Document:

Silver Pearl Enterprises, Inc. Exhibit 10.1

CONSENT OF CERTIFIED PUBLIC ACCOUNTANTS

We consent to the use of our report dated March 25, 2005 on the financial statements of Silver Pearl Enterprises, Inc. as of December 31, 2004, and the related statements of operations, stockholders’ equity and cash flows for the period from May 4, 2004 (Date of Inception) through December 31, 2004, and the inclusion of our name under the heading “Experts” in the Form SB-1 Registration Statement filed with the Securities & Exchange Commission.

SIGNATURE

/s/  David S. Hall

David S. Hall, P.C.

Dallas, Texas

June 30, 2005Option Award Agreement

    

    

    Black
      Hills Corporation

    2005
      Omnibus Incentive Plan

    Option
      Award Agreement

    

    

    Participant:         

      
        

      
                   

    Date
      of Grant: 

    
      

    

    

    Number
      of Shares Covered by this Option:   
      
        

      

    

    
 

    Number
      of above Shares intended to be 

    Incentive
      Stock Options ("ISOs") 

    within
      the meaning of Internal Revenue 

    Code
      § 422:                       

      
        

      

    

     

    Number
      of above shares intended to be 

    Nonqualified
      Stock Options ("NQSOs"):       

      
        

      

    

    

    Option
      Price for each Share:                     
      
      
        

      

    Date
      of Expiration:                      
      
      
        

      

    This
      document constitutes part of the prospectus covering securities that have been
      registered under the Securities Act of 1933.

    

    THIS
      AGREEMENT, effective as of the Date of Grant set forth above, represents the
      grant of stock options by Black Hills Corporation, a South Dakota corporation
      (the "Company") to the Participant named above, pursuant to the provisions
      of
      the Black Hills Corporation 2005 Omnibus Incentive Plan ("Plan").

    

    All
      capitalized terms used herein shall have the meanings ascribed to them in the
      Plan, unless specifically set forth otherwise herein. 

    

    The
      Plan
      provides a complete description of the terms and conditions governing the
      Option. If there is any inconsistency between the terms of this Agreement and
      the terms of the Plan, the Plan's terms shall completely supersede and replace
      the conflicting terms of this Agreement. The parties hereto agree as
      follows:

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    1.            
      Grant
      of Stock Options.
      The
      Company hereby grants to the Participant an Option to purchase the number of
      Shares set forth above, at the stated Option Price, which is 100 percent (100%)
      of the Fair Market Value of a Share on the Date of Grant, in the manner and
      subject to the terms and conditions of the Plan and this Agreement.

    

    2. 
Exercise
      of Stock Option.
      Except
      as hereinafter provided, the Participant may exercise this Option at any time
      after the end of one year following the Date of Grant as to those Shares which
      have become vested according to the vesting schedule set forth below, provided
      that no exercise may occur subsequent to the close of business on the Date
      of
      Expiration (as defined on page 1 of this Agreement).

    

    VESTING
      SCHEDULE 

    

    
      	
              Date

            	
              Shares
                for Which Option Becomes Exercisable

            	
              Cumulative
                Number of Shares Available
                for Purchase

            
	
              ______

            	
              ___

            	
              ____

            
	
              ______

            	
              ___

            	
              ____

            
	
              ______

            	
              ___

            	
              ____

            
	 	 	 

    

    This
      Option may be exercised in whole or in part, but not for less than 100 Shares
      at
      any one time, unless fewer than 100 Shares then remain subject to the Option,
      and the Option is then being exercised as to all such remaining
      Shares.

    

    3.    Termination
      of Employment:

    

    
      	(a)  	
              By
                death or Disability:
                In the event of termination of employment by reason of death or
                disability, all Shares under this Option shall become immediately
                vested
                (100%) and the Shares may be purchased under the terms of this Agreement
                until the earlier of: (i) the expiration date of this Option; or
                (ii) the
                first anniversary of the date of death or Disability.
                

            

    

    

    
      	(b)	
                 
                By Retirement:
                In the event of termination of employment by reason of retirement,
                all
                Shares under this Option shall become immediately vested (100%) and
                the
                Shares may be purchased under the terms of this Agreement until the
                earlier of: (i) the expiration date of this Option; or (ii) the third
                anniversary date of Retirement. 

            

    

     

    (c)  
      For
      other reasons:
      Shares
      which are vested as of the date of termination of employment of the Participant
      for any reason other than those reasons set forth in 3(a) or 3(b) above may
      be
      purchased under the terms of this Agreement until the earlier of: (i) the
      expiration date of this Option; or (ii) 90 days following the date of
      termination of employment. Shares which are not vested as of the date of
      termination shall immediately terminate, and shall be forfeited to the
      Company.

    

    4.     Change
      in Control.
      In the
      event of a Change in Control, all Shares under this Option shall become
      immediately vested (100%) and shall remain exercisable for their entire
      term.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
    "Change
      in Control"
      of the Company shall be deemed to have occurred (as of a particular day, as
      specified by the Board) upon the occurrence of any of the following
      events:

     

    
      	(a)  	
              The
                acquisition in a transaction or series of transactions by any Person
                of
                Beneficial Ownership of thirty percent (30%) or more of the combined
                voting power of the then outstanding shares of common stock of the
                Company; provided, however, that for purposes of this Agreement,
                the
                following acquisitions will not constitute a Change in Control: (A)
                any
                acquisition by the Company; (B) any acquisition of common
                stock of
                the Company by an underwriter holding securities of the Company in
                connection with a public offering thereof; and (C) any acquisition
                by any
                Person pursuant to a transaction which complies with subsections
                (c) (i),
                (ii) and (iii), below;

            

    

    

    (b)  Individuals
      who, as of December 31, 2004 are members of the Board (the "Incumbent Board"),
      cease for any reason to constitute at least a majority of the members of the
      Board; provided, however, that if the election, or nomination for election
      by
      the Company's common shareholders, of any new director was approved by a vote
      of
      at least two-thirds of the Incumbent Board, such new director shall, for
      purposes of this Plan, be considered as a member of the Incumbent Board;
      provided further, however, that no individual shall be considered a member
      of
      the Incumbent Board if such individual initially assumed office as a result
      of
      either an actual or threatened "Election Contest" (as described in Rule 14a-11
      promulgated under the Exchange Act) or other actual or threatened solicitation
      of proxies or consents by or on behalf of a Person other than the Board (a
      "Proxy Contest") including by reason of any agreement intended to avoid or
      settle any Election Contest or Proxy Contest;

    

    (c)  
      Consummation,
      following shareholder approval, of a reorganization, merger, or consolidation
      of
      the Company and/or its subsidiaries, or a sale or other disposition (whether
      by
      sale, taxable or non-taxable exchange, formation of a joint venture or
      otherwise) of fifty percent (50%) or more of the assets of the Company and/or
      its subsidiaries (each a “Business Combination”), unless, in each case,
      immediately following such Business Combination, (i) all or substantially all
      of
      the individuals and entities who were beneficial owners of shares of the common
      stock of the Company immediately prior to such Business Combination beneficially
      own, directly or indirectly, more that fifty percent (50%) of the combined
      voting power of the then outstanding shares of the entity resulting from the
      Business Combination or any direct or indirect parent corporation thereof
      (including, without limitation, an entity which as a result of such transaction
      owns the Company or all or substantially all of the Company’s assets either
      directly or through one (1) or more subsidiaries)(the “Successor Entity”); (ii)
      no Person (excluding any Successor entity or any employee benefit plan or
      related trust, of the Company or such Successor Entity) owns, directly or
      indirectly, thirty percent (30%) or more of the combined voting power of the
      then outstanding shares of common stock of the Successor Entity, except to
      the
      extent that such ownership existed prior to such Business Combination; and
      (iii)
      at least a majority of the members of the Board of Directors of the entity
      resulting from such Business Combination or any direct or indirect parent
      corporation thereof were members of the Incumbent Board at the time of the
      execution of the initial agreement or action of the Board providing for such
      Business Combination; or

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    (d)  
      Approval
      by the shareholders of the Company of a complete liquidation or dissolution
      of
      the Company, except pursuant to a Business Combination that complies with
      subsections  (c) (i), (ii), and (iii) above. 

    

    (e)  
      A
      Change
      in Control shall not be deemed to occur solely because any Person (the "Subject
      Person") acquired Beneficial Ownership of more than the permitted amount of
      the
      then outstanding Common Stock as a result of the acquisition of Common Stock
      by
      the Company which, by reducing the number of shares of Common Stock then
      outstanding, increases the proportional number of shares Beneficially Owned
      by
      the Subject Persons, provided that if a Change in Control would occur (but
      for
      the operation of this sentence) as a result of the acquisition of Common Stock
      by the Company, and after such stock acquisition by the Company, the Subject
      Person becomes the Beneficial Owner of any additional Common Stock which
      increases the percentage of the then outstanding Common Stock Beneficially
      Owned
      by the Subject Person, then a Change in Control shall occur.

    

    (f)   
      A
      Change
      in Control shall not be deemed to occur unless and until all regulatory
      approvals required in order to effectuate a Change in Control of the Company
      have been obtained and the transaction constituting the Change in Control has
      been consummated.

     

    5.     Restrictions
      on Transfer.
      This
      Option may not be sold, transferred, pledged, assigned, or otherwise alienated
      or hypothecated, other than by will or by the laws of descent and distribution.
      Further, this Option shall be exercisable during the Participant's lifetime
      only
      by the Participant or the Participant's legal representative.

    

    6.     Recapitalization.
      In the
      event there is any change in the Company's Shares through the declaration of
      stock dividends or through recapitalization resulting in stock splits or through
      merger, consolidation, exchange of Shares, or otherwise, the number and class
      of
      Shares subject to this Option, as well as the Option Price, may be equitably
      adjusted by the Committee, in its sole discretion, to prevent dilution or
      enlargement of rights.

    

    7.     Procedure
      for Exercise of Option.
      This
      Option may be exercised by delivery of written notice to the Company at its
      executive offices, addressed to the attention of its Secretary. Such notice:
      (a)
      shall be signed by the Participant or his or her legal representative; (b)
      shall
      specify the number of full Shares then elected to be purchased with respect
      to
      the Option; (c) unless a Registration Statement under the Securities Act of
      1933
      is in effect with respect to the Shares to be purchased, shall contain a
      representation of the Participant that the Shares are being acquired by him
      or
      her for investment and with no present intention of selling or transferring
      them, and that he or she will not sell or otherwise transfer the Shares except
      in compliance with all applicable securities laws and requirements of any stock
      exchange upon which the Shares may then be listed; and (d) shall be accompanied
      by payment in full of the Option Price of the Shares to be purchased, and the
      Participant's copy of this Agreement.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
 

    The
      Option Price upon exercise of this Option shall be payable to the Company in
      full either: (a) in cash or its equivalent (acceptable cash equivalents shall
      be
      determined at the sole discretion of the Committee); or (b) by tendering
      previously acquired Shares having an aggregate Fair Market Value at the time
      of
      exercise equal to the total Option Price (provided that the Shares which are
      tendered must have been held by the Participant for at least six (6) months
      prior to their tender to satisfy the Option Price); or (c), by a combination
      of
      (a) and (b).

    

    The
      Participant may also be permitted to exercise pursuant to a "cashless exercise"
      procedure as permitted under the Federal Reserve Board's Regulation T, subject
      to securities law restrictions. 

    

    As
      promptly as practicable after receipt of notice and payment upon exercise,
      the
      Company shall cause to be issued and delivered to the Participant or his or
      her
      legal representative, as the case may be, certificates for the Shares so
      purchased, which may, if appropriate, be endorsed with appropriate restrictive
      legends. The Share certificates shall be issued in the Participant's name (or,
      at the discretion of the Participant, jointly in the names of the Participant
      and the Participant's spouse). The Company shall maintain a record of all
      information pertaining to the Participant's rights under this Agreement,
      including the number of Shares for which their Option is exercisable. If the
      Option shall have been exercised in full, this Agreement shall be returned
      to
      the Company and canceled.

    

    8.     Beneficiary
      Designation.
      The
      Participant may, from time to time, name any beneficiary or beneficiaries (who
      may be named contingently or successively) to whom any benefit under this
      Agreement is to be paid in case of his or her death before he or she receives
      any or all of such benefit. Each such designation shall revoke all prior
      designations by the Participant, shall be in a form prescribed by the Company,
      and will be effective only when filed by the Participant in writing with the
      Secretary of the Company during the Participant's lifetime. In the absence
      of
      any such designation, benefits remaining unpaid at the Participant's death
      shall
      be paid to the Participant's estate.

    

    9.     Rights
      as a Shareholder.
      The
      Participant shall have no rights as a shareholder of the Company with respect
      to
      the Shares subject to this Option Agreement including, without limitation,
      any
      right to dividends, until such time as the purchase price has been paid, and
      the
      Shares have been issued and delivered to him or her.

    

    10.     Continuation
      of Employment.
      This
      Option Agreement shall not confer upon the Participant any right to continuation
      of employment by the Company, nor shall this Option Agreement interfere in
      any
      way with the Company's right to terminate the Participant's employment at any
      time. A transfer of the Participant's employment between the Company and any
      one
      of its Subsidiaries (or between Subsidiaries) shall not be deemed a termination
      of employment.

    

    11.     Limitation.
      Participant shall not exercise any shares which are intended to be ISOs
      hereunder if and to the extent that the Participant would thereby be entitled
      to
      purchase Shares in any one calendar year, the value of which, determined at
      the
      time of the Date of Grant, would exceed $100,000.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    12.     Miscellaneous.

    

    
      	(a)  	
              This
                Option Agreement and the rights of the Participant hereunder are
                subject
                to all the terms and conditions of the Plan, as the same may be amended
                from time to time, as well as to such rules and regulations as the
                Committee may adopt for administration of the Plan. The Committee
                shall
                have the right to impose such restrictions on any Shares acquired
                pursuant
                to the exercise of this Option, as it may deem advisable, including,
                without limitation, restrictions under applicable Federal securities
                laws,
                under the requirements of any stock exchange or market upon which
                such
                Shares are then listed and/or traded, and under any blue sky or state
                securities laws applicable to such Shares. It is expressly understood
                that
                the Committee is authorized to administer, construe, and make all
                determinations necessary or appropriate to the administration of
                the Plan
                and this Option Agreement, all of which shall be binding upon the
                Participant.

            

    

    

    
      	(b)  	
              With
                the approval of the Board, the Committee may terminate, amend, or
                modify
                the Plan; provided, however, that no such termination, amendment,
                or
                modification of the Plan may in any material way adversely affect
                the
                Participant's rights under this Agreement, without the written consent
                of
                the Participant.

            

    

     

    
      
        	(c)  	
                
                  The
                    Company shall have the power and the right to deduct or withhold,
                    or
                    require the Participant to remit to the Company, an amount sufficient
                    to
                    satisfy federal, state, and local taxes (including Participant's
                    FICA
                    obligation) required by law to be withheld with respect to any
                    exercise of
                    the Participant's rights under this
                    Agreement.

                

              

      

       

    

    
      	
            	 	
              The
                Participant may elect, subject to any procedural rules adopted by
                the
                Committee, to satisfy the withholding requirement, in whole or in
                part, by
                having the Company withhold Shares having an aggregate Fair Market
                Value
                on the date the tax is to be determined, equal to the amount required
                to
                be withheld.

            

    

     

    (d)  
      The Participant agrees to take all steps necessary to comply with all applicable
      provisions of federal and state securities law in exercising
      his or
      her
      rights under this Agreement.

     

    (e)  
      This
      Agreement shall be subject to all applicable laws, rules, and regulations,
      and
      to such approvals by any governmental agencies or national securities exchanges
      as may be required.

     

    (f)   
      All
      obligations of the Company under the Plan and this Agreement, with respect
      to
      this Option, shall be binding on any successor to the Company, whether the
      existence of such successor is the result of a direct or indirect purchase,
      merger, consolidation, or otherwise, of all or substantially all of the business
      and/or assets of the Company.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    (g) 
      To the extent not preempted by federal law, this Agreement shall be governed
      by,
      and construed in accordance with, the laws of the State of South
      Dakota.

    

    The
      following parties have caused this Agreement to be executed as of the Date
      of
      Grant.

    

    BLACK
      HILLS CORPORATION

    

    

    

    By________________________________________

     

     

    

    

    ___________________________________________

    Participant

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]