Document:

Exhibit 10.4

 

 

 

CLARION PROPERTY TRUST
INC.

INDEPENDENT DIRECTORS
COMPENSATION PLAN

 

 

 

 

 

CLARION PROPERTY TRUST
INC.

INDEPENDENT DIRECTORS
COMPENSATION PLAN

 

ARTICLE 1

PURPOSE

 

1.1.                              PURPOSE.  The purpose of the Plan is to
attract, retain and compensate highly-qualified individuals who are not
employees of Clarion Property Trust Inc. or any of its subsidiaries or
affiliates for service as members of the Board by providing them with
competitive compensation.  The Plan is a
sub-plan of the Clarion Property Trust Inc. Long Term Incentive Plan (the “Incentive
Plan”).

 

1.2.                              ELIGIBILITY. Independent Directors of the Company who are
Eligible Participants, as defined below, shall automatically be participants in
the Plan.

 

ARTICLE 2

DEFINITIONS

 

2.1.                              DEFINITIONS.  Capitalized terms used
herein and not otherwise defined shall have the meanings given such terms in
the Incentive Plan. Unless the context clearly indicates otherwise, the
following terms shall have the following meanings:

 

“Base Annual Retainer” means the annual
retainer (excluding Meeting Fees and expenses) payable by the Company to an
Independent Director pursuant to Section 4.1 hereof for service as a
director of the Company (i.e., excluding any Supplemental Annual Retainer), as
such amount may be changed from time to time.

 

“Board” means the Board of Directors of the
Company.

 

“Charter” means the articles of incorporation
of the Company, as such articles of incorporation may be amended from time to
time.

 

“Company” means Clarion Property Trust Inc.

 

“Effective Date” has the meaning set forth in
Section 6.3 of the Plan.

 

“Eligible Participant” means any person who
is an Independent Director on the Effective Date or becomes an Independent
Director while this Plan is in effect; except that during any period a director
is prohibited from participating in the Plan by his or her employer or
otherwise waives participation in the Plan, such director shall not be an
Eligible Participant.

 

“Independent Director” means a director of
the Company who is not a common law employee of the Company and who meets the
additional requirements set forth for an “independent director” in the Charter.

 

“Meeting Fees” means fees for attending a
meeting of the Board or one of its committees as set forth in Section 4.3
hereof.

 

“Plan” means this Clarion Property Trust Inc.
Independent Directors Compensation Plan, as amended from time to time.

 

“Plan Year(s)” means the approximate
twelve-month periods between annual meetings of the

 

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stockholders
of the Company, which, for purposes of the Plan, are the periods for which
annual retainers are earned.

 

“Supplemental Annual Retainer” means the
annual retainer (excluding Meeting Fees and expenses) payable by the Company to
an Independent Director pursuant to Section 4.2 hereof for service as the
chair of the Audit Committee of the Board, as such amount may be changed from
time to time.

 

“Stock” means the $0.01 par value common
stock of the Company.

 

ARTICLE 3

ADMINISTRATION

 

3.1.                              ADMINISTRATION.  The Plan shall be
administered by the Board.  Subject to
the provisions of the Plan, the Board shall be authorized to interpret the
Plan, to establish, amend and rescind any rules and regulations relating
to the Plan, and to make all other determinations necessary or advisable for
the administration of the Plan.  The
Board’s interpretation of the Plan, and all actions taken and determinations
made by the Board pursuant to the powers vested in it hereunder, shall be
conclusive and binding upon all parties concerned, including the Company, its stockholders
and persons granted awards under the Plan. The Board may appoint a plan
administrator to carry out the ministerial functions of the Plan, but the
administrator shall have no other authority or powers of the Board.

 

3.2.                              RELIANCE.  In administering the Plan, the Board may rely
upon any information furnished by the Company, its public accountants and other
experts.  No individual will have
personal liability by reason of anything done or omitted to be done by the
Company or the Board in connection with the Plan.  This limitation of liability shall not be
exclusive of any other limitation of liability to which any such person may be
entitled under the Company’s certificate of incorporation or otherwise.

 

ARTICLE 4

RETAINERS, MEETING FEES
AND EXPENSES

 

4.1.                              BASE ANNUAL
RETAINER.  Each Eligible
Participant shall be paid a Base Annual Retainer for service as a director
during each Plan Year.  The amount of the
Base Annual Retainer shall be established from time to time by the Board.  Until changed by the Board, the Base Annual
Retainer for a full Plan Year shall be $           . 
The Base Annual Retainer shall be payable in approximately equal
quarterly installments in advance, beginning on the date of the annual stockholders
meeting. A pro rata Base Annual Retainer will be paid to any person who becomes
an Eligible Participant on a date other than the beginning of a Plan Year,
based on the number of full months he or she serves as an Independent Director
during the Plan Year.  Payment of such
prorated Base Annual Retainer shall begin on the date that the person first
becomes an Eligible Participant, and shall resume on a quarterly basis thereafter.
 In no event shall any installment of the
Base Annual Retainer be paid later than March 15 of the year following the
year to which such installment relates.

 

4.2.                              AUDIT COMMITTEE CHAIRPERSON
SUPPLEMENTAL ANNUAL RETAINER.  The chairperson of the Audit Committee of the
Board shall be paid a Supplemental Annual Retainer for his or her service as
such chairperson during a Plan Year, payable quarterly at the same times as
installments of the Base Annual Retainer. The amount of the Supplemental Annual
Retainer for the chairperson of the Audit Committee shall be established from
time to time by the Board.  Until changed
by the Board, the Supplemental Annual Retainer for a full Plan Year for the
chairperson of the Audit Committee shall be $10,000. A pro rata Supplemental
Annual Retainer will be paid to any Eligible Participant who becomes the
chairperson of the Audit Committee of the Board on a date other than the
beginning of a Plan Year, based on the number of full months he or she serves
as a chairperson of the 

 

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Audit
Committee of the Board during the Plan Year. Payment of such pro rated
Supplemental Annual Retainer shall begin on the date that the person first
becomes chairperson of the Audit Committee, and shall resume on a quarterly
basis thereafter. In no event shall any installment of the Supplemental Annual
Retainer be paid later than March 15 following the end of the given
quarter.

 

4.3.                              MEETING FEES.  Each Independent Director shall be paid
Meeting Fees for attending meetings of the Board or its committees.  The amount of the Meeting Fees shall be
established from time to time by the Board. 
Until changed by the Board, the Meeting Fee for attending a meeting of
the Board or a committee of the Board in person shall be $2,000.  Until changed by the Board, the Meeting Fee for
participation in a telephonic meeting of the Board or a committee of the Board,
provided that minutes are kept at such telephonic meeting, shall be $1,000. If
an Independent Director attends a Board meeting and a committee meeting on a
single day, he or she shall receive $1,000 for each meeting subject to a
maximum of $2,000 for all meetings attended in one day. Meeting Fees shall be
payable on the date of the applicable meeting to which they relate.

 

4.4.                              TRAVEL EXPENSE REIMBURSEMENT.  All Eligible Participants
shall be reimbursed for reasonable travel expenses (including spouse’s expenses
to attend events to which spouses are invited) in connection with attendance at
meetings of the Board and its committees, or other Company functions at which
the Chief Executive Officer or Chair of the Board requests the Independent
Director to participate. Notwithstanding the foregoing, the Company’s
reimbursement obligations pursuant to this Section 4.4 shall be limited to
expenses incurred during such director’s service as an Independent
Director.  Such payments will be made
within 30 days after delivery of the Independent Director’s written requests
for payment, accompanied by such evidence of expenses incurred as the Company
may reasonably require, but in no event later than the last day of the
Independent Director’s tax year following the tax year in which the expense was
incurred.  The
amount reimbursable in any one tax year shall not affect the amount
reimbursable in any other tax year. 
Independent Directors’ right to reimbursement pursuant to this Section 4.4
shall not be subject to liquidation or exchange for another benefit.

 

ARTICLE 5

AMENDMENT, MODIFICATION AND TERMINATION

 

5.1.                              AMENDMENT, MODIFICATION AND
TERMINATION.  The Board
may, at any time and from time to time, amend, modify or terminate the Plan
without stockholder approval; provided, however, that if an amendment to the
Plan would, in the reasonable opinion of the Board, require stockholder
approval under applicable laws, policies or regulations or the applicable
listing or other requirements of a securities exchange on which the Stock is
listed or traded, then such amendment shall be subject to stockholder approval;
and provided further, that the Board may condition any other amendment or
modification on the approval of stockholders of the Company for any reason.

 

ARTICLE 6

GENERAL PROVISIONS

 

6.1.                              DURATION OF THE
PLAN.  The Plan shall remain in
effect until terminated by the Board.

 

6.2.                              EXPENSES OF THE PLAN.  The expenses of administering the Plan shall
be borne by the Company.

 

6.3.                              EFFECTIVE DATE.  The Plan was originally
adopted by the Board on                                      ,
2010, and became effective on that date (the “Effective Date”).

 

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*****

 

The foregoing is hereby acknowledged as being the Clarion
Property Trust Inc.  Independent
Directors Compensation Plan as adopted by the Board.

 

	
   

  	
  CLARION PROPERTY TRUST
  INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

4Filed by sedaredgar.com - Doral Energy Corp. - Exhibit 10.1

THIS AGREEMENT shall be effective the 1st day
of February, 2010. 

AMONG: 

DORAL ENERGY CORP., a
Nevada corporation, having an address at 415 West Wall, 
Suite 500 Midland,
TX 79701 

(hereinafter called the “Company")

OF THE FIRST PART 

AND: 

PAUL C. KIRKITELOS, of
111 N. Sepulveda Blvd., Suite 250, Manhattan Beach, CA 90266 

(hereinafter called "Kirkitelos") 

OF THE SECOND PART 

WHEREAS Kirkitelos has advised the Company that he is
resigning as an officer of the Company effective immediately,

NOW THEREFORE in consideration of Kirkitelos’ services
rendered to date, of the Company’s outstanding obligations to Kirkitelos, and of
the mutual covenants and agreements hereinafter provided, the parties have
agreed and do hereby agree as follows: 

1.                      
The Company shall maintain Kirkitelos’ insurance coverage under the Company’s
medical and dental benefits plans until February 29, 2012 at a level
substantially the same as the coverage provided to Kirkitelos under such plans
as of January 31, 2010.

2.                      
The Company acknowledges and agrees to pay to Kirkitelos $60,000 in currently
accrued but unpaid compensation for his services as an officer of the Company
(the “Unpaid Compensation”). The Company acknowledges it has no defense to
payment, nor any right of offset. In consideration of the foregoing, and of
Kirkitelos’ forbearance in seeking legal remedies to collect this sum and waiver
of all interest and penalties accrued as of January 31, 2010, concurrent with
the execution of this agreement, the Company will and hereby does deliver to
Kirkitelos and substitute for this debt a promissory note in the form attached
as Exhibit A hereto (the “Note”).

3.                      
Provided that: 

	 	(a) 	
      the Company receives an opinion from the Company’s legal
      counsel that the restrictive legend (the “Legend”) endorsed on all share
      certificates representing shares of the Company’s common stock owned by
      Kirkitelos as of the date of this Agreement (the “Kirkitelos Restricted
      Shares”) may be removed pursuant to the provisions of the Securities Act
      of 1933 and the rules and regulations promulgated thereunder
      (collectively, the “Securities Act”);

	 	 	 
	 	(b) 	
      the Kirkitelos Restricted Shares are owned by Kirkitelos
      or an entity controlled by Kirkitelos at the time the request to remove
      the Legend is received by the Company; and

	 	 	 
	 	(c) 	 Kirkitelos delivers to the Company such documentation,
        undertakings and other information as may reasonably be required by the
        Company’s legal counsel for the purpose of providing the opinion
        referred to in subsection 3(a); 

1

Then the Company shall remove the Legend from all share
certificates representing the Kirkitelos Restricted Shares, and shall not charge
Kirkitelos for the costs associated therewith, including the cost of the opinion
referred to in subsection 3(a). To the extent the legends properly may be
removed from less than all the Kirkitelos Restricted Shares consistent with the
foregoing conditions, the Company will have the legends removed from those
shares and, at such later time as more Legends properly may be removed, will
remove those Legends, with said process continuing until such time as all
Legends have been removed. 

4.                      
Kirkitelos hereby releases, waives, and forever discharges the Company, its
directors, officers, servants, agents, and attorneys (the “Company Releasees”)
from each, every, any, and all claims, actions, causes of action, suits, debts,
dues, sums of money, demands, and obligations, of every kind and nature
whatsoever, existing at law or in equity, and whether known or unknown,
suspected or unsuspected, that Kirkitelos has or may in the future have against
the Company Releasees. The Company, for itself and its officers and directors,
hereby releases, waives, and forever discharges Kirkitelos, together with his
spouses, beneficiaries, successors in interest, devisees, agents, attorneys, and
insurers, (the “Kirkitelos Releasees”) from each, every, any, and all claims,
actions, causes of action, suits, debts, dues, sums of money, demands, and
obligations, of every kind and nature whatsoever, existing at law or in equity,
and whether known or unknown, suspected or unsuspected, that the Company has, or
may in the future have against the Kirkitelos Releasees or any of them. Nothing
in this paragraph 4 shall release any claim, right, action, or cause of action
arising out of this Agreement. 

5.                      
With respect to the forgoing general releases, the parties each acknowledge and
waive all their rights under California Civil Code § 1542,
and all like laws and rules that apply or may apply. §1542 provides as follows:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT
KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR. 

6.                      
The parties, on behalf of themselves and their respective Releasees, each
covenant not to sue the other on any claim released or purported to be released
by this agreement. 

7.                      
The company agrees, and affirms its obligation to, defend and indemnity
Kirkitelos with respect to his actions as an officer and director of the Company
to the full extent allowed by applicable law. The company represents that it has
taken all action required to authorize this indemnity, include any amendments of
its articles of incorporation and/or corporate bylaws. 

8.                      
Kirkitelos acknowledges that this Agreement has been prepared by O’Neill Law
Group PLLC acting on behalf of the Company only and that he has been advised to
obtain independent legal advice, and has done so. 

9.                      
This Agreement supersedes any prior written or oral statements, agreements,
negotiations, and understandings between the parties relating to the subject
matter hereof. 

10.                     No
modification or amendment of this Agreement shall be valid unless in writing and
signed by or on behalf of all parties hereto. 

11.                     A
waiver of the breach of any term or condition of this Agreement shall not be
deemed to constitute a waiver of any subsequent breach of the same or any other
term or condition.

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12.                    
This Agreement is intended to be performed in accordance with, and only to the
extent permitted by, all applicable laws, ordinances, rules and regulations. If
any provision of this Agreement, or the application thereof to any person or
circumstance, shall, for any reason and to any extent, be held invalid or
unenforceable, such invalidity and unenforceability shall not affect the
remaining provisions hereof and the application of such provisions to other
persons or circumstances, all of which shall be enforced to the greatest extent
permitted by law.

13.                     This
Agreement shall inure to the benefit of and bind the parties hereto and their
respective successors and permitted assigns. 

14.                     Because
Kirkitelos was employed by the Company in the State of California, the laws of
the State of California govern. Jurisdiction and venue shall be proper only in
the state and federal courts located in Los Angeles County, California. 

15.                    
The signatories below each personally represent and warrant that he or she has
the legal authority to enter into this agreement on behalf of the person on
whose behalf he or she signs. All parties represent they have not sold,
assigned, transferred, or hypothecated any claim released or purported to be
released hereby. Each agrees to defend, indemnify, and hold the other harmless
of, from, and against all assertions by any party or third party of a claim that
was released or purported to be released from this agreement. The Company
represents that it has completed all corporate formalities required to authorize
the signatory below to bind it to this agreement. 

16.                     This
agreement may be executed in counterparts, each constituting an original and all
together constituting one and the same agreement. Faxed, scanned, and digital
signatures shall be effective as original signatures.

17.                     In
any litigation to enforce this agreement, the prevailing party shall recover its
reasonable attorney’s fees and costs.

IN WITNESS WHEREOF the parties have executed this
Agreement as of the day first above written. 

	  	 	DORAL ENERGY CORP. 
	  	 	by its authorized signatory: 
	  	 	  
	  	 	  
	  	 	  
	/s/ Paul C.
      Kirkitelos 	 	/s/
      E. Willard Gray, II 
	PAUL C. KIRKITELOS 	 	E. WILLARD GRAY, II 
	  	 	Chief Executive Officer

3

EXHIBIT A

SAMPLE PROMISSORY NOTE

	$60,000 (U.S.) 	Midland, Texas 
	 	 
	  	February 1, 2010 

FOR VALUE RECEIVED, the undersigned promises to pay on
demand to the order of PAUL C. KIRKITELOS the aggregate principal sum of
$60,000, together with interest thereon at the rate hereinafter provided.

Interest on the unpaid balance of the aforesaid principal
amount shall be paid at a rate equal to five percent (5%) per annum,
calculated annually not in advance from the date hereof and payable both before
and after maturity, default and judgment with interest on overdue interest at
the said rate. Interest at the aforesaid rate shall be payable annually on
August 1 of each year.

Extension of time of payment of all or any part of the amount
owing hereunder at any time or times or failure of the holder hereof to enforce
any of its rights or remedies hereunder or under any instrument securing this
note or any releases or surrender of property shall not release any party hereof
and shall not constitute a waiver of the rights of the holder hereof to enforce
such rights and remedies thereafter. 

The Company waives presentment, demand, notice, protest and
notice of dishonour and all other demands and notices in connection with the
delivery, acceptance, performance, default or enforcement of this Promissory
Note. 

The Company agrees this Promissory Note may be negotiated,
assigned, discounted, or pledged by the Payee and in every case payment will be
made to the holder of this Promissory Note instead of the Payee upon notice
being given by the holder to the undersigned, and no holder of this Promissory
Note will be affected by the state of accounts between the undersigned and the
Payee or by any equities existing between the undersigned and the Payee and will
be deemed to be a holder in due course and for the value of the Promissory Note
held by him. 

EXECUTED effective the 1st day of February, 2010 in
Midland, Texas. 

DORAL ENERGY CORP. 
by its authorized signatory: 

________________________________ 
E. Willard
Gray, II 
Chief Executive Officer

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