Document:

aedcex101.htm

Exhibit 10.1

PROMISSORY NOTE

 

December 2, 2011

New York, New York

 

FOR VALUE RECEIVED, the receipt and sufficiency of which are hereby acknowledged, the undersigned, American Energy Development Corp., a Nevada corporation (“Maker”), hereby promises to pay to _________ (“Payee”) the principal amount of _____________________ ($_____________), in lawful money of the United States of America, together with interest as specified below.

 

ARTICLE I.

PAYMENTS

 

1.1 Principal and Interest. There shall be annual interest of five percent (5%) on the Principal evidenced by this Promissory Note. Such interest shall accrue as of the date that those funds were received by the Maker. The Principal evidenced by this Promissory Note together with any accrued interest shall be due and payable on the earlier to occur of:  (i) June 2, 2012; and (ii) when declared due and payable by Payee upon the occurrence of an Event of Default (as defined below). All payments shall be made in lawful money of the United States of America.

 

1.2 Manner of Payment. Payment of the indebtedness evidenced by this Promissory Note shall be paid by check at such place as Payee shall designate to Maker in writing. If payment of the indebtedness evidenced by this Promissory Note is due on a day which is not a Business Day, such payment shall be due on the next succeeding Business Day. “Business Day” means any day other than a Saturday, Sunday or legal holiday in the State of Nevada.

 

1.3 Prepayment. Maker may prepay this Note in whole or in part on any date without premium or penalty.

 

ARTICLE II.

DEFAULTS

 

2.1 Events of Default. The occurrence of any one or more of the following events with respect to Maker shall constitute an event of default (“Event of Default”):

 

(a)           In the event, pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency or relief of debtors (a “Bankruptcy Law”), Maker shall (i) commence a voluntary proceeding; (ii) consent to the entry of an order for relief against Maker in an involuntary proceeding; (iii) consent to the appointment of a trustee, receiver, assignee, liquidator or similar official; (iv) make an assignment for the benefit of its creditors; or (v) admit in writing Maker’s inability to pay its debts as those debts become due.

 

(b)           In the event, a court of competent jurisdiction enters an order or decree pursuant to any Bankruptcy Law that (i) is for relief against Maker in an involuntary proceeding; (ii) appoints a trustee, receiver, assignee, liquidator or similar official for Maker or substantially all of Maker’s properties; or (iii) orders the liquidation of Maker, and in each event the order or decree is not dismissed within one hundred twenty (120) days.

 

(c)           In the event Maker fails to pay the Principal and any accrued interest (and any additional amounts provided for under Article I, Section 1.1 of this Agreement) evidenced by this Promissory Note upon demand by Payee.

 

2.2 Notice by Maker. Maker shall notify Payee in writing within ten (10) days after the occurrence of any Event of Default of which Maker acquires knowledge.

 

  

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2.3 Remedies. Upon the occurrence of an Event of Default (unless all Events of Default have been cured or waived by Payee), Payee may, at its option, (i) by written notice to Maker, declare the entire unpaid principal balance evidenced by this Promissory Note immediately due and payable regardless of any prior forbearance, and (ii) exercise any and all rights and remedies available to Payee pursuant to applicable law, including, without limitation, the right to collect from Maker the amount due pursuant to this Promissory Note. Maker shall pay all reasonable costs and expenses incurred by or on behalf of Payee in connection with Payee’s exercise of any or all of its rights and remedies pursuant to this Promissory Note, including, without limitation, reasonable attorneys’ fees.

 

ARTICLE III.

MISCELLANEOUS

 

3.1 Severability. If any provision in this Promissory Note is determined by a court of competent jurisdiction to be invalid or unenforceable, the other provisions of this Promissory Note will remain in full force and effect. Any provision of this Promissory Note determined by a court of competent jurisdiction invalid or unenforceable only in part will remain in full force and effect to the extent not determined to invalid or unenforceable.

 

3.2 Governing Law. This Promissory Note will be governed by the laws of the State of Nevada, without regard to conflicts of laws principles.

 

3.3 Parties in Interest. This Promissory Note shall not be assigned or transferred by Payee without the express prior written consent of Maker, except by operation of law.

 

3.4 Section Headings, Construction. The headings of sections in this Promissory Note are provided for convenience only and will not affect the construction or interpretation of the provisions of this Promissory Note. All references to “section” or “sections” refer to the corresponding section or sections of this Promissory Note unless otherwise specified. All words used in this Promissory Note will be construed to be of such gender or number as the circumstances require.

 

3.5 Entire Agreement.  The Maker and Payee acknowledge and agree that this Promissory Note is the complete and exclusive statement of the mutual understanding of the parties and that it supersedes and cancels all previous written and oral agreements and communications relating to the subject matter of this Promissory Note.

 

 

IN WITNESS WHEREOF, Maker has executed and delivered this Promissory Note as of the date first specified above.

 

American Energy Development Corp.,

a Nevada corporation,

located at 1230 Avenue of the Americas, 7th Floor

New York, NY 10020

 

 

	By:	 	 
	 	Herold Ribsskog	 
	Its:	Chief Executive Officer	 
	 	 	 

 

 

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Exhibit 10.1

NINTH AMENDMENT TO EMPLOYMENT AGREEMENT

This Ninth Amendment to the Employment Agreement (this “Amendment”) dated as of December 6, 2011, is entered into by and between Adams Resources & Energy, Inc. (“ARE”) and Frank T. “Chip” Webster (“Webster”).

WHEREAS, Webster and ARE entered into that certain Employment Agreement effective May 12, 2004 (as amended on May 18, 2005, May 19, 2006, March 1, 2007, December 17, 2007, September 20, 2008, December 23, 208, December 8, 2009, and December 6, 2010, collectively, the “Employment Agreement”); and

WHEREAS, the Employment Agreement is now in full force and effect and ARE and Webster mutually desire to hereby modify and amend the Employment Agreement to the extent and in the manner hereinafter specified.

NOW, THEREFORE, in consideration of the premises and mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, ARE and Webster do hereby mutually agree as follows:

Section 1.                      Amendment to Section 1.(a) of the Employment Agreement be and the same is hereby amended to hereafter be and read as follows:

1. (a)           ARE hereby employs Webster as its President and Chief Operating Officer and Webster hereby accepts such employment for the time period beginning May 14, 2004, and ending May 13, 2015, subject to earlier termination as hereinafter set forth (the "Term"). Anything herein contained to the contrary notwithstanding, ARE shall have the unilateral right to terminate Webster's employment at any time during the Term with or without cause.

Section 2.                      Amendment to Section 5.(a) of the Employment Agreement.  Section 5. (a) of the Employment Agreement be and the same hereby is amended to hereafter to be and read as follows:

5. (a)  Webster shall be paid the following salaries during the term, less applicable and lawful withholdings and deductions:

$350,000.00                                            May 14, 2004 – May 13, 2005

$367,000.00                                            May 14, 2005 – May 13, 2006

$385,000.00                                            May 14, 2006 – May 13, 2011

$244,711.00                                            May 14, 2011 – December 31, 2011

$145,184.98                                            January 1, 2012 – May 13, 2012

$396,550.00                                            May 14, 2012 – May 13, 2015

The salary shall be paid in equal periodic installments in accordance with ARE’s customary payroll procedures.  Webster acknowledges and agrees to the deduction from his salary of any amounts advanced or paid on his behalf of ARE.

  

  

  

Section 3.                      Amendment to Section 8.(d) of the Employment Agreement.  Section 8 (d) of the Employment Agreement be and the same is amended to hereafter be and read as follows:

8. (d)           In the event Webster’s employment is terminated without Cause (and absent death, disability or voluntary resignation), Webster shall be entitled to be paid the balance of his salary due hereunder in a lump sum amount within thirty (30) days from the termination date.

Section 4.                      Miscellaneous.

(a)           This Amendment may be amended or modified only by written instrument executed by ARE and Webster.

(b)           Except as expressly stated in this Amendment, the parties hereto hereby acknowledge and agree that the Employment Agreement shall remain in full force and effect in accordance with its terms without any amendment, modification or waiver thereto.

(c)           This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

(d)           This Amendment and the Employment Agreement embodies the entire agreement and understanding of the parties hereto in respect of the subject matter hereof.

IN WITNESS WHEREOF, the undersigned has executed this Amendment effective as of the date first above written.

ADAMS RESOURCES & ENERGY, INC.

By____________________________________

K. S. Adams, Jr.

Chairman of the Board and

Chief Executive Officer

_________________________________

Frank T. "Chip" Webster

President and Chief Operating Officer

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