Document:

Unassociated Document

    
       

      CANCELLATION
AGREEMENT

      

      THIS
CANCELLATION AGREEMENT (the "Agreement")
is made and entered into this 15th day of
November 2010 between Option
Placement, Inc., a Nevada corporation (the "Company"),
and Jonathan
Patton ("Cancelling
Party").

      

      BACKGROUND

      

      Concurrently
herewith, the Company is entering into a Share Exchange Agreement with Tiga
Energy Services, Inc., a Texas corporation ("Tiga"),
and the shareholders of Tiga (the “Target
Shareholders”), pursuant to which the Company will acquire from the
Target Shareholders 100% of the issued and outstanding capital stock of Tiga in
exchange for shares of the Company’s Common Stock (the "Share Exchange
Transaction").

      

      It is a
condition precedent to the consummation of the Share Exchange Transaction that
the Cancelling Party enter into this Agreement, which will effectuate the
contribution of all amounts due under certain Non-Negotiable Demand Promissory
Notes in the aggregate principal amount of $16,910, plus accrued interest of
$1,926.28, for a total amount of $18,836.29, a list of which is attached on
Schedule A hereto (the "Notes").  The
Cancelling Party is entering into this Agreement to, among other things, induce
Tiga and the Target Shareholders to enter into the Share Exchange Transaction
and the Cancelling Party acknowledges that Tiga and the Target Shareholders
would not consummate the transactions contemplated by the Share Exchange
Transaction unless the transactions contemplated hereby are effectuated in
accordance herewith.

      

      AGREEMENT

      

      NOW,
THEREFORE, in consideration of the mutual promises herein contained and for
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

      

      1.           Contribution
and Cancellation of Notes.  Cancelling Party hereby transfers, assigns
and contributes to the capital of the Company all amounts due under the Notes
and relieves the Company from and of any and all obligations of the Company of
any kind or nature thereunder.  In furtherance of the transfer,
assignment and contribution of the Notes, the Cancelling Party is delivering the
originally executed Note herewith imprinted on each page thereof with the word
"VOID" and hereby irrevocably instructs the Company to cancel the
Note.  The Cancelling Party acknowledges and confirms that upon and as
of the date hereof, the Note shall be deemed cancelled, it shall have no rights
under or interest in the Note and the Note shall be of no further force or
effect.

      

      2.           Representations
by the Cancelling Parties.

      

      (a) The Cancelling Party has good,
valid and marketable title to the Note, free and clear from all security
interests or encumbrances of any kind or nature and has not assigned, pledged,
hypothecated, granted any interest in or right to acquire or otherwise
encumbered all or any portion of its interest in the Note.

      

      (b) The Cancelling Party has full
right, power and authority to execute, deliver and perform this Agreement and to
carry out the transactions contemplated hereby.  This Agreement has
been duly and validly executed and delivered by the Cancelling Party and
constitutes a valid, binding obligation of the Cancelling Party, enforceable
against it in accordance with its terms (except as such enforceability may be
limited by laws affecting creditor's rights generally).

      

      3.           Further
Assurances. Each party to this Agreement will use its best efforts to take all
action and to do all things necessary, proper, or advisable in order to
consummate and make effective the transactions contemplated by this Agreement
(including the execution and delivery of such other documents and agreements as
may be necessary to effectuate the cancellation of the Subject
Shares).

      

      4.           Amendment
and Waiver. Any term, covenant, agreement or condition of this Agreement may be
amended, with the written consent of the Company and the Cancelling Party, or
compliance therewith may be waived (either generally or in a particular instance
and either retroactively or prospectively), by one or more substantially
concurrent written instruments signed by the Company and the Cancelling
Party.

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      5.           Survival
of Agreements, Representations and Warranties. All representations and
warranties contained herein shall survive the execution and delivery of this
Agreement.

      

      6.           Successors
and Assigns. This Agreement shall bind and inure to the benefit of and be
enforceable by the Company and the Cancelling Parties, and their respective
successors and assigns.

      

      7.           Governing
Law. This Agreement (including the validity thereof and the rights and
obligations of the parties hereunder and thereunder) and all amendments and
supplements hereof and thereof and all waivers and consents hereunder and
thereunder shall be construed in accordance with and governed by the internal
laws of the State of Texas without regard to its conflict of laws rules, except
to the extent the laws of Nevada are mandatorily applicable.

      

      8.           Miscellaneous.
This Agreement embodies the entire agreement and understanding between the
parties hereto and supersedes all prior agreements and understandings relating
to the subject matter hereof.  In case any provision of this Agreement
shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.  This Agreement may be executed in any number of
counterparts and by the parties hereto on separate counterparts but all such
counterparts shall together constitute but one and the same
instrument.  This Agreement may be reproduced by any electronic,
photographic, photostatic, magnetic, microfilm, microfiche, microcard, miniature
photographic, facsimile or other similar process and the original thereof may be
destroyed.  The parties agree that any such reproduction shall, to the
extent permitted by law, be as admissible in evidence as the original itself in
any judicial or administrative proceeding (whether or not the original is in
existence and whether or not the reproduction was made in the regular course of
business) and that any enlargement, facsimile or further reproduction shall
likewise be admissible in evidence. Facsimile execution and delivery of this
Agreement is legal, valid and binding execution and delivery for all
purposes.

      

                            IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written.

      

      
        
          	 	      
                  CANCELLING
      PARTY:

                	 
	 	 	 
	 	
                        
                    Jonathan
      Patton

                  

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	      
                  /s/ Jonathan Patton

                	 
	 	 	 	 
	 	 	 	 
	 	      
                  COMPANY:

                	 
	 	 	 
	 	      
                  Option
      Placement, Inc.

                	 
	 	 	 	 
	 	      
                  By:

                	/s/
      Jonathan Patton 	 
	 	 	Name:
      Jonathan
      Patton	 
	 	 	Title:  
      President	 

        

         

        
          
             

          

          
            -2-

            
              

            

          

          
             

          

           

        

      

      SCHEDULE
A

      LIST
OF OUTSTANDING PROMISSORY NOTES

       

      
        	
                Date

              	 	
                Principal
      Amounts

              	 	 	
                Accumulated
      Interest Through 

                November
      15,

                 2010

              	 	 	 	 
	
                4/17/2008

              	 	$	6,050	 	 	 	1270.39	 	 	 	 	 
	
                5/8/2008

              	 	$	500	 	 	 	101.57	 	 	 	 	 
	
                5/11/2009

              	 	$	700	 	 	 	86.41	 	 	 	 	 
	
                8/31/2009

              	 	$	200	 	 	 	19.28	 	 	 	 	 
	
                9/1/2010

              	 	$	1,700	 	 	 	164.29	 	 	 	 	 
	
                4/1/2010

              	 	$	1,300	 	 	 	65	 	 	 	 	 
	
                4/1/2010

              	 	$	3,700	 	 	 	184.98	 	 	 	 	 
	
                8/16/2010

              	 	$	500	 	 	 	9.89	 	 	 	 	 
	
                8/23/2010

              	 	$	1,200	 	 	 	21.87	 	 	 	 	 
	
                11/4/2010

              	 	$	1,060	 	 	 	2.61	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
                Totals

              	 	$	16,910	 	 	$	1,926.29	 	 	$	18,836.29	 

      

    

    
       

      
        
           

        

        
          -3-Unassociated Document

    INDEMNIFICATION
AGREEMENT

     

    THIS INDEMNIFICATION AGREEMENT (the
“Agreement”)
is made and entered into this 15th day of
November 2010 between Option
Placement, Inc., a Nevada corporation (the “Company”),
and Jonathan
Patton (“Indemnitor”).

     

    WITNESSETH
THAT:

     

    WHEREAS,
the Company has agreed to acquire from the shareholders of Tiga Energy Services,
Inc., a Texas corporation (“Tiga”),
all of the outstanding shares of Tiga’s capital stock by exchanging one share of
Company common stock for each share of Tiga capital stock outstanding pursuant
to the terms and upon the closing of a certain Share Exchange Agreement among
the Company, the Indemnitor, Tiga and the shareholders of Tiga (the “Share Exchange
Agreement”).

    

    WHEREAS,
prior to the closing of the Share Exchange Agreement, the Indemnitor is the sole
holder of the Company’s outstanding common stock.

    

    WHEREAS,
as a condition precedent to the closing of the transactions contemplated by the
Share Exchange Agreement, Tiga is requiring that the Indemnitor indemnify the
Company from and against any and all obligations and liabilities of the Company
existing as of the date of the closing of the Share Exchange Agreement (the
“Closing
Date”).

     

    NOW,
THEREFORE, in consideration of the transactions described by the Share Exchange
Agreement and the substantial benefits that they will confer upon the Indemitor,
the parties hereto agree as follows:

     

    1.           Indemnity of
Company.  Indemnitor hereby agrees to hold harmless, reimburse
and indemnify the Company to the fullest extent permitted by law, as such may be
amended from time to time, from and against any and all Liabilities, including
any Losses or Expenses incurred by the Company in connection
therewith.  The Company acknowledges and agrees that no binding
settlement of any obligation, liability, claim or Proceeding subject to this
Agreement shall be entered into by the Company with respect the Liabilities
without Indemnitor’s prior written consent in each instance.

    

    2.           Enforcement.  This
Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof and supersedes all prior agreements and
understandings, oral, written and implied, between the parties hereto with
respect to the subject matter hereof.

     

    3.           Definitions.  For
purposes of this Agreement:

     

    (a)           “Expenses” shall include all
reasonable, third party, documented out of pocket fees and all other
disbursements or expenses incurred by the Company in connection with any
Proceeding, including those of the types customarily incurred in connection
therewith; provided, however, that Indemnitor shall have the right to approve in
writing the selection of attorneys hired for such matters and  their
respective terms of billing prior to such attorneys being engaged to represent
the Company with respect to any Liabilities.  Expenses also shall
include any of the foregoing incurred in connection with any appeal resulting
from any Proceeding.

    

    (b)           “Liabilities” means, with
respect to the Company, any obligation to pay or any liability for money,
whether known or unknown and whether accrued, absolute, contingent,
unliquidated, determined or determinable or otherwise, arising out of
transactions entered into prior to or existing as of the Closing Date, or any
action or inaction by the Company prior to or existing as of the Closing
Date. 

    

    (c)           “Proceeding” includes any
threatened, pending or completed action, suit, arbitration, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any
other actual, threatened or completed proceeding, whether civil, criminal,
administrative or investigative, in which the Company was, is or will be
involved as a party or otherwise, in connection with the
Liabilities.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    4.           Severability.  The
invalidity or unenforceability of any provision hereof shall in no way affect
the validity or enforceability of any other provision.   Without
limiting the generality of the foregoing, this Agreement is intended to confer
upon the Company indemnification rights to the fullest extent permitted by
applicable laws.  In the event any provision hereof conflicts with any
applicable law, such provision shall be deemed modified, consistent with the
aforementioned intent, to the extent necessary to resolve such
conflict.

     

    5.           Modification and
Waiver.  No supplement, modification, termination or amendment
of this Agreement shall be binding unless executed in writing by both of the
parties hereto.  No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing
waiver.

     

    6.           Notice By the
Company.  The Company agrees promptly to notify Indemnitor in
writing upon being served with or otherwise receiving any summons, citation,
subpoena, complaint, indictment, information or other document relating to any
Proceeding or matter which may be subject to indemnification covered
hereunder.  The failure to so notify Indemnitor shall not relieve
Indemnitor of any obligation which it may have to the Company under this
Agreement or otherwise unless and only to the extent that such failure or delay
materially prejudices Indemnitor.

     

    7.           Notices.  All
notices and other communications given or made pursuant to this Agreement shall
be in writing and shall be deemed effectively given:  (a) upon
personal delivery to the party to be notified, (b) when sent by confirmed
electronic mail or facsimile if sent during normal business hours of the
recipient, and if not so confirmed, then on the next business day, (c) five (5)
days after having been sent by registered or certified mail, return receipt
requested, postage prepaid, or (d) one (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written
verification of receipt.  All communications shall be
sent: 

     

    (a)          To
Indemnitor at:

    

    2328 B Hartford Road

    Austin, TX 78703

    Facsimile:
(866) 270-4336

    

                                     (b)         To the Company at:

     

    Frost
Bank Tower

    401
Congress Avenue

    Suite
1540

    Austin,
Texas 78701612

    Attn.:
Mr. Michael Hathaway

    Facsimile:
(512) 287-4244

    

    or to
such other address as may have been furnished to Indemnitor by the Company or to
the Company by Indemnitor, as the case may be.

     

    8.           Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
Agreement.   This Agreement may also be executed and delivered by
facsimile signature and in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    9.           Headings.  The
headings of the paragraphs of this Agreement are inserted for convenience only
and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

     

    10.           Governing Law and Consent to
Jurisdiction.  This Agreement and the legal relations among the
parties shall be governed by, and construed and enforced in accordance with, the
laws of the State of Texas unconditionally (i) agree that any action or
proceeding arising out of or in connection with this Agreement shall be brought
only in the state courts of the City of Austin, State of Texas (the “Texas
Courts”), and not in any other state or federal court in the United
States of America or any court in any other country, (ii) consent to submit to
the exclusive jurisdiction of the Texas Courts for purposes of any action or
proceeding arising out of or in connection with this Agreement, (iii) waive any
objection to the laying of venue of any such action or proceeding in the
California Court, and (iv) waive, and agree not to plead or to make, any claim
that any such action or proceeding brought in the California Court has been
brought in an improper or inconvenient forum.

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of
the day and year first above written.

     

    
      
        	 	      
                INDEMNITOR

              	 
	 	 	 	 
	 	 	      
                Jonathan
      Patton

              	 
	 	 	 	 
	
              	
                By: 
      

              	      
                /s/ Jonathan Patton

              	 

      

    

     

    
      
        	 	      
                COMPANY

              	 
	 	 	 	 
	 	 	      
                Option
      Placement, Inc.

              	 
	 	 	 	 
	
              	
                By: 
      

              	      
                /s/ Jonathan Patton

              	 
	 	 	Name: Jonathan
      Patton	 
	 	 	Title: President	 

      

       

      
        
           

        

        
          3

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