Document:

exh10_70.htm

Exhibit 10.70

 

BILL OF SALE

 

FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby expressly acknowledged, TITAN IRON ORE CORP., a Nevada corporation located at 125 E Campbell Ave, Campbell CA 95008 (“Titan”) hereby assigns, transfers and conveys to and WYOMEX LIMITED LIABILITY COMPANY, a Wyoming limited liability company located at P.O. Box 185 Cheyenne, Wyoming 82003-0185 (“Wyomex”), all of Titan’s right, title and interest in and to, any and all personal property located on or associated with the real property described on Exhibit A (“Real Property”), including but not limited to (i) certain unpatented lode mining claims listed on Exhibit B (the “Unpatented Mining Claims”); (ii) any and all personal property acquired for installation or use in connection with the Real Property, wherever located; (iii) any and all of Titan’s rights under contracts or other arrangements to acquire personal property for installation or use in connection with the Real Property; and (iv) any and all improvements and fixtures and appurtenances used in connection with the Real Property, including any stockpiled ore, rights of way, easements and all mining and mineral rights associated therewith (collectively, the “Property”).

Wyomex further covenants and agrees to indemnify and hold harmless Titan for, from and against any actions, suits, claims, and all costs and expenses asserted against or incurred by Titan in connection therewith, based upon or arising in connection with the Property occurring from and after the Effective Date.  Titan covenants and agrees to indemnify and hold harmless Wyomex for, from and against any actions, suits, claims, and all costs and expenses asserted against or incurred by Wyomex in connection with the Property occurring between March 30, 2012 and the Effective Date.

 

The parties hereto agree that after the date hereof, they shall take any and all actions necessary to preserve and give effect to the agreements set forth herein and will not take any action or agree to take any action in contravention thereof. In addition to, and in no way limiting the foregoing, from and after the Effective Date, Wyomex shall use best efforts and cooperate with Titan to have the Property assigned and transferred from Titan to Wyomex.

 

The provisions of this Bill of Sale shall be binding upon, and shall inure to the benefit of, the successors and assigns of both parties.

 

[remainder of page intentionally left blank]

  

  

  

IN WITNESS WHEREOF, Titan has executed this Bill of Sale as of May 7, 2014.

 

 

	 	

TITAN IRON ORE CORP.,

a Nevada corporation

	 
	 	 	 	 
	
 

	
By: 

	/s/ Frank Garcia	 
	 	 	Name: Frank Garcia 	 
	 	 	Title: CFO 	 
	 	 	 	 

 

 

  

  

  

Exhibit A

 

Real Property

The Real Property located in Albany County, Wyoming:

	
1.  

	
Leased Real Property:

 

Southwest Quarter of Section 22, Township 19 North, Range 71 West, 6th Principal Meridian, Albany County, Wyoming.

	
2.  

	
Unpatented Mining Claims Property:

 

An unorganized mining district in Sections 14 and 24, Township 19 North, Range 72 West, 6th Principal Meridian, Albany County, Wyoming, recorded in the Albany County Recorder and the authorized office of the Bureau of Land Management.

  

  

  

Exhibit B

 

Unpatented Mining Claims

The Unpatented Mining Claims consist of those certain unpatented lode mining claims situated in an unorganized mining district in Sections 14 and 24, Township 19 North, Range 72 West, 6th Principal Meridian, Albany County, Wyoming, recorded in the Albany County Recorder and the authorized office of the Bureau of Land Management as follows:

	
Claim Name

	
Location Date

	
County

Book

	
Records

Page

	
BLM Serial #

W MC & Location

	
VAN NO. 1

	
10-12-1976

	
256

	
946

	
127756 SW1⁄4 Sec. 24

	
VAN NO. 2

	
10-12-1976

	
256

	
947

	
127757 SW1⁄4 Sec. 24

	
VAN NO.3

	
10-12-1976

	
256

	
948

	
127758 SW1⁄4 Sec. 24

	
VAN NO. 4

	
10-12-1976

	
256

	
949

	
127759 SW1⁄4 Sec. 24

	
VAN NO. 5

	
10-12-1976

	
256

	
950

	
127760 SW1⁄4 Sec. 24

	
VAN NO. 6

	
10-12-1976

	
256

	
951

	
127761 SW1⁄4 Sec. 24

	
VAN NO. 7

	
10-12-1976

	
256

	
952

	
127762 SW1⁄4 Sec. 24

	
VAN NO. 8

	
10-12-1976

	
256

	
953

	
127763 SW1⁄4 Sec. 24

	
VAN NO. 9

	
10-12-1976

	
256

	
954

	
127764 SW1⁄4 Sec. 24

	
VAN NO. 10

	
10-12-1976

	
256

	
955

	
127765 SW1⁄4 Sec. 24

	
VAN NO. 11

	
10-12-1976

	
256

	
956

	
127766 SW1⁄4 Sec. 24

	
VAN NO. 12

	
10-12-1976

	
256

	
957

	
127767 SE1⁄4 Sec. 24

	  	  	  	  	  
	
TI NO. 15

	
10-12-1976

	
256

	
993

	
127744 NW1⁄4 Sec. 14

	
TI NO. 16

	
10-12-1976

	
256

	
993

	
127745 NE1⁄4 Sec. 14

	  	  	  	  	  
	  	  	
Document Number

 

	  
	
VAN 13

	
07-17-2005

	
2005-6333

	  	
268116 SE1⁄4 Sec. 24

	
VAN 14

	
07-17-2005

	
2005-6334

	  	
268117 SE1⁄4 Sec. 24

	
VAN 15

	
07-17-2005

	
2005-6335

	  	
268118 1⁄2 Sec. 24

	
VAN 16

	
07-17-2005

	
2005-6336

	  	
268119 1⁄2 Sec. 24

	
VAN 17

	
07-17-2005

	
2005-6337

	  	
268120 NW1⁄4 Sec 24

	
VAN 18

	
07-17-2005

	
2005-6338

	  	
268121 NW1⁄4 Sec 24

	
VAN 19

	
07-17-2005

	
2005-6339

	  	
268122 NW1⁄4 Sec 24

	
VAN 20

	
07-17-2005

	
2005-6340

	  	
268123 NW1⁄4 Sec 24

	
VAN 21

	
07-17-2005

	
2005-6341

	  	
268124 NW1⁄4 Sec 24

	
VAN 22

	
07-17-2005

	
2005-6342

	  	
268125 NW1⁄4 Sec 24

	
VAN 22

	
07-17-2005

	
2005-6343

	  	
268126 NE1⁄4 Sec 24

	
VAN 24

	
07-17-2005

	
2005-6344

	  	
268127 NE1⁄4 Sec 24

Note: The VAN Nos. 1-12 are included within Mineral Survey No. 605.exhibit101.htm

 

 

Exhibit 10.1

DESCRIPTION OF 2014 BONUS PLAN

    In March 2014, the Compensation Committee approved performance-based bonus opportunities for the Company's senior management group (the "2014 Bonus Program") under the Incentive Plan, including our Named Executive Officers.  As set forth in the Incentive Plan, the Compensation Committee may choose from a range of defined performance measures.  As in 2013, the percentage of 2014 salary assigned to each Named Executive Officer is based on the Compensation Committee's evaluation of (i) the magnitude of each Named Executive Officer's ability to impact corporate performance based on the executive's responsibilities at the time the targets were set, (ii) the composition of each Named Executive Officer's total compensation package, and (iii) our long-term financial goals.

    Under the 2014 Bonus Program and consistent with the objectives of the Incentive Plan, certain employees, including the Named Executive Officers, may receive incremental bonuses upon satisfaction of 2014 consolidated earnings per share targets (and, for Mr. Hough and Mr. Brower, the satisfaction of 2014 operating income and operating ratio targets established for CTI and Star, respectively) (collectively, the "2014 Performance Targets").  Each applicable 2014 Performance Target corresponds to a percentage bonus opportunity for the employee that is multiplied by the employee's base salary (or, in the case of Mr. Brower, $200,000) to determine the employee's bonus.  Pursuant to the 2014 Bonus Program, our Named Executive Officers may receive performance-based bonuses as follows:  (i) Messrs. Parker and Hogan may receive between 25.0% and 100.0% of their respective 2014 salaries depending on the 2014 Performance Targets that are achieved, if any, (ii) Mr. Cribbs may receive between 20.0% and 80.0% of his 2014 salary depending on the 2014 Performance Targets that are achieved, if any, (iii) Mr. Hough may receive between 4.0% and 16.0% of his 2014 salary depending on the 2014 Performance Targets achieved for the consolidated group, if any, and between 32.0% and 64.0% of his 2014 salary based on 2014 Performance Targets achieved for CTI, if any, and (iv) Mr. Brower may receive between 5.0% and 20.0% of $200,000 depending on the 2014 Performance Targets achieved for the consolidated group, if any, and between 20.0% and 80.0% of $200,000 based on 2014 Performance Targets achieved for Star, if any.  Consolidated EPS targets range from $0.40 and increase to $0.85; CTI performance targets range from operating income of $19,264,000 and operating ratio of 93.7% and increase to operating income of $26,147,000 and operating ratio of 91.4%; and Star performance targets range from operating income of $3,233,000 and operating ratio of 92.7% and increase to operating income of $4,835,000 and operating ratio of 89.1%.  As with the performance targets established in prior years, the Compensation Committee also created specific parameters for awarding bonuses within certain incremental ranges of achievement of the performance targets.

 

Return to Form 10-QExhibit 10.1

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(the “Agreement”) is entered into as of the 13th day of May, 2014 (the “Effective Date”),
by and between Virtus Oil & Gas Corp., a Nevada corporation (the “Company”), and Rupert Ireland (“Ireland”).

 

WHEREAS, the Company desires
to employ Ireland, and Ireland desires to be employed by the Company, upon the terms and conditions set forth in this Agreement.

 

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

 

1.     Employment/Duties.
Ireland shall serve the Company as President and Chief Executive Officer with the authority, duties
and responsibilities customarily incident to the offices of President and Chief Executive Officer as governed and limited by the
Company’s Articles of Incorporation and Bylaws. Ireland shall perform such other executive
services commensurate with his position, as may from time to time be assigned to Ireland by the Company’s Board of Directors.
Ireland may also serve as Secretary, Treasurer or as any other officer as appointed by the Board of Directors.

 

2.     Term
of Agreement. This Agreement shall be in effect for three (3) years from the Effective Date (the “Initial Term”)
and shall automatically renew for consecutive one-year periods (each a “Renewal Term”) until it is terminated
under the terms of paragraph 6 of this Agreement. The Initial Term and any Renewal Terms shall be referred to herein as the “Term”.

 

3.    
Ireland’s Responsibilities. Ireland agrees that during the Term he will devote his full business time and
best efforts and abilities to the performance of his duties for the Company. Ireland agrees to act with the Company’s best
interest in mind at all times. Ireland will conduct himself at the highest professional standards of ethics and integrity. Ireland
agrees to use his best efforts and skills to preserve the business of the Company and the good will of its customers, employees
and persons having business relations with the Company. Ireland will comply with all of the Company’s policies and procedures
and all applicable laws.

 

4.    No
Limitations. Ireland represents and warrants to the Company that he is under no contractual, judicial or other restraint
that impairs his right or legal ability to enter into this Agreement and to carry out his duties and responsibilities for the
Company.

 

5.    Compensation
and Benefits.

 

(a)     Base
Salary. During the Term, the Company will pay to Ireland a base salary of US$120,000 per year, pro rated for any partial year.
The base salary will be subject to all applicable legal deductions and withholdings. The base salary will be paid on regularly
scheduled paydays determined by the Company.

    	 

    	 

    

 

(b)     Benefits.
The Company will provide Ireland with vacation and other employment benefits
the Company provides to its full-time executive employees pursuant to the regular policies of the Company.

 

(c)     Award
of Restricted Stock.Ireland shall be entitled to receive three million (3,000,000) shares of the Common Stock, $0.001 par
value, of the Company (the “Common Stock”) during the Term. One million (1,000,000) shares of Common Stock shall
vest on each one-year anniversary of the Effective Date, commencing in 2015 and shall be fully vested on the third anniversary
of the Effective Date in 2017. Ireland acknowledges and agrees that the Common Stock will not be registered under the Securities
Act of 1933, as amended, and will carry a restrictive legend to the effect that the shares of Common Stock may not be transferred
absent such registration or pursuant to an exemption from registration. On each one-year anniversary of the Effective Date for
three years, the Company will deliver to Ireland a stock certificate representing 1,000,000 shares of Common Stock that have vested
as of such date. Ireland agrees to execute and deliver such other documentation requested by the Company, including but not limited
to a Subscription Agreement, necessary or desirable in connection with the issuance of the Common Stock.

 

(d)     Reimbursement
of Expenses. During the Term, the Company will pay or reimburse Ireland for all reasonable
travel, cellular telephone and other expenses incurred by Ireland in performing his obligations under this Agreement in accordance
with the policies and procedures of the Company, provided that Ireland properly accounts for such expenses in accordance with the
regular policies of the Company.

 

(e)      Signing
Bonus. Upon Ireland’s execution of this Agreement, the Company will pay to Ireland a signing bonus in the amount of
US$5,000. The signing bonus will be subject to all applicable legal deductions and withholding and will be paid to Ireland on
the Company’s first regularly scheduled payday during the Term.

 

6.            Termination
of Agreement. During the Initial Term and any Renewal Term, this Agreement may be terminated as set forth below:

 

(a)       Death or Disability. This Agreement will automatically terminate upon the death of Ireland or upon Ireland’s
becoming disabled to the extent that he cannot perform the essential functions of his position as determined in good faith by a
physician reasonably acceptable to the Company. If Ireland’s employment is terminated under this paragraph 6(a), the Company
will pay to Ireland (or his estate) the full amount of his compensation through the date of termination.

 

(b)       Voluntary Termination by Ireland. Ireland may voluntarily terminate his employment by providing the Company with
at least sixty (60) days prior written notice of termination. Upon receipt of said notice, the parties shall meet and in
good faith confer regarding Ireland’s work responsibilities during the notice period. During the notice period, Ireland agrees
to use his best efforts to continue his work for the Company; provided, however, that the Company may, in
its sole discretion, relieve Ireland of his duties during all or part of the notice period, but shall be obligated to continue
compensating Ireland until his termination date with his same pay and benefits.

 

    	 

    	 

    

(c)       Voluntary Termination by Company. The Company may terminate this Agreement by providing Ireland with at least
sixty (60) days prior written notice of termination. Upon receipt of said notice, the parties shall meet and in good faith
confer regarding Ireland’s work responsibilities during the notice period. During the notice period, Ireland agrees to use
his best efforts to continue his work for the Company; provided, however, that the Company may, in its
sole discretion, relieve Ireland of his duties during all or part of the notice period, but shall be obligated to continue compensating
Ireland until his termination date with his same pay and benefits.

 

(d)       For Cause. The Company may terminate this Agreement immediately without any prior written notice to Ireland if the
termination is "for cause." For purposes of this Agreement, "for cause" shall be defined as the willful and
continued failure by Ireland to perform his duties, conviction of a felony, or any other material conduct that is contrary to the
best interests of the Company or adversely affects the reputation of the Company. In the event that this Agreement is terminated
pursuant to this paragraph 6(d), the Company shall pay to Ireland only that compensation which is due to him through the date of
his termination.

 

(e)       
Expiration of Term. Either party may terminate this Agreement effective on the date the Initial Term or any
Renewal Term is due to expire by giving the other party at least thirty (30) days prior written notice of termination. Upon receipt
of said notice, the parties shall meet and in good faith confer regarding Ireland’s work responsibilities during the notice
period. During the notice period, Ireland agrees to use his best efforts to continue his work for the Company; provided, however,
that the Company may, in its sole discretion, relieve Ireland of his duties during all or part of the
notice period, but shall be obligated to continue compensating Ireland until his termination date with his same pay and benefits.

 

(f)       
Common Stock Award. If Ireland’s employment is terminated for reasons other than "for cause" as defined
in paragraph 6(d) or other than Ireland’s voluntary resignation pursuant to paragraph 6(b), the Company shall deliver to
Ireland the full amount of Common Stock to which he is entitled pursuant to paragraph 5(c), according to the vesting schedule set
forth therein. If Ireland’s employment is terminated "for cause", or if Ireland voluntarily resigns, then he shall
not be entitled to receive any shares of Common Stock which have not yet vested pursuant to paragraph 5(c).

 

(g)      
Return of Property and Non-Access. Upon the termination of his employment with the Company, Ireland agrees to (i)
immediately return to the Company all Confidential Information (defined below) and other property belonging to the Company; (ii)
not retain copies of any Confidential Information, documents, or other property belonging to the Company; and (iii) not access
the Company’s computer systems, download files or any information from the Company’s computer systems or in any way
interfere, disrupt, modify or change any computer program used by the Company or any data stored on the Company’s computer
systems.

 

    	 

    	 

    

7.      Confidential
Information. The Company will provide confidential and proprietary information to Ireland, including but not limited to
information regarding the Company’s customers (their contacts and product purchasing history/patterns), potential customers,
current or future prospects, acquisition targets, vendors, suppliers, employees, contractors, sales, purchasing, pricing, products
and services, business plans, the status of exploration or development of owned or leased properties, along with reports prepared
by or for the Company (including sales reports) (collectively referred to herein as the “Confidential Information”).
Ireland understands and agrees that during and after the term of his employment he will not directly or indirectly use or disclose
any such Confidential Information for any reason other than the advancement of the Company’s business interests. The parties
agree that the restrictions in this paragraph 7 regarding Confidential Information do not cover public information, information
created by entities other than the Company for dissemination to the public or information generally known in the Company’s
industry. The parties agree that the obligations created in this paragraph 7 will survive the termination of Ireland’s
employment with the Company and the termination of this Agreement.

 

8.       Choice
of Law. The parties agree that this Agreement shall be governed by and construed under the laws of the State of Nevada.

 

9.       Severability.
If any provision of this Agreement is declared or found to be illegal, unenforceable, or void, in whole or in part, then both
parties will be relieved of all obligations arising under such provision, but only to the extent it is illegal, unenforceable,
or void. The parties intend that this Agreement will be deemed amended by modifying any such illegal, unenforceable, or void provision
to the extent necessary to make it legal and enforceable while preserving its intent, or if such is not possible, by substituting
therefor another provision that is legal and enforceable and achieves the same objectives. Notwithstanding the foregoing, if the
remainder of this Agreement will not be affected by such declaration or finding and is capable of substantial performance, then
each provision not so affected will be enforced to the extent permitted by law.

 

10.      Waiver. No delay or
omission by either party to this Agreement to exercise any right or power under this Agreement will impair such right or power
or be construed as a waiver thereof. A waiver by either of the parties to this Agreement of any of the covenants to be performed
by the other or any breach thereof will not be construed to be a waiver of any succeeding breach thereof or of any other covenant
contained in this Agreement. All remedies provided for in this Agreement will be cumulative and in addition to and not in lieu
of any other remedies available to either party at law, in equity or otherwise.

 

11.      Notices. Any notices,
consents, demands, requests, approvals and other communications to be given under this Agreement by either party to the other shall
be deemed to have been duly given when given in writing and personally delivered, or upon receipt if sent by mail (registered or
certified) or by a recognized "next-day delivery service" to the address set forth below a party's signature.

 

 

    	 

    	 

    

 

12.      Entire Agreement.
This Agreement represents the entire agreement relating to employment between the Company and Ireland. No prior or subsequent promises,
representation, or understandings relative to any terms or conditions of employment are to be considered as part of this Agreement
or as binding unless expressed in writing signed by the parties.

 

13.     Binding Effect. This
Agreement shall be binding upon and inure to the benefit of the Company, provided that the rights and obligations of Ireland under
this Agreement shall not be assignable.

 

14.      Amendment. This Agreement
may be amended only in a writing signed by both parties.

 

15.      Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which, when taken
together, shall constitute one in the same instrument.

 

16.      Acknowledgment. By
signing below, the parties certify and represent that they have carefully read and considered the foregoing Agreement and fully
understand all provisions of this Agreement and understand the consequences of signing this Agreement, and have signed this Agreement
voluntarily and without coercion, undue influence, threats, or intimidations of any kind or type whatsoever.

 

 

(Signature Page Follows)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

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

 

 

		COMPANY:	VIRTUS OIL & GAS CORP.
	 	 	 
	 	 	 
	 	 	 By:  /s/ Steven M. Plumb___________

Name: Steven M. Plumb

Title: Chief Financial Officer

 

Address:1517 San Jacinto Street

Houston, Texas 77002

	 	 	 
	 	 	 
	 	IRELAND:	 
	 		/s/ Rupert Ireland__________________

Name: Rupert Ireland
	 	 	 
	 	 	 
	 	 	 
	 	Address:   	1515 7th Street, Suite
59
	 	 	Santa Monica,
California 90401

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