Document:

ex_428150.htm

 

Exhibit 10.1

 

AMENDMENT NO. 3 TO 

NATURAL GAS ASSET MANAGEMENT AGREEMENT

 

THIS AMENDMENT NO. 3 TO NATURAL GAS ASSET MANAGEMENT AGREEMENT, dated September 23, 2022 (this “Amendment”), is by and between Roanoke Gas Company ("Counterparty"), a Virginia corporation, and Sequent Energy Management LLC(“Manager”), a Delaware limited liability company (formerly Sequent Energy Management, L.P.). Manager and Counterparty are sometimes referred to herein collectively as the “Parties.”

 

RECITALS

 

WHEREAS, Manager and Counterparty are parties to that certain Natural Gas Asset Management Agreement, dated April 1, 2018, as amended by that certain Amendment No.1 to Natural Gas Asset Management Agreement, dated July 31, 2020 and as further amended by that certain Amendment No. 2 to Natural Gas Asset Management Agreement, dated August 5, 2021 (the “Agreement”);

 

WHEREAS, Manager and Counterparty desire to extend the Agreement for twenty four (24) months at the end of the current Term; and

 

WHEREAS, in connection with such extension, Manager and Counterparty desire to amend the Agreement on the terms and subject to the conditions set forth below.

 

AGREEMENT

 

NOW, THEREFORE, for and in consideration of the mutual premises, covenants and agreements hereinafter set forth, the Parties agree to amend the Agreement as follows:

 

1.         Defined Terms. All initially capitalized terms used but not defined herein have the meanings set forth in the Agreement.

 

2.         Effective Date. The effective date of this Amendment shall be April 1, 2023 (the “Effective Date”).

 

3.         Extension. Subject to the terms set for herein, the Parties hereby agree that the Agreement will be extended for twenty four (24) months at the end of the current Term (through March 31, 2025).

 

4.         Amendments to the Agreement.

 

	 	
			(a)

				
			As of the date hereof, the Agreement is hereby amended as follows:

			

 

	 	
			(i)

				
			All references in the Agreement to “Sequent Energy Management, L.P.” shall be replaced with “Sequent Energy Management LLC”.

			

 

	 	
			(ii)

				
			Section 6.01(b) is hereby amended by replacing the reference to “Georgia” with “Delaware”.

			

 

1

 

 

	 	
			(iii)

				
			Section 8.02 is hereby amended by replacing the reference to “Southern Company Gas” in the last sentence thereof with “The Williams Companies, Inc.” 

			

 

	 	
			(iv)

				
			Section 4.01(b) is hereby amended by adding the following new sentence after the last sentence thereof:

			

 

“If this Agreement has terminated pursuant to this Section 4.01(b), such termination shall be effected as set forth in Section 9.02(d) and the electing party will be deemed to be the non-defaulting Party solely for purposes of determining the Settlement Amount.”

 

	 	
			(v)

				
			Section 5.04 is hereby amended by adding the following new sentence after the last sentence thereof:

			

 

“If this Agreement has terminated pursuant to this Section 5.04, such termination shall be effected as set forth in Section 9.02(d) and the electing party will be deemed to be the non-defaulting Party solely for purposes of determining the Settlement Amount.”

 

 

	 	
			(b)

				
			As of the Effective Date, the Agreement is hereby amended as follows:

			

 

	 	
			(i)

				
			The second paragraph of Section 2.01 will be deleted in its entirety and replaced with the following:

			

 

“Counterparty shall not terminate or materially modify or amend any contract or agreement that is included in the Asset Portfolio, as detailed in Exhibit A. As such, the Utilization Fee, as detailed in Exhibit M, shall remain unchanged during the Term. The Parties acknowledge and agree that changes to the Asset Portfolio may be required due to regulatory changes, in which case the provisions set forth in Section 12.04 will apply. To the extent Counterparty determines that it needs to enter into a new contract or agreement, the Parties will use good faith efforts to negotiate additional utilization fees and/or revenue sharing mechanisms as may be mutually agreed to by the Parties. Counterparty reserves the right to release any new contract or agreement that is not included in Exhibit A to another asset manager or third party.”

 

	 	
			(ii)

				
			Section 9.01 will be amended by replacing the reference to “March 31, 2021” in the first sentence thereof with “March 31, 2025”.

			

 

	 	
			(iii)

				
			Section 12.04 will be deleted in its entirety and replaced with the following:

			

 

“12.04 Termination Due to Regulatory Changes

Either Party may terminate this Agreement in the event that the FERC, the public service commission regulating Counterparty, or a legislative body changes its statutes, regulations or orders so as (1) to significantly restrict the transactions contemplated in this Agreement, (2) to require Counterparty to assign to its customers portions of the assets included in the Asset Portfolio, (3) to otherwise require Counterparty to make changes to the Asset Portfolio or (4) to significantly and materially modify the nature of the services provided by the Service Providers; provided however, that the Parties shall first endeavor to mutually agree on revisions to this Agreement to comply with such regulatory changes. In the event a Party elects to terminate this Agreement pursuant to this Section 12.04, such termination shall be effected as set forth in Section 9.02(d) and the electing party will be deemed to be the non-defaulting Party solely for purposes of determining the Settlement Amount.”

 

2

 

 

	 	
			(iv)

				
			Exhibit M (Utilization Fee) of the Agreement will be deleted in its entirety and be replaced with the attached Exhibit M (Utilization Fee).

			

 

5.         No Other Amendments. Except as set forth herein, the Agreement remains in full force and effect on the terms expressed therein.

 

6.         Counterparts. This Amendment may be executed and delivered in counterparts, each of which shall be deemed to be an original and which may be transmitted in an electronic format (such as a PDF file).

 

IN WITNESS WHEREOF, the undersigned Parties have caused this Amendment to be duly executed by their respective officers and representatives duly authorized as of the day and year first above written.

 

 

SEQUENT ENERGY MANAGEMENT LLC        ROANOKE GAS COMPANY         

 

By: /s/ Berney Aucoin                                              By: /s/ Paul W. Nester                                     

Name: Berney Aucoin                                              Name: Paul W. Nester                            

Title: Vice President                                                 Title: President and CEO                       

 

3Exhibit 10.1

 

 

October 4, 2022

 

Spencer Clarke LLC

1111 Lincoln Road, Suite 500

Miami Beach, FL 33139

Attn: Reid Drescher, President & CEO

 

		Re:	October Addendum to Letter of Engagement

 

Gentlemen:

 

This letter serves
as an addendum to the Letter of Engagement between Spencer Clarke LLC (“Spencer Clarke”) and Nightfood Holdings, Inc., (“Nightfood”)
dated February 2, 2021 (“Engagement Letter”).

 

Whereas, The Letter of
Engagement provides for Spencer Clarke to earn Success Fees upon the closing of any financing or corporate finance activity, which
include, among other compensation, five (5) year cashless warrants (“Warrants”) equal to 10% of the capital raised, debt
incurred or Mezzanine Credit Facility that is secured, in common stock of the Company, and a minimum cash fee of $100,000 for each
corporate financing activity.

 

Whereas, Spencer Clarke assisted Nightfood
in securing a $700,000 convertible note with Mast Hill Fund, LP.

 

The parties have agreed
to replace the compensation requirements outlined in the Letter of Engagement with full agreed-upon compensation of $35,000 in cash and
500,000 shares of Nightfood Holdings, Inc. common stock, earned as of the closing of the Mast Hill Fund LP transaction on September 23,
2022. No additional compensation shall be due Spencer Clarke related to the Mast Hill Fund transaction.

 

In all other respects,
the Engagement Letter is hereby declared to remain in full force and effect without modification, except as expressly provided herein.
Spencer Clarke agreeing to this modified compensation for the Mast Hill Fund transaction does not impact the treatment of any of their
Nightfood holdings earned prior to that transaction or their compensation structure for any future transactions. In the event of any conflict
between the provisions contained in this letter and the provisions of the Engagement Letter, the provisions of the Engagement Letter shall
control and govern.

 

If the foregoing accurately
reflects our agreement, please confirm that by signing on the signature page of this Amended Engagement Letter and returning a copy of
it to your undersigned.

 

	 	Sincerely,
	 	 
	 	NIGHTFOOD HOLDINGS, INC.
	 	 
	 	/s/ Sean Folkson
	 	Name: 	Sean Folkson
	 	Title:	Chief Executive Officer

 

	Agreed to and accepted this 4th day of October, 2022	 
	 	 
	SPENCER CLARKE LLC	 
	 	 
	By:	/s/ Reid Drescher	 
	Name: 	Reid Drescher	 
	Title:	President & CEOExhibit
10.1

 

Binding
Memorandum of Understanding

October
10, 2022

 

This
Summary of Terms and Provisions sets forth certain principal terms of a proposed transaction relating to the purchase of all outstanding
capital stock of Hongri International Holding Limited (“Hongri”) by Shenzhen Zhongjiyingfeng Investment Co., Ltd.
(“Purchaser”) from JX Luxventure Limited (“Seller” or the “Company”). This Memorandum of Understanding
(the “MOU”) is intended to constitute a binding agreement between the parties hereto, and the parties hereto will be bound
to each other in any respect to the terms hereof.

 

	Purchase
    Price	Purchaser
    will pay to the Company a total sum of USD 10,000,000 in consideration for acquiring 100% ownership in Hongri International Holding
    Limited’s capital stock.
	 	 
	Structure	The
    parties hereto intend that the proposed transaction be affected by way of a stock purchase agreement or other agreement in a form
    customary for transactions of this type (the “Definitive Agreement”). If a Definitive Agreement is reached, it
    shall extinguish and supersede this MOU. 
	 	 
	Time
    for Closing	Promptly
    after the execution of this MOU, the parties hereto will negotiate in good faith the Definitive Agreement and any ancillary documentation.
    The parties hereto intend to enter into the Definitive Agreement as soon as practicable, and no later than 30 calendar days from
    the date hereof, unless an extension is granted by the Seller in writing, with  the understanding that if a Definitive Agreement
    is not entered into within 30 days of the date hereof, the Seller may terminate this MOU.  
	 	 
	Conditions
    to Closing	●    Completion
                                            and satisfaction of due diligence of the parties hereto.

                                                                                                  

    ●    Obtaining
    of all requisite third-party consents, creditor and lien holder consents and other necessary consents.

     

    ●    Company
    shareholders’ approval of the transaction having been obtained.

     

    ●    The
    Company having obtained all necessary resolutions from its board of directors, approving and authorizing the Company to enter into
    and execute the Definitive Agreement.

	 	 
	Access
    and Cooperation	The
    parties hereto shall cooperate with each other with regard to any filings, approvals or consents required to affect the proposed
    transaction. The parties hereto shall provide each other with reasonable access to their respective books and records and cooperate
    with each party’s ongoing due diligence efforts. All nonpublic information thus obtained by any party will be treated as confidential
    and if the proposed transaction is not consummated. all documents or copies thereof obtained by any of the parties will be destroyed.
	 	 
	Term	This
    MOU shall have a term of 6 months, provided, that the Company may terminate this MOU at any time if it receives an offer to
    purchase Hongri that the Company’s board of directors determines is superior to the Purchaser’s offer to purchase and
    would be in the best interests of the Company’s shareholders.
	 	 
	Confidentiality	Neither
    Party shall disclose the content of this MOU without prior authority of the non-disclosing party.
	 	 
	Transaction
    Expenses	Each
    party hereto shall be responsible for their own transaction expenses. 
	 	 
	Governing
    Law	 This
    MOU shall be governed by and construed in accordance with the laws of the state of Delaware.

 

	Shenzhen Zhongjiyingfeng Investment Co., Ltd.	 
	 	 	 
	By:
    	/s/
Fang Kai	 
	 	Fang
Kai	 
	 	 	 
	JX Luxventure Limited	 
	 	 	 
	By:
    	/s/ Sun Lei
	 
	 	Sun Lei

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