the Farmee pursuant to the Farmout & Royalty Procedure;

	
  

	
(e)

	
Schedule “E”, which is the Authority for Expenditure detailing the estimate of costs to drill and case (or abandon) the Test Well (“the Test Well Drilling AFE”).

	
3.

	
Farmout & Royalty Procedure, Operating Procedure and Operations During Earning Phase

	
(a)  

	
Luxor, as Participant, is appointed the initial Operator under this Agreement, and the Farmout & Royalty Procedure shall be deemed to be amended so as to give effect to this provision;

(b)      During the period prior to Farmee earning the interest contemplated by this Agreement,as and between Farmee, as to an 80% interest, and Participant, as to a 20% interest, theOperating Procedure will be in full force and effect;

(c)      During the period prior to Farmee earning the interest contemplated by this Agreement,as and between Farmee and Farmor, the Farmout & Royalty Procedure will be in fullforce and effect.

	
  

	
4.

	
Test Well

	
(a)  

	
On behalf of Farmee and Participant, Participant, between the period commencing on May 26, 2011 (or sooner if practicable) and ending on July 15, 2011, (subject to reasonable surface access, rig availability and regulatory approval), will Spud the Test Well at a location in 1-35-75-8-W6M on the Farmout Lands;

(b)      On or before May 16, 2011, Farmee shall pay to Participant the sum of$305,753.00, representing 100% of Farmee’s 80% share of the Test Well DrillingAFE costs;

(c)      For clarity, the participating interests of Farmee and Participant, through drilling,completion (or abandonment), equipping and tie-in (if required for production) of theTest Well will be:

  

  

  

	
Farmee

	
80%

	
Participant

	
20%

	
  

	
subject to the Operating Procedure, except that the provisions of Clause 9.03 of the Operating Procedure will be deemed not to apply during the period prior to earning. For clarity, in the event that Farmee elects not to participate in the setting of casing in the Test Well if proposed by Participant, Farmee will be deemed to have forfeited its right to earn an interest in the Farmout Lands on which the non-participation election applies, and Farmee will have no further rights with respect to that Test Well or the Farmout Lands on which such Test Well was drilled; and the costs relating to the setting of production casing (less the costs relating to the abandonment of the Test Well if it was not cased) would be to the credit of Farmee.

(d)      Subject to Article 3.00 of the Farmout & Royalty Procedure (amended as necessary),Farmee, upon having drilled, completed (or abandoned), equipped and tied-in (if requiredfor production) the Test Well, as to an 80% participating interest, will have earned a 56%undivided interest in the Farmout Lands, to the base of the deepest formation penetrated and fully evaluated in the Test Well, subject to the Encumbrances, so that the Test Well and the Farmout Lands will be held as follows:

	
Farmee

	
56%

	
Farmor

	
24%

Participant                      20%

	
  

	
(e)

	
Upon Farmee earning an interest in the Farmout Lands as set forth in subclause 4(d), the Test Well and the Farmout Lands will be operated pursuant to the Operating Procedure.

	
5.

	
ROFR Lands

	
(a)

	
For a period of one (1) year following the rig release date of the Test Well drilled

	
pursuant to Clause 4 hereof (“the Option Period”), Farmee will have a right of first

	
refusal to elect to farmin and participate with Farmor in the drilling of a test well that

	
may be proposed by Luxor on the Part II Lands identified on Schedule “A” attached hereto;

	
(b)

	
In the event that Luxor proposes to drill a test well on the Part II Lands (“the Part II

	
Lands Test Well”) during the Option Period, Farmor shall notify Farmee in writing

	
providing the details of such test well (such notification will include the same

	
requirements as if the Part II Lands Test Well was being proposed as an Independent Operation pursuant to the Operating Procedure). Within thirty (30) days of receipt of such notification, Farmee shall elect in writing to Luxor whether or not Farmee elects to farmin and participate in the Part II Lands Test Well. A non-response to Luxor’s notification shall be deemed an election not to farmin on the Part II Lands, and any further right to participate in the Part II Lands Test Well, and to earn an interest in the Part II Lands, will terminate.

  

  

  

	
  

	
(c)

	
In the event that Farmee elects to exercise its right of first refusal to farmin and participate in the Part II Lands Test Well, the terms of earning and the conduct of operations during the earning period will be the same, mutatis mutandis, as set forth in Clause 4 hereof. The term “Farmout Lands” shall be substituted with “Part II Lands”, and the term “Test Well” shall be substituted with “Part II Lands Test Well”, as applicable. For clarity, Farmee will have the right to participate in the Part II Lands Test Well as to 80% of Luxor’s Pre-Farmout Rights to earn 56% of the interest of Luxor after drilling, completing (or abandoning), equipping and tie-in (if required) of the Part II Lands Test Well.

	
  

	
(d)

	
Similarly, Farmee will have a right of first refusal on the Part III Lands on the same terms and conditions as set forth in subclauses 5(a), 5(b) and 5(c) above, if and when proposed by Luxor during the Option Period. For clarity, the election of Farmee to exercise its right of first refusal with respect to the Part III Lands may be exercised whether or not Farmee is, or was offered, or elects or elected, to exercise its right of first refusal with respect to the Part II Lands.

	
6.

	
Assignment by Farmee Prior to Earning

(a)      Until Farmee has earned the entire interest in the Farmout Lands that it is entitled to earnhereunder or its right to earn any further interest hereunder has terminated or expired,Farmee shall not assign all or any portion of its interest in this Agreement or in theFarmout Lands without the prior consent of Farmor, which consent shall not be unreasonably withheld;

(b)      In addition to the restrictions on assignment imposed by subclause 6(a) above, Farmeemay not assign its rights of first refusal granted pursuant to Clause 5 hereof without priorconsent of Farmor, which consent may be withheld at Farmor’s discretion.

	
  

	
7.

	
Limitations

The 2-year period for seeking a remedial order under section 3(1)(a) of the Limitations Act, R.S.A. 2000c. L-12, as amended (the “Act”), for any claim (as defined in the Act) arising in connection with this Agreement is extended to:

	
  

	
(a)

	
for claims disclosed by an audit, two (2) years after the time this Agreement permitted that audit to be performed; or

	
  

	
(b)

	
for all other claims, four (4) years.

8.      Area of Mutual Interest

 

 

(a)      With respect to the Farmout Lands, Article 8.00 of the Farmout & Royalty Procedure willbe in effect for a period of one (1) year from therig release date of the Test Well. Subjectto that Article, the Parties will have the right to participate in an acquisition of MutualInterest Lands in the following percentages:

Farmee                             56%

Farmor                             24%

Participant                      20%

  

  

  

	
  

	
(b)

	
With respect to the ROFR Lands, Article 8.00 of the Farmout & Royalty

	
Procedure will be in effect for a period of one (1) year from the rig release date of the Part II Lands Test Well, only if proposed pursuant to Clause 5, and only if Farmee elects to exercise its right of first refusal to farmin and participate in the Part II Lands Test Well. For clarity, the provisions of Article 8.00 of the Farmout & Royalty Procedure will not be in effect during the period prior to Farmee’s election to participate in the Part II Lands Test Well.

	
  

	
The parties further agree there will be no area of mutual interest with respect to the Part III Lands, and therefore Clause 8.00 of the Farmout & Royalty Procedure will be deemed to be amended accordingly.

	
9.

	
General

	
  

	
(a)

	
In the event that the provisions of this Agreement conflict with any of the provisions of the Schedules attached hereto, the provisions of this Agreement shall prevail;

	
  

	 

	
(b)

	
In the event that the provisions of this Agreement conflict with any of the terms or

	
provisions of a Title Document or the Regulations, such provision of the Title Document

	
or the Regulations shall prevail;

	
(c)

	
This Agreement shall be interpreted in accordance with the laws of the Province of

	
Alberta and the parties hereto irrevocably attorn to the exclusive jurisdiction of the

	
Courts of the Province of Alberta;

	
(d)

	
This Agreement shall be legally binding on the parties hereto and shall enure to the

	
benefit of their respective successors and assigns;

	
(e)

	
Each of the Parties represents and warrants that it now has or is entitled to have full right,

	
full power and absolute authority to enter into this Agreement;

	
(f)

	
Each Party entitled to information obtained hereunder or pursuant to this Agreement may

	
use such information and its interpretations for its sole benefit only;

	
(g)

	
This Agreement may be executed in as many counterparts as necessary, and when all

	
counterparts are taken together, this Agreement shall be deemed to constitute one

	
Agreement.

10.      Supersedes Previous Agreements

As of the date hereof, this Agreement shall supersede and wholly replace any verbal or written agreements between the Parties respecting the subject matter hereof.

11.      Addresses For Notices

The procedure for service of Notices, and the addresses of the Parties shall be as set forthunder Clause 2202 of the Operating Procedure.

  

  

  

If the foregoing reflects your understanding of the terms and conditions agreed to respecting this Agreement, please sign and return the counterpart execution pages of this Agreement at your earliest opportunity.

Yours truly,

	
LUXOR OIL AND GAS LTD.

 

 

 

 

Wally Pollock, President

Tel: 403-260-5379

Fax: 403-260-5378

Email: wally@luxoroilandgas.com

 

	
AGREED TO AND ACCEPTED THIS

 

_12____  DAY OF _May_________ _, 2011

 

 

BUCKEYE OIL & GAS CANADA, INC.

 

Per:_/s/ Pol Brisset______________________

 

Title: _President________________________

 

 

Attachments – Schedules “A”, “B”, “C”, “D”, “E”

  

  

  

SCHEDULE “A”

ATTACHED TO and forming part of a Farmout and Participation Agreement dated May 12, 2011 between Luxor Oil and Gas Ltd. and Buckeye Oil & Gas Canada, Inc.

Farmout Lands

	
Title Documents

	
Farmout Lands

	
Luxor’s Pre-Farmout Rights

	
Encumbrances

	
Alberta Crown P&NG Lease No. 0510030702

Expiry: 2015 03 24

	
75-8-W6M: S & NE 35

PNG to base Bluesky-Bullhead

 

	
100%

 

	
Crown SS Royalty

 

 

ROFR Lands

Part II Lands:

	
Title Documents

	
Lands

	
Luxor’s Pre-Farmout Rights

	
Encumbrances

	
Alberta Crown P&NG Lease No. 0509080476

Expiry: 2014 08 19

	
78-7-W6M: N 32

All P&NG

 

78-7-W6M: Lsds 1, 2, 3, 4 of Sec 32

P&NG below base Doe Creek

 

78-7-W6M: Lsds 5, 6, 7, 8 of Sec 32

P&NG below base Peace River

 

	
100%

 

	
Crown SS Royalty

 

 

Part III Lands:

Any lands owned or acquired by Luxor (other than the Farmout Lands and the Part II Lands) between the Effective Date and the end of the Option Period (as defined in Clause 5 of the Head Agreement) on which Luxor proposes to drill and licenses a well.

  

  

  

SCHEDULE  “B”

ATTACHED TO and forming part of a Farmout and Participation Agreement dated May 12, 2011 between Luxor Oil and Gas Ltd. and Buckeye Oil & Gas Canada, Inc.

Farmout & Royalty Procedure Elections and Amendments

	
1.  

	
Effective Date (Subclause 1.01(f)) – May 12, 2011

	
2.

	
Payout (Subclause 1.01(t), if Article 6.00 applies)  Not Applicable

	
  

	
Alternate A - ___

Alternate B - ___

                      Alternate B options, if applicable - ___ m3 of Equivalent Production and __ years.

3.           Incorporation of Clauses from 1990 CAPL Operating Procedure (Clause 1.02)

(i)   Insurance (311)                                                      Alternate A - ______                                           Alternate B - ___ X___

	
4.  

	
Article 4.00 (Option Wells) will ____ /will not __­X __ apply.

	
5.  

	
Article 5.00 (Overriding Royalty) will _____/will not __ X__ apply.

	
6.  

	
Quantification of Overriding Royalty (Subclause 5.01A, if applicable)  Not Applicable

(i)   Crude oil (a)                                -           Alternate - _____

	
-  

	
If Alternate 1 applies, _____%

	
-  

	
If Alternate 2 applies, ­­­­ ________, min. _____, max. _____

(ii)  Other (b)                                -           Alternate - ___ __

	
-  

	
If Alternate 1 applies, ______%

	
-  

	
If Alternate 2 applies, ____% in (I) and ____ in (ii)

	
7.  

	
Permitted Deduction (Subclause 5.04B, if applicable) – Alternate ______  Not Applicable

	
8.  

	
Article 6.00 (Conversion of Overriding Royalty) – will _____/will not ___­___ apply  Not Applicable

	
·  

	
If Article 6.00 applies, conversion to _____ of working Interest in Subclause 6.04A.

	
9.

	
Article 8.00 (Area of Mutual Interest) – will __X__ will not _____ apply (amended as per Clause 8(b) of the Head Agreement)

10.           Reimbursement of Land Maintenance Costs (Clause 11.02) – will __/will not _X__ apply.

	
·  

	
If applies, reimbursement of $____________.

  

  

  

SCHEDULE “C”

ATTACHED TO and forming part of a Farmout and Participation Agreement dated May 12, 2011 between Luxor Oil and Gas Ltd. and Buckeye Oil & Gas Canada, Inc.

CAPL OPERATING PROCEDURE – 2007

	
Clause 1.01 – Market Price Definition, optional sentence:

	
Will Apply

Will Not Apply

 

	
Clause 1.01 – Production Facility, optional Paragraph (f):

	
Will  Apply

Will Not  Apply

Estimated cost less than $     , if applies

 

	
Subclause 3.11C – Required Insurance:

	
Alternate (a) (b)

 

	
Subclause 10.02G – Receiving Party May Not Defer Response:

	
Will  Apply

Will Not  Apply

Total vertical depth less than       metres subsurface, if applies

 

	
Subclause 10.04A – Operator for Independent Operation:

 

	
Alternate (a)  (b)

 

	
Paragraph 10.07A(e) - Penalty Where Independent Well Results in Production:

	
Development Well: 300%

Exploratory Well: 500%

 

	
Subclause 10.10A – Definition of Title Preserving Well:

 

	
180 days

	
Article 21.00 – Dispute Resolution:

	
Will  Apply

Will Not  Apply

 

	
Paragraph 21.03(j) – Arbitration Proceedings – optional Paragraph for unresolved audit exceptions:

	
Will  Apply

Will Not  Apply2

Estimated total adjustment of less than $25,000.00, if applies

 

	
Clause 22.02 – Addresses For Service:

	
Luxor Oil and Gas Ltd.

300, 840 – 6 Avenue S.W.

Calgary, AB  T2P 3E1

Attention:  Land Manager

Fax: 403-260-5378

 

Buckeye Oil & Gas Canada, Inc.

300, 840 – 6 Ave SW

Calgary, AB  T2P 3E5

Attention:  President

Fax: 403-260-5378

	
Clause 24.01 – Right to Dispose:

	
Alternate (A)  (B)

If Alternate B, the date at which ROFR expires is      

 

	
Paragraph 24.02(f) – Exception for all Earning Agreements:

	
Will  Apply

Will Not  Apply

  

  

  

2

Exhibit “1” – 1996 PASC Accounting Procedure

Clause 105 (a)                                           Operating Advances:                                                                10%

Clause 110                                Approvals:                                                         2 or more parties totalling 75%

 

Clause 112                                Expenditure Limitations:                                                                (a) Excess of Twenty-five

Thousand Dollars ($25,000.00)

(c) Excess of Twenty-five

Thousand Dollars ($25,000.00)

Clause 202 (b)                                           Employee Benefits:                          Exceed Twenty percent

(20%)

Clause 213 (b)                                           Camp and Housing:                        Shall not be chargeable

Clause 217                                Warehouse Handling:                                     two and one-half percent (2.5%)

Clause 221                                Allocation Options:                                         N/A

Clause 302                                Overhead Rates:

(a) for each Exploration Project:                         (1) 5% of the first $50,000

(2) 3% of the next $100,000

(3) 1% of cost over (1) & (2)

(b) for each Drilling Well:                                   (1) 3% of the first $50,000

(2) 2% of the next $100,000

(3) 1% of cost over (1) & (2)

(c) and (d) for each Construction Project:       (1) 5% of the first $50,000

(2) 3% of the next $100,000

(3) 1% of cost over (1) & (2)

(d) for Operation and Maintenance:                (1) ___ of operating costs and

                               (2) $250 per producing well

Rates will not be adjusted

Annually

Clause 406                                Disposition:                                                      Twenty-five Thousand Dollars

($25,000)

  

  

  

SCHEDULE “D”

ATTACHED TO and forming part of a Farmout and Participation Agreement dated May 12, 2011 between Luxor Oil and Gas Ltd. and Buckeye Oil & Gas Canada, Inc.

See Well Data Requirement Sheet Attached

  

  

  

SCHEDULE “E”

ATTACHED TO and forming part of a Farmout and Participation Agreement dated May 12, 2011 between Luxor Oil and Gas Ltd. and Buckeye Oil & Gas Canada, Inc.

See Test Well Drilling AFE AttachedSeverance, Consulting and Release Agreement

EXHIBIT 10.11

		
	TVGoods

	14044 Icon Blvd. Clearwater, FL, 33760

Tel. (727) 2513.2738 Fax (727) 330-7843

www.tvgoodsinc.com

Agreement

This Agreement (this “Agreement”) is executed this 23rd day of March, 2011, by and between Michael Cimino (“Mr. Cimino”) and TV Goods, Inc, its affiliates, parent companies, their directors, officers and employees in their corporate and individual capacity (“TVG”).

Whereas the Board of TVG has requested Mr. Cimino to resign his position on the Board of Directors of TVG and his position as Executive Director of TVG to assist the company in obtaining certain financing, subject to the terms and conditions hereof;

Whereas TVG wishes to accept Mr. Cimino’s resignation from its Board of Directors and his position as Executive Director of TVG subject to the terms and conditions hereof; and

Now Therefore, for and in consideration of the payment and of the promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1.

Subject to the terms of this Agreement, effective as of March 23, 2011, Mr. Cimino hereby resigns his seat on the TVG Board of Directors and his position as Executive Director.  It is the intent of both Parties that they shall eventually enter into a new consulting agreement at some point in the future, the terms of that agreement shall be determined at a later date. Mr. Cimino shall make all appropriate filings required by Florida and United States Federal law within the required timelines upon the execution of this document.

2.

Upon execution of this Agreement, all optioned shares held by Mr. Cimino on the date prior to execution shall fully vest. Upon execution of this Agreement, Kevin Harrington will personally deliver one and one half million (1,500,000) shares to Mr. Cimino. Upon execution of this agreement, TVG shall deliver five hundred thousand (500,000) shares to Mr. Cimino, which shall vest on August 25, 2011; an additional five hundred thousand (500,000) shares shall be granted to Mr. Cimino and vest upon the commencement of a new written and signed consulting agreement between Mr. Cimino and TVG, said Agreement to commence no earlier than February 25, 2012, In addition to this delivery of common stack to Mr. Cimino TVG also agrees to pay Mr., Cimino or his designee six thousand ($6,000) dollars per month for a period of one year, on a bi-weekly basis, said period to have begun on February 25, 2011. Mr. Cimino agrees to send TVG a description of the duties he will perform for TVG until the two Parties enter into a more formal consulting agreement, that agreement to commence no earlier than February 25, 2012.

3.

Mr. Cimino irrevocably agrees with TVG that, from the date hereof until the sooner of thirty (30) calendar days after the effective date of TVG’s pending registration statement, or seven (7) months from the date that the Garden State funding transaction closes (tentatively scheduled for Thursday March 31, 2011), the undersigned will not offer, sell, contract to sell, hypothecate, pledge or otherwise dispose of or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition of any shares of common stock or common stock beneficially owned, held or hereafter acquired by the undersigned on a trading market (this does not apply to private sales ) in an amount that is greater than the amount and volume allowable under Rule 144 and at a purchase price of no less than fifty ($0.50) cents per share (subject to adjustment for forward and reverse stock splits and the like) (the “Floor Sale Price Restriction”); provided however, that at such time that the purchasers in any pending financing shall no longer hold at least twenty five (25%) percent of the shares and additional securities, in the aggregate, the Floor Sale Price Restriction shall no longer be applicable. The agreements and terms of this financing, and any other documentation required to determine and/or define the 25% provision and its definitions, shall be made available to Mr. Cimino at his request, subject to confidentiality. Beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act.

4.

When TVG files an S-8 form with the Securities and Exchange Commission Mr. Cimino’s options shall be covered by that filing.

5.

TVG may pay to Mr. Cimino, additional incentives until such time as the Parties enter into a more formal consulting agreement, said incentives to be determined at a later date at a percentage to be determined at a later date as a commission for Mr. Cimino’s representation and selling of TVG products to the live home television shopping channel known as QVC and for his representation and closing of other revenue producing projects such as infomercials. Said commissions shall only be paid if the above tasks become a regular part of his responsibilities.

6.

During the period beginning February 25, 2011 and ending February 25, 2012 certain pre-approved expenses will be reimbursed by TVG, travel expenses between Philadelphia, PA and Tampa, FL will be reimbursed up to six hundred ($600) dollars per month if they have been pre-approved by TVG; other expenses including but not limited to mobile phone bills, train tickets, taxi fare, and parking expenses must be pre-approved by TVG and will be reimbursed by TVG up to five hundred ($500) dollars per month, Where practicable TVG’s credit card will be used for these expenses. Any excess above the five hundred ($500) dollars per month limit must be pre approved by TVG. Notwithstanding the above, all approved expenses incurred from 1/1/2011, by Mr. Cimino, up to the date of execution hereof, however, shall be paid In full to Mr. Cimino irrespective of the above caps, provided however the payment of those approved expenses shall be made only if Mr. Cimino presents evidence of such approved expenses.

7.

In return for the above described compensation each Party does hereby release, cancel, forgive and forever discharge the other Party and each of its predecessors, parent corporations, holding companies, subsidiaries, affiliates, divisions, successors, heirs, and assigns in all capacities whatsoever, including without limitation as an officer, director, employee, representative, designee, agent, and shareholder thereof, from all actions, claims, demands, damages, obligations, liabilities, controversies and executions, of any kind or nature whatsoever, whether known or unknown, whether suspected or not, which have arisen, or may have arisen, or shall arise by reason of any matter, cause or thing whatsoever, from the first day of the world, including this day and each day hereafter, and each Party does specifically waive any claim or right to assert any cause of action or alleged cause of action or claim or demand which has, through oversight or error, intentionally or unintentionally or through a mutual mistake, been omitted from this Release. Said release shall be granted by the Parties to each other for any and all agreements, whether oral or written, ever entered Into between the two Parties prior to the execution of this document. Each Party states that it has not intentionally withheld any potential material causes of action that have arisen prior hereto.

8.

The provisions of this Agreement must be read as a whole and are not severable and/or separately enforceable by either party hereto.

9.

The Parties agree not to make any public statements that disparage the other Parties, or their respective parents, subsidiaries, affiliates, employees, officers, directors, products or services.  Parties shall not publish, utter, broadcast, or otherwise communicate arty information, misinformation, comments, opinions, remarks, articles, letters, or any other form of communication, whether written or oral, regardless of its believed truth, to any person or entity (including, without limitation, any of the Parties’ shareholders, investors, customers, prospective customers, suppliers, and competitors, and any industry trade group) which is adverse to, reflects unfavorably  upon, or tends to disparage another Party, the technology, products, prospects, or financial condition of the other Parties, or any shareholder, officer, director, or employee thereof.

10.

The Parties acknowledge and agree that the other Party’s remedies at law for a breach or threatened breach of any of the provisions of Section 9 of this Agreement may not be sufficient to avoid serious damage and, in recognition of this fact, the parties agree that in the event of such a breach or threatened breach, in addition to, and not in lieu of any other rights and remedies available to the aggrieved Party at law or equity, the aggrieved Party, without posting any bond and without the necessity of proving damages, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunctive or mandatory relief or any other equitable remedy which may then be available, without prejudice to any other rights and remedies which may be available at law or in equity.

2

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day, month and year first set forth above.

PARTIES:

TI/Goods Inc.

Mr. Michael Cimino

/s/ Steve Rogai

/c/ Michael Cimino

Steve Rogai, CEO

Michael Cimino

Date:  March 28, 2011

Date: March 23, 2011

/s/ Kevin Harrington

Kevin Harrington, Founder and chairman

Date:  March 28, 2011

3

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