Document:

Exhibit 10.1

 

THE SECURITIES OFFERED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ARE PROPOSED TO BE
ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY REGULATION S PROMULGATED
UNDER THE SECURITIES ACT. UPON ANY SALE, SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED IN THE
UNITED STATES OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION
UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT. HEDGING TRANSACTIONS
INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this "Agreement"), dated as of September 9th, 2013, is entered into by and among Gray Fox Petroleum
Corp., a Nevada corporation (the "Company"), and Rooftop Investments Ltd., a company organized under the laws
of Marshall Islands (the "Purchaser").

 

WHEREAS, the Company
proposes to issue and sell to Purchaser for cash, an aggregate 300,000 shares of common stock, $0.001 par value, of the Company
("Common Stock"), on the terms and conditions set forth below.

 

NOW THEREFORE, in consideration
of the above recitals and the mutual covenants set forth herein, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.01The terms defined in this Section
1.01 shall have for all purposes of this Agreement the respective meanings specified below.

 

"Agreement"
shall mean this Securities Purchase Agreement as it may be amended from time to time.

 

"Board"
shall mean the Board of Directors of the Company, as constituted from time to time.

 

"Business Day"
shall mean any day, other than a Saturday or Sunday, on which commercial banks are open for business with the public in Reno, Nevada.

 

"Closing"
shall mean the consummation of the purchase and sale of the Shares.

 

"Closing Date"
shall mean September 09, 2013, or such later date on which the conditions set forth in Articles VI and VII hereof have been satisfied
or waived.

 

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"Closing Documents"
shall mean this Agreement, the stock certificates representing the Shares, and any other document required by this Agreement as
a condition to the obligations of Purchaser under this Agreement or executed or delivered by the Company at the Closing.

 

"Common Stock"
shall mean the common stock, $0.001 par value, of the Company.

 

"Company"
shall mean Gray Fox Petroleum Corp., a Nevada corporation, and its successors and assigns.

 

"Exchange Act"
shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

"Material Adverse
Change" shall mean a material and adverse change in the business, assets, financial condition, results of operations,
affairs or prospects of the Company and its subsidiaries, taken as a whole, including, without limitation, any such material adverse
change exceeding $10,000 in value.

 

"Section"
shall mean a section or subsection of this Agreement.

 

"Securities
Act" shall have the meaning set forth in the recitals hereto.

 

"Shares"
shall mean the aggregate 300,000 shares of Common Stock to be issued and sold by the Company to Purchaser at the Closing in the
manner prescribed by this Agreement.

 

ARTICLE II

PURCHASE AND SALE OF COMMON STOCK

 

2.01 The Shares.
The Company has authorized the issuance and sale to Purchaser of an aggregate 300,000 shares of Common Stock, which shall be purchased
by Purchaser, upon the terms and subject to the conditions described in this Agreement.

 

2.02 Closing of
Purchase and Sale of Shares. At the Closing, the Company agrees to issue and sell to the Purchaser, and the Purchaser agree
to purchase, the Shares for a total purchase price equal to One Hundred Fifty Thousand and No/100 Dollars ($150,000.00). The purchase
and sale of the Shares shall take place by facsimile delivery exchange of signature pages followed by express delivery exchange
of the complete Closing Documents on the Closing Date, with the Closing to be held at the offices of Hallett & Perrin, P.C.,
1445 Ross Avenue, Suite 2400, Dallas, Texas 75202. At the Closing, the Company shall deliver to Purchaser certificates representing
the Shares against payment of the foregoing purchase price, and the Company and Purchaser shall deliver such other agreements,
documents and certificates as specified in this Agreement or as may be reasonably requested by each party. The purchase price shall
be paid by wire transfer to an account designated by the Company.

 

2.03 Further Assurances.
The Company and Purchaser shall execute and deliver such additional documents and take such additional actions as any party reasonably
may deem to be practical and necessary in order to consummate the transactions contemplated by this Agreement and to vest more
fully Purchaser's ownership of the Shares.

 

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ARTICLE III

REPRESENTATIONS AND WARRANTIES OF PURCHASER

 

Purchaser represents,
warrants and covenants, to the Company as follows:

 

3.01Authorization. Purchaser
is duly organized, validly existing and in good standing under the laws of its jurisdiction, as set forth in the preamble to this
Agreement. Purchaser has the necessary power and authority to execute and deliver this Agreement and to perform its obligations
hereunder. The execution and delivery of, and the performance under, this Agreement by Purchaser will not conflict with any rule,
regulation, law, order, judgment, obligation or agreement applicable to Purchaser.

 

3.02Investment
Purpose. Purchaser was not formed for the purpose of acquiring the Shares. Purchaser is purchasing the Shares for investment
purposes and not with a present view to, or for sale in connection with, a distribution thereof within the meaning of the Securities
Act or reselling or otherwise disposing of all or any portion of the Shares. Purchaser does not intend any sale of the Shares either
currently or after the passage of a fixed or determinable period of time or upon the occurrence or non-occurrence of any predetermined
event or circumstance. Purchaser does not have any present or contemplated contract, undertaking, agreement or arrangement with
any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Shares.
Purchaser understands that it may not be able to sell or otherwise dispose of the Shares, and that as a result it might need to
bear the economic risk of this investment in the Shares indefinitely.

 

3.03Reliance
On Exemptions. Purchaser understands that the Shares have not been registered under the Securities Act or any state securities
laws and are being offered and sold in reliance upon specific exemptions from the registration requirements of federal and state
securities laws, and that the Company is relying upon the truth and accuracy of the representations and warranties of Purchaser
set forth herein in order to determine the availability of such exemptions and the eligibility of Purchaser to acquire the Shares.
Purchaser agrees to timely make all filings required to be made by it under the Exchange Act or the Securities Act, including without
limitation any filings under Section 13 of the Exchange Act, as a result of the transactions described in this Agreement, and such
filings shall be true and correct in all material respects and contain no material omissions or misstatements.

 

3.04Information.
Purchaser has read, reviewed and relied solely on the publicly available information concerning the Company and any independent
investigation made by it and its representatives, if any, and has been furnished all documents relating to the business, finances
and operations of the Company that Purchaser requested from the Company and has evaluated the risks and merits associated with
an investment in the Shares to its satisfaction. Purchaser has been afforded the opportunity to ask questions of the Company's
representatives concerning the Company in making the decision to purchase and acquire the Shares, and such questions have been
answered to its satisfaction. Purchaser acknowledges that no person has been authorized to give any information or to make any
representation concerning the Company or the Shares, other than as contained in this Agreement, and if given or made, any such
other information or representation has not been relied upon as having been authorized by the Company.

 

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3.05Governmental Review.
Purchaser understands that no federal or state agency or any other government or governmental agency has passed upon or made any
recommendation or endorsement of the Shares.

 

3.06Purchaser's
Qualifications. Purchaser is an "accredited investor" as defined in Rule 501 under Regulation D of the Securities
Act. Purchaser is capable of evaluating the merits and risks of an investment in the Shares. Purchaser understands and acknowledges
that an investment in the Shares involves a high degree of risk. Purchaser acknowledges that it has the ability to bear the economic
risk of its investment in the Shares. Purchaser acknowledges that it is possible that Purchaser may incur a total loss of its investment.
Purchaser has adequate means of providing for Purchaser’s current needs and possible contingencies and does not have a need
for liquidity of this investment.

 

3.07Regulation S Representations.
Purchaser (a) is not a “U.S. Person,” as defined by Regulation S of the Securities Act, and is not acquiring the Shares
for the account or benefit of a U.S. Person, (b) was not in the United States at the time the offer to purchase the Shares was
received, and (c) understands that the Shares are “restricted securities” within the meaning of the Securities Act
and will be issued to the Purchaser in accordance with Regulation S of the Securities Act. Purchaser agrees not to engage in hedging
transactions with regard to the Shares, unless in compliance with the Securities Act. Purchaser acknowledges that the Company will
refuse to register any transfer of the Shares not made in accordance with the provisions of Regulation S of the Securities Act,
pursuant to registration under the Securities Act, nor pursuant to an available exemption from registration under the Securities
Act. Purchaser agrees to resell the Shares only in accordance with the provisions of Regulation S of the Securities Act, pursuant
to registration under the Securities Act, or pursuant to an available exemption from registration under the Securities Act.

 

3.08Restrictions
on Transfer. Purchaser covenants and agrees that it shall not transfer any of the Shares in a transaction that is not registered
under the Securities Act and any applicable state securities laws, unless (a) unless an exemption from registration and qualification
requirements is available for such transaction under the Securities Act and applicable state securities laws, and (b) the Company
has received an opinion of counsel satisfactory to it stating that such registration and qualification is not required. Purchaser
understands that certificates representing the Shares shall bear the following, or a substantially similar, legend until such time
as they have been registered under the Securities Act or otherwise may be sold without volume or other limitations under Rule 144
promulgated under the Securities Act:

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED
BY REGULATION S PROMULGATED UNDER THE SECURITIES ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

 

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3.09Trading
Activities. Purchaser’s trading activities with respect to the Common Stock have been and shall continue to be in compliance
with all applicable federal and state securities laws, rules and regulations and the rules and regulations of any Principal Market
on which the Common Stock is listed or traded. Neither Purchaser nor its affiliates has an open short position in the Common Stock
of the Company, and Purchaser shall not and will cause its affiliates not to engage in any “short sale,” as defined
in any applicable SEC or FINRA rules on any hedging transactions with respect to the Common Stock.

 

3.10Brokers.
 No broker or finder has acted for Purchaser in connection with this Agreement or the transactions contemplated thereby, and
no broker or finder is entitled to any brokerage or finder’s fees or other commission in respect of such transactions based
in any way on agreements, arrangements or understandings made by or on behalf of Purchaser.

 

3.11Residence. Purchaser
is domiciled within the jurisdiction set forth under its name on the signature pages hereto.

 

3.12Separate Counsel. Purchaser
has relied completely on the advice of, or has consulted with, its own tax, investment, legal or other advisors and has not relied
on the Company, or any of its officers, directors, attorneys, accountants, representatives, agents, advisors for any advice. Purchaser
has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for
the Shares or any use of this Agreement, including: (a) the legal requirements within its jurisdiction for the purchase of the
Shares; (b) any foreign exchange restrictions applicable to such purchase; (c) any governmental or other consents that may need
to be obtained; (d) the income tax and other tax consequences, if any, that may be relevant to an investment in the Shares; and
(e) any restrictions on transfer applicable to any disposition of the Shares imposed by the jurisdiction in which Purchaser is
resident.

 

3.13 No Solicitation. None
of the Shares were offered to Purchaser through, and Purchaser is not aware of, any form of general solicitation or general advertising
with respect to this Agreement and the transactions contemplated hereby, including, without limitation (a) any advertisement, article,
notice or other communication published in any newspaper, magazine or similar media or broadcast over television, radio or via
the Internet, and (b) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.
Purchaser further understands that the Company is relying in part on this representation to ensure compliance with the Securities
Act.

 

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ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

 

The Company represents
and warrants to Purchaser as follows:

 

4.01Organization and Good Standing.
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada, and has
all necessary corporate power and authority to own or lease its assets and to carry on its business as now being conducted and
presently proposed to be conducted. The Company is duly qualified to do business as a foreign corporation and is in good standing
in each jurisdiction in which its ownership or leasing of assets, or the conduct of its business, makes such qualification necessary,
except where the failure to be so qualified would not result in a Material Adverse Change. There has been no amendment of the Company's
Articles of Incorporation or Bylaws, as each is currently in effect (the “Constituent Documents”), that is not
reflected in the Company's filings with the Securities and Exchange Commission ("SEC"). The Company has no subsidiaries
and no equity interests in any corporation, partnership, joint venture or other entity, other than those reflected in the SEC Documents
(as defined below).

 

4.02Subsidiaries. Each subsidiary
of the Company is validly existing and in good standing under the laws of the state or other jurisdiction of its incorporation
and has the requisite corporate power to own, lease and operate its properties and assets and to conduct its business as it is
now being conducted.

 

4.03Requisite Power and Authorization.
The Company has all necessary corporate power and authority to execute and deliver the Closing Documents and to perform its obligations
under each of the Closing Documents, including without limitation the issuance of the Shares hereunder. All corporate action of
the Company required for the execution and delivery of the Closing Documents and the issuance and delivery of the Shares has been
duly and effectively taken, and no further actions, authorizations or consents, including, without limitation, any consents of
the stockholders of the Company, are required. Each of the Closing Documents constitutes the valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except:

(i)as limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditor's rights,
and

 

(ii)as limited by general
principles of equity that restrict the availability of equitable remedies.

 

The Shares, when issued
at the Closing in compliance with the provisions of this Agreement, will be validly issued, fully paid and non-assessable, free
and clear of any and all liens, charges, claims or encumbrances.

 

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4.04SEC Documents. The Company
has filed with the SEC all reports, statements, schedules and other documents (collectively, the "SEC Documents")
required to be filed by it pursuant to the Securities Act and the Exchange Act. Since January 1, 2012, all SEC Documents required
to be filed were timely filed. As of their respective dates, the SEC Documents complied in all material respects with the requirements
of the Securities Act or the Exchange Act, as the case may be, and the rules and regulations of the SEC promulgated thereunder,
and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. As of their respective dates, the financial statements included in the SEC Documents
(the "Financial Statements") complied as to form in all material respects with applicable accounting requirements
and the published rules and regulations of the SEC with respect thereto. Except (i) as may be indicated in the notes to the Financial
Statements or (ii) in the case of the unaudited interim statements, as permitted by Form 10-Q under the Exchange Act, the Financial
Statements have been prepared in accordance with generally accepted accounting principles consistently applied and fairly present
in all material respects the consolidated and consolidating financial position of the Company and its subsidiaries as of the dates
thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements,
to normal recurring year-end adjustments and footnotes). Except as set forth in the Financial Statements filed with the SEC prior
to the date hereof, neither the Company nor any of its subsidiaries has any liabilities, whether absolute, contingent or otherwise,
other than (i) liabilities incurred in the ordinary course of business subsequent to the date of such Financial Statements, (ii)
obligations under contracts and commitments incurred in the ordinary course of business and not required under generally accepted
accounting principles to be reflected in such Financial Statements, which liabilities and obligations referred to in clauses (i)
and (ii), individually or in the aggregate, are not material to the financial condition or operating results of the Company or
any of its subsidiaries and (iii) liabilities and obligations incurred in connection with the Closing Documents and the transactions
contemplated thereby.

 

4.05Capitalization. The
capitalization of the Company (on a fully diluted basis) is as disclosed in the SEC Documents, except for the Shares to be issued
at the Closing. All outstanding shares of capital stock have been duly authorized and validly issued, are fully paid and non-assessable,
and were issued in compliance in all material respects with applicable federal and state laws governing the issuance of securities.
Except as disclosed in the SEC Documents, the Company has (i) no outstanding securities convertible into or exchangeable for any
shares of capital stock of the Company, (ii) no rights, options, warrants, calls or other agreements or commitments of any nature
whatsoever relating to the purchase or other acquisition of any shares of its capital stock or securities convertible into or exchangeable
for any shares of its capital stock, (iii) no shares of its capital stock reserved for issuance, and (iv) no agreements or other
commitments of any nature whatsoever relating to preferential rights or voting rights of any shares of its capital stock or securities
convertible into or exchangeable for any shares of its capital stock.

 

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4.06No Conflicts. Neither
the execution, delivery and performance by the Company of this Agreement, the other Closing Documents, and all instruments and
documents to be delivered by the Company, nor the consummation of the transactions contemplated by any of the foregoing (i) has
constituted or resulted in, or will constitute or result in, a default under or breach or violation of any term or provision of
the Constituent Documents or material contracts or instruments to which the Company or any of its subsidiaries is a party or federal,
state or local laws, rules or regulations, writs, orders, judgments or decrees which are applicable to the Company, any of its
subsidiaries or their assets, (ii) will result in the acceleration or termination of any rights under any contract or instrument
to which the Company or any of its subsidiaries is a party or (iii) will result in the creation or imposition of any liens, charges
or encumbrances upon any assets of the Company or any of its subsidiaries.

 

4.07Consents. Other than
those that will be obtained before the Closing, no approval, consent, order, authorization or other action by, or notice to or
filing with, any governmental authority or regulatory agency or any other person or entity, and no lapse of a waiting period, is
required in connection with the execution, delivery or performance by the Company of this Agreement, any other Closing Document,
the issuance and delivery of any of the Shares or any other transactions contemplated by any of the Closing Documents except for
(i) filings required under applicable state "blue sky" laws (which shall be duly filed and effective prior to the Closing
if so required under such laws), and (ii) an optional current report on Form 8-K to be filed with the SEC.

 

4.08No Material Adverse Change.
Since the date of the most recent SEC Documents, the business of the Company and each subsidiary has been operated in the ordinary
course and substantially consistent with past practice, and there has not been any Material Adverse Change.

 

4.09Litigation.There
is no claim, action, suit, proceeding or investigation pending or, to the Company's knowledge, currently threatened against the
Company or any of its subsidiaries, or any of their respective directors or officers, in their capacities as such, (i) that questions
the validity of this Agreement or any other Closing Document or the issuance of the Shares, or the right of the Company to enter
into this Agreement or any other Closing Document or to consummate the transactions contemplated by any Closing Document or (ii)
that might result, either individually or in the aggregate, in any Material Adverse Change or in any change in the current equity
ownership of the Company or of any subsidiary.

 

4.10No Brokers
or Finders. No person or entity has or will have, as a result of any engagement or contractual obligation incurred by the
Company, any right, interest or valid claim against Purchaser or the Company for any commission, fee or other compensation as
a finder or broker, or in any similar capacity, in connection with the transactions contemplated by this Agreement.

 

ARTICLE V

COVENANTS OF THE COMPANY

 

The Company hereby
covenants and agrees to file in a timely manner all reports and other documents required to be filed by it under the Exchange Act,
and such filings shall be true and correct in all material respects and contain no material omissions or misstatements. For so
long as Purchaser owns the Shares, the Company shall not terminate its status as an issuer required to file reports under the Exchange
Act, even if the Exchange Act or the rules and regulations promulgated thereunder would permit such termination.

 

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ARTICLE VI

CONDITIONS TO OBLIGATIONS OF PURCHASER
AT THE CLOSING

 

The obligation of Purchaser
to purchase the Shares at the Closing shall be subject to the fulfillment on or prior to the Closing Date of the following conditions,
any one or more of which may be waived by Purchaser:

 

6.01Closing Documents. The
Company shall have delivered to Purchaser this Agreement, the certificates representing the Shares, and all other documentation
required by this Agreement relating to the transactions contemplated hereby, all duly executed by the Company.

 

6.02Representations
and Warranties; Performance of Obligations. The representations and warranties made by the Company in this Agreement and in
any other Closing Document shall be true and correct when made, and shall be true and correct in all material respects on the Closing
Date with the same force and effect as if they had been made on and as of said date, except for representations and warranties
made as of a specific date which shall be true and correct as of such date. The Company shall have performed, satisfied and complied
with all obligations and conditions required to be performed or observed by it under this Agreement or any other Closing Document
on or prior to the Closing Date.

 

6.03Consents
and Waivers. The Company shall have made all filings and obtained any and all consents (including, without limitation, all
governmental or regulatory consents), approvals or authorizations, permits and waivers necessary or appropriate for consummation
of the transactions contemplated by this Agreement and any other Closing Document.

 

6.04No Litigation
or Legislation. No federal, state or local statute, rule, regulation, decree, ruling or injunction shall have been enacted
or entered, and no litigation, proceeding, government inquiry or investigation shall be pending, which challenges, prohibits or
restricts, or seeks to prohibit or restrict, the consummation of the transactions contemplated by this Agreement or any other Closing
Document, or restricts or impairs the ability of Purchaser to own an equity interest in the Company.

 

ARTICLE VII

CONDITIONS TO OBLIGATION OF THE COMPANY
AT THE CLOSING

 

The obligation of the
Company to sell and issue the Shares to Purchaser at the Closing shall be subject to the fulfillment on or prior to the Closing
Date of the following conditions, any one or more of which may be waived by the Company:

 

7.01Purchase
Price; Closing Documents. Purchaser shall have delivered the purchase price for the Shares to be purchased by Purchaser hereunder.
Purchaser shall have delivered to the Company this Agreement and all related documentation required by this Agreement or the transactions
contemplated hereby, all duly executed by Purchaser.

 

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7.02Representations and Warranties;
Performance of Obligations. The representations and warranties made by Purchaser in this Agreement shall be true and correct
when made, and shall be true and correct in all material respects on the Closing Date with the same force and effect as if they
had been made on and as of said date. Purchaser shall have performed, satisfied and complied with all obligations and conditions
required to be performed or observed by it under this Agreement or any other Closing Document on or prior to the Closing Date.

 

7.03No Litigation or Legislation.
No federal, state or local statute, rule, regulation, decree, ruling or injunction shall have been enacted or entered, and no litigation,
proceeding, government inquiry or investigation shall be pending, which challenges, prohibits or restricts, or seeks to prohibit
or restrict, the consummation of the transactions contemplated by this Agreement or any other Closing Document, or restricts or
impairs the ability of Purchaser to own an equity interest in the Company.

 

ARTICLE VIII

MISCELLANEOUS

 

8.01Waiver. No course of
dealing between Purchaser and any other party hereto or any failure or delay on the part of Purchaser in exercising any rights
or remedies under this Agreement or any of the Closing Documents shall operate as a waiver of any rights or remedies of Purchaser.
No single or partial exercise of any rights or remedies under this Agreement or any of the Closing Documents shall operate as a
waiver or preclude the exercise of any other rights or remedies hereunder or thereunder.

 

8.02Survival of Covenants; Successors
and Assigns. All representations and warranties of the Company contained in this Agreement, in the Schedules, or in any exhibit,
certificate, document or instrument delivered pursuant to this Agreement shall survive the Closing and shall continue in full force
and effect for three years after the Closing Date. The parties hereto understand and agree that this Agreement contains obligations,
agreements and covenants that are intended to and shall continue after the Closing and except as otherwise provided herein, all
covenants, agreements and obligations made herein, in the other Closing Documents and in certificates delivered in connection herewith
or on behalf of the Company, shall survive the execution and delivery of this Agreement and shall bind and inure to the benefit
of the Company and its successors and assigns and the holders of the Shares from time to time.

 

8.03Notices. Any notice
or communication to be given under this Agreement must be in writing and given by (a) deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery in person
or by courier service providing evidence of delivery, or (c) transmission by telecopy. Each notice or communication that is mailed,
delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the
case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered
by hand, courier service, or telecopy, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit
of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this
Agreement must be addressed as set forth on the signature pages to this Agreement. Any party may change its address for notice
by written notice to the other parties hereto. Any notices delivered to a Purchaser under this Agreement must also be delivered
to such parties whose address may be set forth under Purchaser's name on the signature pages to this Agreement.

 

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8.04Descriptive Headings.
The descriptive headings of this Agreement have been inserted for convenience only and shall not be deemed to limit or otherwise
affect the construction of any provisions hereof.

 

8.05GOVERNING LAW. THIS
AGREEMENT, THE OTHER CLOSING DOCUMENTS AND THE OTHER INSTRUMENTS EXECUTED HEREUNDER, ARE PERFORMABLE IN DALLAS, TEXAS, AND SHALL
BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH, UNDER AND GOVERNED BY, THE LAWS OF THE STATE OF TEXAS WITHOUT REGARD TO ITS CONFLICTS
OF LAWS PROVISIONS. The parties irrevocably submit to the exclusive jurisdiction of the state and federal courts located in
Dallas County, Texas for the purpose of any suit, action or other proceeding arising out of or based on this Agreement, the other
closing documents and the other instruments executed under this Agreement, or their respective subject matter. Each party, to the
extent applicable law permits, waives, and will not assert by way of motion, as a defense or otherwise, in any suit, action or
proceeding brought in the above-named courts, any claim that (a) it is not subject personally to the jurisdiction of those courts,
(b) the suit, action or proceeding is brought in an inconvenient forum, (c) the venue of the suit, action or proceeding is improper,
or (d) any of these agreements and instruments, or their respective subject matter, may not be enforced in or by these courts.

 

8.06Counterparts. This Agreement
may be executed in one or more counterparts, each of which shall for all purposes be deemed an original and all of which shall
constitute the same instrument, but only one of which need be produced.

 

8.07Expenses. All expenses,
including (without limitation) attorneys' and accountants' fees incurred or to be paid by the Company or Purchaser in connection
with the transactions contemplated by this Agreement shall be paid by whichever of them incurred such expenses, as the case may
be.

 

8.08Binding Effect. This
Agreement shall be binding upon the parties hereto, together with their respective executors, administrators, successors, personal
representatives, heirs and assigns.

 

8.09Severability. If any
provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term
hereof, such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid
or unenforceable provision never comprised a part hereof; and the remaining provisions hereof shall remain in full force and effect
and shall not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom. Furthermore, in lieu
of such illegal, invalid or unenforceable provision, there shall be added automatically as part of this Agreement, a provision
as similar in its terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable.

 

    	11

    	 

    

 

8.10Changes, Modifications or
Waivers. No change or modification of this Agreement shall be valid or binding upon the parties hereto, nor shall any waiver
of any term or condition in the future be so binding, unless such change or modification or waiver shall be in writing and signed
by the Company and Purchaser.

 

8.11Miscellaneous. No failure
or delay on the part of any party in exercising any right, power or remedy hereunder shall operate as a waiver thereof. The waiver
by any party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach.
No modification, amendment or termination under this Agreement shall be valid unless evidenced by a writing signed by Purchaser.
This Agreement and the other Closing Documents constitute the entire agreement between the parties with respect to the subject
matter hereof and supersede all proposals and agreements, whether written or oral, and all other communications between the parties
relating to the subject matter of this Agreement or the Shares. In the event that the terms set forth in this Agreement and in
the other Closing Documents conflict, this Agreement shall control. The invalidity, illegality or unenforceability of any provision
of this Agreement or the other Closing Documents shall in no way affect the validity, legality or enforceability of any other provision.
This Agreement and the other Closing Documents shall be binding upon and inure to the benefit of the Company and Purchaser and
their respective successors and assigns.

 

8.12Termination.
This Agreement may be terminated and the transactions contemplated hereby abandoned at any time prior to the Closing
Date (a)by mutual written consent of the Company and Purchaser; or (b) by either the Company or Purchaser if the
transactions contemplated hereby shall not have been consummated on or before the close of business on September 9, 2013. In
the event of termination of this Agreement as provided above, this Agreement shall forthwith become of no further effect and
there shall be no liability or obligation on the part of any party.

 

 

[signatures appear on following page]

 

    	12

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed as an instrument under seal and as of the date first above written.

 

 

	 	THE COMPANY:
	 	 	 
	 	GRAY FOX PETROLEUM CORP.,
	 	a Nevada corporation
	 	 	 
	 	 	 
	 	By: 	/s/ Lawrence Pemble
	 	Name:  	Lawrence Pemble
	 	Title:  	President 
	 	Address:  	3333 Lee Parkway, Suite 600
	 	 	Dallas, Texas 75219
	 	 	 
	 	 	 
	 	
        PURCHASER:

	 	Rooftop Investments Ltd.

	 	a Marshall Islands Company

	 	 	 
	 	By:	/s/ Rene Berlinger
	 	Name:	BERLINGER René
	 	Title:	Director
	 	Address:	Trust Company Complex, Ajeltake Road
	 	 	Ajeltake Island, Majuro
	 	 	MH96960 Marshall Islands
	 	 	 
	 	 	 
	 	Copy to – Correspondence address

	 	 	ACM Services GmbH
	 	 	Zimikerweg 14
	 	 	CH-8604 Volketswil

 

    	13Exhibit 4.6

 

AMENDED AND RESTATED

RESOLUTION OF THE BOARD OF DIRECTORS

of
 CHS INC.

 

CREATING A SERIES OF PREFERRED EQUITY
 TO BE DESIGNATED
 CLASS B CUMULATIVE REDEEMABLE PREFERRED STOCK

 

RESOLVED, that pursuant to the authority vested in the Board of Directors of the (the “Board of Directors”) of CHS Inc. (the” Company”), by the Articles of Incorporation of the Company, the Board of Directors hereby establishes a series of preferred equity of the Company having the following rights, preferences, privileges and limitations:

 

Section 1.  Designation of Class B Cumulative Redeemable Preferred Stock; Unlimited Shares; No Limitations and Restrictions on Issuance.

 

(a)         Designations; Unlimited Shares.  The shares of such series of preferred equity securities shall be designated as Class B Cumulative Redeemable Preferred Stock (the “Class B Preferred Stock”), with a $25 liquidation preference.  The shares of the Class B Preferred Stock shall be unlimited in number and may be issued from time to time in one of more series of Class B Preferred Stock (titled as designated by the Board of Directors at the time it authorizes the issuance of a specific series of Class B Preferred Stock) to be issued in public or private offerings or in exchanges for or in redemption of outstanding patrons’ equities or other equity securities held by members of the Company.  Unless otherwise established by the Board of Directors at the time it authorizes the issuance of a specific series of Class B Preferred Stock, the shares so issued shall be uncertificated shares.

 

(b)         No Limitations and Restrictions on Issuance.  Nothing in this Resolution shall limit the Company’s right, on approval of its Board of Directors, to authorize and issue additional series or classes or preferred equity of the Company, including additional series of Class B Preferred Stock.

 

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Section 2.                  Rank.  The Class B Preferred Stock of each series shall rank senior to (i) any patronage refund, as that term is used in the Company’s Bylaws, or patrons’ equities, whether or not represented by a certificate, (ii) any other class or series of capital stock or equity capital designated by the Board of Directors as junior to the Class B Preferred Stock and (iii) common stock, if any, of the Company, both as to payment of dividends and as to distributions of assets upon the liquidation, dissolution or winding up of the Company, whether voluntary or involuntary (collectively, “Junior Securities”; provided, however, that for purposes of Section 3(b), 3(c) or 4, the term “Junior Securities” shall mean as to the payment of dividends or as to distributions of assets).  Shares of any class or series of capital stock or equity capital of the Company that are not Junior Securities, including the Company’s existing 8% Cumulative Redeemable Preferred Stock, shall rank pari passu with the Class B Preferred Stock, other than shares of capital stock or equity capital of the Company which, by their terms, rank (with the approval of the holders of a majority of the outstanding shares of Class B Preferred Stock pursuant to Section 6(b)) senior to the Class B Preferred Stock.

 

Section 3.                  Dividends and Distributions.

 

(a)         Payment of Dividends.  The holders of any series of the Class B Preferred Stock shall be entitled to receive dividends quarterly (or at such other period if specified by the Board of Directors at the time it authorizes the issuance of a specific series) when, as and if declared by the Board of Directors out of funds legally available for such purpose, at a rate per annum per share as established by the Board of Directors at the time of issuance of such series of the Class B Preferred Stock (which rate may include a floating rate or a rate subject to reset at specified intervals), provided that the rate per annum per share may not in any event exceed the rate of eight percent (8.0%) per annum (equivalent to $2.00 per annum per share).  Dividends shall be payable on March 31, June 30, September 30 and December 31 of each year (or at such other dates as specified by the Board of Directors at the time it authorizes the issuance of a specific series) (each such date a “Payment Date”), provided that any such Payment Date is a Business Day.  Unless otherwise specified by the Board of Directors at the time it authorizes the issuance of a specific series, a Business Day is any day that is not a Saturday, Sunday or a day on which banking institutions in the City of New York are authorized or required by law or executive order to remain closed.  If any Payment Date is not a Business Day, such dividend shall be payable without interest on the next Business Day, unless otherwise specified by the Board of Directors.  Dividends shall be fully cumulative and shall accumulate without interest from and including the latest of (i) the date on which the shares are issued, or any other date specified by the Board of Directors in connection with the issuance of such Class B Preferred Stock, or (ii) the most recent Payment Date as to which dividends have been paid.  Dividends shall be paid to holders of record as they appear on the books of the Company ten Business Days prior to the relevant Payment Date or such other date designated by the Board of Directors that is not more than 30, nor less than 10, days prior to the relevant Payment Date.  The Company may, in its sole discretion, pay dividends by any one or more of the following means: (x) check mailed to the address of such holder as it appears on the books of the Company, (y) electronic transfer in accordance with instructions provided by such holder or (z) any other means mutually agreed between the Company and such holder. The amount of dividends payable shall be computed on the basis of a 360-day year of twelve 30-day months.  Each payment of dividends will include dividends to but excluding the relevant Payment Date.  Dividends on the Class B Preferred Stock will accumulate whether or not the Company has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such dividends are authorized or declared.

 

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(b)         Limitations on Distributions to Holders of Junior Securities.  The Company may not make any distributions to the holders of, or redeem, purchase, repurchase or otherwise acquire for consideration any Junior Security unless and until all accumulated and unpaid dividends on the Class B Preferred Stock and on any class or series of capital stock or equity capital ranking on a parity with the Class B Preferred Stock, including the full dividend for the then-current dividend period, shall have been paid or declared and set apart for payment.  Any reference to a “distribution” contained in this Section 3(b) shall not be deemed to include any distribution made solely in Junior Securities or in connection with liquidation, dissolution or winding up of the Company, whether voluntary or involuntary.  The rights of holders of Class B Preferred Stock upon a distribution made in connection with liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, are governed by Section 4 below.

 

(c)          Limitation on Dividends Relating to Parity Securities.  When dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Class B Preferred Stock and all other shares of capital stock or equity capital of the Company ranking on a parity as to dividends with the Class B Preferred Stock, dividends may not be declared or paid on, and the Company may not redeem, purchase, repurchase or otherwise acquire for consideration, the Class  B Preferred Stock or such other shares of capital stock or equity capital except that dividends may be declared and paid on, and the Company may redeem, purchase, repurchase or otherwise acquire for consideration, the Class B Preferred Stock and such other shares of capital stock or equity capital on a pro rata basis so that the amount of dividends declared and paid per share of Class B Preferred Stock and per each such other share of capital stock or equity capital shall in all cases bear to each other the same ratio that the dividends  (which shall include accumulated dividends in the case of the Class B Preferred Stock and any other shares of capital stock or equity capital of the Company entitled to cumulative dividends) per share of Class B Preferred Stock and per such other share of capital stock or equity capital bear to each other.

 

(d)         Limitation on Dividends if Prohibited by Debt Instruments.  No dividends on the Preferred Stock shall be authorized by the Board of Directors of the Company or be paid or set apart for payment by the Company at such time as the terms and provisions of any agreement of the Company, including any agreement relating to its indebtedness, prohibits such authorization, payment or setting apart for payment or provides that such authorization, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such authorization or payment shall be restricted or prohibited by law.

 

(e)          Application of Dividend Payments.  Any dividend payment made on the Preferred Stock shall first be credited against the earliest accumulated but unpaid dividend due with respect to such Preferred Stock which remains payable.

 

Section 4.                  Liquidation Preference.  In the event of a liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, the holders of Class B Preferred Stock shall be entitled to receive out of the assets of the Company available therefor, before any payment shall be made or any assets distributed to the holders of any Junior Security, an amount per share equal to $25.00 plus all dividends accumulated and unpaid on such share, whether or

 

3

 

not declared, to and including the date of such distribution.  This distribution to the holders of the Class B Preferred Stock will be made after the payment of all liabilities and the liquidation preference of any shares of capital stock or equity capital of the Company that rank senior to the Class B Preferred Stock.  The entire assets of the Company available for distribution shall be distributed ratably among the holders of the Class B Preferred Stock and any shares of capital stock or equity capital of the Company that rank on a parity as to liquidation rights with the Class B Preferred Stock in proportion to the respective preferential amounts to which each is entitled (but only to the extent of such preferential amounts).  After payment in full of the liquidation preference of the shares of Class B Preferred Stock, the holders of such shares shall not be entitled to any further participation in any distribution of assets by the Company upon liquidation, dissolution or winding up of the Company.  Neither a consolidation or merger of the Company with or into another person nor a sale or transfer of all or part of the Company’s assets for cash, securities or other property will be deemed a liquidation, dissolution or winding up of the Company for purposes of this Section 4.

 

Section 5.                  Redemption.

 

(a)         Optional Redemption Right.  The Company, at its option, may redeem at any time all, or from time to time any portion, of any series of the Class B Preferred Stock at a price per share (the “Optional Redemption Price”) equal to $25.00 plus all dividends accumulated and unpaid on such share, whether or not declared, to and including the date fixed for redemption (the “Optional Redemption Date”); provided, however, that if an Optional Redemption Date falls on or after a Dividend Record Date relating to a Dividend Payment Date, dividends will be payable on such Dividend Payment Date to holders of the Class B Preferred Stock on such Dividend Record Date.  At the time of each issuance of a series of Class B Preferred Stock the Board of Directors may specify a no call period of up to ten (10) years from the date of initial issuance of that series during which the shares of that series will not be subject to optional redemption by the Company.

 

(b)         Optional Redemption of Less Than All Outstanding Shares of Class B Preferred Stock.  In case of the Company’s redemption of less than all of the then outstanding shares of any series of Class B Preferred Stock pursuant to Section 5(a), the Company shall designate by lot, or in such other manner as the Board of Directors may determine, the shares to be redeemed, or shall effect such redemption pro rata based on the number of shares held.  Notwithstanding the foregoing, the Company shall not redeem less than all of the then outstanding shares of any series of Class B Preferred Stock until all dividends accumulated and unpaid upon all then outstanding shares of such series of Class B Preferred Stock shall have been paid for all past dividend periods.

 

(c)          Holders’ Redemption Right.  If at any time there shall have been a Change in Control (as defined in Section 5(g) below), the Company shall promptly (and in any event within 30 days of the consummation) give written notice of the Change of Control to all holders of record of the shares of Class B Preferred Stock, which notice shall reference the holders’ redemption right pursuant to this Section 5(c).  The holder of each share of Class B Preferred Stock shall have the right, for a period of 90 days from the date of such Change in Control, to require the Company to redeem all or any portion of the shares of Class B Preferred Stock owned by such holder.  All shares as to which the holder has notified the Company of an exercise of

 

4

 

redemption right created by this Section 5(c) on or prior to the 90th day after such Change in Control shall be redeemed not later than 130 days after the date of such Change in Control (or, if such date is not a Business Day, the next succeeding Business Day) (the “Mandatory Redemption Date”) (each of the Optional Redemption Date and the Mandatory Redemption Date, a “Redemption Date”) at a price per share (the “Mandatory Redemption Price”) (each of the Optional Redemption Price and the Mandatory Redemption Price, a “Redemption Price”) equal to $25.00 plus all dividends accumulated and unpaid on such share, whether or not declared, to and including the Mandatory Redemption Date; provided, however, that if a Mandatory Redemption Date falls on or after a Dividend Record Date relating to a Dividend Payment Date, dividends will be payable on such Dividend Payment Date to holders of the Class B Preferred Stock on such Dividend Record Date.

 

(d)         Redemption Notice.  Not less than 30 nor more than 60 days prior to any Redemption Date, the Company shall give written notice (the “Redemption Notice”) to the holders of record of the shares of Class B Preferred Stock to be redeemed.  The Redemption Notice shall specify (i) the Redemption Date, (ii) the Redemption Price, (iii) the number of shares of Class B Preferred Stock held by the holder that are subject to redemption on the Redemption Date, (iv) the time, place and manner in which the holder shall surrender to the Company the certificate or certificates representing the shares of Class B Preferred Stock to be redeemed, including the steps that a holder should take with respect to any certificates which have been lost, stolen or destroyed or to any uncertificated shares, and (v) that from and after the Redemption Date, dividends will cease to accumulate on such shares and such shares shall no longer be deemed outstanding.

 

(e)          Surrender of Certificates.  On or after the Redemption Date, each holder shall surrender the certificate or certificates representing the shares of Class B Preferred Stock called for redemption in the manner provided in the Redemption Notice or take such steps with respect to lost, stolen or destroyed certificates or uncertificated shares as are provided in the Redemption Notice.  Upon so doing, a holder shall be entitled to receive payment of the Redemption Price for the shares of Class B Preferred Stock so redeemed.  If fewer than all of the shares of Class B Preferred Stock represented by a surrendered certificate or certificates are redeemed, the Company shall issue a new certificate representing the unredeemed shares.  Each surrendered certificate shall be canceled.

 

(f)           Effect of Redemption.  From and after the Redemption Date, if funds necessary for the redemption shall be available therefor and shall have been irrevocably deposited or set aside, then (i) dividends shall cease to accumulate with respect to the shares of Class B Preferred Stock called for redemption, (ii) such shares shall no longer be deemed outstanding, (iii) the holders of such shares shall cease to be shareholders and (iv) all rights whatsoever with respect to such shares of Class B Preferred Stock shall terminate except the right of the holders thereof to receive the Redemption Price, without interest.

 

(g)         Definition of Change in Control.  For purposes of Section 5(c), a Change in Control shall have occurred if, in connection with a merger or consolidation of the Company approved by the Board of Directors of the Company (prior to submitting the merger or consolidation to the Members of the Company for approval), whether or not the Company is the surviving entity,

 

5

 

those persons who were members of the Board of Directors on January 1, 2013 (the “Original Directors”), together with those persons who became members of the Board of Directors after such date (the “Approved Subsequent Directors”) at the annual meeting of the Company, shall have ceased to constitute a majority of the Company’s Board of Directors.

 

(h)         Purchases.  The Company may at any time and from time to time in compliance with applicable law purchase shares of Class B Preferred Stock on the open market, pursuant to a tender offer or otherwise, at such price or prices and other terms as it determines.  The Company may not make any such purchases at a time when there are accumulated but unpaid dividends for one or more past dividend periods.

 

Section 6.                  Voting Rights.

 

(a)         General.  Except as set forth in Section 6(b), the holders of Class B Preferred Stock shall have only such voting rights as are required by applicable law.

 

(b)         Certain Actions Not to be Taken Without Vote of Holders of Class B Preferred Stock.  Unless the shares of Class B Preferred Stock are redeemed pursuant to their terms, the affirmative vote of the holders of a majority of the outstanding shares of the Class B Preferred Stock, voting separately as a class, shall be required (i) for any amendment, alteration or repeal, whether by merger or consolidation or otherwise, of the Company’s Articles of Incorporation or this resolution if the amendment, alteration or repeal adversely affects the powers, rights or preferences of the Class B Preferred Stock, and (ii) to establish, by board resolution or otherwise, any class or series of capital stock or equity capital of the Company having rights senior to the Class B Preferred Stock as to the payment of dividends or distribution of assets upon the liquidation, dissolution or winding up of the Company, whether voluntary or involuntary.  For purposes of this Section 6(b), the creation and issuance of any other class or series of capital stock, equity capital or patrons’ equities of the Company ranking on a parity with or junior to the Class B Preferred Stock, including an increase in the authorized number of shares of any such class or series, shall not be deemed to adversely affect the rights or preferences of the Class B Preferred Stock.

 

Section 7.                  Notices.  Any notice required by this resolution to be given to the holders of Class B Preferred Stock shall be addressed to each holder of record at his, her or its address appearing on the books of the Company and sent by personal delivery, facsimile transmission, overnight courier requiring signature for delivery or by first class United States mail, postage prepaid.  Any such notice shall be deemed given on the date of delivery thereof if manually delivered, the date of sending thereof if sent by facsimile transmission with electronic confirmation of delivery received, the date of sending if sent by overnight courier or the date of mailing if mailed.  Any notice that is mailed as provided above shall be conclusively presumed to have been duly given, whether or not a holder of Class B Preferred Stock receives such notice; and failure to give such notice, or any defect in such notice, to any holder of Class B Preferred Stock shall not affect the validity of the notice as to any other holder of Class B Preferred Stock or the validity of any proceedings taken with respect to any other holder in connection with such notice.

 

Section 8.                  Termination of Effectiveness.  Upon the acquisition or redemption by the

 

6

 

Company of all outstanding shares of Class B Preferred Stock, the Board of Directors may by resolution determine that the provisions of this resolution shall cease to be of further effect.

 

Section 9.                  Transfer Rights.  The Board of Directors has expressly authorized the initial sale and subsequent transfer of the shares of Class B Preferred Stock without any restriction.

 

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