Document:

Exhibit 10.1

 

 

 

 

November
11, 2020

 

Warwink
Properties, LLC

500
W. Texas Ave., Ste 890

Midland,
TX 79701

 

McCabe
Petroleum Corporation

PO
BOX 11188

Midland,
TX 79702

 

	Attention:
	Mr. John Brda
	 	Mr.
Greg McCabe

 

RE:
Letter Agreement

 

Gentlemen,

 

This
letter reflects additional terms of our agreement regarding the sale of oil and gas assets, as referenced in the Assignment, Bill
of Sale and Conveyance dated November 11, 2020 and executed contemporaneous with this letter (“Assignment”). The terms
contained in this letter are intended to supplement the terms contained in the Assignment.

 

MECO
IV, LLC (“MECO”) is purchasing from Warwink Properties, LLC and McCabe Petroleum Corporation (collectively “Seller”)
all of their right, title and interest under the Warwink prospect in Winkler County, Texas, as said assets are more particularly
described in the Assignment (the “Assets”).

 

The
parties have agreed:

 

		1.	The
purchase price shall be $450,000.00 US (“Purchase Price”). The purchase price shall be allocated $100,000.00 to McCabe
Petroleum Corporation and $350,000.00 to Warwink Properties, LLC.
	 	 	 
	 	2.	As
                                         part of this transaction, MECO requires both McCabe Petroleum and Warwink Properties,
                                         LLC to sell their interest in the properties. McCabe Petroleum hereby directs MECO to
                                         pay its share of the Purchase Price to Warwink Properties, LLC. Any positive or negative
                                         adjustments to the Purchase Price attributable to the apportionment of pre and post Effective
                                         Date revenues and expenses shall be solely for the accounts of Warwink Properties, LLC
                                         and MECO.
	 	 	 
	 	3.	The
effective date of purchase and apportionment of revenues and expenses, for production purposes shall be 7:00 a.m., November 1,
2020 (“Effective Date”).
	 	 	 
	 	4.	Closing
shall occur on November 11, 2020. Closing shall be subject to the execution of (i) an Assignment and Bill of Sale in the form
attached hereto as Exhibit A, and (ii) a Preliminary Settlement Statement in the form attached hereto as Exhibit B. Within 60
days after the closing, MECO shall provide Sellers with a Final Settlement Statement, reconciling all remaining pre and post Effective
Date costs and expenses. The parties shall negotiate the Final Settlement Statement in good faith and once agreed upon, the Final
Settlement Statement shall be a final accounting between the parties with respect to this transaction. All amounts due to Warwink
Properties will be paid promptly thereafter. Provided, however, and for the avoidance of doubt, even though the parties anticipate
that some amount will be due to Warwink Properties, should the accounting determine otherwise, Warwink Properties will have no
obligation to pay any amounts to MECO with respect to the transaction.

 

 

    1 

     

    

 

	 	5.	Seller
shall have the right, for a period of ninety days from the date hereof, to present MECO with a bona fide, written offer from a
third party, to purchase the Assets and all of MECO’s interests in the Warwink prospect and more particularly, MECO’s
interests in and under the wells and leases that comprise the Assets, provided that the offer is not from a party with leasehold
interests within three miles of any of the Assets, and (ii) the decision of whether to accept the offer is solely MECO’s.
Should MECO, in its sole discretion accept such third party offer and should such transaction close with such third party, then
in the event the consideration for such transaction, as allocated to the Assets, exceeds the purchase price set forth above, as
adjusted for interim net cash flows “Adjusted Purchase Price”, then Seller shall be entitled to a finder’s fee
equal to one half of the positive difference between the Adjusted Purchase Price and the Purchase Price (as adjusted at the closing
between MECO and Seller).

 

Please
confirm your agreement to the terms of this letter agreement by signing below.

 

Sincerely,

 

MECO
IV, LLC

 

___/s/
Sam D. Winegrad ________

Name:
Sam D. Winegrad

Title:
 Manager

 

Agreed
to and Accepted November 11, 2020:

 

WARWINK
PROPERTIES, LLC

 

 

__/s/
John Brda__________________

Name:
John Brda

Title:
 President

 

MCCABE
PETROLEUM CORPORATION

 

___/s/
Greg McCabe______________

Name:
Greg McCabe

Title:
 President

 

 

    2Exhbit 10.1

 

THE SECURITIES REPRESENTED BY THIS NOTE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO SELL OR DISTRIBUTE THEM. THE SECURITIES MAY NOT BE TRANSFERRED, SOLD OR DISTRIBUTED UNLESS REGISTERED UNDER
THE ACT OR THE BORROWER RECEIVES AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE BORROWER THAT ANY SUCH TRANSFER, SALE OR DISTRIBUTION
IS EXEMPT FROM REGISTRATION UNDER THE ACT.

 

 

Principal Amount: US$__________Issue
Date: July [__], 2020

Purchase Price: US$__________

 

CONVERTIBLE PROMISSORY NOTE

 

FOR VALUE RECEIVED,
WEYLAND TECH, INC, a Delaware corporation (the “Borrower”) (Trading Symbol: WEYL), hereby promises to pay to the order
of ____________________(the “Holder”) the sum of US$__________ together with interest on the unpaid balance
of this Convertible Promissory Note (the “Note”) at the simple interest rate of ten percent (10%) (the “Interest
Rate”) per annum from the date hereof (the “Issue Date”) until the same becomes due and payable, whether at maturity
or upon acceleration or by prepayment or otherwise. The consideration payable to the Borrower for this Note is $__________ (the
“Consideration”). The Holder shall pay the Consideration simultaneously with the full execution of the transaction
documents related to this Note (collectively, the “Transaction Document’). The maturity date shall be twelve (12) months
from the Issue Date (the “Maturity Date”).

 

The following terms shall
also apply to this Note:

 

Article
I. CONVERSION RIGHTS

 

1.1 
Conversion Right. The Holder shall have the right following a Qualifying Event (as defined in 1.2.b) or, the Maturity
Date, in respect of the remaining outstanding principal amount of this Note to convert all or any part of the outstanding and unpaid
principal amount of this Note into fully paid and non-assessable shares of Common Stock. The number of shares of Common Stock to
be issued upon each Conversion of this Note shall be determined by dividing the Conversion Amount (as defined below) by the applicable
Conversion Price (as defined below) then in effect on the date specified in the notice of conversion (the “Notice of Conversion”),
delivered to the Borrower by the Holder. The term “Conversion Amount” means, with respect to any Conversion of this
Note, the sum of (1) the principal amount of this Note to be converted in such Conversion plus (2) at the Holder’s
option, accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Note as of the Conversion
Date, provided however, that the Borrower shall have the right to pay any or all interest in cash.

 

1.2 
Conversion Price.

 

(a)  
Preference Structure. The Note shall have a (1x) liquidation preference equal to one (1) times Holder’s investment
amount (the “Preference”) upon a Qualifying Event (as defined below). For purposes of the Preference, a Qualifying
Event shall be any of the following events: (i) a sale of any subsidiary. (ii) repayment to the Company in cash in full of amounts
advanced to Weyland Indonesia Perkasa (“WIP”), an Indonesian limited liability company, an “Associate”
of the Company, or (iii) upon the closing of a financing (or aggregated financings) of five million dollars ($5,000,000) or more,
in gross proceeds to the Company.

    

     

    

 

(b)  
Preference/ Conversion. Upon a Qualifying Event, the Holder: (i) would receive the Preference in cash, and (ii) the
outstanding principal and accrued interest on the Holder’s Note would automatically convert into the Company’s common
stock at a conversion price of $2.50 per share.

(c)  
Alternate Conversion Price. If no Qualifying Event occurs prior to the Maturity Date, then the Holder, at its sole
discretion, would have the right to be paid back principal with interest, or any portion thereof, or have the ability to convert
into (i) to request repayment of all or any portion of the outstanding principal and accrued interest on their Note, or (ii) to
convert all or any portion of the outstanding principal and accrued interest on its Note into the Company’s common stock
at a conversion price of $1.20 per share.

(d)  
Conversion Price Adjustment. The conversion price will be adjusted for any stock splits, stock dividends, recapitalizations
or otherwise.

(e)  
Registration Rights. The common stock underlying the Notes shall have full piggyback registration rights.

(f)   
Closing Date. On or before July 20, 2020.

 

1.3 
Method of Conversion.

 

(a)  
Mechanics of Conversion. Subject to Section 1.1, this Note may be converted by the Holder, by submitting to the Borrower
a Notice of Conversion by e-mail. Holder agrees to execute and deliver to the Borrower all transaction documents necessary for
the conversion.

 

(b)  
Surrender of Note Upon Conversion. The Holder shall surrender this Note, duly endorsed, by email to the Borrower.
Upon conversion of this Note, the Borrower will be forever released from all of its obligations and liabilities under this Note
with regard to that portion of the principal amount and accrued interest being converted including without limitation the obligation
to pay such portion of the principal amount, and accrued interest.

(c)  
Delivery of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder by e-mail of a Notice of Conversion
meeting the requirements for conversion as provided in this Section 1.3, the Borrower shall issue and deliver or cause to be issued
and delivered to or upon the order of the Holder certificates for the Common Stock issuable upon such conversion in accordance
with the terms hereof.

 

(d)  
Delivery of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common
Stock issuable upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast
Automated Securities Transfer (“FAST”) program, upon request of the Holder, the Borrower shall use its commercially
reasonable best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion to the
Holder.

    

     

    

 

 

1.4 
Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred
unless (i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer
agent shall have been furnished with an opinion of counsel to the effect that the shares to be sold or transferred may be sold
or transferred pursuant to an exemption from such registration or (iii) such shares are sold or transferred pursuant to Rule 144
under the Act (“Rule 144”).

1.5 
Prepayment. All payments shall be made in lawful money of the United States of America at such place as the Holder
hereof may designate in writing to the Company. This Note may be prepaid in whole or in part at any time without penalty.

1.6 
Application of Payments. All payments made by the Borrower under this Note will be applied first to the interest
accrued and unpaid on the unpaid principal balance, and the remainder to the principal.

Article
II. MISCELLANEOUS

 

2.1 
Purchase Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the
Purchase Agreement.

 

2.2 
Maximum Interest Rate. Notwithstanding anything to the contrary contained herein, under no circumstances shall the
aggregate amount paid or agreed to be paid hereunder exceed the highest lawful rate permitted under applicable usury law (the “Maximum
Rate”) and the payment obligations of Company under this Note are hereby limited accordingly. If under any circumstances,
whether by reason of advancement or acceleration of the maturity of the unpaid principal balance hereof or otherwise, the aggregate
amounts paid on this Note shall include amounts which by law are deemed interest and which would exceed the Maximum Rate, Company
stipulates that payment and collection of such excess amounts shall have been and will be deemed to have been the result of a mistake
on the part of both Company and Holder, and the party receiving such excess payments shall promptly credit such excess (to the
extent only of such payments in excess of the Maximum Rate) against the unpaid principal balance hereof and any portion of such
excess payments not capable of being so credited shall be refunded to Company.

 

2.3 
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower
and the Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
as originally executed, or if later amended or supplemented, then as so amended or supplemented.

 

2.4 
Assignability. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Notwithstanding the foregoing, the Holder may not assign, pledge, or otherwise transfer
this Note without the prior written consent of the Company. This Note may be transferred by Holder only upon surrender of the original
Note for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory
to the Company. Thereupon, a new note for the same principal amount and interest will be issued to, and registered in the name
of, the transferee. Interest and principal are payable only to the registered holder of this Note.

    

     

    

 

 

2.5 
Notices. Any notice required or permitted by this Note shall be in writing and shall be deemed sufficient upon receipt,
when delivered personally or by courier, overnight delivery service or email, or being deposited in the U.S. mail as certified
or registered mail with postage prepaid, if such notice is addressed to the party to be notified at such party’s address
or email address or as subsequently modified by written notice. The addresses for such communications shall be:

If to the Company, to:

 

Weyland Tech Inc.

85 Broad Street, 16-079

New York, NY 10004

Attn: Brent Suen

E-mail: info@weyland-tech.com

 

If to the Buyer:

 

Address:_______________

E-Mail: _______________

 

Each party shall provide notice to
the other party of any change in address.

 

2.6 
Governing Law. This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties
hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect
to principles of conflicts of law. Any action brought by either party against the other concerning the transactions contemplated
by this Note or any other agreement, certificate, instrument or document contemplated hereby shall be brought only in the state
courts of New York or in the federal courts located in the state of New York.

 

2.7 
Members and Managers Not Liable . In no event shall any member, manager or employee of the Company or Manager be
liable for any amounts due or payable pursuant to this Note.

 

2.8 
Counterparts. This Note may be executed in any number of counterparts, each of which will be deemed to be an original
and all of which together will constitute a single agreement.

 

[signature page follows]

 

 

    

     

    

 

IN WITNESS WHEREOF, the undersigned Holder and the Borrower have
caused this Agreement to be duly executed as of the date first above written.

 

 

WEYLAND
TECH INC.

 

 

By:________________________________

Name: Brent Suen

Title: Chief Executive Officer

 

 

 

Holder

 

 

By:_________________________________

Name:

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