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		EXHIBIT 10.1 – MATERIAL CONTRACT – ASSET PURCHASE AGREEMENT

				

				

				

				

			THIS AGREEMENT made effective as of the 9th day of May, 2006.

		

		

		BETWEEN:

		                        SCOTT BELL, Businessman, of

		                        P.O. Box 228, La Ronge, Saskatchewan, Canada, S0J 1L0

		

		                        (the "Vendor")
		OF THE FIRST PART

		AND:

			

			                        GRYPHON OIL & GAS, INC., a USA corporation

			                        Having an offices at 6550 Raleigh Street

			                        Vancouver, British Columbia, Canada, V5S 2W8

			

			                        (the "Purchaser")

		OF THE SECOND PART

		WHEREAS:

				

			A.      The Vendor is the legal and beneficial owner of the Property, as hereinafter defined.

		B.      The Vendor has agreed to sell to the Purchaser and the Purchaser has agreed to purchase from the Vendor all of the beneficial interest of the Vendor in and to the Property, as hereinafter defined, upon and subject to the terms and conditions herein set forth, it being the intention of the parties hereto that the purchase price for the beneficial ownership of the Property will be the fair market value thereof.

			

			IN CONSIDERATION of the premises, mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

			

			

			1.       DEFINITIONS AND INTERPRETATION

				

			1.1     In this Agreement, the following words or expressions shall have the following meanings, namely:

		

		
			a)          “Appraised Value” has the meaning ascribed thereto by paragraph 3;

				

				b)          “Effective Date” means the 9th day of May, 2006;

			

		

		

		

		

		

		

		

		

		

		

		
				c)            	“Property” means Claim number S-109012, S-109013 and S-109013 comprised of an aggregate of 1027 hectares, as staked by the Vendor, located on the west side of Mackay Lake, Saskatchewan , Canada. (hereinafter the “Property”) ;

			

			d)          “Purchase Price” has the meaning ascribed thereto by paragraph 3;

		2.       PURCHASE AND SALE

			

		2.1     The Vendor hereby transfers, sells, assigns and sets over to the Purchaser and the Purchaser hereby purchases, as of the Effective Date the beneficial ownership in the Property on the terms and conditions hereinafter set forth.
		2.3     The Vendor shall, as soon as is practical, do all things to effect a legal transfer of the Property to the Purchaser. 

		2.4     From the Effective Date to the date the legal transfer is effected, the Vendor shall hold the legal title to the Property in trust, as bare trustee, for and on behalf of the Purchaser, in accordance with the following terms and conditions:

		

		

		
				a)     	The Vendor does and shall stand seized of the Property in trust for the Purchaser, the Purchaser’s successors and assigns, until legal title to the Property is effected, and shall transfer, lease, encumber or dispose of the Property only in such manner as the Purchaser, the Purchaser’s successors and assigns lawfully direct.
	  	
	b)	All dividends, profits, and advantages accruing to or arising out of the Property shall be held by the Vendor for the exclusive use, benefit and advantage of the Purchaser and the Vendor shall, upon written demand from the Purchaser, account to the Purchaser for all such profits and advantages and pay over the same to the Purchaser.
	  	
	c)	The Purchaser shall pay any and all costs and expenses incurred with respect to the Property of every nature and kind.
	  	
	d)	The Purchaser will indemnify and save harmless the Vendor from any and all claims, demands, payments of money, causes of actions, suits, judgments, howsoever arising out of or in connection with the Property.
	  	
	e)	The Vendor does hereby acknowledge and declare further and that the Vendor will not permit the Property to become in any way charged, encumbered or affected by any act or omission of the Vendor.

		

		3.       PURCHASE PRICE

				

			          The purchase price (the “Purchase Price” or “Appraised Value”) for the ownership of the Property transferred and assigned pursuant to this Agreement shall be the fair market value thereof as of the Effective Date, which the parties have determined to be (USD) $18,998.00. 

				

				

				

				

				

			

		

		

		

		

		

		4.       PAYMENT OF PURCHASE PRICE

			

		4.1     The Purchase Price for the Property transferred and assigned pursuant to this Agreement shall be paid or otherwise satisfied by payment in cash or bank draft to the Vendor in the amount of US EIGHTEEN THOUSAND, NINE HUNDRED AND NINETY-EIGHT DOLLARS ($18,998.00)

		

		5.       VENDOR’S REPRESENTATIONS AND WARRANTIES

			

		5.1     The Vendor hereby represents and warrants to the Purchaser that:

		

		
			a)      it is the legal and beneficial owner of the Property;

				

			

				b)     	it has the ability to perform its obligations under this Agreement including without limitation the transfer of the Property to the Purchaser, and no third party consents or authorizations are required prior to the transfer of the beneficial ownership of the Property to the Purchaser;
	  	
	c)	the Vendor is not a non-resident of Canada within the meaning of the Act; and

		

		5.2     The Purchaser hereby represents and warrants to the Vendor that:

		
				a)     	it has the ability to perform its obligations under this Agreement and without limiting the foregoing has the capacity to enter into and perform its obligations under the Declaration of Trust;
	  	
	b)	it is purchasing the Property for use in the course of its commercial activities;

		

		5.3     The representations and warranties set out in this paragraph 5 shall survive the completion of the transactions contemplated by this Agreement.

			

			6.       FURTHER ASSURANCES

				

				          The Vendor and the Purchaser shall do or cause to be done all such further acts and things and shall execute or cause to be executed all such further deeds, documents, elections and instruments as may be reasonably necessary for the purpose of completing the transactions contemplated by this Agreement.

			

			8.       ENUREMENT

				

				          This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and assigns.

			

			

			

			

			

		

		

		

		

		

		

		9.       NOTICES

			

		          All notices, directions, or other instruments required or permitted to be given to the parties hereto shall be in writing and shall be delivered to the address of the party to whom it is directed as set forth on the first page of this Agreement.

		

		10.     MODIFICATION

			

		          This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto or their respective successors or assigns.

		

		11.     GOVERNING LAW

			

		          This Agreement shall be governed by and be construed in accordance with the laws of the Province of Saskatchewan and of Canada applicable therein.

		

		12.     HEADINGS

			

		          The headings of the clauses of this Agreement are inserted for convenience of reference only and shall not constitute a part hereof.

		

		13.     TIME OF ESSENCE

			

		          Time shall be of the essence of this Agreement.

		

		14.     COUNTERPARTS AND FACSIMILE

			

		          This Agreement may be signed and delivered in counterparts and/or by electronic facsimile by the parties in counterparts, each of which so signed shall be deemed to be an original, and such counterparts together shall constitute one and the same instrument.

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		

		IN WITNESS WHEREOF the parties have caused these presents to be executed as of the Effective Date.

		

		                                                                                                  GRYPHON OIL & GAS, INC.

			

			                                                                                                  Per:                  /s/ Louie Jurinak          

		                                                                                                                   Authorized Signatory

		

		

		                                                                                                              /s/ Scott Bell                            

		                                                                                                  SCOTT BELLExhibit 10.2A

    ..

    EXHIBIT
      10.2A

    FIRST
      AMENDMENT TO EMPLOYMENT AGREEMENT

    

    This
      First Amendment to Employment Agreement (this “Amendment”) is made and entered
      into this 22nd
      day of
      February, 2007 (but effective as of January 1, 2005), by and between MB
      Financial, Inc. (the “Corporation”) and Mitchell Feiger (the
“Executive”).

    

    WHEREAS,
      the Executive and the Corporation are parties to that certain Employment
      Agreement dated effective January 1, 2003 (the “Employment Agreement”);
      and

    

    WHEREAS,
      in order to ensure that the Employment Agreement complies with Section 409A
      of
      the Internal Revenue Code of 1986, as amended, the Executive and the Corporation
      wish to amend the Employment Agreement in the manner herein provided.

    

    NOW,
      THEREFORE, in consideration of the foregoing, and of the respective agreements
      of the parties herein, it is AGREED as follows:

    

    1.
       A
      new
      Section 21 is added to the Employment Agreement, to read as
      follows:

    

    
      	 	
              “21.

            	
              Compliance
                with Code Section 409A.

            

    

    

    (a) General.
      It is
      intended that this Agreement comply with the provisions of Section 409A of
      the
      Code and the regulations and guidance of general applicability issued thereunder
      (referred to herein as “Section 409A”) so as to not subject the Executive to the
      payment of additional interest and taxes under Section 409A. In furtherance
      of
      this intent, this Agreement shall be interpreted, operated and administered
      in a
      manner consistent with these intentions, and to the extent Section 409A would
      result in the Executive being subject to the payment of additional income taxes
      or interest under Section 409A, the parties agree to amend the Agreement in
      order to avoid the application of such taxes and interest.

    

    (b) Specific
      Provisions.

    

    
      	 	
              (1)

            	
              Termination
                of Employment.
                For purposes of Section 7 of this Agreement, no termination of employment
                shall be considered to have occurred unless such termination of employment
                also qualifies as a “separation from service” within the meaning of
                Section 409A.

            

    

    

    
      	 	
              (2)

            	
              Delayed
                Payments.
                Notwithstanding any provision in the Agreement to the contrary, as
                needed
                to comply with Section 409A, if the Executive is a “specified employee”
                (within the meaning of Section 409A), payments due under Section
                7 shall
                be subject to a six (6) month delay such that amounts otherwise payable
                during the six (6) month period following the Executive’s separation from
                service shall be accumulated and paid in a lump-sum catch-up payment
                as of
                the first day of the seventh month following the Executive’s separation
                from service (or, if earlier, the date of the Executive’s death).
                

            

    

    

    
      	 	
              (3)

            	
              Section
                162(m) Delays.
                Deferred Payments under Section 4(b) of this Agreement shall be paid
                upon
                the earliest date that the Corporation reasonably anticipates that
                the
                deduction of the payment will not be limited by Code Section 162(m)
                or the
                calendar year in which the Executive separates from
                service.

            

    

     

    (c) Treatment
      as Separation Pay.
      This
      Section 21 shall not apply to the extent such payments can be considered to
      be
      separation pay that is not part of a deferred compensation arrangement under
      Section 409A. If permitted by Section 409A, cash payments to the Executive
      pursuant to Section 7 shall be considered first to come from separation
      pay.”

    

    2.
       The
      terms
      of the Employment Agreement as in effect prior to this Amendment that are not
      amended hereby shall be and remain in full force and effect and are not affected
      by this Amendment. 

    

    3. This
      Amendment may be executed in counterparts, each of which shall be an original
      and together shall constitute one agreement.

    

    [Signature
      page follows]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      parties have executed this Amendment as of the day and year first above
      written.

    

    

    Attest:      MB
      FINANCIAL, INC.

    

    

    
      	 ____________________	  By: _____________________	 	 
	 Doria L. Koros   	 Jill
              E. York	 	 
	 Secretary	 Vice President and Chief Financial
              Officer	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 EXECUTIVE	 	 
	 	 _____________________	 	 
	 	 Mitchell Feiger

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