Document:

Exhibit 10.2

Letter of Intent

 

The Parties:

Richard A. DiClaudio

Vice President

Blue Tip Energy Wyoming, Inc.

15810 Park Ten Place, Ste. 160

Houston, TX 77084

 

T-Rex Oil, Inc. ("Purchaser")

520 Zang Street

Broomfield, CO 80021

In consideration of the mutual covenants, the acknowledgment,
sufficiency and receipt thereof is hereby acknowledged, the parties enter into
this Letter of Intent and hereby evidence their intent to negotiate a Purchase
and Sale Agreement for the purchase of certain oil and gas assets principally
located in the in Natrona and Converse counties in the State of Wyoming.    

Seller owns
13,826 gross mineral acres including 15 producing wells in Natrona and Converse
counties in the State of Wyoming.  The parties agree to diligently and in good
faith negotiate and enter into a definitive purchase and sale agreement by September
20, 2015.

	
  Purchase
  Price:

  	
  $4,400,000

  
	

  	

  
	
   	
   
	
  Net
  Revenue Interest:

  	
  Approximately
  77.3 percent

  
	

  	

  
	
   	
   
	
  Purchase
  and Sale Agreement:

  	
  Executed
  by September 15, 2015

  
	

  	

  
	
   	
   
	
  Non-Refundable
  deposit on execution of purchase and sale agreement:

  	
  $875,000.00

  
	

  	

  
	
   	
   
	
  Closing:

  	
  November
  15 to December 15, 2015

  
	

  	

  
	
   	
   
	
  Effective
  Date:

  	
  First day
  of the month of actual closing but no later than December 1, 2015

  
	

  	

  
	
   	
   
	
  Due
  Diligence:

  	
  Seller will
  provide complete access to Seller's records and data in order for Buyer to
  perform its due diligence of the subject property.

  

 

1.
Pre-Closing Activities; Conditions Precedent.  Prior to the
Closing, Seller will not change or amend any terms, conditions, or provisions
of the mineral interests. 

 

2.
Exclusivity Period.  During the term of this Letter of Intent,
Seller and Purchaser agree that they will not conduct discussions or
negotiations or commit to any transaction involving the interests described herein
other than the transaction contemplated hereby prior to September  15, 2015
(and further agree that any currently pending discussions or negotiations shall
be terminated during this period).  

 

3. 
Economic Points of the Transaction.  At the Closing, Purchasers
will purchase the interests referred to herein for cash.    

 

4. 
Additional Terms   

a. Due
Diligence.  The Purchaser will conduct a due diligence investigation of the
subject assets. Seller agrees to provide the Purchaser and their agents and
representatives with any and all due diligence data and documents requested,
including but not limited to, all well files, logs, title information, farmout,
geological, geophysical text and production data, and any geological
evaluations, reservoirs models, studies or estimates, or geological prospect
write-ups or descriptions, contracts, corporate documents and minutes and
evidence of Seller's good standing in the State of Wyoming.  

b. Fees
and Expenses.  Each party will bear its own fees and expenses incurred in
connection with the transaction. 

c.  Confidentiality. 
Except as and to the extent required by law, no party will disclose or use and
will direct its representatives not to disclose or use any information with
respect to the transaction contemplated herein, without the consent of the
other party or as provided in a confidentiality agreement.

d.  Brokers
or Finders.  There are no brokers or finders involved in the transaction. 

e.  Sellers
Indemnification.  Sellers to indemnify Purchasers with respect to any
breach of Seller's warranties and representations, which shall be limited to
authority, breach of other agreement, and title issues 

f. 
Governing Law.  Colorado

g. Title. 
Title to the mineral assets shall be free and clear of liens and encumbrances

 

h. Non-binding
Letter of Intent.  Other than with respect to subsection 2 above, the
matters set forth in this Letter of Intent constitute an expression of our
mutual intention only and do not constitute a binding agreement among the
parties with respect to the transaction.  Any such binding agreement would only
arise as a result of the negotiation, execution and delivery of a written
Purchase and Sale Agreement as contemplated hereby having terms and conditions
satisfactory to the parties to such agreement.  No party hereto may bring any
claim or action against any other party hereto as a result of a failure to
agree on or enter into any definitive agreement as contemplated herein.

5. 
Confidential Information. As used herein, the term "Confidential
Information" shall mean the following: 

 

a.  The
fact or existence of discussions between Disclosing Party and Receiving party
regarding a potential Relationships, and the terms or potential terms thereof;

 

b. All
information related to the Project;

 

c.  All
information labeled or otherwise identified in writing as "confidential"
or "proprietary" by Disclosing Party or Receiving Party;

 

d. All
information made known by the Disclosing Party to Receiving Party concerning
the following items of the Disclosing Party: gas, oil, or minerals development
interests, financial institutions, potential financing entities and partners,
products, business, marketing and product development plans, customer and
supplier lists and records, business records, employee, officer and consultant
information, financial statements, technical information, pricing, discount and
cost information, contractual terms and conditions, correspondence and other
proprietary information, including without limitation any and all data,
technology, research, inventions, tools, prototypes, intellectual property,
trade secrets, know-how, formulations, files, software, compositions, works of
authorship, samples, processes, methods and the like, and all information
relating to past, present and future research, development and business activities
of a nature generally considered confidential or proprietary in the business
world;

 

e.   All
information relating to possible financing arrangements by Disclosing Party;
and 

 

 

 

f.  All information regarding ideas, models, designs, business products,
services or processes or other items that Receiving Party could develop,
implement and/or integrate in its business or affairs based on any of the
above. 

Notwithstanding
the above, the following information shall not be deemed Confidential Information:
(i) information which is or becomes part of the public domain through no
wrongful act of the Receiving Party, (ii) information which is rightfully
received by the Receiving Party from a third party without restriction and
without breach of this Agreement, (iii) information which is approved for
release by written authorization of an officer of the Disclosing Party, (iv)
information which is required to be disclosed pursuant to the order of a court
of governmental agency or operation of law, (v) information and documents
gathered in the course of due diligence by the Receiving Party related to
entity structure, individuals and project location of (vi) information which
the Receiving Party demonstrates to have been lawfully in possession of prior
to receipt thereof from the Disclosing Party.

The undersigned acknowledge, accept and agree to this Letter of Intent
as of August 24, 2015.

 
Seller:  Blue Tip Energy Wyoming, Inc.

                                                                        

By:
_/s/Richard A. DiClaudio______________

Name:
Richard A. DiClaudio

Title:
Vice President

 

 

 Purchaser: T-Rex Oil, Inc.

 

By:
_/s/ Donald Walford_______________

Name:
Donald Walford

Title:
 CEOExhibit

Exhibit 10.1
	
			
	

	www.DicksSportingGoods.com
	 
	345 Court Street · Coraopolis, PA 15108

	 
	 
	Main Phone: 724-273-3400

May 20, 2015

Teri L. List-Stoll
5792 Pine Ridge Court
Petoskey, MI 49770

Dear Teri:

It is our great pleasure to inform you that you have been selected to be a member of the DICK'S Sporting Goods Team. At DICK'S we continually search for the finest candidates who share our passion for sports and our belief that sports make people better. Like the most successful athletes, our professionals are driven, skilled, passionate and committed, and we believe you are someone who exhibits these same valuable traits, day in and day out, both personally and professionally. 

Enclosed is important information about our organization, your individual position, compensation and benefits. Please review the attached materials and contact me at 724-273-3220 with any questions. The major provisions of your offer are as follows:

Position: Your position is Executive Vice President, Chief Financial Officer. This position is based in our Store Support Center, and you will report to me. We look forward to having you begin employment on a date to be determined.

Base Pay: Your bi-weekly rate of pay will be $28,846.15 annualized to $750,000. DICK'S Sporting Goods associates are paid every other Friday, one week in arrears (one week behind the most current workweek you've completed). The workweek starts on Sunday and runs through Saturday.

Sign-on Bonus: You will receive a one-time sign-on bonus of $150,000 to be paid with your first paycheck. All applicable federal, state and local taxes will be withheld from this payment.

Annual Incentive: Your target incentive award is 75% of your eligible earnings. The award can range from 0% to 150%, based on company and individual performance. Your next opportunity for a prorated incentive award will be in the Spring of 2016 based on fiscal year 2015 results. 

Sign-on Equity: You will receive a sign-on equity grant valued at $2,000,000 consisting of a stock option grant valued at $600,000 that will vest at 25% each year over a four year period, a stock option grant valued at $600,000 that will cliff vest after five years, a restricted stock grant valued at $400,000 that will cliff vest after three years and a restricted stock grant valued at $400,000 that will cliff vest after five years.

Annual Equity: Your target equity award is $900,000. The award can range from $0 to $1,350,000 based on company and individual performance. Your next opportunity for an annual equity grant will be in the Spring of 2016.

Long-term Incentive Plan: You are eligible to participate in our existing DICK'S Sporting Goods long-term incentive plan (LTIP). Additional plan details will be provided during your orientation.

Relocation: You are eligible to participate in our relocation program. A copy of the relocation policy is enclosed.

Health & Welfare Benefits: As a full-time salaried associate, after 30 days of continuous full-time service, you are eligible to participate in the full range of benefits, including medical, prescription, vision, dental, life and disability insurances, as well as retirement plans. Additional information on the benefit plans can be found at www.benefityourliferesources.com.

Paid Time Off: Your vacation time will accrue on a bi-weekly basis up to a total of 160 hours on an annual basis (the equivalent of 20 eight-hour days) starting with your hire date. Three personal days are awarded at the beginning of each calendar year and are prorated over the course of the year for new hires. Based on your hire date, you will be awarded two personal days for use in 2015. In addition, the Store Support Center observes seven paid holidays each year.

Terms: This offer is contingent upon a satisfactory background check. You will receive a separate email with a link directing you to our screening process. DICK'S is an at-will employer, which means that either you or DICK'S are free to end the employment relationship at any time, with or without notice or cause. All compensation and benefit plans are governed by their respective plan documents.

In addition, the following documents are enclosed and need to be executed prior to your start date. Please review, sign and forward to my attention. 
		
	•
	Non-Compete Agreement

		
	•
	Sign-on Bonus Agreement

		
	•
	Relocation Agreement

On your first day of employment, you will be required to provide documentation indicating that you are legally eligible for employment in the United States. A list of acceptable forms of identification is enclosed. If you decide to accept our offer, please bring the appropriate identification with you on your first day of employment.

We hope that you'll accept our offer of employment by signing and returning this letter to me.

Once again, we'd like to congratulate you on your offer. Please let me know if I can be of any help to you between now and your first day of employment. We look forward to welcoming you to the DICK'S team and building a future of success together. 

	
				
	Sincerely,
	 
	 
	 

	 
	 
	 
	 

	/s/ EDWARD W. STACK
	 
	 
	 

	Edward W. Stack
	 
	 
	 

	Chairman and Chief Executive Officer
	 
	 
	 

	
				
	I accept the above offer of employment:

	 
	 
	 
	 

	/s/ TERI L. LIST-STOLL
	 
	 
	Date: June 1, 2015

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