Document:

Warrant

 Exhibit 10.16 
 FORM OF WARRANT 
 Neither these securities nor the securities into which these securities are exercisable have
been registered with the Securities and Exchange Commission or the securities commission of any state in reliance upon an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”), and,
accordingly, may not be offered for sale, sold or otherwise disposed of except pursuant to an effective registration statement filed under the Securities Act or pursuant to an exemption from registration under such act and in compliance with
applicable state securities or blue sky laws. 
 W No. 1 
 UNITED REFINING ENERGY CORP. 
 COMMON STOCK WARRANT 
 This certifies that United Refining, Inc. (“Holder”) is entitled to purchase, subject to the terms and conditions of this Warrant, from
United Refining Energy Corp., a Delaware corporation (the “Company”), TWO MILLION FIVE HUNDRED THOUSAND (2,500,000) fully paid and non assessable shares of the Company’s Common Stock, par value $0.001 per Share
(“Common Stock”), in accordance with Section 2 during the period commencing on the effective date of the Company’s registration statement for its initial public offering and ending at 5:00 p.m. EST, five
(5) years from the effective date of the registration statement relating to the Company’s initial public offering (the “Expiration Date”), at which time this Warrant will expire and become void unless earlier terminated as
provided herein. The shares of Common Stock of the Company for which this Warrant is exercisable, as adjusted from time to time pursuant to the terms hereof, are hereinafter referred to as the “Shares.” 
 1. Exercise Price. The initial purchase price for the Shares shall be $12.50 per share. Such price shall be subject to adjustment pursuant
to the terms hereof (such price, as adjusted from time to time, is hereinafter referred to as the “Exercise Price”). 
 2. Exercise and Payment. Commencing on the date hereof, this Warrant may be exercised, in whole or in part, from time to time by the Holder, during the term hereof, by surrender of this Warrant and the Exercise Agreement
annexed hereto duly completed and executed by the Holder to the Company at the principal executive offices of the Company, together with payment in the amount obtained by multiplying the Exercise Price then in effect by the number of Shares thereby
purchased, as designated in the Exercise Agreement. Payment may be in cash, by wire transfer of immediately available funds to an account specified by the Company or by cashier’s check payable to the order of the Company. 
 3. Reservation of Shares. The Company hereby agrees that at all times there shall be reserved for issuance and delivery upon exercise of
this Warrant such number of shares of Common Stock or other shares of capital stock of the Company as are from time to time issuable upon exercise of this Warrant. All such shares shall be duly authorized, and when issued upon such exercise, shall
be validly issued, fully paid and non-assessable, free and clear of all liens, security interests, charges and other encumbrances or restrictions on sale and free and clear of all preemptive rights. 
 4. Delivery of Stock Certificates. Within a reasonable time after exercise, and in no event more than 7 business days thereafter, in whole
or in part, of this Warrant, the Company shall issue in the name of and deliver to the Holder a certificate or certificates for the number of 

 
fully paid and nonassessable shares of Common Stock which the Holder shall have requested in the Exercise Agreement. If this Warrant is exercised in part,
the Company shall deliver to the Holder a new Warrant for the unexercised portion of this Warrant at the time of delivery of such stock certificate or certificates. 
 5. No Fractional Shares. No fractional shares or scrip representing fractional shares will be issued upon exercise of this Warrant. If upon any exercise of this Warrant a fraction of a share results, the
Company will pay the Holder the difference between the fair market value of the fractional share and the portion of the Exercise Price allocable to the fractional share. 
 6. Charges, Taxes and Expenses. The Company shall pay all transfer taxes or other incidental charges, if any, in connection with the transfer of the Shares purchased pursuant to the exercise hereof from
the Company to the Holder. 
 7. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to the Company, and upon reimbursement to the Company of all
reasonable expenses incidental thereto, and upon surrender and cancellation of this Warrant, if mutilated, the Company will make and deliver a new Warrant of like tenor and dated as of such cancellation, in lieu of this Warrant. 
 8. Saturdays, Sundays, Holidays, Etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall be a Saturday or a Sunday or shall be a legal holiday, then such action may be taken or such right may be exercised on the next succeeding weekday which is not a legal holiday. 
 9. Adjustment of Exercise Price and Number of Shares. The Exercise Price and the number of and kind of securities purchasable upon exercise
of this Warrant shall be subject to adjustment from time to time as follows: 
 (a) Subdivisions, Combinations and Other Issuances. If
the Company shall at any time after the date hereof but prior to the expiration of this Warrant subdivide its outstanding securities as to which purchase rights under this Warrant exist, by stock split or otherwise, or combine its outstanding
securities as to which purchase rights under this Warrant exist, the number of Shares as to which this Warrant is exercisable as of the date of such subdivision, stock split or combination shall forthwith be proportionately increased in the case of
a subdivision, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the Exercise Price, but the aggregate purchase price payable for the total number of Shares purchasable under this Warrant as of
such date. 
 (b) Merger. If at any time after the date hereof there shall be a merger or consolidation of the Company with or into
another corporation when the Company is not the surviving corporation, then lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this Warrant, during the period specified herein and upon payment
of the aggregate Exercise Price then in effect, the number of shares or other securities or property of the successor corporation resulting from such merger or consolidation, which would have been received by Holder for the shares of stock subject
to this Warrant had this Warrant been exercised prior to such merger or consolidation. 
  

 (c) Reclassification, Etc. If at any time after the date hereof there shall be a change or
reclassification of the securities as to which purchase rights under this Warrant exist into the same or a different number of securities of any other class or classes, then the Holder shall thereafter be entitled to receive upon exercise of this
Warrant, during the period specified herein and upon payment of the Exercise Price then in effect, the number of shares or other securities or property resulting from such change or reclassification, which would have been received by Holder for the
shares of stock subject to this Warrant had this Warrant at such time been exercised. 
 10. Notice of Adjustments; Notices.
Whenever the Exercise Price or number of Shares purchasable hereunder shall be adjusted pursuant to Section 9 hereof, the Company shall execute and deliver to the Holder a certificate setting forth, in reasonable detail, the event requiring the
adjustment, the amount of the adjustment, the method by which such adjustment was calculated and the Exercise Price and number of and kind of securities purchasable hereunder after giving effect to such adjustment, and shall cause a copy of such
certificate to be mailed (by first class mail, postage prepaid) to the Holder. 
 11. Rights As Stockholder; Notice to Holders.
Nothing contained in this Warrant shall be construed as conferring upon the Holder or his or its transferees the right to vote or to receive dividends or to consent or to receive notice as a shareholder in respect of any meeting of shareholders for
the election of directors of the Company or of any other matter, or any rights whatsoever as shareholders of the Company. The Company shall give notice to the Holder by registered mail if at any time prior to the expiration or exercise in full of
the Warrants, any of the following events shall occur: 
 (a) dissolution, liquidation or winding up of the Company shall be proposed;

 (b) a capital reorganization or reclassification of the Common Stock (other than a subdivision or combination of the outstanding Common
Stock and other than a change in the par value of the Common Stock) or any consolidation or merger of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does
not result in any reclassification or change of Common Stock outstanding) or in the case of any sale or conveyance to another corporation of the property of the Company as an entirety or substantially as an entirety; or 
 (c) a taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to
receive any dividend (other than a cash dividend) or other distribution, any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other rights. 
 Such giving of notice shall be simultaneous with the giving of notice to holders of Common Stock. Such notice shall specify the record date or the date
of closing the stock transfer books, as the case may be. Failure to provide such notice shall not affect the validity of any action taken in connection with such dividend, distribution or subscription rights, or proposed merger, consolidation, sale,
conveyance, dissolution, liquidation or winding up. 
 12. Restricted Securities; Registration Rights. The Holder understands
that this Warrant and the Shares purchasable hereunder constitute “restricted securities” under the federal securities laws inasmuch as they are, or will be, acquired from the Company in transactions not involving a public offering and
accordingly may not, under such laws and applicable regulations, 

 
be resold or transferred without registration under the Securities Act of 1933, as amended (the “Securities Act”) or an applicable exemption
from such registration. Unless the Shares are registered in accordance with the requirements of the Securities Act, the Holder further acknowledges that a securities legend substantially in the form appearing on the first page of this Warrant shall
be placed on any Shares issued to the Holder upon exercise of this Warrant. 
 13. Certification of Investment Purpose. Unless
a current registration statement under the Securities Act shall be in effect with respect to the securities to be issued upon exercise of this Warrant, the Holder covenants and agrees that, at the time of exercise hereof, it will deliver to the
Company a written certification executed by the Holder that the securities acquired by him upon exercise hereof are for the account of such Holder and acquired for investment purposes only and that such securities are not acquired with a view to, or
for sale in connection with, any distribution thereof. This Warrant is acquired by the Holder for investment purposes, and not with a view to, or for sale in connection with, any distribution thereof. The Holder is experienced in business and
financial matters and has the capacity to protect the Holder’s interests. The Holder is an “accredited investor” as defined in Rule 501(a) promulgated under the Securities Act. 
 14. Miscellaneous. 
 (a)
Construction. Unless the context indicates otherwise, the term “Holder” shall include any transferee or transferees of this Warrant, and the term “Warrant” shall include any and all warrants outstanding pursuant to this
Agreement, including those evidenced by a certificate or certificates issued upon division, exchange or substitution. 
 (b) Notices.
Unless otherwise provided, any notice required or permitted under this Warrant shall be given in writing and shall be deemed effectively given upon personal delivery to the party to be notified or three (3) days following deposit with the
United States Post Office, by registered or certified mail, postage prepaid and addressed to the party to be notified (or one (1) day following timely deposit with a reputable overnight courier with next day delivery instructions), or upon
confirmation of receipt by the sender of any notice by facsimile transmission, at the address indicated below or at such other address as such party may designate by ten (10) days’ advance written notice to the other parties. 

 

					
	To Holder:	  	United Refining, Inc.	  	
		  	  
	  	
		  	  
	  	
			
	To the Company:	  	United Refining Energy Corp.	  	
		  	823 Eleventh Avenue	  	
		  	New York, New York 10016	  	

 (c) Governing Law. This Warrant shall be governed by and construed under the laws of the
State of New York. 
 (d) Entire Agreement. This Warrant, the exhibits and schedules hereto, and the documents referred to herein,
constitute the entire agreement and understanding of the parties hereto with respect to the subject matter hereof, and supersede all prior and contemporaneous agreements and understandings, whether oral or written, between the parties hereto with
respect to the subject matter hereof. 

 (e) Binding Effect. This Warrant and the various rights and obligations arising hereunder shall
inure to the benefit of and be binding upon the Company and its successors and assigns, and Holder and its successors and assigns. 
 (f)
Waiver; Consent. This Warrant may not be changed, amended, terminated, augmented, rescinded or discharged (other than by performance), in whole or in part, except by a writing executed by the parties hereto, and no waiver of any of the
provisions or conditions of this Warrant or any of the rights of a party hereto shall be effective or binding unless such waiver shall be in writing and signed by the party claimed to have given or consented thereto. 
 (g) Severability. If one or more provisions of this Warrant are held to be unenforceable under applicable law, such provision shall be excluded
from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and the balance shall be enforceable in accordance with its terms. 
 (h) Counterparts. This Warrant may be signed in several counterparts, each of which shall constitute an original. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly exercised effective as of November 30, 2007. 
  

			
	UNITED REFINING ENERGY CORP.
		
	By:	 	  

		 	John A. Catsimatidis, Chief Executive Officer

 EXHIBIT A TO WARRANT 
 NOTICE OF EXERCISE 
  

					
	To:	  	United Refining Energy Corp.	  	 Dated:                            

	Attn:	  	Chief Financial Officer	  	

 The undersigned, registered holder of the Warrant to Purchase Common Stock delivered herewith,
hereby irrevocably exercises such warrant for, and purchases thereunder,              shares of Common Stock of United Refining Energy Corp., a Delaware corporation, and herewith
makes payment of the warrant price of $             for such shares in full. 
  

			
	INVESTOR	 	
		
	Signature:	 	  

		
	Print Name:	 	  

		
	Address:	 	  

		
		 	  

		
		 	  

		
	Telephone:	 	  

		
	Facsimile:Paul Oldham offer letter

 Exhibit 10.1 
 

 
 Electro Scientific Industries, Inc. 
 13900 N.W. Science Park Drive 
 Portland, Oregon 97229-5497 
 (503) 641-4141 • Fax (503) 671-5454 
 November 26, 2007 
 Paul Oldham 
 16929 SW Arbutus Drive 
 Beaverton, OR 97007 
 Dear Paul: 
 I am pleased to
extend to you an offer of employment to join ESI as Vice President of Administration, Chief Financial Officer and Corporate Secretary, reporting directly to me. You will also have functional responsibility for Human Resources, IT, Legal and
Facilities and your expected start date will be on or before January 7, 2008. Your position qualifies you to be elected as a 16b officer. Your election as a 16b officer of the Company will require Board approval (which I expect to obtain at the
Board meeting prior to your start date). 
 The terms of the offer are as follows: 
 You will receive an annual base salary of two hundred eighty thousand dollars ($280,000.00), paid semi monthly. 
 Under the
FY08 plan, you are targeted to receive a cash bonus equal to 60% of your base salary if certain company and individual performance targets (as ratified by the Compensation Committee in its sole discretion) are achieved. The bonus target is made of 3
elements; 1/3 based on company revenue, 1/3 based on operating profit and 1/3 MBOs based that we will agree to within the first 30 days of your employment. If company performance targets are exceeded you may receive up to an amount not to exceed
200% of your bonus target. Your bonus for FY08 will be prorated for the fiscal year based on the period you worked for ESI during the 2008 fiscal year. 
 You will receive a non qualified option to purchase eighty thousand (80,000) shares of ESI common stock issued as an inducement grant with terms substantially as set forth in ESI’s 2004 Stock Incentive Plan.. One quarter of these
options shall vest on each of the first four anniversaries of the grant date. The option price will be the market closing price on your first day of employment. For information about the stock incentive plan, refer to the 2004 Stock Incentive Plan
Prospectus as amended in 2005. 
 You will also be granted fifteen hundred (1500) RSUs that will be issued on your first date of employment. These RSUs
will vest on July 1, 2008. 
 You are eligible to participate in ESI’s non-qualified deferred compensation plan. 
 You will also be covered by a change in control agreement (CIC) with terms established by the Board of Directors in May of 2006. A CIC agreement will be given to you
separately to execute on your first day of employment. 
 As a regular full-time employee, you are eligible to participate in ESI’s employee benefit
program. The benefits available to you are defined in plan documents which may change from time to time. Refer to the enclosed 2007 Benefit Program for a summary of ESI’s current benefits. 
  

 Your performance and salary will be reviewed annually in accordance with ESI’s employment policies. 
 The following are pre-conditions to your employment with ESI: 
 1. In
accordance with the Immigration Reform & Control Act of 1986, employment in the United States is conditional upon proof of eligibility to legally work in the United States by completing the Employment Eligibility Verification Form (I-9).
You are required to present one document from Column A or one document from column B and one document from column C (view the attached list) on your first day of employment. If you do not have sufficient documents, please contact me prior to your
first day of employment as your employment may be impacted. You must also present a valid social security card in order to satisfy IRS and Social Security Administration requirements. (Note: The social security card may also be used to satisfy the
column C requirement as explained above.) 
 2. As an employee of ESI you will have access to confidential information and you may, during the course of your
employment, develop information or inventions which are the property of ESI. To protect the interests of ESI, you are required to sign and return the Company’s standard “Employee Confidentiality and Assignment Agreement”. We wish to
impress upon you that we do not wish you to bring with you any confidential or proprietary material of any former employer or to violate any other obligations you may have to your former employer; ESI is making this offer on the understanding that
you are not subject to any non-compete or other agreement that would restrict your employment at ESI. 
 This offer is contingent upon satisfactory
completion of reference check. 
 I am very excited about your joining ESI and look forward to a beneficial and productive relationship. This offer of
employment is extended to you through the end of business, Tuesday, November 27, 2007. This letter outlines all aspects of the employment offer discussed with you. If you agree that this letter is correct in all aspects and you accept our offer
of employment, please sign and fax a copy of this letter to Tracey Jerijervi at 503-671-5454 on or before Tuesday, November 27, 2007 and return the original and both copies of the enclosed Confidentiality Agreement and the Application for
Employment prior to your start date. 
 On your first day, please come to the reception area on our campus at 13900 N.W. Science Park Drive and ask for my
assistant, Shay McDonald. A representative from Human Resources will assist you with the completion of various employment documents on your first day. 
 I
look forward to your employment at ESI. 
  

	
	Sincerely,
	
	  
	Nick Konidaris
	Chief Executive Officer
	Electro Scientific Industries

  

	 	•	 	 Invitation to Self Identify Form 

  

	 	•	 	 Introduction to Code of Conduct & Business Practices 

  

	 	•	 	 2007 Benefits Summary 

  

	 	•	 	 Code of Conduct Acknowledgement Form 

  

	 	•	 	 Employee Handbook 

  

	 	•	 	 Employee Handbook Acknowledgment Form 

 Offer
Acceptance 
 I accept this offer of employment. In so doing, I understand that I must complete the contingencies outlined herein, and agree that my
employment with ESI is at-will, that I am not employed for any specified duration and that my employment may be terminated by myself or the Company at any time, with or without cause and with or without notice. 
  

					
			
	  	 		 	  
	Signature	 		 	Date

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