Document:

Q2-06.30.2014 - EX 10.1

ROUSE PROPERTIES
1114 Avenue of the Americas, Suite 2800
New York, NY 10036-7703
T: 212-608-5108
ROUSEPROPERTIES.COM | NYSE: RSE

EXHIBIT 10.1

June 30, 2014                    
            

Michael Grant
XXXXXXXX

Dear Michael:

Rouse Properties, Inc. is pleased to extend to you an offer of employment for the position of
Chief Accounting Officer, at Rouse Properties. Your position will be located at our corporate headquarters in New York.

Base Salary
Your annual base compensation will be $235,000 less applicable taxes and withholdings.

Incentives
You will be eligible to participate in the Company’s incentive bonus plan. Your initial target award opportunity will be 40% of your base salary. The actual award amount will be determined by the Chief Executive Officer and shall be in accordance with the then existing bonus plan. For new employees, first year bonus amounts will be pro-rated based on the date of hire.  In order to receive your award, you must be actively employed by the Company on the date that  bonus payments are distributed. All such awards are subject to approval by the Chief Executive Officer and Board of Directors.  You will also be provided with a one-time special payment in the amount of $20,000 to be applied to relocation and settling-in costs.   

Option Award
You will be eligible to receive an annual award of Options for common stock of the Company under the stock option plan based on your individual performance and the Company’s financial results as determined by the Board of Directors of the Company. These options are ten-year non-qualified options to purchase common shares of the Company and vest evenly over five (5) years, commencing with the first anniversary of award. Your target award will be expressed in terms of dollars at work (“Leverage”). The number of options awarded will be calculated as Leverage divided by the price per share of the common stock on the date the Board of Directors approves or determines annual option grants for senior executives of the Company generally.

Your first award will be an up-front award, granted on a specific date determined by the Board of Directors of the company. The number of options awarded initially will be calculated based on target Leverage of $235,000 divided by the market price at the time of the award. 

Commencing in 2015, you will be eligible for an annual option award targeted at Leverage of .7 times Base Salary.  All awards will be made in accordance with the terms of the Plan and are subject to approval by the Board. The target Leverage may vary depending on the specific plan. 

Benefits
You will be eligible to participate in benefit plans available to employees of the Company which include Medical/Rx, Dental, Vision, Life and Disability coverage. Benefits are effective on the first day of the month following your 

ROUSE PROPERTIES
1114 Avenue of the Americas, Suite 2800
New York, NY 10036-7703
T: 212-608-5108
ROUSEPROPERTIES.COM | NYSE: RSE

date of hire. During your first week of employment, a Human Resources Representative will contact you to assist you with the enrollment process. You will also be eligible to participate in the 401(k) plan on the first of the month, following the completion of 30 days of continuous employment at Rouse Properties.   You will be eligible for four (4) weeks’ vacation, which will be pro-rated during your first year of employment. Starting with the first occurring January 1 following your date of hire, and for each subsequent calendar year, vacation entitlements will be credited on January 1.

Relocation
In light of your need to relocate to the greater New York City area, we will provide you with relocation assistance in accordance with our corporate relocation policy. Details of the policy are included with this letter. 

At-Will Employment
This offer letter does not constitute, and may not be construed as, a commitment to employment for any specific duration. Your employment with the Company will be at-will, which means that you may leave the Company or the Company may require that you leave its employ, at any time and for any reason. The at-will status of your employment may not be altered in any way by any oral or written statement made by any employee of the Company, except for an express written agreement to such effect signed by you and an authorized representative of the Company.

Employment Eligibility Verification
In accordance with federal immigration law, you will need to provide your authorization to work in the United States when you start. Please be prepared to produce documents to prove your identity and employment eligibility in the United States. For a list of acceptable documents, refer to the I-9 Form enclosed.

Code of Business Conduct and Ethics
It has always been our policy that all our activities should be conducted with the highest standards of honesty and integrity and in compliance with all legal and regulatory requirements. As such, you will agree to adhere to our Code of Business Conduct and Ethics and Ethics and Employee Conduct Guidelines. You will be required to sign an annual statement of compliance.

Employee Representations
You represent and warrant to the Company that: (i) the acceptance of this offer of employment by you will not violate any employment agreement, non-compete agreement, non-solicitation agreement or confidentiality agreement to which you are a party or by which you are bound, (ii) you have not taken any documentation, property or confidential materials of any kind from any prior company with whom you have been associated without permission, (iii) you will devote your entire professional time and attention to this role and you will not engage in any other business or paid employment without prior written consent from the Company and (iv) you have received, read and agree to comply with the Code of Business Conduct and Ethics and our Personal Trading Policy and agree to follow all standard policies.

Confidentiality
In your position, you will have access to and be dealing with confidential information with respect to public companies. All securities transactions must be reported on insider reports if applicable. You agree to treat as confidential and shall not, directly or indirectly disclose to any person, firm, association or corporation or use for your own benefit or gain any confidential or privileged information relating to the business of the Company or its subsidiaries or affiliates, whether during the period of your employment with the Company or thereafter, provided that your disclosure of confidential or privileged information in the course of fulfilling your duties to the Company or its 
affiliates as prescribed by this offer of employment shall not be considered to be a breach of the foregoing provision and provided further that the forgoing provision is subject to any disclosure required by law (provided that you 

ROUSE PROPERTIES
1114 Avenue of the Americas, Suite 2800
New York, NY 10036-7703
T: 212-608-5108
ROUSEPROPERTIES.COM | NYSE: RSE

provide the Company with advance written notice of such requirement (to the extent permitted by law) and reasonably co-operate with the Company should it seek to limit such disclosure). Breach of confidentiality is a serious matter and could result in termination for cause. Upon cessation of employment for any reason, you agree to return all Corporate property, both in electronic and paper form and including all client records, product information, business plans etc., and you agree not to retain any copies.

Michael, we are pleased that you are considering joining and hope that you find the opportunity exciting and challenging. If there are any questions or problems, please feel free to call me to discuss them at any time. If you are in agreement with the terms and conditions of this offer, I would appreciate you signing the enclosed copy of this letter thereby indicating your acceptance of employment. This employment offer is made contingent upon your successful completion of the pre-employment background check, reference check, and drug test, and provision of all necessary documents.

Yours truly,

/s/ BOBBIE LYONS 

Bobbie Lyons
Senior Vice President, Human Resources
Rouse Properties

I understand and am in agreement with the above terms and conditions of my prospective employment including the employee representations. In addition, I consent to references and a background check. I acknowledge that this letter embodies our entire employment arrangement. My acceptance of this offer is made voluntarily and after careful consideration.

Dated this 30 day of June, 2014

/s/ MICHAEL GRANT

Michael Grant             

Anticipated Start Date: July 28, 2014namg_ex1021.htm

EXHIBIT 10.21

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. HOLDERS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

PROMISSORY NOTE

 

	$20,000.00	July 28, 2014

 

For value received, North American Oil and Gas Corp., a Nevada corporation ("Company"), promises to pay to the order of (“ASPS”) (the “Investor”). (herein, together with its successors and assigns who become holders of this Note, the "Holder"), the principal sum of Twenty Thousand and no/100 Dollars ($20,000) (the "Principal Amount"), together with interest thereon at the rate of 4% per annum (subject to adjustment as set forth in Section 1 below).

 

1. Interest. Interest shall accrue beginning on the date of this Note and shall continue to accrue on the unpaid principal hereof until this Note is paid in full or otherwise converted as herein provided. Notwithstanding the provisions of this Note, if any rate of interest payable hereunder is limited by law, the rate payable hereunder shall be the lesser of: (a) the rate set forth in this Note; or (b) the maximum rate permitted by law.

 

2. Payments.

 

2.1 Maturity Date. The Principal Amount and all accrued but unpaid interest on this Note shall become fully due and payable upon the earliest to occur of (a) an Event of Default as defined in Section 3 (unless the Holder elects in writing to waive the Event of Default or extend the date on which the Note will be due), or (b) August 26[1], 2014. Upon an occurrence of an Event of Default, Holder may declare all amounts outstanding under the Note immediately due and take any other action allowed by law.

 

  

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2.2 Optional Prepayment. The Company shall have the right to prepay this Note in whole or in part on 10 days written notice to the Holder at any time prior to its conversion under Section 3.

 

2.3 Method of Payment. All payments of principal and interest under this Note shall be made in lawful money of the United States of America in cash or cash equivalent at ASPS Investments Ltd., Ojai, California, or at such other place at Holder shall have designated in writing.

 

3. Events of Default. The occurrence of any of the following shall be deemed to be an event of default (an "Event of Default"):

 

(a) failure to make any payment of principal, interest or other amounts when due according to the terms of this Note; or

 

(b) failure to comply with any other covenant or obligation under this Note, if that failure is not subject to cure, or remains uncured for a period of five days after written notice from the Holder.

 

4. Waiver of Presentment, Notice and Other Formalities. The Company expressly agrees that (a) presentment, notice of dishonor, and protest, notice of protest and any and all demands or notices are hereby waived; (b) this Note shall be binding upon the Company and any endorser and their respective successors in interest; and (c) this Note and any payment hereunder may be extended from time to time without in any way affecting liability hereunder.

 

5. No Impairment. The Company will not, by amendment of its Articles of Organization or through reorganization, consolidation, merger, dissolution, sale of assets or any other action, avoid or seek to avoid the observance or performance of any of the terms of this Note, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder of this Note against impairment.

 

6. Amendments and Waivers. This Note may only be amended or waived with the written consent of the Holder and the Company.

 

7. Replacement of Note. In the case of the loss, theft or destruction of this Note, the Company at its expense shall execute and deliver to the Holder a replacement hereof upon delivery by the Holder to the Company of evidence reasonably satisfactory to the Company of the loss, theft or destruction along with an indemnity agreement reasonably satisfactory in form and substance to the Company.

 

  

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8. Assignment. This Note may not be assigned by either party hereto without the prior written consent of the other party hereto.

 

9. Notices. Any notice required or permitted under this Note shall be given in writing to the other party hereto.

 

10. Rights as a Member. This Note, as such, shall not entitle the Holder to any rights as a member of the Company.

 

11. Governing Law; Jurisdiction. This Note shall be governed by and construed and enforced in accordance with the laws of the State of California, without giving effect to its conflicts of laws principles. The parties consent to the personal jurisdiction of the state and federal courts located in the County of Ventura, California, for purposes of any action under or pertaining to this Note.

 

12. Severability. If one or more provisions of this Note are held to be unenforceable under applicable law, such provision shall be excluded from this Note and the balance of the Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms.

 

13. Attorneys’ Fees and Costs. If any action at law or in equity is necessary to enforce or interpret the terms of this Note, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and disbursements in addition to any other relief to which such party may be entitled.

 

14. Entire Agreement. This Note constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous negotiations, agreements and understandings.

 

15. Counterparts; Electronic Delivery. This Note may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Electronic delivery of an executed counterpart of this Note (whether by fax, email or otherwise) shall be equally as effective as delivery of an originally executed tangible copy of the same. Any party doing so shall also deliver the originally executed hard copy of same promptly thereafter, but the failure by such party to do so shall not affect the validity, enforceability and binding effect of this Note.

 

(SIGNATURES ON FOLLOWING PAGE)

 

  

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IN WITNESS WHEREOF, the Company has issued this Note on the day and year written on the first page of the Note.

	NORTH AMERICAN OIL & GAS CORP.	 
	 	 	 
	
By: 

		 
	Name:	Linda Gassaway	 
	Title:	Chief Financial Officer	 
	 	 	 

 

 

	 	AGREED AND ACCEPTED BY HOLDER:	 
	 	 	 
	 	
ASPS INVESTMENTS LTD.

	 
	 	 	 	 
	 	
By: 

		 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

 

  

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