Document:

Unassociated Document

    
      

    

    Exhibit
      10.10

     

    REGISTRATION
      RIGHTS AGREEMENT

    

    REGISTRATION
      RIGHTS AGREEMENT (this “Agreement”), dated as of
      September 10, 2007, by and among Gulf Western Petroleum Corporation, a Nevada
      corporation, with principal office located at 4801 Woodway Drive, Suite 306W,
      Houston, Texas 77056  (the “Company”), and Metage
      Funds Limited, 8 Pollen Street, London, England, W1S 1NG, and NCIM Capital
      Limited, 5th
      Floor, Manfield House, 1 Southampton Street, London, England WC2R OLR (each,
      a
“Buyer,” and collectively,
“Buyer”).

    

    WHEREAS:

    

    A.           In
      connection with the Securities Purchase Agreement by and among the parties
      hereto of even date herewith (the “Securities Purchase
      Agreement”), the Company has agreed, upon the terms and subject to the
      conditions of the Securities Purchase Agreement, to issue and sell at the
      Closing (as defined in the Securities Purchase Agreement) to the Buyer (i) 
senior secured convertible notes of the Company (such notes collectively, as
      they may be amended, restated or modified and in effect from time to time,
      the
“Note”), which will be convertible into shares of the Company’s
      common stock, $0.001 par value per share (the “Common Stock”),
      in accordance with the terms of the Note (the shares of Common Stock issuable
      upon conversion of the Note being referred to as the “Conversion
      Shares”), (ii) a warrant to purchase shares of Common Stock (such
      warrant, as the same may be amended, restated or modified and in effect from
      time to time, the “Warrant”; and the shares of Common Stock
      issuable upon exercise of the Warrant being referred to herein as the
“Warrant Shares”); and (iii) 1,500,000 shares of Common Stock
      (the “Closing Shares”).

    

    B.           To
      induce Buyer to execute and deliver the Securities Purchase Agreement,
      contemporaneously with the execution of the Securities Purchase Agreement,
      the
      Company has agreed to provide certain registration rights under the Securities
      Act of 1933, as amended, and the rules and regulations thereunder, or any
      similar successor statute (collectively, the “1933 Act”), and
      applicable state securities laws.

    

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants
      contained herein and other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the Company and each of the Buyers
      hereby agree as follows:

    

    1.           DEFINITIONS.

     

    As
      used
      in this Agreement, the following terms shall have the following
      meanings:

    a.           “1934
      Act” means, collectively, the Securities and Exchange Act of 1934, as
      amended, and the rules and regulations hereunder, or any similar successor
      statutes.

     

    b.           “Additional
      Effectiveness Date” means the date an Additional Registration Statement
      is declared effective by the SEC.

    
      
        
        

      

      
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    c.           “Additional
      Filing Date” means the date on which an Additional Registration
      Statement is filed with the SEC.

     

    d.           “Additional
      Filing Deadline” means, if Cutback Shares are required to be included
      in an Additional Registration Statement, the date that is the later of
      (i) the later of (A) six (6) months from the Initial Effectiveness
      Date or the last Additional Effectiveness Date, as applicable, and
      (B) sixty (60) days after substantially all of the Registrable
      Securities held by the Investors included in any Registration Statements
      previously declared effective hereunder have been sold and the Company has
      been
      informed of such sale pursuant to Section 4(d) hereof, or (ii) the first
      date on which the Company is permitted by the SEC to register such Cutback
      Shares.

     

    e.           “Additional
      Registrable Securities” means, (i) any Cutback Shares not previously
      included in a Registration Statement and (ii) any shares of capital stock of
      the
      Company issued or issuable with respect to such Cutback Shares, as applicable,
      as a result of any stock split, stock dividend, recapitalization, exchange
      or
      similar event or otherwise, without regard to any limitations on conversions
      of
      Note or exercises of the Warrant.

     

    f.           “Additional
      Registration Statement” means a registration statement or registration
      statements of the Company filed under the 1933 Act covering any Additional
      Registrable Securities.

     

    g.           “Additional
      Required Registration Amount” means the lesser of (i) any Cutback
      Shares not previously included in a Registration Statement, without regard
      to
      any limitations on conversions of the Note or exercises of the Warrant, and
      (ii)
      such number of Registrable Securities as the Company is permitted by the SEC
      to
      register as a secondary offering by an Investor.

     

    h.           “Business
      Day” means any day other than Saturday, Sunday or any other day on
      which commercial banks in New York, New York are authorized or required by
      law
      to remain closed.

     

    i.           “Cutback
      Shares” means any of the Initial Registrable Securities not included in
      all Registration Statements previously declared effective hereunder as a result
      of a limitation on the maximum number of shares of Common Stock of the Company
      permitted by the SEC to be registered as a secondary offering by an
      Investor.

     

    j.           “Effectiveness
      Date” means the Initial Effectiveness Date or an Additional
      Effectiveness Date, as applicable.

     

    k.           “Effectiveness
      Deadline” means the Initial Effectiveness Deadline or an Additional
      Effective Deadline, as applicable.

     

    l.           “Filing
      Deadline” means the Initial Filing Deadline (as defined below) or an
      Additional Filing Deadline, as applicable.

    
      
        
        

      

      
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    m.           “Initial
      Effectiveness Date” means the date the Initial Registration Statement
      is declared effective by the SEC.   

     

    n.           “Initial
      Effectiveness Deadline” means the date that is 120 days after the
      Closing Date or, if the Initial Registration Statement is subject to a full
      review by the staff of the SEC, the date that is 150 days after the Closing
      Date.

     

    o.           “Initial
      Filing Date” means the date on which the Initial Registration Statement
      is filed with the SEC.

     

    p.           “Initial
      Filing Deadline” means the date that is sixty (60) days after the
      Closing Date.

     

    q.           “Initial
      Registrable Securities” means (i) the Conversion Shares issued or
      issuable upon conversion of the Note , (ii) the Warrant Shares issued or
      issuable upon exercise of the Warrant; (iii) the Closing Shares and (iv) any
      shares of capital stock of the Company issued or issuable, with respect to
      the
      Note, the Conversion Shares, the Warrant, the Warrant Shares or the Closing
      Shares as a result of any stock split, stock dividend, recapitalization,
      exchange or similar event or otherwise, without regard to any limitations on
      conversions of the Note or exercises of the Warrant.

     

    r.           “Initial
      Required Registration Amount” means the lesser of (i) the sum of (A)
      the number of Conversion Shares issued or issuable pursuant to the Note as
      of
      the trading day immediately preceding the applicable date of determination,
      at
      the then prevailing Conversion Rate (as defined in the Note) and without regard
      to any limitations on conversions of the Note, (B) the number of Warrant Shares
      issued and issuable pursuant to the Warrant as of the trading day immediately
      preceding the applicable date of determination, without regard to any
      limitations on conversions of the Warrant and (C) the Closing Shares, or (ii)
      such maximum number of shares of Common Stock as the Company is permitted to
      register by the SEC. 

     

    s.           “Initial
      Registration Statement” means a registration statement or registration
      statements of the Company filed under the 1933 Act pursuant to Section 2(a)
      hereof covering the Initial Registrable Securities.

     

    t.           “Investor”
      means a Buyer or any permitted transferee or assignee thereof to whom
      a
      Buyer assigns its rights under this Agreement and who agrees to become bound
      by
      the provisions of this Agreement in accordance with Section 9.

     

    u.           “Person”
      means an individual, a limited liability company, a partnership, a joint
      venture, a corporation, a trust, an unincorporated organization and a government
      or any department or agency thereof.

     

    v.           “Register,”
      “registered,” and “registration” refer to a
      registration effected by preparing and filing one or more Registration
      Statements in compliance with the 1933 Act and pursuant to the declaration
      or
      ordering of effectiveness of such Registration Statement(s) by the
      SEC.

    
      
        
        

      

      
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    w.           “Registrable
      Securities” means the Initial Registrable Securities and any Additional
      Registrable Securities.

     

    x.           “Registration
      Statement” means a registration statement or registration statements of
      the Company filed under the 1933 Act covering Registrable
      Securities.

     

    y.           “Required
      Holders” means the holders of at least two-thirds of the Registrable
      Securities, it being understood that “holders” for purposes of this definition
      shall not include the Company or any of its affiliates that subsequently acquire
      any of the Registrable Securities.

     

    z.           “Required
      Registration Amount” means either the Initial Required Registration
      Amount or an Additional Required Registration Amount, as
      applicable.

     

    aa.           “SEC”
      means the United States Securities and Exchange Commission.

     

    Capitalized
      terms used herein and not otherwise defined herein shall have the respective
      meanings set forth in the Securities Purchase Agreement.

    

    2.           REGISTRATION.

     

    a.           Initial
      Mandatory Registration.  The Company shall prepare, and file by
      the Initial Filing Deadline, a Registration Statement on Form S-3 covering
      the
      resale of the Initial Registrable Securities as a secondary offering by the
      Investors.  In the event that Form S-3 is unavailable for such a
      registration, the Company shall use such other form as is available for such
      a
      registration.  The Initial Registration Statement prepared pursuant
      hereto shall register for resale at least the number of shares of Common Stock
      equal to the Initial Required Registration Amount determined as of date the
      Registration Statement is initially filed with the SEC (subject to subsequent
      reduction if directed by the staff of the SEC).  The Company shall use
      commercially reasonable efforts to have the Initial Registration Statement
      declared effective by the SEC by the Initial Effectiveness
      Deadline.  In the event that the staff of the SEC does not permit any
      part of the Initial Registrable Securities to be registered as a secondary
      offering by the Investors (as opposed to a primary offering by the Company),
      the
      Company shall not be deemed to be in breach of this Section 2(a), but rather
      Section 2(b) shall apply to the Initial Registrable Securities.

     

    b.           Additional
      Mandatory Registrations  The Company shall prepare, and, as soon
      as practicable, but in no event later than each Additional Filing Deadline,
      file
      with the SEC an Additional Registration Statement on Form S-3 covering the
      resale of the Additional Registrable Securities as a secondary offering by
      the
      Investors not previously registered on a Registration Statement
      hereunder.  To the extent the staff of the SEC does not permit the
      Additional Required Registration Amount to be registered on an Additional
      Registration Statement as a secondary offering by the Investors, the Company
      shall file Additional Registration Statements successively trying to register
      on
      each such Additional Registration Statement the maximum number of remaining
      Additional Registrable Securities until the Additional Required Registration
      Amount has been registered with the SEC.  In the event that Form S-3
      is unavailable for such a registration, the Company shall use such other form
      as
      is available for such a registration and reasonably acceptable to the Required
      Holders, subject to the provisions of Section 2(e).  Each Additional
      Registration Statement prepared pursuant hereto shall register for resale at
      least that number of shares of Common Stock equal to the Additional Required
      Registration Amount as of date the Registration Statement is initially filed
      with the SEC.  The Company shall use commercially reasonable efforts
      to have each Additional Registration Statement declared effective by the SEC
      as
      soon as practicable following the filing thereof, but in any event not later
      than 90 days following the filing thereof, or, if the Additional Registration
      Statement is subject to a full review by the staff of the SEC, the date that
      is
      120 days after the filing thereof (an “Additional Effectiveness
      Deadline”).  Such requirement to file an Additional
      Registration Statement shall terminate on the date as of which the Investors
      may
      sell all of such Additional Registrable Securities without restriction pursuant
      to Rule 144(k) (or successor thereto) promulgated under the 1933 Act, as such
      rule may be amended from time to time, or such shares are otherwise eligible
      for
      resale without the requirement for compliance with Rule 144(e), as such rule
      may
      be amended from time to time

    
      
        
        

      

      
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    c.           Allocation
      of Registrable Securities.  The initial number of Registrable
      Securities included in any Registration Statement and any increase in the number
      of Registrable Securities included therein shall be allocated pro rata among
      the
      Investors based on the number of Registrable Securities held by each Investor
      at
      the time the Registration Statement covering such initial number of Registrable
      Securities or increase thereof is declared effective by the SEC.  In
      the event that an Investor sells or otherwise transfers any of such Investor’s
      Registrable Securities, each transferee shall be allocated a pro rata portion
      of
      the then remaining number of Registrable Securities included in such
      Registration Statement for such transferor.  Any shares of Common
      Stock included in a Registration Statement and which remain allocated to any
      Person that ceases to hold any Registrable Securities covered by such
      Registration Statement shall be allocated to the remaining Investors, pro rata
      based on the number of Registrable Securities then held by such Investors which
      are covered by such Registration Statement.  In no event shall the
      Company include any securities other than Registrable Securities in any
      Registration Statement without the prior written consent of the Required
      Holders.

     

    d.           Legal
      Counsel.  Subject to Section 5 hereof, the Required Holders shall
      have the right to select one legal counsel to review and oversee any
      registration pursuant to this Section 2 (“Legal
      Counsel”).

     

    e.           Ineligibility
      for Form S-3.  In the event that Form S-3 is not available for the
      registration of the resale of Registrable Securities hereunder, the Company
      shall (i) register the resale of the Registrable Securities on Form SB-2 or
      another appropriate form reasonably acceptable to the Required Holders and
      (ii)
      undertake to register the Registrable Securities on Form S-3 (by post-effective
      amendment to the existing Registration Statement, or otherwise) as soon as
      such
      form is available for such registration, provided that the Company shall
      maintain the effectiveness of the existing Registration Statement then in effect
      until such time as a Registration Statement (or post-effective amendment) on
      Form S-3 covering the Registrable Securities has been declared effective by
      the
      SEC.

    
      
        
        

      

      
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    f.           Effect
      of Failure to File and Obtain and Maintain Effectiveness of Registration
      Statement.

     

    i.           If
      (i) a Registration Statement covering Registrable Securities and required to
      be
      filed by the Company pursuant to Section 2(a) or Section 2(b) of this Agreement
      is not (A) filed with the SEC on or before the applicable Filing Deadline
      or (B) declared effective by the SEC on or before the applicable Effectiveness
      Deadline or (ii) on any day after a Registration Statement has been declared
      effective by the SEC, sales of all the Registrable Securities required to be
      included on such Registration Statement cannot be made (other than during an
      Allowable Grace Period (as defined in Section 3(q))) pursuant to such
      Registration Statement (including because of a failure to keep such Registration
      Statement effective, to disclose such information as is necessary for sales
      to
      be made pursuant to such Registration Statement or to register sufficient shares
      of Common Stock, as determined in accordance with Section 2(e)), then, as
      liquidated damages to any holder of Note or Warrant by reason of any such delay
      in or reduction of its ability to sell the underlying shares of Common Stock,
      the Company shall pay to such holder an amount in cash equal to the product
      of
      (i) the sum of (A) the principal amount of the Note held by such holder and
      (B)
      the total Aggregate Exercise Price (as defined in the Warrant) of all Warrant
      held by such holder, multiplied by (ii) the sum of (A) 0.01, if such
      Registration Statement is not filed by the applicable Filing Deadline, plus
      (B)
      0.01, if such Registration Statement is not declared effective by the applicable
      Effectiveness Deadline, plus (C) the product of (I) 0.000333 multiplied by
      (II)
      the sum (without duplication) of (x) the number of days after the applicable
      Filing Deadline that such Registration Statement is not filed with the SEC,
      plus
      (y) the number of days after the applicable Effectiveness Deadline that such
      Registration Statement is not declared effective by the SEC, plus (z) the number
      of days after such Registration Statement has been declared effective by the
      SEC
      that such Registration Statement is not available (other than during an
      Allowable Grace Period) for the sale of all the Registrable Securities required
      to be included on such Registration Statement pursuant to Section 2(e);
      provided, however, that in no event shall such liquidated damages exceed an
      aggregate of $150,000.

     

    ii.           The
      payments to which a holder shall be entitled pursuant to this Section 2(f)
      are
      referred to herein as “Registration Delay
      Payments.”  Registration Delay Payments shall be paid on the
      earlier of (I) the fifth Business Day of the calendar month following the month
      during which the Registration Delay Payment are incurred and (II) fifth Business
      Day after the event or failure giving rise to the Registration Delay Payments
      is
      cured.  In the event the Company fails to make Registration Delay
      Payments in a timely manner, such Registration Delay Payments shall bear
      interest at the rate of the lesser of 18.0% per annum (prorated monthly and
      for
      partial months) or the highest lawful interest rate, in each case, until paid
      in
      full.  Such payments shall constitute an Investor’s exclusive monetary
      remedy for such events.

     

    3.
                 RELATED
      OBLIGATIONS.

     

    At
      such
      time as the Company is obligated to file a Registration Statement with the
      SEC
      pursuant to Section 2(a) or 2(b), the Company will use
      commercially reasonable efforts to effect the registration of the Registrable
      Securities in accordance with the intended method of disposition thereof and,
      pursuant thereto, the Company shall have the following obligations:

     

    
      
        
        

      

      
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    a.           The
      Company shall promptly prepare and file with the SEC a Registration Statement
      with respect to the applicable Registrable Securities (but in no event later
      than the applicable Filing Deadline) and use commercially reasonable efforts
      to
      cause such Registration Statement relating to the Registrable Securities to
      become effective as soon as practicable after such filing (but in no event
      later
      than the applicable Effectiveness Deadline).  No later than the first
      Business Day after such Registration Statement becomes effective, the Company
      will file with the SEC the final prospectus included therein pursuant to Rule
      424 (or successor thereto) promulgated under the 1933 Act.  The
      Company shall keep each Registration Statement effective at all times until
      the
      earlier of (i) the date as of which the Investors may sell all of the
      Registrable Securities covered by such Registration Statement without
      restriction pursuant to Rule 144(k) (or successor thereto) promulgated under
      the
      1933 Act, as such rule may be amended from time to time, or such shares are
      otherwise eligible for resale without the requirement for compliance with Rule
      144(e) (and assuming the Investors do not enter into hedging transactions with
      respect to the Shares), as such rule may be amended from time to time or (ii)
      the date on which the Investors shall have sold all the Registrable Securities
      covered by such Registration Statement and given the notice to the Company
      required by Section 4(d) hereof (the “Registration
      Period”).  Such Registration Statement (including any
      amendments or supplements thereto and any prospectuses (preliminary, final,
      summary or free writing) contained therein or related thereto shall not contain
      any untrue statement of a material fact or omit to state a material fact
      required to be stated therein, or necessary to make the statements therein,
      in
      light of the circumstances in which they were made, not
      misleading.  The term “commercially reasonable efforts” shall mean,
      among other things, that the Company shall submit to the SEC, within a
      reasonable time after the Company learns that no review of a particular
      Registration Statement will be made by the staff of the SEC or that the staff
      of
      the SEC has no further comments on the Registration Statement, as the case
      may
      be, a request for acceleration of effectiveness of such Registration Statement
      to a time and date not later than 48 hours after the submission of such
      request.

     

    b.           The
      Company shall prepare and file with the SEC such amendments (including
      post-effective amendments) and supplements to a Registration Statement and
      the
      prospectus used in connection with such Registration Statement, as may be
      necessary to keep such Registration Statement effective at all times during
      the
      Registration Period, and, during such period, comply with the provisions of
      the
      1933 Act with respect to the disposition of all Registrable Securities of the
      Company covered by such Registration Statement until such time as all of such
      Registrable Securities shall have been disposed of in accordance with the
      intended methods of disposition by the seller or sellers thereof as set forth
      in
      such Registration Statement.  In the case of amendments and
      supplements to a Registration Statement which are required to be filed pursuant
      to this Agreement (including pursuant to this Section 3(b)) by reason of
      the Company filing a report on Form 10-QSB, Form 10-KSB or any
      analogous report under the 1934 Act, or for any other reason due to the
      inability of the Company to incorporate by reference information into the
      Registration Statement, the Company shall have incorporated such report by
      reference into such Registration Statement, if applicable, or shall file such
      amendments or supplements with the SEC within seven Business Days after the
      1934
      Act report is filed, or other event occurs, which created the requirement for
      the Company to amend or supplement such Registration Statement.

    
      
        
        

      

      
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    c.           The
      Company shall (A) permit Legal Counsel to review and comment upon (i) the
      Initial Registration Statement at least three Business Days prior to its filing
      with the SEC, and (ii) all other Registration Statements and all amendments
      and
      supplements to all Registration Statements (except for Annual Reports on Form
      10-K or 10-KSB, Quarterly Reports on Form 10-Q or 10-QSB, and Current Reports
      on
      Form 8-K, and any similar or successor reports) within a reasonable number
      of
      days prior to their filing with the SEC, and (B) not file any document,
      registration statement, amendment or supplement described in the foregoing
      clause (A) in a form to which Legal Counsel reasonably objects. The Company
      shall not submit a request for acceleration of the effectiveness of a
      Registration Statement or any amendment or supplement thereto without providing
      prior notice thereof to Legal Counsel.

     

    d.           The
      Company shall notify each Investor whose Registrable Securities are included
      in
      any Registration Statement: (i) promptly after the same, and promptly after
      any
      amendment(s) thereto, are prepared and filed with the SEC and (ii) upon the
      effectiveness of any Registration Statement.  The Company shall
      provide a copy to each Investor, free of charge, of any prospectus (preliminary,
      final, summary or free writing), as such Investor may reasonably request from
      time to time in order to facilitate the disposition of the Registrable
      Securities owned by such Investor.

     

    e.           The
      Company shall use commercially reasonable efforts to (i) to register and
      qualify, unless an exemption from registration and qualification applies, the
      resale by the Investors of the Registrable Securities covered by a Registration
      Statement under the securities laws of the United States, (ii) prepare and
      file,
      such amendments (including post-effective amendments) and supplements to such
      registrations and qualifications as may be necessary to maintain the
      effectiveness thereof during the Registration Period, (iii) take such other
      actions as may be necessary to maintain such registrations and qualifications
      in
      effect at all times during the Registration Period, and (iv) take all other
      actions reasonably necessary or advisable to qualify the Registrable Securities
      for sale in such jurisdictions; provided, however, that the Company shall not
      be
      required in connection therewith or as a condition thereto to (x) qualify to
      do
      business in any jurisdiction where it would not otherwise be required to qualify
      but for this Section 3(e) or (y) subject itself to general taxation in
      any such jurisdiction.  The Company shall promptly notify Legal
      Counsel in writing and each Investor who holds Registrable Securities of the
      receipt by the Company of any notification with respect to the suspension of
      the
      registration or qualification of any of the Registrable Securities for sale
      under the securities laws of any jurisdiction in the United States or its
      receipt of actual notice of the initiation or threatening of any proceeding
      for
      such purpose.

     

    f.           The
      Company shall notify Legal Counsel and each Investor in writing of the happening
      of any event, as promptly as practicable after becoming aware of such event,
      as
      a result of which the prospectus included in a Registration Statement, as then
      in effect, includes an untrue statement of a material fact or omission to state
      a material fact required to be stated therein or necessary to make the
      statements therein, in light of the circumstances under which they were made,
      not misleading (provided that in no event shall such notice contain any
      material, nonpublic information), and promptly after the ascertainment of
      material facts and circumstances, prepare and file with the SEC a supplement
      or
      amendment to such Registration Statement to correct such untrue statement or
      omission, and deliver at least one copy of such supplement or amendment to
      Legal
      Counsel and each Investor.  The Company shall also promptly notify
      Legal Counsel and each Investor in writing (i) when a prospectus or any
      prospectus supplement or post-effective amendment has been filed, and when
      a
      Registration Statement or any post-effective amendment has become effective
      (notification of such effectiveness shall be delivered to Legal Counsel and
      each
      Investor by facsimile on the same day of such effectiveness and by overnight
      mail), (ii) of any request by the SEC for amendments or supplements to a
      Registration Statement or related prospectus or related information, and (iii)
      of the Company’s reasonable determination that a post-effective amendment to a
      Registration Statement would be appropriate.

    
      
        
        

      

      
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    g.           The
      Company shall use commercially reasonable efforts to prevent the issuance of
      any
      stop order or other suspension of effectiveness of a Registration Statement,
      or
      the suspension of the qualification of any of the Registrable Securities for
      sale in any jurisdiction and, if such an order or suspension is issued, to
      obtain the withdrawal of such order or suspension at the earliest possible
      moment and to notify Legal Counsel and each Investor who holds Registrable
      Securities being sold of the issuance of such order and the resolution thereof
      or its receipt of actual notice of the initiation or threat of any proceeding
      for such purpose.

     

    h.           At
      the reasonable request (in the context of the securities laws) of any Investor,
      the Company shall make available for inspection during regular business hours
      by
      (i) any Investor, (ii) Legal Counsel and (iii) one firm of accountants or
      other agents retained by the Investors (collectively, the
“Inspectors”), all pertinent financial and other records, and
      pertinent corporate documents and properties of the Company (collectively,
      the
“Records”), as shall be reasonably deemed necessary by each
      Inspector, and cause the Company’s officers, directors and employees to supply
      all information which any Inspector may reasonably request; provided, however,
      that each Inspector and Investor shall agree in writing in a form reasonably
      requested by the Company, to hold in strict confidence and shall not make any
      disclosure (except to an Investor) or use of any Record or other information
      which the Company determines in good faith to be confidential, and of which
      determination the Inspectors are so notified, unless (a) the disclosure of
      such
      Records is necessary to avoid or correct a misstatement or omission in any
      Registration Statement or is otherwise required under the 1933 Act, (b) the
      release of such Records is ordered pursuant to a final, non-appealable subpoena
      or order from a court or government body of competent jurisdiction, or (c)
      the
      information in such Records has been made generally available to the public
      other than by disclosure in violation of this or any other agreement of which
      the Inspector has knowledge.  Each Investor agrees that it shall, upon
      learning that disclosure of such Records is sought in or by a court or
      governmental body of competent jurisdiction or through other means, give prompt
      notice to the Company and allow the Company, at its expense, to undertake
      appropriate action to prevent disclosure of, or to obtain a protective order
      for, the Records deemed confidential.

     

    i.           The
      Company shall hold in confidence and not make any disclosure of information
      concerning an Investor provided to the Company unless (i) disclosure of such
      information is necessary to comply with federal or state securities laws, (ii)
      the disclosure of such information is necessary to avoid or correct a
      misstatement or omission in any Registration Statement, or is otherwise required
      by the 1933 Act, (iii) the release of such information is ordered pursuant
      to a
      subpoena or order from a court or governmental body of competent jurisdiction,
      or (iv) such information has been made generally available to the public other
      than by disclosure in violation of this Agreement or any other
      agreement.  The Company agrees that it shall, upon learning that
      disclosure of such information concerning an Investor is sought in or by a
      court
      or governmental body of competent jurisdiction or through other means, give
      prompt written notice to such Investor and allow such Investor, at the
      Investor’s expense, to undertake appropriate action to prevent disclosure of, or
      to obtain a protective order for, such information.

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    j.           The
      Company shall use commercially reasonable efforts to cause all the Registrable
      Securities covered by a Registration Statement to be listed on each securities
      exchange or trading market on which securities of the same class or series
      issued by the Company are listed.  The Company shall pay all fees and
      expenses in connection with satisfying its obligation under this Section
      3(j).

     

    k.           The
      Company shall cooperate with the Investors who hold Registrable Securities
      being
      offered and sold and, to the extent applicable, facilitate the timely
      preparation and delivery of certificates (not bearing any restrictive legend)
      representing the Registrable Securities sold pursuant to a Registration
      Statement and enable such certificates to be in such denominations or amounts,
      as the case may be, as the Investors may reasonably request and registered
      in
      such names as the Investors may request.  The Company shall pay all
      fees and expenses in connection with satisfying its obligations under this
      Section 3(k).

     

    l.           The
      Company shall provide a transfer agent and registrar of all such Registrable
      Securities not later than the effective date of the applicable Registration
      Statement.

     

    m.           If
      requested by an Investor, the Company shall (i) as soon as practicable,
      incorporate in a prospectus supplement or post-effective amendment such
      information as such Investor requests to be included therein relating to the
      sale and distribution of Registrable Securities, including information with
      respect to such Investor, the number of Registrable Securities being offered
      or
      sold, the purchase price being paid therefor and any other terms of the offering
      of the Registrable Securities to be sold in such offering; (ii) as soon as
      practicable, make all required filings of such prospectus supplement or
      post-effective amendment after being notified of the matters to be incorporated
      in such prospectus supplement or post-effective amendment; and (iii) as
      soon as practicable, supplement or make amendments to any Registration Statement
      as reasonably requested by such Investor.

     

    n.           The
      Company shall make generally available to its security holders as soon as
      practical, but not later than 90 days after the close of the period covered
      thereby, an earnings statement (in form complying with the provisions of Rule
      158 under the 1933 Act) covering a 12-month period beginning not later than
      the
      first day of the Company’s fiscal quarter next following the effective date of a
      Registration Statement.

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    o.           The
      Company and Investor shall otherwise use their respective commercially
      reasonable efforts to comply with all applicable rules and regulations of the
      SEC in connection with any registration hereunder.

     

    p.           Within
      a reasonable time after a Registration Statement which covers applicable
      Registrable Securities is ordered effective by the SEC, the Company shall
      deliver to the transfer agent for such Registrable Securities (with copies
      to
      the Investors whose Registrable Securities are included in such Registration
      Statement) confirmation that such Registration Statement has been declared
      effective by the SEC in substantially the form attached hereto as Exhibit
      A, provided that if the Company changes its transfer agent, it shall
      immediately deliver any previously delivered notices under this Section
      3(r) and any subsequent notices to such new transfer agent.

     

    q.           Notwithstanding
      anything to the contrary in Section 3(f), at any time after the
      applicable Registration Statement has been declared effective by the SEC, the
      Company may delay the disclosure of material non-public information concerning
      the Company the disclosure of which at the time is not, in the good faith
      opinion of the Board of Directors of the Company, in the best interest of the
      Company and not, in the opinion of counsel to the Company, otherwise required
      (a
“Grace Period”); provided, that the Company shall promptly
      (i) notify the Investors in writing of the existence of material non-public
      information giving rise to a Grace Period (provided that in each notice the
      Company shall not disclose the content of such material non-public information
      to the Investors) and the date on which the Grace Period will begin, and (ii)
      notify the Investors in writing of the date on which the Grace Period ends;
      and,
      provided further, that (A) no Grace Period shall exceed 30 consecutive days,
      (B)
      during any 365-day period, such Grace Periods shall not exceed an aggregate
      of
      60 days and (C) the first day of any Grace Period must be at least five Trading
      Days after the last day of any prior Grace Period (a Grace Period that satisfies
      all of the requirements of this Section 3(q) being referred to as an
“Allowable Grace Period”).  For purposes of
      determining the length of a Grace Period above, the Grace Period shall begin
      on
      and include the date the Investors receive the notice referred to in clause
      (i)
      and shall end on and include the later of the date the Investors receive the
      notice referred to in clause (ii) and the date referred to in such
      notice.  The provisions of Section 3(f) hereof shall not
      be applicable during the period of any Allowable Grace Period.  Upon
      expiration of the Grace Period, the Company shall again be bound by the
      provisions of Section 3(f) with respect to the information giving rise
      thereto unless such material non-public information is no longer
      applicable.

     

    4. 
                OBLIGATIONS OF
      THE INVESTORS.

     

    a.           At
      least ten Business Days prior to the first anticipated filing date of a
      Registration Statement and at least ten Business Days prior to the filing of
      any
      amendment or supplement to a Registration Statement, the Company shall notify
      each Investor in writing of the information, if any, the Company requires from
      each such Investor if such Investor elects to have any of such Investor’s
      Registrable Securities included in such Registration Statement or, with respect
      to an amendment or a supplement, if such Investor’s Registrable Securities are
      included in such Registration Statement (each an “Information
      Request”). Provided that the Company shall have complied with its
      obligations set forth in the preceding sentence, it shall be a condition
      precedent to the obligations of the Company to complete the registration
      pursuant to this Agreement with respect to the Registrable Securities of a
      particular Investor that such Investor shall furnish to the Company, in response
      to an Information Request, such information regarding itself, the Registrable
      Securities held by it and the intended method of disposition of the Registrable
      Securities held by it as shall be reasonably required to effect the registration
      of such Registrable Securities and shall execute such documents in connection
      with such registration as the Company may reasonably request.

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    b.           Each
      Investor, by such Investor’s acceptance of the Registrable Securities, agrees to
      cooperate with the Company as reasonably requested by the Company in connection
      with the preparation and filing of any Registration Statement hereunder, unless
      such Investor has notified the Company in writing of such Investor’s election to
      exclude all of such Investor’s Registrable Securities from such Registration
      Statement.

     

    c.           Each
      Investor agrees that, upon receipt of any notice from the Company of the
      happening of any event of the kind described in Section 3(b), Section
      3(g) or the first sentence of Section 3(f), or written notice from
      the Company of an Allowable Grace Period, such Investor will immediately
      discontinue disposition of Registrable Securities pursuant to any Registration
      Statement(s) covering such Registrable Securities until such Investor’s receipt
      of the copies of the supplemented or amended prospectus contemplated by
Section 3(g) or the first sentence of Section 3(f) or receipt of
      notice that no supplement or amendment is required or that the Allowable Grace
      Period has ended.

     

    d.           In
      order for the Company to satisfy its obligations with respect to the Additional
      Filing Deadline and to satisfy the requirements of Section 3(a) hereof,
      each Investor shall be obligated to provide written notice to the Company of
      any
      sale that such Investor makes using the Registration Statement.  Such
      notice shall include the date of the sale, the amount of Registrable Securities
      sold and the amount of Registrable Securities included in the Registration
      Statement that such Investor continues to hold.  If an Investor fails
      to comply with the requirements of this Section 4(d), the Company shall
      not be liable to such Investor for any potential liquidated damages resulting
      from Section 2(g) hereof.

     

    5.
                 EXPENSES
      OF REGISTRATION.

     

    All
      reasonable expenses, other than underwriting discounts and commissions, incurred
      in connection with registrations, filings or qualifications pursuant to
Sections 2 and 3, including all registration, listing and
      qualifications fees, printers and accounting fees, and fees and disbursements
      of
      counsel for the Company shall be paid by the Company.

     

    6.
                 INDEMNIFICATION.

     

    In
      the
      event any Registrable Securities are included in a Registration Statement under
      this Agreement:

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    a.           To
      the fullest extent permitted by law, the Company will, and hereby does,
      indemnify, hold harmless and defend each Investor, the directors, officers,
      partners, members, managers, employees, agents, representatives of, and each
      Person, if any, who controls any Investor within the meaning of the 1933 Act
      or
      the 1934 Act (each, an “Indemnified Person”), against any
      losses, claims, damages, liabilities, judgments, fines, penalties, charges,
      costs, reasonable attorneys’ fees, amounts paid in settlement or expenses, joint
      or several, (collectively, “Claims”) incurred in investigating,
      preparing or defending any action, claim, suit, inquiry, proceeding,
      investigation or appeal taken from the foregoing by or before any court or
      governmental, administrative or other regulatory agency, body or the SEC,
      whether pending or threatened, whether or not an indemnified party is or may
      be
      a party thereto (“Indemnified Damages”), to which any of them
      may become subject insofar as such Claims (or actions or proceedings, whether
      commenced or threatened, in respect thereof) arise out of or are based upon:
      (i)
      any untrue statement or alleged untrue statement of a material fact in a
      Registration Statement or any post-effective amendment thereto or in any filing
      made in connection with the qualification of the offering under the securities
      laws of the United States, or the omission or alleged omission to state a
      material fact required to be stated therein or necessary to make the statements
      therein not misleading, (ii) any untrue statement or alleged untrue statement
      of
      a material fact contained in any preliminary, final, summary or free writing
      prospectus (as amended or supplemented, if the Company files any amendment
      thereof or supplement thereto with the SEC) or the omission or alleged omission
      to state therein any material fact necessary to make the statements made
      therein, in light of the circumstances under which the statements therein were
      made, not misleading, (iii) any violation or alleged violation by the Company
      of
      the 1933 Act, the 1934 Act, any other law, including any state securities law,
      or any rule or regulation thereunder relating to the offer or sale of the
      Registrable Securities pursuant to a Registration Statement or (iv) any
      violation of this Agreement by the Company (the matters in the foregoing clauses
      (i) through (iv) being, collectively,
“Violations”).  Subject to Section 6(c), the
      Company shall reimburse the Indemnified Persons, promptly as such expenses
      are
      incurred and are due and payable, for any legal fees or other reasonable
      expenses incurred by them in connection with investigating or defending any
      such
      Claim; provided, however, that the Company shall not be required to pay the
      fees
      and expenses of more than one legal counsel for all
      Investors.  Notwithstanding anything to the contrary contained herein,
      the indemnification agreement contained in this Section 6(a) shall not
      apply to: (i) a Claim by an Indemnified Person arising out of or based upon
      a
      Violation which occurs in reliance upon and in conformity with information
      furnished in writing to the Company by such Indemnified Person for such
      Indemnified Person expressly for use in connection with the preparation of
      the
      Registration Statement or any such amendment thereof or supplement thereto
      if
      such prospectus was timely made available by the Company pursuant to Section
      3(d), (ii) any Claim if the Indemnified Person failed to deliver a final or
      preliminary prospectus as required by the 1933 Act, and (iii) shall not apply
      to
      amounts paid in settlement of any Claim if such settlement is effected without
      the prior written consent of the Company, which consent shall not be
      unreasonably withheld.  Such indemnity shall remain in full force and
      effect regardless of any investigation made by or on behalf of the Indemnified
      Person and shall survive the transfer of the Registrable Securities by the
      Investors pursuant to Section 9.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    b.           In
      connection with any Registration Statement in which an Investor is
      participating, each such Investor agrees to severally and not jointly indemnify,
      hold harmless and defend, to the same extent and in the same manner as is set
      forth in Section 6(a), the Company, each of its directors, each of its
      officers who signs the Registration Statement, and each Person, if any, who
      controls the Company within the meaning of the 1933 Act or the 1934 Act (each
      an
“Indemnified Party”), against any Claim or Indemnified Damages
      to which any of them may become subject, under the 1933 Act, the 1934 Act or
      otherwise, insofar as such Claim or Indemnified Damages arise out of or are
      based upon any Violation, in each case to the extent, and only to the extent,
      that such Violation occurs in reliance upon and in conformity with written
      information furnished to the Company by such Investor, or such Investor’s
      representatives, expressly for use in connection with such Registration
      Statement; and, subject to Section 6(c), such Investor will reimburse any
      legal or other expenses reasonably incurred by an Indemnified Party in
      connection with investigating or defending any such Claim; provided, however,
      that the indemnity agreement contained in this Section 6(b) and the
      agreement with respect to contribution contained in Section 7 shall not
      apply to amounts paid in settlement of any Claim if such settlement is effected
      without the prior written consent of such Investor, which consent shall not
      be
      unreasonably withheld; provided, further, however, that the aggregate liability
      of the Investor in connection with any Violation shall not exceed the net
      proceeds to such Investor as a result of the sale of Registrable Securities
      pursuant to the Registration Statement giving rise to such Claim provided,
      however, that the Investors shall not be required to pay the fees and expenses
      of more than one legal counsel for the Company.  Such indemnity shall
      remain in full force and effect regardless of any investigation made by or
      on
      behalf of such Indemnified Party and shall survive the transfer of the
      Registrable Securities by the Investors pursuant to Section
      9.

     

    c.           Promptly
      after receipt by an Indemnified Person or Indemnified Party under this
Section 6 of notice of the commencement of any action or proceeding
      (including any governmental action or proceeding) involving a Claim, such
      Indemnified Person or Indemnified Party shall, if a Claim in respect thereof
      is
      to be made against any indemnifying party under this Section 6, deliver
      to the indemnifying party a written notice of the commencement thereof, and
      the
      indemnifying party shall have the right to participate in, and, to the extent
      the indemnifying party so desires, jointly with any other indemnifying party
      similarly noticed, to assume control of the defense thereof with counsel
      mutually satisfactory to the indemnifying party and the Indemnified Person
      or
      the Indemnified Party, as the case may be.  In any such proceeding,
      any Indemnified Person or Indemnified Party may retain its own counsel, but,
      except as provided in the following sentence, the fees and expenses of that
      counsel will be at the expense of that Indemnified Person or Indemnified Party,
      as the case may be, unless (i) the indemnifying party and the Indemnified Person
      or Indemnified Party, as applicable, shall have mutually agreed to the retention
      of that counsel, (ii) the indemnifying party does not assume the defense of
      such
      proceeding in a timely manner or (iii) in the reasonable opinion of counsel
      retained by the indemnifying party, the representation by such counsel for
      the
      Indemnified Person or Indemnified Party and the indemnifying party would be
      inappropriate due to actual or potential differing interests between such
      Indemnified Person or Indemnified Party and any other party represented by
      such
      counsel in such proceeding.  The Company, if it is the Indemnifying
      Party, shall pay reasonable fees for only one separate legal counsel for the
      Investors, and such legal counsel shall be selected by the Investors holding
      at
      least 2/3 in interest of the Registrable Securities included in the Registration
      Statement to which the Claim relates.  The Indemnified Party or
      Indemnified Person shall cooperate fully with the indemnifying party in
      connection with any negotiation or defense of any such action or Claim by the
      indemnifying party and shall furnish to the indemnifying party all information
      reasonably available to the Indemnified Party or Indemnified Person which
      relates to such action or Claim.  The indemnifying party shall keep
      the Indemnified Party or Indemnified Person fully apprised at all times as
      to
      the status of the defense or any settlement negotiations with respect
      thereto.  No indemnifying party shall be liable for any settlement of
      any action, claim or proceeding effected without its prior written consent,
      provided, however, that the indemnifying party shall not unreasonably withhold,
      delay or condition its consent.  No indemnifying party shall, without
      the prior written consent of the Indemnified Party or Indemnified Person,
      consent to entry of any judgment or enter into any settlement or other
      compromise with respect to any pending or threatened action or claim in respect
      of which indemnification or contribution may be or has been sought hereunder
      (whether or not the Indemnified Party or Indemnified Person is an actual or
      potential party to such action or claim) which does not include as an
      unconditional term thereof the giving by the claimant or plaintiff to such
      Indemnified Party or Indemnified Person of a release from all liability in
      respect to such Claim or litigation and such settlement shall not include any
      admission as to fault on the part of the Indemnified Party.  Following
      indemnification as provided for hereunder, the indemnifying party shall be
      subrogated to all rights of the Indemnified Party or Indemnified Person with
      respect to all third parties, firms or corporations relating to the matter
      for
      which indemnification has been made.  The failure to deliver written
      notice to the indemnifying party within a reasonable time of the commencement
      of
      any such action shall not relieve such indemnifying party of any liability
      to
      the Indemnified Person or Indemnified Party under this Section 6, except
      to the extent that the indemnifying party is prejudiced in its ability to defend
      such action.

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    d.           The
      indemnification required by this Section 6 shall be made by periodic
      payments of the amount thereof during the course of the investigation or
      defense, as and when bills are received or Indemnified Damages are
      incurred.

     

    e.           The
      indemnity agreements contained herein shall be in addition to (i) any cause
      of
      action or similar right of the Indemnified Party or Indemnified Person against
      the indemnifying party or others, and (ii) any liabilities the indemnifying
      party may be subject to pursuant to the law.

     

    7.
                 CONTRIBUTION.

     

    To
      the
      extent any indemnification by an indemnifying party is prohibited or limited
      by
      law, the indemnifying party agrees to make the maximum contribution with respect
      to any amounts for which it would otherwise be liable under Section 6 to
      the fullest extent permitted by law; provided, however, that:  (i) no
      Person involved in the sale of Registrable Securities which Person is guilty
      of
      fraudulent misrepresentation (within the meaning of Section 11(f) of the
      1933 Act) in connection with such sale, shall be entitled to contribution from
      any Person involved in such sale of Registrable Securities who was not guilty
      of
      fraudulent misrepresentation; and (ii) contribution by any seller of Registrable
      Securities shall be limited to an amount equal to the amount of proceeds
      received by such seller from the sale of such Registrable Securities pursuant
      to
      the Registration Statement giving rise to such action or claim for
      indemnification less the amount of any damages that such seller has otherwise
      been required to pay in connection with such sale.

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    8. 
                REPORTS UNDER THE
      1934 ACT.

     

    With
      a
      view to making available to the Investors the benefits of Rule 144 promulgated
      under the 1933 Act or any other similar rule or regulation of the SEC that
      may
      at any time permit the Investors to sell securities of the Company to the public
      without registration (“Rule 144”), the Company agrees
      to:

     

    a.           make
      and keep public information available, as those terms are understood and defined
      in Rule 144;

     

    b.           file
      with the SEC in a timely manner all reports and other documents required of
      the
      Company under the 1934 Act so long as the Company remains subject to such
      requirements (it being understood that nothing herein shall limit the Company’s
      obligations under Section 4(c) of the Securities Purchase Agreement) and the
      filing of such reports and other documents is required for the applicable
      provisions of Rule 144; and

     

    c.           furnish
      to each Investor so long as such Investor owns Registrable Securities, promptly
      upon request, (i) a written statement by the Company that it has complied with
      the reporting requirements of Rule 144 and the 1934 Act, (ii) a copy of the
      most
      recent annual or quarterly report of the Company and such other reports and
      documents so filed by the Company, and (iii) such other information as may
      be
      reasonably requested to permit the investors to sell such securities pursuant
      to
      Rule 144 without registration.

     

    9.
                 ASSIGNMENT
      OF REGISTRATION RIGHTS.

     

    The
      rights under this Agreement shall be automatically assignable by the Investors
      to any transferee of all or any portion of Registrable Securities if: (i) the
      Investor agrees in writing with the transferee or assignee to assign such
      rights, and a copy of such agreement is furnished to the Company within a
      reasonable time after such transfer or assignment; (ii) the Company is, within
      a
      reasonable time after such transfer or assignment, furnished with written notice
      of (a) the name and address of such transferee or assignee, and (b) the
      securities with respect to which such registration rights are being transferred
      or assigned; (iii) immediately following such transfer or assignment the further
      disposition of such securities by the transferee or assignee is restricted
      under
      the 1933 Act and applicable state securities laws; (iv) at or before the time
      the Company receives the written notice contemplated by clause (ii) of this
      sentence, the transferee or assignee agrees in writing with the Company to
      be
      bound by all of the provisions contained herein; and (v) such transfer shall
      have been made in accordance with the applicable requirements of the Securities
      Purchase Agreement.

     

    10.           AMENDMENT
      OF REGISTRATION RIGHTS.

     

    Provisions
      of this Agreement may be amended and the observance thereof may be waived
      (either generally or in a particular instance and either retroactively or
      prospectively), only with the written consent of the Company and the Required
      Holders.  Any amendment or waiver effected in accordance with this
Section 10 shall be binding upon each Investor and the
      Company.  No such amendment shall be effective to the extent that it
      applies to less than all of the holders of the Registrable
      Securities.  No consideration shall be offered or paid to any Person
      to amend or consent to a waiver or modification of any provision of any of
      this
      Agreement unless the same consideration also is offered to all of the parties
      to
      this Agreement.

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    11.
                 MISCELLANEOUS.

     

    a.           A
      Person is deemed to be a holder of Registrable Securities whenever such Person
      owns or is deemed to own of record such Registrable Securities.  If
      the Company receives conflicting instructions, notices or elections from two
      or
      more Persons with respect to the same Registrable Securities, the Company shall
      act upon the basis of instructions, notice or election received from the
      registered owner of such Registrable Securities.

     

    b.           Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms of this Agreement must be in writing and will be deemed
      to
      have been delivered:  (i) upon receipt, when delivered personally;
      (ii) upon receipt, when sent by facsimile (provided confirmation of transmission
      is mechanically or electronically generated and kept on file by the sending
      party); or (iii) one Business Day after deposit with a nationally recognized
      overnight delivery service, in each case properly addressed to the party to
      receive the same.  The addresses and facsimile numbers for such
      communications shall be:

     

    If
      to the
      Company:

    

    Gulf
      Western Petroleum Corporation

    4801
      Woodway Drive

    Suite
      306
      W

    Houston,
      TX  77056

    Telephone:
      (713) 355-7001

    Facsimile:
      (713) 979-3728

    Attention:
      Donald L. Sytsma

    

    

    If
      to the
      Buyer:

    

    Metage
      Funds Limited

    8
      Pollen
      Street,

    London,
      England W1S 1NG

    Attention:
      Tom Sharp

    Facsimile:
      44-20-7318-5271

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    HSBC
      Bank
      Plc

    c/o
      Brown
      Brothers Harriman & Co.

    140
      Broadway

    New
      York,
      NY 10005

    Attention:  ________________

    Fax:  ____________________

    

    or,
      in
      the case of a Buyer or other party named above, to such other address and/or
      facsimile number and/or to the attention of such other person as the recipient
      party has specified by written notice given to each other party at least 5
      days
      prior to the effectiveness of such change.  Written confirmation of
      receipt (A) given by the recipient of such notice, consent, waiver or other
      communication, (B) mechanically or electronically generated by the sender’s
      facsimile machine containing the time, date, recipient facsimile number and
      an
      image of the first page of such transmission or (C) provided by a courier or
      overnight courier service shall be rebuttable evidence of personal service,
      receipt by facsimile or deposit with a nationally recognized overnight delivery
      service in accordance with clause (i), (ii) or (iii) above,
      respectively.

     

    c.           Failure
      of any party to exercise any right or remedy under this Agreement or otherwise,
      or delay by a party in exercising such right or remedy, shall not operate as
      a
      waiver thereof.

     

    d.           All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by the laws of the State of New York,
      without giving effect to any choice of law or conflict of law provision or
      rule
      (whether of the State of Texas or any other jurisdictions) that would cause
      the
      application of the laws of any jurisdictions other than the State of New York.
      Each party hereby irrevocably submits to the exclusive jurisdiction of the
      state
      and federal courts sitting the City of New York, Borough of Manhattan, New
      York,
      for the adjudication of any dispute hereunder or in connection herewith or
      with
      any transaction contemplated hereby or discussed herein, and hereby irrevocably
      waives, and agrees not to assert in any suit, action or proceeding, any claim
      that it is not personally subject to the jurisdiction of any such court, that
      such suit, action or proceeding is brought in an inconvenient forum or that
      the
      venue of such suit, action or proceeding is improper.  Each party
      hereby irrevocably waives personal service of process and consents to process
      being served in any such suit, action or proceeding by mailing a copy thereof
      to
      such party at the address for such notices to it under this Agreement and agrees
      that such service shall constitute good and sufficient service of process and
      notice thereof.  Nothing contained herein shall be deemed to limit in
      any way any right to serve process in any manner permitted by law.  If
      any provision of this Agreement shall be invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability shall not affect the validity
      or enforceability of the remainder of this Agreement in that jurisdiction or
      the
      validity or enforceability of any provision of this Agreement in any other
      jurisdiction.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
      HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
      DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT
      OR
      ANY TRANSACTION CONTEMPLATED HEREBY.

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    e.           This
      Agreement and the other Transaction Documents constitute the entire agreement
      among the parties hereto with respect to the subject matter hereof and
      thereof.  There are no restrictions, promises, warranties or
      undertakings, other than those set forth or referred to herein and
      therein.  This Agreement and the other Transaction Documents supersede
      all prior agreements and understandings among the parties hereto with respect
      to
      the subject matter hereof and thereof.

     

    f.           Subject
      to the requirements of Section 9, this Agreement shall inure to the
      benefit of and be binding upon the permitted successors and assigns of each
      of
      the parties hereto.

     

    g.           The
      headings in this Agreement are for convenience of reference only and shall
      not
      limit or otherwise affect the meaning hereof.

     

    h.           This
      Agreement may be executed in two or more identical counterparts, all of which
      shall be considered one and the same agreement and shall become effective when
      counterparts have been signed by each party and delivered to each other party;
      provided that a facsimile signature shall be considered due execution and shall
      be binding upon the signatory thereto with the same force and effect as if
      the
      signature were an original, not a facsimile signature.

     

    i.           Each
      party shall do and perform, or cause to be done and performed, all such further
      acts and things, and shall execute and deliver all such other agreements,
      certificates, instruments and documents, as the other party may reasonably
      request in order to carry out the intent and accomplish the purposes of this
      Agreement and the consummation of the transactions contemplated
      hereby.

     

    j.           All
      consents and other determinations to be made by the Investors pursuant to this
      Agreement shall be made, unless otherwise specified in this Agreement, by the
      Required Holders, determined as if all of the Note and the Warrant then
      outstanding have been converted into or exercised for Registrable Securities
      without regard to any limitations on conversion of the Note or the exercise
      of
      the Warrant and, in the case of the Note, of the then-prevailing Conversion
      Price.  Any consent or other determination approved by Investors as
      provided in the immediately preceding sentence shall be binding on all
      Investors.

     

    k.           The
      language used in this Agreement will be deemed to be the language chosen by
      the
      parties to express their mutual intent and no rules of strict construction
      will
      be applied against any party.

     

    l.           Each
      Buyer and each holder of the Securities shall have all rights and remedies
      set
      forth in the Transaction Documents and all rights and remedies that such Buyers
      and holders have been granted at any time under any other agreement or contract
      and all of the rights that such Buyers and holders have under any
      law.  Any Person having any rights under any provision of this
      Agreement shall be entitled to enforce such rights specifically (without posting
      a bond or other security or proving actual damages), to recover damages by
      reason of any breach of any provision of this Agreement and to exercise all
      other rights granted by law.

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    m.           This
      Agreement is intended for the benefit of the parties hereto and their respective
      permitted successors and assigns and, to the extent provided in Sections
      6(a) and 6(b) hereof, each Investor, the directors, officers,
      partners, members, managers, employees, agents, representatives of, and each
      Person, if any, who controls any Investor within the meaning of the 1933 Act
      and
      the 1934 Act and each of the Company’s directors, each of the Company’s officers
      who signs the Registration Statement, and each Person, if any, who controls
      the
      Company within the meaning of the 1933 Act and the 1934 Act, and is not for
      the
      benefit of, nor may any provision hereof be enforced by, any other
      Person.

     

    n.           The
      obligations of each Investor hereunder are several and not joint with the
      obligations of any other Investor, and no provision of this Agreement is
      intended to confer any obligations on any Investor vis-à-vis any other
      Investor.  Nothing contained herein, and no action taken by any
      Investor pursuant hereto, shall be deemed to constitute the Investors as a
      partnership, an association, a joint venture or any other kind of entity, or
      create a presumption that the Investors are in any way acting in concert or
      as a
      group with respect to such obligations or the transactions contemplated
      herein.

     

    o.           Unless
      the context otherwise requires, (a) all references to Sections, Schedules or
      Exhibits are to Sections, Schedules or Exhibits contained in or attached to
      this
      Agreement, (b) each accounting term not otherwise defined in this Agreement
      or
      the Securities Purchase Agreement has the meaning assigned to it in accordance
      with GAAP, (c) words in the singular or plural include the singular and plural
      and pronouns stated in either the masculine, the feminine or neuter gender
      shall
      include the masculine, feminine and neuter and (d) the use of the word
“including” in this Agreement shall be by way of example rather than
      limitation.

     

    ******

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have caused this Registration Rights
      Agreement to be duly executed as of day and year first above
      written.

    

    COMPANY:

    

    GULF
      WESTERN PETROLEUM CORPORATION

    

    

    
      	
              By:

            	
              /s/  Wm.
                M. Cox

            	 
	
              Name:

            	
              Willaim
                M. Cox

            	 
	
              Title:

            	
              Chairmand
                and CEO

            	 

    

    

    

    [Additional
      signature page follows]

     

     

    
      Signature
        Page to Registration Rights Agreement

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    BUYER:

    

    METAGE
      FUNDS LIMITED

    

     

    
      	
              By:

            	
              /s/  Tom
                Sharp

            	 
	
              Name:

            	
              Tom
                Sharp

            	 
	
              Title:

            	
              Investment
                Manager

            	 

    

     

    NCIM
      LIMITED

     

    

    
      	
              By:

            	
              /s/  J.M.
                Roberts

            	 
	
              Name:

            	
              J.M.
                Roberts

            	 
	
              Title:

            	
              Manager

            	 

    

     

     

    
      Signature
        Page to Registration Rights Agreement

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    FORM
      OF NOTICE OF EFFECTIVENESS

    OF
      REGISTRATION STATEMENT

    

    [TRANSFER
      AGENT]

    Attn:

    

    Re:           Gulf
      Western Petroleum Corporation

    

    Ladies
      and Gentlemen:

    

    We
      are
      counsel to Gulf Western Petroleum Corporation, a Nevada corporation (the
“Company”), and have represented the Company in connection with
      that certain Securities Purchase Agreement (the “Purchase
      Agreement”) entered into by and among the Company and the buyers named
      therein (collectively, the “Holders”) pursuant to which the
      Company issued to the Holders senior secured convertible Note (the
“Note”), convertible into shares of the Company’s common stock,
      $0.001 par value per share (the “Common Stock”), and Warrant to
      purchase shares of Common Stock, subject to adjustment (the
“Warrant”).  Pursuant to the Purchase Agreement, the
      Company also has entered into a Registration Rights Agreement with the Holders
      (the “Registration Rights Agreement”) pursuant to which the
      Company agreed, among other things, to register the Registrable Securities
      (as
      defined in the Registration Rights Agreement), including the shares of Common
      Stock issuable upon conversion of the Note and exercise of the Warrant, under
      the Securities Act of 1933, as amended (the “1933
      Act”).  In connection with the Company’s obligations under
      the Registration Rights Agreement, on ____________ ___, 200_, the Company filed
      a Registration Statement on Form [S-__] (File No.
      333-_____________) (the “Registration Statement”) with the
      Securities and Exchange Commission (the “SEC”) relating to the
      Registrable Securities which names each of the Holders as a selling stockholder
      thereunder.

    

    In
      connection with the foregoing, we advise you that a member of the SEC’s staff
      has advised us by telephone [that we have confirmed through the SEC’s website]
      that the SEC has entered an order declaring the Registration Statement effective
      under the 1933 Act at [ENTER TIME OF EFFECTIVENESS] on
[ENTER DATE OF EFFECTIVENESS] and we have no knowledge that any
      stop order suspending its effectiveness has been issued or that any proceedings
      for that purpose are pending before, or threatened by, the SEC.

    

    
      	 	
              Very
                truly yours,

            
	 	 
	 	
              [ISSUER’S
                COUNSEL]

            
	 	 
	 	
              By:

            	
               

            

    

    

     

    23Unassociated Document

    AMENDMENT
      TO THE EXECUTIVE EMPLOYMENT AGREEMENT 

    DATED
      AS OF SEPTEMBER 9, 2004 

    BY
      AND BETWEEN BIOPHAN TECHNOLOGIES, INC. AND JOHN LANZAFAME

    

    This
      Amendment, dated September 10, 2007, by and between Biophan Technologies, Inc.,
      a Nevada corporation John Lanzafame amends the Executive Employment Agreement
      dated September 9, 2004 (the “Employment Agreement”). All of the terms of the
      Employment Agreement are incorporated herein by reference, except as otherwise
      stated herein. Capitalized terms used herein, that are not defined herein,
      shall
      have the meaning ascribed to them in the Employment Agreement.

     

    W
      I T
      N E S S E T H:

     

    WHEREAS,
      Company
      has appointed Executive as interim Chief Executive Officer; and

     

    WHEREAS,
      in connection with the foregoing appointment, Company and Executive desire
      to
      amend the Employment Agreement has determined.

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged the parties hereby agree as follows:

     

    1.  Section
      3.3 of the Employment Agreement is hereby amended and replaced in its entirety
      with the following: 

     

    Severance
      for Involuntary Termination; Disability or Significant Changes in Job
      Responsibilities.
      In the
      event of Involuntary Termination of the Executive, Disability or Significant
      Changes in the Job Responsibilities, the Company will pay the Executive (i)
      the
      unpaid amount of the Executive’s Base Salary through the date of termination as
      set forth in Exhibit A hereof, as amended from time to time; (ii) additional
      severance compensation payments, in accordance with the Executive’s Base Salary,
      for a six (6) month period from the date of termination; and (iii) bonus
      compensation, if any, assuming written goals required by the bonus plan are
      met,
      or would likely be met if Executive remained employed. The details of the bonus
      payment and when it is earned and how it is calculated are set forth in Exhibit
      A. All payments made to the Executive hereunder will be subject to all
      applicable employment and withholding taxes.

     

    2.  Exhibit
      A
      of the Employment Agreement is hereby amended and replaced in its entirety
      with
      the Exhibit A, annexed hereto. 

     

    3.  Except
      as
      expressly set forth herein, the Employment Agreement shall remain in full force
      and effect.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    BIOPHAN
      TECHNOLOGIES, INC.

     

    By:
      _/s/
      Robert Wood_____________

    Name:
      Robert Wood

    Title:
      Chief Financial Officer

     

    _/s/
      John Lanzafame _____________

    John
      Lanzafame

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    Position/Job
      Title:

    Interim
      Chief Executive Officer

    

    Annual
      Salary:

    $198,000,
      payable bi-weekly.

    

    Stock
      Options:

    
      	 	 	
              Executive
                shall receive an additional non-qualified option to purchase 500,000
                common shares of the Company, upon the effective date of this
                Amendment.

            

    

    

    Bonus
      Payments:

    
      	 	 	
              Executive
                shall receive the following cash bonus payments

            

    

    
      	 	 	
              (i)
                $50,000 upon the closing of the Intellectual Property Assignment
                Agreement, dated August 6, 2007, by and between Company and Medtronic,
                Inc., and

            

    

    
      	 	 	
              (ii)
                $50,000 upon the closing of an agreement to increase Company’s ownership
                in Myotech, LLC to greater than 65% of the outstanding
                equity.

            

    

    

    Healthcare
      Plan:

    
      	 	 	
              Executive
                will receive the Company’s full health care plan, including dental and
                vision.

            

    

    

    Paid
      Vacation:

    4
      weeks

    

    Paid
      Holidays:

    Eleven
      (11) paid holidays according to the Company’s standard holiday
      schedule.

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