Document:

EXECUTIVE EMPLOYMENT AGREEMENT

 

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (the “Agreement”) dated June 27, 2014 by and between The MaryJane Group, Inc a company incorporated under
the laws of Nevada (the “Company”), and Charles G. Berkowitz, an individual (the “Executive”).

 

WHEREAS, the Company, through
its Board of Directors (the “Board”), considers the maintenance of competent and experienced officers to be essential
to its long term success; and

 

WHEREAS, the Executive
has been and continues to be a valuable employee of the Company; and

 

WHEREAS, the Board believes
it is in the Company’s and its shareholders’ best interests to retain the services of the Executive; and

 

WHEREAS, the Company and
Executive desire to enter into an agreement to provide for the Executive’s employment by the Company upon the terms and conditions
set forth in this Agreement.

 

NOW THEREFORE, in consideration
of the foregoing facts and mutual agreements set forth below, the parties, intending to be legally bound, agree as follows:

 

1.Employment. The Company hereby
agrees to employ Executive, and Executive hereby accepts such employment and agrees to perform Executive’s duties and responsibilities
in accordance with the terms and conditions hereinafter set forth.

 

1.1Duties and Responsibilities.
Executive shall serve as Chief Operating Officer. During the Employment Term, Executive shall perform all duties and accept all
responsibilities incident to such position and other appropriate duties as may be assigned to Executive by the Company’s
Board of Directors from time to time. Executive shall also serve as a director of the Company if requested by the Company’s
Board of Directors and as an officer of one or more of the Company’s subsidiaries without any additional compensation. The
Company shall retain full direction and control of the manner, means and methods by which Executive performs the services for which
he is employed hereunder and of the place or places at which such services shall be rendered.

 

1.2Employment Term. The initial
term of employment shall be for a period of three (3) years commencing as of the date of this Agreement. After the initial term,
this Agreement shall be automatically extended for additional one year terms on the annual anniversary date of this Agreement,
unless either the Company, through its Board, or the Executive gives contrary written notice (the “Non-Renewal Notice”)
to the other not less than three (3) months in advance of such anniversary date. References herein to the term of this Agreement,
as amended, shall refer to both such initial term and such successive terms.

 

    	 

    	 

    

1.3Extent of Service. During
the Employment Term, Executive agrees to use Executive’s best efforts to carry out the duties and responsibilities under
Section 1.1 hereof and to devote substantially all Executive’s business time, attention and energy thereto. Executive further
agrees not to work either on a part-time or independent contracting basis for any other business or enterprise during the Employment
Term without the prior written consent of the Company’s Board of Directors (the “Board”), which consent shall
not be unreasonably withheld.

 

1.4Compensation. The Company
shall pay the Executive a base annual salary hereunder of:

 

$100,000 through December
31, 2014

$125,000 for calendar year
2015

$150,000 for the remainder
of the term of this Agreement

 

payable in equal semi-monthly installments
or at such other intervals as shall be agreed upon by the parties. The Executive’s base annual salary may be increased from
time to time as determined by the Board, and, if so increased, such base annual salary shall not thereafter, during the Executive’s
employment under the Agreement, be decreased, and the obligation of the Company hereunder to pay the Executive’s base annual
salary shall thereafter relate to such increased base annual salary. In the event the Company is unable to pay the Executive cash
compensation for any particular pay period, the Executive shall have the option to take such cash compensation in common stock
of the Company. Such amount of shares to be issued to the Executive shall be equal determined by dividing the current market price
of the Company’s common stock into the gross amount of the amount due to the Executive during such particular pay period.
“Market Value” shall be defined as the average three (3) day closing price of the Company’s common stock immediately
preceding the expiration date of that particular pay period.

 

1.5Car Allowance. The Company
shall provide to the Executive a car allowance of not less than $500.00 per month during the term of this Agreement.

 

1.6Other Benefits. During the
Employment Term, Executive shall be entitled to participate in all employee benefit plans and programs made available to the Company’s
senior level executives as a group or to its employees generally, as such plans or programs may be in effect from time to time
(the “Benefit Coverages”), including, without limitation, medical, dental, hospitalization, short-term and long-term
disability and life insurance plans, accidental death and dismemberment protection and travel accident insurance. Executive shall
be provided office space and staff assistance appropriate for Executive’s position and adequate for the performance of his
duties.

 

1.7Reimbursement of Expenses: Vacation.
Executive shall be provided with reimbursement of expenses related to Executive’s employment by the Company on a basis no
less favorable than that which may be authorized from time to time by the Board, in its sole discretion, for senior level executives
as a group. Executive shall be entitled to vacation and holidays in accordance with the Company’s normal personnel policies
for senior level

    	 

    	 

    

executives, but not less than two (2) weeks
of vacation per calendar year, provided Executive shall not utilize more than ten (10) consecutive business days without the express
consent of the Board of Directors. Unused vacation time will be forfeited as of December 31 of each calendar year of the Employment
Term.

 

1.8 Stock Bonus.
Upon signing this Agreement the Company shall issue the Executive Two Million Five Hundred Thousand shares of the Company’s
common stock, subject to monthly vesting the first 250,000 will be issued immediately, thereafter, the Executive will be issued
250,000 shares over the next nine (9) months. In the event the Executive resigns or is terminated for cause during the first nine
months of the Agreement only those shares issued to the Executive at the time of termination shall be deemed vested and duly issued
and owned by the Executive.

 

1.9No Other Compensation. Except
as expressly provided in Sections 1.4 through 1.8, Executive shall not be entitled to any other compensation or benefits.

 

2.Confidential Information.
Executive recognizes and acknowledges that by reason of Executive’s employment by and service to the Company before, during
and, if applicable, after the Employment Term, Executive will have access to certain confidential and proprietary information relating
to the Company’s business, which may include, but is not limited to, trade secrets, trade “know-how,” product
development techniques and plans, formulas, customer lists and addresses, financing services, funding programs, cost and pricing
information, marketing and sales techniques, strategy and programs, computer programs and software and financial information (collectively
referred to as “Confidential Information”). Executive acknowledges that such Confidential Information is a valuable
and unique asset of the Company and Executive covenants that he will not, unless expressly authorized in writing by the Company,
at any time during the course of Executive’s employment use any Confidential Information or divulge or disclose any Confidential
Information to any person, firm or corporation except in connection with the performance of Executive’s duties for the Company
and in a manner consistent with the Company’s policies regarding Confidential Information. Executive also covenants that
at any time after the termination of such employment, directly or indirectly, he will not use any Confidential Information or divulge
or disclose any Confidential Information to any person, firm or corporation, unless such information is in the public domain through
no fault of Executive or except when required to do so by a court of law, by any governmental agency having supervisory authority
over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction
to order Executive to divulge, disclose or make accessible such information. All written Confidential Information (including, without
limitation, in any computer or other electronic format) which comes into Executive’s possession during the course of Executive’s
employment shall remain the property of the Company. Except as required in the performance of Executive’s duties for the
Company, or unless expressly authorized in writing by the Company, Executive shall not remove any written Confidential Information
from the Company’s premises, except in connection with the performance of Executive’s duties for the Company and in
a manner consistent with the Company’s policies regarding Confidential Information. Upon termination of Executive’s
employment, the Executive agrees to return immediately to the Company all written Confidential Information

    	 

    	 

    

(including, without limitation, in any computer
or other electronic format) in Executive’s possession.

 

3.Non-Competition; Non-Solicitation.

 

3.1Non-Compete. The Executive
hereby covenants and agrees that during the term of this Agreement and for a period of two years following the end of the Employment
Term, the Executive will not, without the prior written consent of the Company, directly or indirectly, on his own behalf or in
the service or on behalf of others, whether or not for compensation, engage in any business activity, or have any interest in any
person, firm, corporation or business, through a subsidiary or parent entity or other entity (whether as a shareholder, agent,
joint venturer, security holder, trustee, partner, consultant, creditor lending credit or money for the purpose of establishing
or operating any such business, partner or otherwise) which is competitive with the then existing business of Company being conducted
in the Covered Area, as defined hereinbelow. For the purpose of this Section 3.1, “Covered Area” shall mean all geographical
areas of the United States and foreign jurisdictions where Company then has offices and/or sells its products directly or indirectly
through distributors and/or other sales agents. Notwithstanding the foregoing, the Executive may own shares of companies whose
securities are publicly trades, so long as such securities do not constitute more than one percent (1%) of the outstanding securities
of any such company.

 

3.2Non-Solicitation. The Executive
further agrees that as long as the Agreement remains in effect and for a period of one (1) year from its termination, the Executive
will not divert any business of the Company and/or its affiliates or any customers or suppliers of the Company and/or the Company’s
and/or its affiliates’ business to any other person, entity or competitor, or induce or attempt to induce, directly or indirectly,
any person to leave his or her employment with the Company.

 

3.3Remedies. The Executive acknowledges
and agrees that his obligations provided herein are necessary and reasonable in order to protect the Company and its affiliates
and their respective business and the Executive expressly agrees that monetary damages would be inadequate to compensate the Company
and/or its affiliates for any breach by the Executive of his covenants and agreements set forth herein. Accordingly, the Executive
agrees and acknowledges that any such violation or threatened violation of this Section 3 will cause irreparable injury to the
Company and that, in addition to any other remedies that may be available, in law, in equity or otherwise, the Company and its
affiliates shall be entitled to obtain injunctive relief against he threatened breach of this Section 3 or the continuation of
any such breach by the Executive without the necessity of proving actual damages.

 

4.Termination.

 

4.1By Company. The Company,
acting by duly adopted resolutions of the Board of Directors, may, in its discretion and at its option, terminate the Executive’s
employment with or without Cause, and without prejudice to any other right or remedy to which the Company or Executive may be entitled
at law or in equity or under this Agreement. In the event the Company desires to terminate the Executive’s employment without
Cause, the

    	 

    	 

    

Company shall give the Executive not less than
thirty (30) days advance written notice. Termination of Executive’s employment hereunder shall be deemed to be “for
Cause” in the event that Executive violates any provisions of this Agreement, is guilty of any felony or an act of embezzlement,
is guilty of willful misconduct or gross neglect, misappropriation, concealment or conversion of any money or property of the Company
or gross dereliction of his duties hereunder or refuses to perform his duties hereunder after notice of such refusal to perform
such duties or directions was given to Executive by the Board of Directors.

 

4.2Involuntary Termination.
“Involuntary Termination” shall mean (i) the assignment to Executive of any duties or the significant reduction of
Executive’s duties, either of which is materially inconsistent with Executive’s position with the Company and responsibilities
in effect immediately prior to such assignment, or the removal of Executive from such position and responsibilities; (ii) a material
reduction by the Company in the compensation of Executive, without the Executive’s written consent, as in effect immediately
prior to such reduction; (iii) a material reduction by the Company in the kind or level of benefits to which Executive is entitled
immediately prior to such reduction with the result that Executive’s overall benefits package is significantly reduced; (iv)
the relocation of Executive to a facility or a location outside the United States on a permanent basis; (v) any termination of
Executive by the Company which is not effected for Misconduct, Cause or as a result of a Non Renewal Notice given by the Company
or Executive, or any purported termination for Misconduct or Cause for which the grounds relied upon are determined by a court
of competent jurisdiction not to be valid, unless Executive, following such purported termination, receives all compensation, including
vesting of all unvested stock options and restricted stock within five business days of such determination, or (vi) the termination
by Executive for Company’s violation of any material provision of this agreement, unless the grounds relied upon are determined
by a court of competent jurisdiction not to be valid.

 

4.3By Executive’s Death or
Disability. This Agreement shall also be terminated upon the Executive’s death and/or a finding of permanent physical
or mental disability, such disability expected to result in death or to be of a continuous duration of no less than twelve (12)
months, and the Executive is unable to perform his usual and essential duties for the Company.

 

4.4Voluntary Termination. Executive
may voluntarily terminate the Employment Term upon sixty (60) days’ prior written notice for any reason; provided, however,
that no further payments shall be due under this Agreement in that event except that Executive shall be entitled to any benefits
due under any compensation or benefit plan provided by the Company for executives or otherwise outside of this Agreement.

 

4.5Compensation on Termination.

 

(a)Cause or Misconduct.
In the event the Company terminates Executive for Cause or Misconduct, Executive shall not be entitled to any compensation other
than Base Salary accrued through the date of termination. Such termination shall also immediately cease the vesting of all outstanding
unvested options and restricted stock held on the date of termination and all such unvested options shall thereupon expire.

    	 

    	 

    

 

(b)Voluntary Termination. In
the event Executive resigns from the Company voluntarily, Executive shall not be entitled to any compensation other than Base Salary
accrued through the effective date of his resignation.

 

(c)Involuntary Termination.
In the event Executive is terminated by the Company due to an Involuntary Termination prior to the expiration of the Employment
Term, the Company shall pay to Executive (i) the balance of Executive’s Base Salary in accordance with the schedule such
payments had been made during the six months preceding such termination for the remainder of the Employment Term; and (ii) twenty
five percent (25%) of such balance, representing an estimate of all bonuses which would have been paid during such period, payable
60 days after such termination. In addition, the Company shall be obligated, for a period of twenty-four (24) months after any
Involuntary Termination, to continue to make available to Executive and to pay for all health, dental, vision, life, dependent
life, long-term disability, accidental death and dismemberment and other similar insurance plans existing on the date of Executive’s
termination, or to provide comparable coverage. The Company shall “gross-up” Executive for any income required to be
imputed by virtue of providing the benefits set forth in the preceding sentence, such that the net economic result to Executive
will be as if such benefits were provided on a tax-free basis.

 

(d)Death or Disability. In the
event of termination by reason of Executive’s death and/or permanent disability, Executive or his executors, legal representatives
or administrators, as applicable, shall be entitled to an amount equal to Executive’s Base Salary accrued through the date
of termination, plus a pro rata share of any annual bonus to which Executive would otherwise be entitled for the year during which
death or permanent disability occurs.

 

5.General Provisions.

 

5.1Modification: No Waiver.
No modification, amendment or discharge of this Agreement shall be valid unless the same is in writing and signed by all parties
hereto. Failure of any party at any time to enforce any provisions of this Agreement or any rights or to exercise any elections
hall in no way be considered to be a waiver of such provisions, rights or elections and shall in no way affect the validity of
this Agreement. The exercise by any party of any of its rights or any of this elections under this Agreement shall not preclude
or prejudice such party from exercising the same or any other right it may have under this Agreement irrespective of any previous
action taken.

 

5.2Notices. All notices and
other communications required or permitted hereunder or necessary or convenient in connection herewith shall be in writing and
shall be deemed to have been given when hand delivered or mailed by registered or certified mail as follows (provided that notice
of change of address shall be deemed given only when received):

 

 

    	 

    	 

    

If to the Company, to:The Mary Jane
Group, Inc.

625 E. 70th
Street

Denver, CO 80229

 

If to Executive, to:Charles G. Berkowitz

4750 Cherry Creek Drive
South, Apt. D-200

Denver, Colorado, 80246

 

Or to such other names or addresses as the
Company or Executive, as the case may be, shall designate by notice to each other person entitled to receive notices in the manner
specified in this Section.

 

5.3Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of Colorado.

 

5.4Further Assurances. Each
party to this Agreement shall execute all instruments and documents and take all actions as may be reasonably required to effectuate
this Agreement.

 

5.5Severability. Should any
one or more of the provisions of this Agreement or of any agreement entered into pursuant to this Agreement be determined to be
illegal or unenforceable, then such illegal or unenforceable provision shall be modified by the proper court or arbitrator to the
extent necessary and possible to make such provision enforceable, and such modified provision and all other provisions of this
Agreement and of each other agreement entered into pursuant to this Agreement shall be given effect separately from the provisions
or portion thereof determined to be illegal or unenforceable and shall not be affected thereby.

 

5.6Successors and Assigns. Executive
may not assign this Agreement without the prior written consent of the Company. The Company may assign its rights without the written
consent of the executive, so long as the Company or its assignee complies with the other material terms of this Agreement. The
rights and obligations of the Company under this Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of the Company, and the Executive’s rights under this Agreement shall inure to the benefit of and be binding
upon his heirs and executors. The Company’s subsidiaries and controlled affiliates shall be express third party beneficiaries
of this Agreement.

 

5.7Entire Agreement. This Agreement
supersedes all prior agreements and understandings between the parties, oral or written. No modification, termination or attempted
waiver shall be valid unless in writing, signed by the party against whom such modification, termination or waiver is sought to
be enforced.

 

5.8Counterparts; Facsimile.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, and
all of which taken together shall constitute one and the same instrument. This Agreement may be executed by facsimile with original
signatures to follow.

 

    	 

    	 

    

IN WITNESS WHEREOF, the
undersigned, intending to be legally bound, have executed this Agreement as of the date first written above.

 

	 	MARYJANE GROUP, INC.
	 	 
	 	 
	 	 
	 	By: /s/ Joel C. Schneider____
	 	        Joel C. Schneider, CEO
	 	 
	 	 
	 	 
	 	/s/ Charles G. Berkowitz
	 	Charles
G. Berkowitzf8k062714ex10i_deepwelloil.htm

EXHIBIT 10.1

 

Northern Alberta Oil Ltd.

700, 10150 – 100 Street

Edmonton, AB    T5J 0P6

 

March 18, 2014

 

	
TO: 

	
Andora Energy Corporation

[ADDRESS]

[CITY, STATE/PROVINCE, ZIP/POSTAL CODE]

[COUNTRY]

 

Attention: Mr. Bill Ostlund, President and Chief Financial Officer

 

Dear Sirs:

 

RE:           Acquisition of Royalty Interest

 

This letter sets out the agreement ("Agreement") reached between Andora Energy Corporation as vendor ("Andora"), and Northern Alberta Oil Ltd. ("NAOL") as purchaser regarding the transfer and sale by Andora of all of its interest in the Royalty Agreement and Royalty (both as hereinafter defined) upon the terms and conditions set forth herein.

 

Definitions

 

In this Agreement the following terms have the following meanings:

 

"Andora Assets" means a 3.0% royalty interest out of the 6.5% royalty interest described in the Royalty Agreement;

 

"Royalty" means all right, title and interest granted to the grantee pursuant to the Royalty Agreement;

 

"Royalty Agreement" means that royalty agreement made between Mikwec Energy Canada Ltd., as grantor, and Nearshore Petroleum Corporation, as grantee, dated December, 12, 2003; and

 

"Trust Agreement" means the Recognition of Trust made by Nearshore Petroleum Corporation in favour of 1004731 Alberta Ltd., Gordon Taylor and Muzz Investments Inc. dated December 12, 2003.

 

Acquisition

 

	
1.

	
Andora hereby agrees to sell, assign and transfer to NAOL its entire right, title and interest in the Andora Assets on the terms and subject to the conditions set out in this Agreement (the "Sale Transaction"), effective as of March 18, 2014 (the "Effective Date").  All benefits and liabilities shall be adjusted between Andora and NAOL as of the Effective Date.

 

  

  

  

 

Consideration

 

	
2.

	
In consideration for the sale and transfer to NAOL of the Andora Assets, NAOL will, on Closing, pay Two Million Six Hundred Ninety Seven Thousand Six Hundred Dollars Cdn ($2,697,600 Cdn) to Andora or into an account designated by Andora (the "Purchase Price").

 

Closing and Definitive Agreements

 

	
3.

	
Closing of the transactions contemplated herein (the "Closing") will occur on or before March 18, 2014 or on such other date as the parties may agree (the "Closing Date"), to be held at the City of Calgary, Canada, or at such other place and time as the parties may agree.

 

Mutual Closing Conditions

 

	
4.

	
This Agreement and the Closing hereof is subject to the parties executing and delivering a mutually acceptable conveyance document.

 

Andora Closing Conditions

 

5.           The obligations of Andora to close the Sale Transaction are subject to:

 

	
  

	
(a)

	
receipt of the consideration; and

 

	
  

	
(b)

	
performance by NAOL of its obligations under this Agreement.

 

NAOL Closing Conditions

 

6.           The obligations of NAOL to close the Sale Transaction are subject to:

 

	
  

	
(a)

	
performance by Andora of its obligations under this Agreement; and

 

	
  

	
(b)

	
the representations and warranties contained in Section 7 hereof shall be true and correct at the date of Closing

 

Representations of Andora

 

	
7.

	
Andora represent and warrant to NAOL that Andora has not encumbered or disposed of any interest in the Andora Assets.

 

  

2

  

 

Covenants

 

	
8.1

	
Andora hereby covenants to NAOL that:

 

	
  

	
(a)

	
Andora shall not, without the prior written consent of NAOL, enter into any transaction which would cause any of its representations or warranties or agreements contained in this Agreement to be incorrect or to constitute a breach of any covenant or agreement of Andora herein;

 

	
  

	
(b)

	
Andora will not transfer any of its interest in the Royalty Agreement, the Trust Agreement or the Royalty to any other party except in accordance with the terms of this Agreement.

 

	
8.2

	
By this Agreement NAOL fully and finally releases all claims which NAOL may have against Andora or the directors, officers and shareholders of Andora in any way pertaining to the Andora Assets, subject only to Section 7 hereof.  NAOL shall indemnify and hold harmless Andora from and against all costs, liabilities and expenses of any nature relating to the Andora Assets accruing after the Effective Date.

 

Binding Agreement

 

	
9.

	
Upon acceptance of the terms of this Agreement by all of the parties hereto, this Agreement shall be deemed to constitute a valid and legally binding agreement.

 

Confidentiality

 

	
10.

	
Neither NAOL nor Andora will release nor publish terms and conditions of this Agreement except as required by regulations or law.

 

General

 

	
11.

	
All Andora's legal costs in connection with the preparation of this Agreement and the completion of the transactions contemplated herein shall be for the account of Andora, whether or not the transactions contemplated hereby are completed. NAOL will pay its own legal costs arising from of this Agreement and any definitive agreements prepared by NAOL's legal counsel.

 

	
12.

	
This Agreement shall be governed and interpreted in accordance with the laws of the Province of Alberta.

 

	
13.

	
This Agreement may be executed in counterparts with the same effect as if each of the parties hereto had signed the same document and all counterparts will be construed together and constitute one and the same instrument.

 

	
14.

	
Neither party may assign their interest in this Agreement without the consent of the other party, not to be unreasonably withheld.

 

  

3

  

 

	
15.

	
This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors and permitted assigns.

 

	
16.

	
All representations and warranties set out in this Agreement shall expire one year after the Closing Date.

 

	
17.

	
This Agreement, together with the conveyance document to be executed at Closing represents and will represent the entire agreement between the parties with respect to the transactions contemplated herein and supersedes all other prior agreements, understandings, negotiations and discussions.

 

If the foregoing correctly sets out the terms of our agreement, please execute this letter in the space provided.

 

	NORTHERN ALBERTA OIL LTD.    	 	 	ANDORA ENERGY CORPORATION	 
	 	 	 	 	 
	

Per:

	 	 	 	 
	
/s/ Curtis Sparrow

	 	 	
/s/ William Ostlund

	 
	
Name: Mr. Curtis Sparrow

	 	 	
Name: Mr. William Ostlund

	 
	
Title: President

	 	 	
Title: President

	 

 

 

4

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