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Unassociated Document

    CONCENTRIC
      ENERGY CORP.

    

    RESTRICTED
      STOCK PURCHASE AGREEMENT

    

    This
      Restricted Stock Purchase Agreement (the “Agreement”)
      is
      made as of this 2nd day of January, 2008 (the “Date
      of Grant”),
      by
      and among Concentric Energy Corp., a Nevada corporation (the “Company”)
      and
      Ronald L. Parratt ("Shareholder").

    

    WHEREAS,
      in
      connection with such retention, the Company has agreed to sell Shareholder
      75,000 shares of common stock, par value $0.001 per share (the “Common
      Stock”),
      of
      the Company to Shareholder and Shareholder desires to purchase the same from
      the
      Company, on the terms and subject to the conditions set forth in this
      Agreement.

    

    ARTICLE
      I

    

    SALE
      OF RESTRICTED SHARES

    

    1.1 Exercise.
      Shareholder
      hereby purchases 75,000 shares (“Restricted
      Shares”)
      of the
      Company’s Stock (“Stock”)
      at an
      Purchase Price of $0.001 per share (“Purchase
      Price”).

    

    1.2 Payment.
      Concurrently with the delivery of this Agreement to the Corporate Secretary
      of
      the Company, Shareholder shall pay the Purchase Price for the Restricted Shares,
      together with a duly-executed blank Assignment Separate from Certificate (in
      the
      form attached hereto as Exhibit A)
      with
      respect to the Restricted Shares.

    

    1.3 Delivery
      of Certificates.
      The
      certificates representing the Restricted Shares hereunder shall be held in
      escrow by the Corporate Secretary of the Company in accordance with the
      provisions of Article VI.

    

    1.4 Stockholder
      Rights.
      Until
      such time as the Company actually exercises its Repurchase Right under this
      Agreement, Shareholder (or any successor in interest) shall have all the rights
      of a stockholder (including voting and dividend rights) with respect to the
      Restricted Shares, including the Restricted Shares held in escrow under
Article VI,
      subject, however, to the transfer restrictions of Article IV.

    

    ARTICLE
      II

    

    SECURITIES
      LAW COMPLIANCE

    

    2.1 Exemption
      from Registration.
      The
      Restricted Shares have not been registered under the Securities Act of 1933,
      as
      amended (the “1933
      Act”),
      and
      are issued to Shareholder pursuant to regulatory and statutory exemptions from
      the 1933 Act, including without limitation Regulation D. 

    

    2.2 Restricted
      Securities.

    

    Shareholder
      hereby confirms that Shareholder has been informed that the Restricted Shares
      are restricted securities under the 1933 Act and may not be resold or
      transferred unless the Restricted Shares are first registered under the federal
      securities laws or unless an exemption from such registration is available.
      Accordingly, Shareholder hereby acknowledges that Shareholder is prepared to
      hold the Restricted Shares for an indefinite period and that Shareholder is
      aware that Rule 144 of the Securities and Exchange Commission issued under
      the
      1933 Act is not presently available to exempt the sale of the Restricted Shares
      from the registration requirements of the 1933 Act.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    2.3 Disposition
      of Shares.
      Shareholder hereby agrees that Shareholder shall make no disposition of the
      Restricted Shares (other than a permitted transfer under Section 4.1)
      unless
      and until there is compliance with all of the following
      requirements:

    

    (a) Shareholder
      shall have notified the Company of the proposed disposition and provided a
      written summary of the terms and conditions of the proposed
      disposition.

    

    (b) Shareholder
      shall have complied with all requirements of this Agreement applicable to the
      disposition of the Restricted Shares.

    

    (c) Shareholder
      shall have provided the Company with written assurances, in form and substance
      satisfactory to the Company, that (i) the proposed disposition does not require
      registration of the Restricted Shares under the 1933 Act or (ii) all appropriate
      action necessary for compliance with the registration requirements of the 1933
      Act or of any exemption from registration available under the 1933 Act
      (including Rule 144) has been taken.

    

    The
      Company shall not
      be
      required (i) to transfer on its books any Restricted Shares which have been
      sold
      or transferred in violation of the provisions of this Article II nor
      (ii) to
      treat as the owner of the Restricted Shares, or otherwise to accord voting
      or
      dividend rights to, any transferee to whom the Restricted Shares have been
      transferred in contravention of this Agreement.

    

    2.4 Restrictive
      Legends.
      In order
      to reflect the restrictions on disposition of the Restricted Shares, the stock
      certificates for the Restricted Shares will be endorsed with restrictive
      legends, including one or more of the following legends:

    

    (a) “THE
      SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933. THE SHARES MAY NOT BE SOLD OR OFFERED FOR SALE IN THE
      ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES UNDER SUCH
      ACT, OR (B) SATISFACTORY ASSURANCES TO THE COMPANY THAT REGISTRATION UNDER
      SUCH
      ACT IS NOT REQUIRED WITH RESPECT TO SUCH SALE OR OFFER.”

    

    (b) “THE
      SHARES REPRESENTED BY THIS CERTIFICATE ARE ISSUED PURSUANT TO A RESTRICTED
      STOCK
      AGREEMENT DATED AS OF THE DATE OF GRANT BETWEEN THE COMPANY AND THE REGISTERED
      HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). SUCH
      AGREEMENT SUBJECTS THESE SECURITIES TO A SUBSTANTIAL RISK OF FORFEITURE AND
      TO
      RESTRICTIONS ON TRANSFER. THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY
      OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.”

     

    
      
        
        

      

      
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    ARTICLE
      III

    

    SPECIAL
      TAX ELECTION

    

    3.1 Section
      83(b) Election. Shareholder
      understands that under section 83 of the Internal Revenue Code of 1986, as
      amended (the “Code”),
      the
      excess of the fair market value of the Restricted Shares on the date any
      forfeiture restrictions applicable to such shares lapse over the Purchase Price
      paid for such shares will be reportable as ordinary income on such lapse date.
      For this purpose, the term “forfeiture
      restrictions”
      includes the right of the Company to repurchase the Restricted Shares pursuant
      to the Repurchase Right provided under Article
      V
      of this
      Agreement. Shareholder understands that he/she may elect under section 83(b)
      of
      the Code to be taxed at the time the Restricted Shares are acquired hereunder,
      rather than when and as such Restricted Shares cease to be subject to such
      forfeiture restrictions. Such election must be filed with the Internal Revenue
      Service within thirty (30) days after the Date of Grant. Even if the fair market
      value of the Restricted Shares at the Date of Grant equals the Purchase Price
      paid (and thus no tax is payable), the election must be made to avoid adverse
      tax consequences in the future. THE FORM FOR MAKING THIS ELECTION IS ATTACHED
      AS
      EXHIBIT B HERETO. SHAREHOLDER UNDERSTANDS THAT FAILURE TO MAKE THIS FILING
      WITHIN THE THIRTY (30)-DAY PERIOD WILL RESULT IN THE RECOGNITION OF ORDINARY
      INCOME BY THE SHAREHOLDER AS THE FORFEITURE RESTRICTIONS LAPSE.

    

    SHAREHOLDER
      ACKNOWLEDGES THAT IT IS SHAREHOLDER’S SOLE RESPONSIBILITY, AND NOT THE
      COMPANY’S, TO FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF SHAREHOLDER
      REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON HIS/HER
      BEHALF. This filing should be made by registered or certified mail, return
      receipt requested, and Shareholder must retain two (2) copies of the completed
      form for filing with his or her state and federal tax returns for the current
      tax year and an additional copy for his or her records.

    

    3.2 Tax
      Consequences.
      It is
      the intent of the parties that, subject to the election of Shareholder pursuant
      to Section
      3.1
      hereof,
      the issuances of the Restricted Shares shall not be a taxable transaction,
      and
      that the Shareholder shall be responsible for the payment of taxes associated
      with the lapse of forfeiture restrictions on the Restricted Shares as such
      lapses occur.

    

    ARTICLE
      IV

    

    TRANSFER
      RESTRICTIONS

    

    4.1 Restriction
      on Transfer. Shareholder
      shall not transfer, assign, encumber or otherwise dispose of any of the
      Restricted Shares which are subject to the Company’s Repurchase Right under
Article
      V.
      Such
      restriction on transfer, however, shall not
      be
      applicable to (i) a gratuitous transfer of the Restricted Shares provided
      and only if
      the
      Shareholder obtains the Company’s prior written consent to such transfer, (ii) a
      transfer of title to the Restricted Shares effected pursuant to the
      Shareholder’s will or the laws of intestate succession or (iii) a transfer to
      the Company in pledge as security for any purchase-money indebtedness incurred
      by the Shareholder in connection with the acquisition of the Restricted
      Shares.

     

    
      
        
        

      

      
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    4.2 Transferee
      Obligations.
      Each
      person (other than the Company) to whom the Restricted Shares are transferred
      by
      means of one of the permitted transfers specified in Section 4.1
      must, as
      a condition precedent to the validity of such transfer, acknowledge in writing
      to the Company that such person is bound by the provisions of this Agreement
      and
      that the transferred shares are subject to (i) the Company’s Repurchase Right
      granted hereunder and (ii) the market stand-off provisions of Section 4.4,
      to the
      same extent such shares would be so subject if retained by the
      Shareholder.

    

    4.3 Definition
      of Owner.
      For
      purposes of Articles
      IV,
      V,
      and
VI
      of this
      Agreement, the term “Owner”
shall
      include the Shareholder and all subsequent holders of the Restricted Shares
      who
      derive their chain of ownership through a permitted transfer from the
      Shareholder in accordance with Section 4.1.

    

    4.4 Market
      Stand-Off Provisions.

    

    (a) In
      connection with any underwritten public offering by the Company of its equity
      securities pursuant to an effective registration statement filed under the
      1933
      Act, including the Company’s initial public offering, Owner shall not sell, make
      any short sale of, loan, hypothecate, pledge, grant any option for the purchase
      of, or otherwise dispose or transfer for value or otherwise agree to engage
      in
      any of the foregoing transactions with respect to, any Restricted Shares without
      the prior written consent of the Company or its underwriters. Such limitations
      shall be in effect for such period of time from and after the effective date
      of
      such registration statement as may be requested by the Company or such
      underwriters; provided, however, that in no event shall such period exceed
      the
      period required from similarly situated stockholders of the Company. The
      provisions of this Section 4.4
      shall
      remain in effect for the two-year period immediately following the effective
      date of the Company’s initial public offering and shall thereafter terminate and
      cease to have any force or effect.

    

    (b) Owner
      shall be subject to the market stand-off provisions of this Section 4.4
      provided
      and only if the officers and directors of the Company are also subject to
      similar arrangements.

    

    (c) In
      the
      event of any stock dividend, stock split, recapitalization or other change
      affecting the Company’s outstanding Stock effected as a class without receipt of
      consideration, then any new, substituted or additional securities distributed
      with respect to the Restricted Shares shall be immediately subject to the
      provisions of this Section 4.4,
      to the
      same extent the Restricted Shares are at such time covered by such
      provisions.

    

    (d) In
      order
      to enforce the limitations of this Section 4.4,
      the
      Company may impose stop-transfer instructions with respect to the Restricted
      Shares until the end of the applicable stand-off period.

    

    
      
        
        

      

      
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    ARTICLE
      V

    

    REPURCHASE
      RIGHT

    

    5.1 Grant.
      The
      Company is hereby granted the right (the “Repurchase
      Right”)
      exercisable at any time during the ninety (90)-day period (or such longer period
      as may be agreed by the Company and the Shareholder, the Shareholder’s Trustee
      or the Shareholder’s representative) following the date the Shareholder’s
      Trustee ceases to serve as a member of the Board of Directors (or any successor
      thereto) solely as a result of either his (i) voluntary resignation or (ii)
      removal from the Board for breach of fiduciary duty, but for no other reason
      and
      under no other circumstance, to repurchase at the Purchase Price all or any
      portion of the Restricted Shares in which the Shareholder has not acquired
      a
      vested interest in accordance with the vesting provisions of Section 5.3
      (such
      shares to be hereinafter called the “Unvested
      Shares”).
      It is
      acknowledged and agreed that the Shareholder’s Trustee’s resignation shall not
      be deemed voluntary for purposes of this Section
      5.1
      if it is
      for Good Reason (as defined in the Retention Agreement).

    

    5.2 Exercise
      of the Repurchase Right. The
      Repurchase Right shall be exercisable by written notice delivered to the Owner
      of the Unvested Shares prior to the expiration of the applicable ninety (90)-day
      period specified in Section 5.1.
      The
      notice shall indicate the number of Unvested Shares to be repurchased and the
      date on which the repurchase is to be effected. To the extent one or more
      certificates representing Unvested Shares may have been previously delivered
      out
      of escrow to the Owner, then Owner shall, prior to the close of business on
      the
      date specified for the repurchase, deliver to the Secretary of the Company
      the
      certificates representing the Unvested Shares to be repurchased, each
      certificate to be properly endorsed for transfer. The Company shall,
      concurrently with the receipt of such stock certificates (either from escrow
      in
      accordance with Section 6.3
      or from
      Owner as herein provided), pay to Owner in cash or cash equivalents (including
      the cancellation of any purchase-money indebtedness), an amount equal to the
      Purchase Price previously paid to the Company for the Unvested Shares which
      are
      to be repurchased.

    

    5.3 Termination
      of the Repurchase Right.

    

    (a) The
      Repurchase Right provided for in Section 5.1
      shall
      terminate with respect to any Unvested Shares for which it is not timely
      exercised under Section 5.2.
      In
      addition, the Repurchase Right shall terminate, and cease to be exercisable,
      with respect to the Restricted Shares one-third on the Anniversary Date of
      this
      Agreement in each of 2008, 2009, and 2010, and such Restricted Shares shall
      accordingly be deemed to be vested; provided,
      however,
      that if
      on any date on which the Restricted Shares would otherwise vest, Owner would
      be
      in violation of (i) the provisions of Section
      4.4
      hereof
      or any similar lock-up agreement; (ii) Company policy as to sale of
      securities by directors or (iii) Rule 10b-5 promulgated under the
      Securities Exchange Act of 1934, as amended (the “Exchange
      Act”)
      (or
      any similar or successor law or regulation applicable to the Company or its
      successor) were Owner to sell any of the Restricted Shares, then in each such
      case, the foregoing vesting date shall be delayed until the first date on which
      Owner would no longer be in violation of the applicable provision or provisions.
      It is acknowledged that no such delay would be required to the extent an
      effective Rule 10b5-1 trading plan or other effective legal device is in effect
      on a vesting date and has the effect of vitiating the potential violation
      referred to in clause (iii) above. All Restricted Shares as to which the
      Repurchase Right lapses shall, however, continue to be subject to (i) the market
      stand-off provisions of Section 4.4.
      Notwithstanding the above, in no event will the Restricted Shares be deemed
      to
      be vested if at the time the Repurchase Right lapses, the Restricted Shares
      are
      not then traded on National Securities Exchange (as defined in the Exchange
      Act)
      or the Toronto Stock Exchange; provided,
      however,
      that
      the restriction in this sentence shall cease to apply upon the first Anniversary
      on which the relevant Repurchase Right would have lapsed (or such earlier time
      as the Restricted Shares shall have been so listed), subject in each case to
      the
      provisions of clauses (i) through (iii) of this Section 5.3(a).

     

    
      
        
        

      

      
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    (b) The
      Repurchase Right shall also terminate immediately prior to the consummation
      of a
      Change in Control. “Change
      in Control”
shall
      mean a change in control of the Company of a nature that would be required
      to be
      reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in
      response to any similar item or any similar schedule or form) promulgated under
      the Exchange Act, whether or not the Company is then subject to such reporting
      requirement; provided,
      however,
      that,
      without limitation, such a Change in Control shall be deemed to have occurred
      if
      (i) any “person” or “group” (as such terms are used in Sections 13(d) and
      14(d) of the Exchange Act) not presently in possession of such beneficial
      ownership is or becomes the “beneficial owner” (as defined in Rule 13d-3 under
      the Exchange Act), directly or indirectly, of securities of the Company
      representing twenty (20%) or more of the combined voting power of the Company’s
      then outstanding securities without the prior approval of at least two-thirds
      of
      the members of the Board in office immediately prior to such person attaining
      such percentage interest; (ii) the Company is a party to a merger,
      consolidation, sale of assets or other reorganization, or a proxy contest,
      as a
      consequence of which members of the Board in office immediately prior to such
      transaction or event constitute less than a majority of the Board thereafter;
      or
      (iii) during any period of two (2) consecutive years, individuals who at
      the beginning of such period constituted the Board (including for this purpose
      any new director whose election or nomination for election by the Company’s
      stockholders was approved by a vote of at least two-thirds of the directors
      then
      still in office who were directors at the beginning of such period) cease for
      any reason to constitute at least a majority of the Board.

    

    5.4 Additional
      Shares or Substituted Securities.
      In the
      event of any stock dividend, stock split, recapitalization or other change
      affecting the Company’s outstanding Stock as a class effected without receipt of
      consideration, then any new, substituted or additional securities or other
      property (including money paid other than as a regular cash dividend) which
      is
      by reason of any such transaction distributed with respect to the Restricted
      Shares shall be immediately subject to the Repurchase Right, but only to the
      extent and in proportion to the Restricted Shares are at the time covered by
      such right. Appropriate adjustments to reflect the distribution of such
      securities or property shall be made to the number of Restricted Shares
      hereunder and to the price per share to be paid upon the exercise of the
      Repurchase Right in order to reflect the effect of any such transaction upon
      the
      Company’s capital structure; provided,
      however, that the aggregate purchase price shall remain the same.

    

    ARTICLE
      VI

    

    ESCROW

    

    6.1 Deposit.
      Upon
      issuance, the certificates for any Unvested Shares purchased hereunder shall
      be
      deposited in escrow with the Corporate Secretary of the Company to be held
      in
      accordance with the provisions of this Article
      VI.
      Each
      deposited certificate shall be accompanied by a duly-executed Assignment
      Separate from Certificate in the form of Exhibit A. The deposited certificates,
      together with any other assets or securities from time to time deposited with
      the Corporate Secretary pursuant to the requirements of this Agreement, shall
      remain in escrow until such time or times as the certificates (or other assets
      and securities) are to be released or otherwise surrendered for cancellation
      in
      accordance with Section 6.3.
      Upon
      delivery of the certificates (or other assets and securities) to the Corporate
      Secretary of the Company, the Owner shall be issued an instrument of deposit
      acknowledging the number of Unvested Shares (or other assets and securities)
      delivered in escrow.

     

    
      
        
        

      

      
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    6.2 Recapitalization.
      All
      regular cash dividends on the Unvested Shares (or other securities at the time
      held in escrow) shall be paid directly to the Owner and shall not be held in
      escrow. However, in the event of any stock dividend, stock split,
      recapitalization or other change affecting the Company’s outstanding Stock as a
      class effected without receipt of consideration or in the event of a Corporate
      Transaction, any new, substituted or additional securities or other property
      which is by reason of such transaction distributed with respect to the Unvested
      Shares shall be immediately delivered to the Corporate Secretary to be held
      in
      escrow under this Article
      VI,
      but
      only to the extent and in proportion to the Unvested Shares are at the time
      subject to the escrow requirements of Section 6.1.

    

    6.3 Release/Surrender.
      The
      Unvested Shares, together with any other assets or securities held in escrow
      hereunder, shall be subject to the following terms and conditions relating
      to
      their release from escrow or their surrender to the Company for repurchase
      and
      cancellation:

    

    (a) Should
      the Company (or its assignees) elect to exercise the Repurchase Right under
      Article
      V
      with
      respect to any Unvested Shares, then the escrowed certificates for such Unvested
      Shares (together with any other assets or securities issued with respect
      thereto) shall be delivered to the Company concurrently with the payment to
      the
      Owner, in cash or cash equivalent (including the cancellation of any
      purchase-money indebtedness), of an amount equal to the aggregate Purchase
      Price
      for such Unvested Shares, and the Owner shall cease to have any further rights
      or claims with respect to such Unvested Shares (or other assets or securities
      attributable to such Unvested Shares).

    

    (b) As
      the
      interest of the Shareholder in the Unvested Shares (or any other assets or
      securities attributable thereto) vests in accordance with the provisions of
      Article
      V,
      the
      certificates for such vested shares (as well as all other vested assets and
      securities) may be released from escrow and delivered to the Owner in accordance
      with the following schedule:

    

    i. The
      initial release of vested shares (or other vested assets and securities) from
      escrow shall be effected within thirty (30) days following the expiration of
      the
      initial vesting period hereunder. 

    

    ii. Subsequent
      releases of vested shares (or other vested assets and securities) from escrow
      shall be effected at annual intervals thereafter following the expiration of
      each vesting period.

    

    iii. Upon
      the
      Shareholder’s cessation of service with the Company, any escrowed Restricted
      Shares (or other assets or securities) in which the Shareholder is at the time
      vested shall be promptly released from escrow.

    

    iv. Upon
      any
      earlier termination of the Company’s Repurchase Right in accordance with the
      applicable provisions of Article
      V,
      any
      Restricted Shares (or other assets or securities) at the time held in escrow
      hereunder shall promptly be released to the Owner as fully-vested shares or
      other property.

     

    
      
        
        

      

      
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    (c) All
      Restricted Shares (or other assets or securities) released from escrow in
      accordance with the provisions of subsection (ii) above shall nevertheless
      remain subject to (I) the market stand-off provisions of Section 4.4
      until
      such provisions terminate in accordance therewith.

    

    ARTICLE
      VII

    

    GENERAL
      PROVISIONS

    

    7.1 Assignment.
      The
      Company may assign its Repurchase Right under Article V
      to any
      person or entity selected by the Company’s Board of Directors, including
      (without limitation) one or more stockholders of the Company.

    

    If
      the
      assignee of the Repurchase Right is other than a one hundred percent (100%)
      owned subsidiary Company of the Company or the parent Company owning one hundred
      percent (100%) of the Company, then such assignee must make a cash payment
      to
      the Company, upon the assignment of the Repurchase Right, in an amount equal
      to
      the excess (if any) of (i) the fair market value of the Unvested Shares at
      the
      time subject to the assigned Repurchase Right over (ii) the aggregate repurchase
      price payable for the Unvested Shares thereunder.

    

    7.2 Definitions.
      For
      purposes of this Agreement, the following provisions shall be applicable in
      determining the parent and subsidiary Companies of the Company:

    

    (a) Any
      Company (other than the Company) in an unbroken chain of Companies ending with
      the Company shall be considered to be a parent Company of the Company, provided
      each such Company in the unbroken chain (other than the Company) owns, at the
      time of the determination, stock possessing fifty percent (50%) or more of
      the
      total combined voting power of all classes of stock in one of the other
      Companies in such chain.

    

    (b) Each
      Company (other than the Company) in an unbroken chain of Companies beginning
      with the Company shall be considered to be a subsidiary of the Company, provided
      each such Company (other than the last Company) in the unbroken chain owns,
      at
      the time of the determination, stock possessing fifty percent (50%) or more
      of
      the total combined voting power of all classes of stock in one of the other
      Companies in such chain.

    

    7.3 No
      Employment or Service Contract.
      Nothing
      in this Agreement shall confer upon the Shareholder any right to continue to
      be
      retained by the Company in any capacity (or any parent or subsidiary Company
      of
      the Company retaining Shareholder) for any period of specific duration or
      interfere with or otherwise restrict in any way the rights of the Company (or
      any parent or subsidiary Company of the Company employing or retaining
      Shareholder) or the Shareholder, which rights are hereby expressly reserved
      by
      each, to terminate the Shareholder’s relationship to the Company at any time for
      any reason whatsoever, with or without cause.

     

    
      
        
        

      

      
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    7.4 Notices.
      Any
      notice required in connection with (i) the Repurchase Right or
      (ii) the disposition of any Restricted Shares covered thereby shall be
      given in writing and shall be deemed effective (i) upon personal delivery
      or upon deposit in the United States mail, registered or certified, postage
      prepaid and addressed to the party entitled to such notice at the address
      indicated below such party’s signature line on this Agreement or at such other
      address as such party may designate by ten (10) days advance written notice
      under this Section 7.4
      to all
      other parties to this Agreement or (ii) if communicated via electronic
      mail, to the electronic email address of the Company's general counsel (or
      chief
      financial officer if the Company has no general counsel) and, in the case of
      Shareholder, to the email address provided by Shareholder to the Company for
      business communications.

    

    7.5 No
      Waiver.
      The
      failure of the Company (or its assignees) in any instance to exercise the
      Repurchase Right granted under Article V
      shall
      not constitute a waiver of any other repurchase rights that may subsequently
      arise under the provisions of this Agreement or any other agreement between
      the
      Company and the Shareholder or the Shareholder’s spouse. No waiver of any breach
      or condition of this Agreement shall be deemed to be a waiver of any other
      or
      subsequent breach or condition, whether of like or different
      nature.

    

    7.6 Cancellation
      of Shares.
      If the
      Company (or its assignees) shall make available, at the time and place and
      in
      the amount and form provided in this Agreement, the consideration for the
      Restricted Shares to be repurchased in accordance with the provisions of this
      Agreement, then from and after such time, the person from whom such shares
      are
      to be repurchased shall no longer have any rights as a holder of such shares
      (other than the right to receive payment of such consideration in accordance
      with this Agreement), and such shares shall be deemed purchased in accordance
      with the applicable provisions hereof and the Company (or its assignees) shall
      be deemed the owner and holder of such shares, whether or not the certificates
      therefor have been delivered as required by this Agreement.

    

    ARTICLE
      VIII.

    

    MISCELLANEOUS
      PROVISIONS

    

    8.1 Shareholder
      Undertaking. Shareholder
      hereby agrees to take whatever additional action and execute whatever additional
      documents the Company may in its judgment deem necessary or advisable in order
      to carry out or effect one or more of the obligations or restrictions imposed
      on
      either the Shareholder or the Restricted Shares pursuant to the express
      provisions of this Agreement. 

    

    8.2 Agreement
      is Entire Contract.
      This
      Agreement constitutes the entire contract between the parties hereto with regard
      to the subject matter hereof.

    

    8.3 Governing
      Law.
      This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of Nevada, as such laws are applied to contracts entered into and
      performed in such state without resort to that state’s conflict-of-laws
      rules.

    

    8.4 Counterparts.
      This
      Agreement may be executed in counterparts, each of which shall be deemed to
      be
      an original, but all of which together shall constitute one and the same
      instrument.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    8.5 Successors
      and Assigns.
      The
      provisions of this Agreement shall inure to the benefit of, and be binding
      upon,
      the Company and its successors and assigns and the Shareholder and the
      Shareholder’s legal representatives, heirs, legatees, distributees, assigns and
      transferees by operation of law, whether or not any such person shall have
      become a party to this Agreement and have agreed in writing to join herein
      and
      be bound by the terms and conditions hereof.

    

    8.6 Power
      of Attorney.
      Shareholder’s spouse hereby appoints Shareholder his or her true and lawful
      attorney in fact, for him or her and in his or her name, place and stead, and
      for his or her use and benefit, to agree to any amendment or modification of
      this Agreement and to execute such further instruments and take such further
      actions as may reasonably be necessary to carry out the intent of this
      Agreement. Shareholder’s spouse further gives and grants unto Shareholder as his
      or her attorney in fact full power and authority to do and perform every act
      necessary and proper to be done in the exercise of any of the foregoing powers
      as fully as he or she might or could do if personally present, with full power
      of substitution and revocation, hereby ratifying and confirming all that
      Shareholder shall lawfully do and cause to be done by virtue of this power
      of
      attorney.

    

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Restricted Stock Purchase
      Agreement on the day and year first indicated above.

    

    
      	
              CONCENTRIC
                ENERGY CORP.

            
	 	 
	
              By:

            	
              /s/
                Rockell N. Hankin

            
	
              Name:
                

            	
              Rockell
                N. Hankin

            
	
              Title:

            	
              Chairman
                of the Board

            
	 	 
	
              SHAREHOLDER

            
	 	 
	
              By:

            	
              /s/
                Ronald L. Parratt 

            
	
              Name:

            	
              Ronald
                L. Parratt

            

    

     

    SIGNATURE
      PAGE TO RESTRICTED STOCK PURCHASE AGREEMENT

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Consent
      of Spouse

    

    The
      undersigned spouse of Shareholder has read and hereby approves the foregoing
      Restricted Stock Purchase Agreement. In consideration of the Company’s granting
      the Shareholder the right to acquire the Restricted Shares in accordance with
      the terms of such Agreement, the undersigned hereby agrees to be irrevocably
      bound by all the terms and provisions of such Agreement, including
      (specifically) the right of the Company (or its assignees) to purchase any
      and
      all interest or right the undersigned may otherwise have in such shares pursuant
      to community property laws or other marital property rights.

    

    
      	
              Signature:

            	    
	 
	 	
              Shareholder’s
                Spouse

            	 
	 	 	 
	
              Name:

            	   
	 
	 	 	 
	
              Address:

            	
                   
                

            	 
	 	    
	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    RESTRICTED
      STOCK PURCHASE AGREEMENT

    

    ASSIGNMENT
      SEPARATE FROM CERTIFICATE

    

    FOR
      VALUE
      RECEIVED, _____________________ hereby sells, assigns and transfers unto
      Concentric Energy Corp. (the “Company”)
      ___________________________ shares of the Stock of the Company standing in
      his\her name on the books of the Company represented by Certificate(s) No(s).
      ___________ delivered herewith and does hereby irrevocably constitute and
      appoint _________________________ Attorney to transfer the said stock on the
      books of the Company with full power of substitution in the
      premises.

    

    Date: ______________________                   Signature: ________
      __________________

    

    Instruction:
      Please
      do not fill in any blanks other than the signature line. The purpose of this
      assignment is to enable the Company to exercise its Repurchase Right set forth
      in the Agreement without requiring additional signatures on the part of the
      Shareholder.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT B

    RESTRICTED
      STOCK PURCHASE AGREEMENT

    

    SECTION
      83(b) TAX ELECTION

    

    This
      statement is being made under section 83(b) of the Internal Revenue Code,
      pursuant to Treas. Reg. Section 1.83-2.

    

    
      	
            	(1)	
              The
                taxpayer who performed the services
                is:

            

    

    

    Name:   _____________________________________________

    

    Address:                      _____________________________________________

    

    Taxpayer
      ID Number: _____________________________________________

    

    
      	 	
              (2)

            	
              The
                property with respect to which the election is being made is _____________
                shares of the Stock of Concentric Energy
                Corp.

            

    

    

    
      	 	
              (3)

            	
              The
                property was issued on ___________________
                20____.

            

    

    

    
      	 	
              (4)

            	
              The
                taxable year in which the election is being made is the calendar
                year
                20____.

            

    

    

    
      	 	
              (5)

            	
              The
                property is subject to a repurchase right pursuant to which the issuer
                has
                the right to acquire the property at the original purchase price
                if
                taxpayer’s retention by the issuer is terminated. The issuer’s repurchase
                right lapses in a series of annual installments over a three (3)-year
                period ending on
                ________________________.

            

    

    

    
      	 	
              (6)

            	
              The
                fair market value at the time of transfer (determined without regard
                to
                any restriction other than a restriction which by its terms will
                never
                lapse) is $________ per share.

            

    

    

    
      	 	
              (7)

            	
              The
                amount paid for such property is $0.001 per
                share.

            

    

    

    
      	 	
              (8)

            	
              A
                copy of this statement was furnished to Concentric Energy Corp.,
                for whom
                taxpayer rendered the services underlying the transfer of
                property.

            

    

    

    
      	 	
              (9)

            	
              This
                statement is executed as of:
                _______________________.

            

    

    

    _______________________________

    (Signature
      of Taxpayer)

    

    Filing
      Instructions: This
      form
      must be filed with the Internal Revenue Service Center with which taxpayer
      files
      his/her federal income tax returns. The filing must be made within 30 days
      after
      the execution date of the Restricted Stock Purchase Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Note:
      This
      page 2 should be attached only
      if you
      are exercising an Incentive Stock Option.

    

    SPECIAL
      PROTECTIVE ELECTION PURSUANT TO SECTION 83(b) OF THE INTERNAL REVENUE CODE
      WITH
      RESPECT TO PROPERTY ACQUIRED UPON EXERCISE OF AN INCENTIVE STOCK
      OPTION

    

    The
      property described in the above section 83(b) election is comprised of shares
      of
      Stock acquired pursuant to the exercise of an Incentive Stock Option under
      section 422 of the Code. Accordingly, it is the intent of the taxpayer to
      utilize this election to achieve the following tax results:

    

    1. The
      purpose of this election is to have the alternative minimum taxable income
      attributable to the Restricted Shares measured by the amount by which the fair
      market value of such shares at the time of their transfer to the taxpayer
      exceeds the purchase price paid for the shares. In the absence of this election,
      such alternative minimum taxable income would be measured by the spread between
      the fair market value of the Restricted Shares and the purchase price which
      exists on the various lapse dates in effect for the forfeiture restrictions
      applicable to such shares. The election is to be effective to the full extent
      permitted under the Internal Revenue Code.

    

    2. Section
      421(a)(1) of the Code expressly excludes from income any excess of the fair
      market value of the Restricted Shares over the amount paid for such shares.
      Accordingly, this election is also intended to be effective in the event there
      is a “disqualifying disposition” of the shares, within the meaning of section
      421(b) of the Code, which would otherwise render the provisions of section
      83(a)
      of the code applicable at that time. Consequently, the taxpayer hereby elects
      to
      have the amount of disqualifying disposition income measured by the excess
      of
      the fair market value of the Restricted Shares on the date of transfer to the
      taxpayer over the amount paid for such shares. Since section 421(a) presently
      applies to the shares which are the subject of this section 83(b) election,
      no
      taxable income is actually recognized for regular tax purposes at this time,
      and
      no income taxes are payable, by the taxpayer as a result of this
      election.

    

    Filing
      Instructions:
      This
      form should be filed with the Internal Revenue Service Center with which
      taxpayer files his/her federal income tax returns. The filing must be made
      within 30 days after the execution date of the Restricted Stock Purchase
      Agreement.EMPLOYMENT
      AGREEMENT

    BETWEEN

    CONCENTRIC
      ENERGY CORP.

    AND
      

    BONITA
      BOGAERT

    

    THIS
      EMPLOYMENT AGREEMENT
      (the
“Agreement”), is dated as of November 2, 2007 (the “Execution Date”) and is
      entered into by and between Concentric Energy Corp., a Nevada corporation (the
      “Company”), and Bonita Bogaert (the “Executive”), collectively referred to
      herein as the “parties”.

    

    WHEREAS,
      the
      Company wishes to employ the Executive as of November 2, 2007 to serve as its
      VP
      Health, Safety and Environmental Compliance as well as to perform other duties
      on behalf of the Company, as determined by the Chief Executive Officer.

    

    NOW,
      THEREFORE,
      for and
      in consideration of the mutual promises and conditions made herein and for
      other
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereby agree as follows.

    

    ARTICLE
      I

    EMPLOYMENT
      AND TERM OF EMPLOYMENT

    

    1.1. Employment
      and Term.
      The
      Company hereby employs Executive to render full-time services to the Company,
      subject to Section 2.2 of this Agreement, and except during vacation periods
      and
      reasonable periods of absence due to sickness, personal injury or other
      disability, upon the terms and conditions set forth below, from the Effective
      Date of this Agreement until the employment relationship is terminated in
      accordance with the provisions of this Agreement. This Agreement is for a term
      of two (2) years from the Effective Date (the “Stated Term”) unless renewed or
      terminated earlier as provided for herein (the “Employment Term”). 

     

    1.2. Renewal.
      This
      Agreement will be automatically renewed for an additional one (1) year period
      (without any action by either party) at the end of the Stated Term and on each
      anniversary thereof (the “Renewal Period”), unless one party gives to the other
      written notice 60 days in advance of the beginning of any of the Renewal Period
      that this Agreement is to be terminated. 

     

    1.3. Acceptance.
      Executive hereby accepts employment with the Company and agrees to devote her
      best efforts, subject to Section 2.2 of this Agreement, to rendering the
      services described below. The Executive shall accept and follow the direction
      and authority of the CEO in the performance of her duties, and shall comply
      with
      all existing and future regulations applicable to employees of the Company
      and
      to the Company’s business.

     

    1.4. Termination
      of Prior Agreements. Upon
      execution of this Agreement, all prior employment and/or consultant agreements
      between Executive and the Company or its subsidiaries shall be deemed terminated
      and there shall be no right to severance or other related benefits thereunder;
      provided, however, that the foregoing will not apply to any obligation of the
      Company or any of its subsidiaries to indemnify Executive against any losses,
      costs, damages or expenses.   

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      II

    DUTIES
      OF EMPLOYEE

    

    2.1. General
      Duties.
      Executive shall serve as VP Health, Safety and Environmental Compliance and
      shall perform such duties as may be reasonably assigned to her from time to
      time
      by the CEO, which such duties shall include but not be limited to those set
      forth on Exhibit
      A
      to this
      Agreement. To the extent consistent with the Company’s Articles of
      Incorporation, as amended (“Articles”) and Bylaws, as amended (“Bylaws”),
      Executive shall have all powers, duties and responsibilities necessary to carry
      out her duties, and such other powers and duties as the CEO may prescribe
      consistent with the Company’s Articles and Bylaws. 

    

    2.2. Exclusive
      Services.
      Except
      as set forth on Exhibit
      B
      hereto,
      it is understood and agreed that the Executive may not engage in any other
      business activity during the Employment Term, whether or not for profit or
      other
      remuneration, without the prior written consent of the Company; provided,
      however,
      that
      the Executive may (i) manage personal and family investments (ii) engage in
      charitable, philanthropic, educational, religious, civic and similar types
      of
      activities to the extent that such activities do not materially hinder or
      otherwise interfere with the business of the Company or any affiliate or
      subsidiary of the Company, or the performance of the Executive’s duties under
      this Agreement and (iii) subject to the approval of the Board of Directors,
      serve as a director or as a member of an advisory board of another business
      enterprise. 

    

    2.3. Reporting
      Obligations.
      In
      connection with the performance of her duties hereunder, the Executive shall
      report directly to, and take direction from, the CEO. 

    

    ARTICLE
      III

    COMPENSATION
      AND BENEFITS OF EMPLOYEE

    

    3.1. Annual
      Base Salary. The
      Company shall pay the Executive salary for the services to be rendered by her
      during the Employment Term at the monthly rate of eleven thousand, one hundred
      seventeen ($11,117) (the “Base Salary”), subject to increases, if any, as the
      Board of Directors ("Board") may determine in its sole discretion after periodic
      review of the Executive’s performance of her duties hereunder not less
      frequently than annually. Such Base Salary shall be payable in periodic
      installments in accordance with the terms of the Company’s regular payroll
      practices in effect from the time during the term of this Agreement, but in
      no
      event less frequently than once each month. 

    

    3.2. Bonuses
      and Perquisites.
      The
      Executive shall be entitled to participate in the bonus and perquisite
      arrangements shown on Exhibit
      C.
      The
      executive is considered to have an initial employment date of November 2, 2007.
      

    

    3.3. Expenses.
      The
      Company shall pay or reimburse the Executive for all reasonable, ordinary and
      necessary business expenses actually incurred or paid by the Executive in the
      performance of Executive’s services under this Agreement in accordance with the
      expense reimbursement policies of the Company in effect from time to time during
      the Employment Term, upon presentation of proper expense statements or vouchers
      or such other written supporting documents as the Company may reasonably
      require. 

    

    3.4. Vacation.
      The
      Executive shall be entitled to four (4) weeks paid vacation for each calendar
      year (prorated for any portion of a year, as applicable), of which two (2)
      shall
      be vested upon execution of this Agreement, with two (2) vested at the six
      month
      anniversary of this Agreement. Thereafter, four (4) weeks of vacation shall
      vest
      on each following employment anniversary. Unused vacation shall not be retained
      past the annual anniversary.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    3.5. General
      Employment Benefits.
      Except
      as noted on Exhibit
      C,
      the
      Executive shall be entitled to participate in, and to receive the benefits
      under, any pension, health, life, accident and disability insurance plans or
      programs and any other employee benefit or fringe benefit plans that the Company
      makes available generally to its employees, as the same may be in effect from
      time to time during the Employment Term. 

    

    3.6. Liability
      Insurance.
      The
      Company shall maintain liability insurance coverage covering the Executive,
      in
      her capacity as an officer of the Company and any other capacity in which the
      Executive serves at the request of the Company, in amounts customary for
      similarly situated companies and with insurers reasonably acceptable to the
      Executive. The obligations of this Section 3.6 shall survive for a period of
      three (3) years following the Executive’s termination of employment with the
      Company.

    

    3.7. Indemnity.
      In the
      event Executive or her estate or executors becomes a party, or is threatened
      to
      be made a party, to any threatened, pending or completed action, suit or
      proceeding, whether or not by or in the right of Company, and whether civil,
      criminal, administrative, investigative or otherwise, by reason of Executive's
      performance of Executive's duties hereunder or the fact that Executive is or
      was
      a director, officer, employee, agent or fiduciary of the Company, or is or
      was
      serving at the partnership, joint venture, trust or other enterprise, the
      Company shall, to the maximum extent permitted by applicable law, hold the
      Executive harmless from and against any claim, loss or cause of action arising
      from or relating thereto; provided, however, that the indemnity provided under
      this Section 3.7 shall not apply with respect to any liability or matter arising
      from acts or omissions not in good faith or which involve intentional misconduct
      or a knowing violation of law, for any breach of the Executive’s duty of loyalty
      to the Company, or for any transaction from which the Executive derived an
      improper personal benefit. If any claim is asserted against the Executive for
      which the Executive reasonably believes in good faith he is entitled to be
      indemnified hereunder, the Company shall, at its option and to the maximum
      extent permitted by applicable law, (i) assume the defense thereof or (ii)
      pay
      the Executive’s reasonable legal expenses (or cause such expenses to be paid) on
      a quarterly basis, if the Company does not so assume the defense; provided,
      that
      the Executive shall reimburse the Company for such amounts if the Executive
      shall be found by a final, non-appealable order of a court of competent
      jurisdiction or any arbitrator not to be entitled to indemnification hereunder.
      Executive shall cooperate as reasonably requested by the Company in the defense
      of any such threatened or pending action, suit or proceeding. The Company's
      indemnity obligations and duties as set forth in this Section 3.7 shall survive
      indefinitely the termination or expiration of this Agreement; provided,
      however,
      that
      the Company’s indemnity obligations and duties as set forth in this Section 3.7
      shall terminate upon any felony conviction of the Executive at any time.

    

    ARTICLE
      IV

    TERMINATION
      OF EMPLOYMENT

    

    4.1. Termination.
      This
      Agreement may be terminated earlier as provided for in this Article IV, or
      extended as set forth herein.

    

    4.2. Termination
      For Cause.
      The
      Company reserves the right to terminate this Agreement for cause immediately
      upon: (a) Executive’s willful and continued failure to substantially perform her
      duties with the Company (other than such failure resulting from her incapacity
      due to physical or mental illness), (b) Executive’s willful engagement in gross
      misconduct, as determined by the Board in good faith, which is materially and
      demonstrably injurious to the Company; (c) breach of this Agreement, or (d)
      Executive’s commission of a felony, or an act of fraud against the Company or
      its affiliates; provided,
      however,
      the
      Company may not terminate the Executive’s employment for cause in the case of
      Section 4.2(a), unless the Company has first provided Executive with
      written notice, specifying in detail the act or acts alleged to constitute
      cause, and provided the Executive with a period of not less than 15 calendar
      days to cure the failure in the manner specified in such notice. Executive
      shall
      not be entitled to any severance benefits, or vesting of unvested stock options
      and equity incentives of the Company granted to Executive upon termination
      for
      cause under Sections 4.2(c) or 4.2(d). 

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    4.3. Termination
      Without Cause.
      Notwithstanding anything to the contrary in this Agreement, the Company reserves
      the right to terminate this Agreement at any time upon 30 days’ written notice
      to Executive, without cause, subject to the express terms and provisions set
      forth in Sections 4.5 and 4.6. 

    

    4.4. Voluntary
      Termination by Executive.
      Notwithstanding anything to the contrary in this Agreement, Executive may
      terminate this Agreement at any time upon 30 days’ written notice to the
      Company, subject to the terms and provisions below. 

    

    Except
      in
      the case of a termination for “good reason”, as set forth in Section 4.7 of this
      Agreement, the Company shall not be obligated to pay any severance benefit
      to
      Executive if Executive terminates this Agreement pursuant to this Section
      4.4.

    

    4.5. Severance.
      In the
      event that during the Employment Term the Executive is terminated by the Company
      “without cause” (as set forth in Section 4.3), or the Executive terminates her
      employment for “good reason” (as set forth in Section 4.7), the Executive shall
      be provided or promptly be paid (i) any accrued but unpaid salary, accrued
      but
      unused vacation time, un-reimbursed expenses which otherwise would be reimbursed
      in the normal course and vested benefits under any of the Company’s benefit plan
      in which the Executive is a participant, (ii) any bonus previously declared
      but
      not yet paid, and (iii) a cash payment equal to 24 months of Executive’s
      Base Salary as provided for in Section 3.1 of this Agreement, paid in 24 equal
      monthly installments, less any taxes that must be withheld. In addition, upon
      a
      termination under this Section 4.5, any portion of any of stock or options
      of
      the Company granted to the Executive but unvested shall be vested.

    

    4.6. Change
      of Control.
      In the
      event that during the Employment Term the Executive is terminated by the Company
      or the Executive terminates her employment for “good reason,” as set forth in
      Section 4.7 of this Agreement, within 12 months following a “change of
      control” (as defined below) occurs after the Effective Date (a “Change of
      Control Termination”), the Executive shall promptly be paid (i) any accrued but
      unpaid salary, accrued but unused vacation time, un-reimbursed expenses which
      otherwise would be reimbursed in the normal course and vested benefits under
      any
      of the Company’s benefit plan in which the Executive is a participant, (ii) any
      bonus previously declared but not yet paid, and (iii) a cash payment equal
      to 24 months of Executive’s Base Salary as provided for in Section 3.1 of this
      Agreement, paid in 24 equal monthly installments, less any taxes that must
      be
      withheld. In addition, upon a Change of Control Termination, any portion of
      any
      of the stock or options granted to the Executive but unvested shall be vested.
      A
“Change in Control Termination” will also include a termination of the Executive
      by the Company without cause or a termination by the Executive of her employment
      for “good reason,” as set forth in Section 4.7 of this Agreement, in either
      case, following the commencement of any discussion with a third person that
      ultimately results in a “change in control” (as defined below).

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    For
      purposes of this Section 4.6, a “change of control” shall mean an event
      involving one transaction or a series of related transactions in which (i)
      the
      Company issues securities representing more than 50% of the beneficial ownership
      (within the meaning of Rule 13d-3 promulgated under the Securities Exchange
      Act
      of 1934, as amended (“the “Exchange Act”), or any successor provision) of the
      outstanding voting power of the then outstanding securities entitled to vote
      generally in the election of directors (“Voting Stock”) of the Company to any
      individual, firm, partnership, or other entity, including a “group” within the
      meaning of Section 13(d)(3) of the Exchange Act (ii) the Company issues
      securities representing more than 50% voting stock of the Company in connection
      with a merger, consolidation or other business combination (other than for
      purposes of reincorporation), (iii) the Company is acquired in a merger or
      other
      business combination transaction in which the Company is not the surviving
      corporation (other than a reincorporation), (iv) more than 50% of the Company’s
      consolidated assets or earning power are sold or transferred, or (v) the Board
      of the Company determines, in its sole and absolute discretion, that there
      has
      been a change in control of the Company; provided, however, that clauses (ii),
      (iii) and (iv), above, will constitute a “change in control” only if all or
      substantially all of the individuals and entities who were the beneficial owners
      of Voting Stock of the Company immediately prior to such merger, consolidation
      or other business combination or sale or transfer of earning power or assets
      (each, a “Business Combination”) beneficially own less than 50% of the combined
      voting power of the then outstanding shares of Voting Stock of the entity
      resulting from such Business Combination (including, without limitation, an
      entity which as a result of such transaction owns the Company or all or
      substantially all of the Company’s earning power or assets either directly or
      through one or more subsidiaries). 

    

    4.7. Good
      Reason.
      The
      Executive may terminate her employment for “good reason” after giving the
      Company detailed written notice thereof, if the Company shall have failed to
      cure the event or circumstance constituting “good reason” within ten (10)
      business days after receiving such notice. Good reason shall mean the occurrence
      of any of the following without the written consent of the Executive: (i) the
      assignment to the Executive of duties inconsistent with this Agreement or a
      change in her reporting obligations, positions, titles or authority; (ii) any
      failure by the Company to comply with Article III hereof in any material way;
      (iii) the failure of the Company to comply with and satisfy Section 6.2 of
      this
      Agreement; (iv) the relocation of the principal place where the Executive
      regularly performs services for the Company outside of the Phoenix, Arizona
      area; (v) any change in Board membership prior to an initial public offering
      not
      agreed to by the Executive in writing (vi) any material breach of this Agreement
      by the Company; (vii) any demand by the Board that would cause the Executive,
      if
      the demand were honored, to incur material liability with respect to civil
      or
      criminal statutes or with respect to local, state or federal regulatory
      practice.. The Executive’s continued employment shall not constitute consent to,
      or a waiver of rights with respect to, any act or failure to act constituting
      “good reason” hereunder.

     

    4.8. Disability.
      If
      Executive becomes permanently and totally disabled, this Agreement shall be
      terminated. Executive shall be deemed permanently and totally disabled if he
      is
      unable to engage in the activities required by this Agreement by reason of
      any
      medically determinable physical or mental impairment, as confirmed by three
      independent physicians, which can be expected to result in death or which has
      lasted or can be expected to last for a continuous period of not less than
      12
      months. Upon termination due to disability, the Executive shall promptly be
      paid
      (i) any accrued but unpaid salary, accrued but unused vacation time,
      unreimbursed expenses which otherwise would be reimbursed in the normal course
      and vested benefits under any of the Company’s benefit plans in which the
      Executive is a participant, (ii) any bonus previously declared but not yet
      paid,
      and (iii) a lump sum payment equal to 24 months of Base Salary, as contained
      in
      Section 3.1 of this Agreement, or Executive’s then current rate of compensation,
      whichever is greater. In addition, upon termination due to disability, any
      portion of any of the stock or options granted to the Executive that is not
      then
      vested shall vest. This Section 4.8 will not limit the entitlement of the
      Executive to any other benefits then available to the Executive under any plan
      or program of the Company. Upon termination due to disability, the Executive
      shall be entitled to continuation of health care benefits for one year.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    4.9. Death.
      If
      Executive dies during the term of this Agreement, this Agreement shall be
      terminated on the last day of the calendar month of her death subject to the
      express terms and provisions below. Upon termination due to death, the
      designated beneficiary, as provided in Section 6.8 below, or the estate or
      representative of Executive, shall promptly be paid (i) any accrued but unpaid
      salary, accrued but unused vacation time, unreimbursed expenses which otherwise
      would be reimbursed in the normal course and vested benefits under any of the
      Company’s benefit plans in which the Executive is a participant, (ii) any
      bonus previously declared but not yet paid, and (iii) a lump sum payment equal
      to 24 months of Executive’s Base Salary, as contained in Section 3.1 of this
      Agreement, or Executive’s then current rate of compensation, whichever is
      greater. In addition, upon termination due to death, any portion of any of
      the
      stock or options granted to the Executive that is not then vested shall become
      vested. This Section 4.9 will not limit the entitlement of the Executive’s
      estate or beneficiaries to any death or other benefits then available to the
      Executive under any life insurance, stock ownership, stock options, or other
      benefit plan or policy that is maintained by the Company for the Executive’s
      benefit. For a period of two years following the Executive’s death, the Company,
      at the Company’s expense, shall provide the Executive’s eligible dependents,
      spouse and children under age of 21, with all health care benefits currently
      in
      place or to be established by the Company.

    

    4.10. Effect
      of Termination.
      Except
      as expressly provided for in this Agreement, the termination of employment
      shall
      not impair any obligation that accrued prior to termination, nor shall it excuse
      the performance of any obligation which is required or contemplated hereunder
      to
      be performed after termination, and any such obligation shall survive the
      termination of employment and this Agreement. 

    

    ARTICLE
      V

    COVENANTS
      AND REPRESENTATIONS OF EMPLOYEE

    

    5.1. Unfair
      and Non-Competition.
      The
      Executive acknowledges that he will have access at the highest level to, and
      the
      opportunity to acquire knowledge of, the Company’s business plans, trade secrets
      and other confidential and proprietary information from which the Company may
      derive economic or competitive advantage, and that he is entering into the
      covenants and representations in this Article V in order to preserve the
      goodwill and going concern value of the Company, and to induce the Company
      to
      enter into this Agreement. The Executive agrees not to compete with the Company
      or to engage in any unfair competition with the Company during the Employment
      Term. For purposes of this Agreement, the phrase “compete with the Company,” or
      the substantial equivalent thereof, means that Executive, either alone or as
      a
      partner, member, director, employee, shareholder or agent of any other business,
      or in any other individual or representative capacity, directly or indirectly
      owns, manages, operates, controls, or participates in the ownership, management,
      operation or control of, or works for or provides consulting services to, or
      permits the use of her name by, or lends money to, any business or activity
      which is or which becomes, at the time of the acts or conduct in question,
      directly or indirectly competitive with the development, financing and/or
      marketing of the products, proposed products or services of the Company except
      where approved by the Board. During the Employment Term, Executive shall not
      directly or indirectly acquire any stock or interest in any corporation,
      partnership, or other business entity that competes, directly or indirectly,
      with the business of the Company without obtaining the prior written consent
      of
      the Company. Notwithstanding the foregoing, this Section 5.1 shall not apply
      to
      the ownership or acquisition of stock or an interest representing less than
      a 5%
      beneficial interest in a corporation that is obligated to file reports with
      the
      Securities and Exchange Commission pursuant to the Exchange Act and to those
      companies listed in Exhibit
      B
      to this
      Agreement, or to such Companies added to Exhibit
      B
      to this
      Agreement as expressly permitted by the Company.

    

    In
      addition, Executive agrees to treat the Company respectfully and professionally
      and not disparage the Company (or the Company’s party’s officers or directors)
      in any manner likely to be harmful to the Company or its business, business
      reputation or personal reputation. Furthermore, the Executive agrees not to
      interfere with any of the Company’s contractual obligations. 

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    5.2. Confidential
      Information.
      During
      the Employment Term and thereafter, Executive agrees to keep secret and to
      retain in the strictest confidence all material confidential matters which
      relate to the Company or its “affiliate” (as that term is defined in the
      Exchange Act), including, without limitation, trade secrets, business plans,
      financial projections and reports, business strategies, internal operating
      procedures, and other confidential business information from which the Company
      derives an economic or competitive advantage, or from which the Company might
      derive such advantage in its business, whether or not it is labeled “secret” or
“confidential” or some similar term, and not to intentionally disclose any such
      information to anyone outside of the Company, whether during or after the
      Employment Term, except in connection with pursuing in good faith the interests
      and business of the Company. The foregoing restrictions and obligations under
      this Section 5.2 will not apply (i) to any confidential information
      that is or becomes generally available to the public or generally known to
      persons engaged in businesses similar to or related to that of the Company,
      other than as a result of a disclosure by Executive, (ii) if the Executive
      is required by law to make disclosure, or (iii) to disclosure to any
      director of the Company. The Company may waive application of the foregoing
      restrictions and obligations in its sole discretion from time to time. The
      Executive will use only such confidential information for purposes of performing
      its duties under this Agreement.

    

    5.3. Non-Solicitation
      of Employees.
      The
      Executive and any entity controlled by her or with which he is associated (as
      the terms “control” and “associate” are defined in the Exchange Act) shall not,
      during the Employment Term and for a term of two (2) years thereafter, directly
      or indirectly solicit, interfere with, offer to hire or induce any person who
      is
      or was an officer or employee of the Company or any affiliate (as the term
      “affiliate” is defined in the Exchange Act) (other than secretarial personnel)
      to discontinue her relationship with the Company or an affiliate of the Company,
      in order to accept employment by, or enter into a business relationship with,
      any other entity or person. (These acts are hereinafter referred to as the
      “prohibited acts of solicitation.”) The foregoing restriction, however, shall
      not apply to any business with which Executive may become associated after
      the
      Employment Term.

    

    5.4. Return
      of Property.
      Upon
      termination of employment, and at the request of the Company, the Executive
      agrees to promptly deliver to the Company all Company or affiliate memoranda,
      notes, records, reports, manuals, drawings, designs, computer files in any
      media, and any other documents (including extracts and copies thereof) relating
      to the Company or its affiliates, and all other property of the Company. Upon
      termination, the Executive shall cease to use all such materials and information
      set forth under Section 5.2.

    

    5.5. Inventions.
      Unless
      otherwise provided on Exhibit B, all processes, inventions, patents, copyrights,
      trademarks, and other intangible rights that may be conceived or developed
      by
      the Executive, either alone or with others, during the Employment Term, whether
      or not conceived or developed during Executive’s working hours, and with respect
      to which the equipment, supplies, facilities or trade secret information of
      the
      Company was used, or that relate at the time of conception or reduction to
      practice of the invention to the business of the Company, or to the Company’s
      actual or demonstrably anticipated research or development, or that result
      from
      any work performed by Executive for the Company, shall be the sole property
      of
      the Company. Upon the request of the Company, Executive shall disclose to the
      Company all inventions or ideas conceived during the Employment Term, whether
      or
      not the property of the Company under the terms of this provision, provided
      that
      such disclosure shall be received by the Company in confidence. Upon the request
      of the Company, Executive shall execute all documents, including patent
      applications and assignments, required by the Company to establish the Company’s
      rights under this provision.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    5.6. Representations.
      The
      Executive represents and warrants to the Company that he has full power to
      enter
      into this Agreement and perform her duties hereunder, and that her execution
      and
      delivery of this Agreement, he has no outstanding agreement, whether oral or
      written or any obligation that is or may be in conflict with any of the
      provisions of this Agreement or that would preclude Executive from complying
      with the provisions of this Agreement, and the performance of her duties shall
      not result in a breach of, or constitute a default under, any agreement or
      understanding, whether oral or written, including, without limitation, any
      restrictive covenant or confidentiality agreement, to which he is a party or
      by
      which he may be bound. Executive further represents and warrants that he has
      not
      misappropriated any confidential information and/or trade secrets of any third
      party that he intends to use in the performance of her duties under this
      Agreement. Executive further agrees that he will not enter into any conflicting
      agreement.

    

    5.7. Non-Payment
      Upon Non-Compliance.
      Should
      the Company believe that the Executive has breached any one of the covenants
      set
      forth in this Article V, the Company shall have recourse to binding arbitration
      undertaken within 300 miles of Company headquarters under the rules of the
      American Arbitration Association in order to seek stop payment under the
      benefits described in Sections 4.5 and 4.6 above, in addition to all other
      rights and remedies the Company may have available at law or in equity. The
      Company shall provide written notice to Executive, ten (10) days prior to an
      expected payment, of the breach of a covenant and the ensuing non-payment
      thereof; provided, however, that if the Company learns of the breach without
      sufficient time to provide ten (10) days notice, the Company shall provide
      written notice as soon thereafter as practicable but may not, in any event,
      suspend payments to the Executive pursuant to this section except by written
      mutual agreement, or by recourse with respect to 4.5 and 4.6 above to binding
      arbitration, or apart from 4.5 and 4.6 above by recourse to other remedies
      at
      law.

    

    ARTICLE
      VI

    MISCELLANEOUS
      PROVISIONS

    

    6.1. Notices.
      All
      notices to be given by either party to the other shall be in writing and may
      be
      transmitted by personal delivery, facsimile transmission, overnight courier
      or
      mail, registered or certified, postage prepaid with return receipt requested;
      provided,
      however,
      that
      notices of change of address or telex or facsimile number shall be effective
      only upon actual receipt by the other party. Notices shall be delivered at
      the
      following addresses, unless changed as provided for herein.

    

    
      	
              To
                the Executive:

            	
              Bonita
                Kay Bogaert

            
	 	
              1904
                Glenwood Drive

            
	 	
              Moline,
                IL 61265

            
	 	 
	
              To
                the Company:

            	
              Board
                of Directors

            
	 	
              Concentric
                Energy Corp.

            
	 	
              3550
                Sabin Brown Road, Suite 3

            
	 	
              Wickenburg,
                AZ 85390

            
	 	
              Facsimile
                (928) 684-2510

            
	 	 
	
              With
                a copy to:

            	
              Bruce
                Dravis

            
	 	
              Downey
                Brand Attorneys LLP

            
	 	
              555
                Capitol Mall

            
	 	
              Sacramento,
                CA 95814

            
	 	
              Facsimile
                (916) 444-2100

            

    

    

    6.2. No
      Assignment, In General. Except
      as
      provided below, this Agreement, and the rights and obligations of the parties,
      may not be assigned by either party without the prior written consent of the
      other party. Notwithstanding the foregoing, this Agreement may be assigned
      to
      the entity that is the successor of the Company resulting from a change in
      control as defined in Section 4 hereof. 

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    6.3. Entire
      Agreement.
      This
      Agreement and the documents delivered pursuant hereto supersedes any and all
      other agreements or understandings of the parties, either oral or written,
      with
      respect to the employment of the Executive by the Company, and contains the
      complete and final agreement and understanding of the parties with respect
      thereto. The Executive acknowledges that no representation, inducements,
      promises, or agreements, oral or otherwise, have been made by the Company or
      any
      of its officers, directors, employees or agents, which are not expressed herein,
      and that no other agreement shall be valid or binding on the
      Company.

    

    6.4. Amendments
      and Modifications.
      This
      Agreement may be amended or modified only by writing
      signed by both parties hereto.

    

    6.5. Withholding
      Taxes.
      All
      amounts payable under this Agreement, whether such payment is to be made in
      cash
      or other property, including without limitation stock of the Company, shall
      be
      subject to withholding for Federal, state and local income taxes, employment
      and
      payroll taxes, and other legally required withholding taxes and contributions
      to
      the extent appropriate in the determination of the Company, and the Executive
      agrees to report all such amounts as ordinary income on her personal income
      tax
      returns and for all other purposes, as called for.

    

    6.6. Severability.
      If any
      provision of this Agreement is held to be invalid or unenforceable by any
      judgment of a tribunal of competent jurisdiction, the remaining provisions
      and
      terms of this Agreement shall not be affected by such judgment, and this
      Agreement shall be carried out as nearly as possible according to its original
      terms and intent and, to the full extent permitted by law, any provision or
      restrictions found to be invalid shall be amended with such modifications as
      may
      be necessary to cure such invalidity, and such restrictions shall apply as
      so
      modified, or if such provisions cannot be amended, they shall be deemed
      severable from the remaining provisions and the remaining provisions shall
      be
      fully enforceable in accordance with law.

    

    6.7. Effect
      of Waiver.
      The
      failure of either party to insist on strict compliance with any provision of
      this Agreement by the other party shall not be deemed a waiver of such
      provision, or a relinquishment of any right thereunder, or to affect either
      the
      validity of this Agreement, and shall not prevent enforcement of such provision,
      or any similar provision, at any time.

    

    6.8. Designation
      of Beneficiary.
      If the
      Executive shall die before receipt of all payments and benefits to which he
      is
      entitled under this Agreement, payment of such amounts or benefits in the manner
      provided herein shall be made to such beneficiary as he shall have designated
      in
      writing filed with the Secretary of the Company or, in the absence of such
      designation, to her estate or personal representative. 

    

    6.9. Attorneys
      Fees.
      In any
      proceeding brought to enforce any provision of this Agreement, or to seek
      damages for a breach of any provision hereof, or when any provision hereof
      is
      validly asserted as a defense, the prevailing party will be entitled to receive
      from the other party all reasonable attorney’s fees and costs in connection
      therewith.

     

    6.10. Governing
      Law.
      This
      Agreement will be governed by and construed in accordance with the laws of
      the
      State of Nevada, without regard to its conflict of laws principles.

    

    6.11. Counterparts.  This
      Agreement may be executed in one or more counterparts, each of which, shall
      be
      deemed to be an original, but all of which together shall constitute one and
      the
      same instrument. For the purpose of proving the authenticity of this Agreement,
      facsimile signature shall be treated the same as original
      signatures.

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the
      parties have executed and delivered this Agreement as of the date first above
      written.

    

    
      	
              COMPANY:

            	
              CONCENTRIC
                ENERGY CORP.

            
	 	 	 
	 	
              By:
                

            	
              /s/
                Thomas F. Fudge

            
	 	 	
              Thomas
                F. Fudge Jr., Chief Executive Officer

            
	 	 	 
	 	 	 
	
              EXECUTIVE:

            	 	
              /s/
                Bonita Bogaert

            
	 	 	
              Bonita
                Bogaert

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    Duties

    

    Primary
      responsibilities will be to act as VP Health, Safety and Environmental
      Compliance of Concentric Energy Corp. including:

    

    Develop
      Corporate Policy related to employee and community health and safety with the
      goal of ensuring a level of compliance consistent with industry best practice.
      

    

    Provide
      support for the implementation of corporate health and safety policy. Report
      quarterly to the CEO and Board of Directors on the status of compliance with
      corporate health and safety policy.

    

    Develop
      Corporate Policy related to environmental compliance with the goal of ensuring
      a
      level of environmental stewardship consistent with industry best
      practices.

    

    Provide
      support for the implementation of environmental compliance policy. Report
      quarterly to the CEO and Board of Directors on the status of the Company’s
      environmental stewardship. Prior to the start-up of operating properties the
      Vice President of Health, safety and Environmental Compliance will co-lead,
      with
      the Vice President of Permitting and Governmental Relations, the development
      and
      implementation of a comprehensive plan to acquire all necessary permits and
      licenses for the operation of the Anderson Mine in Yavapai County,
      Arizona.

    

    Other
      assignments as deemed necessary by the CEO, including corporate development
      and
      communication.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    

    List
      of
      Companies excluded from Section 5.1:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    Options
      and shares:

    

    
      	
              Ownership

            	 	
              Options

            	 
	
              0

            	 	 	
              50,000
                

            	
              (1)

            

    

    

    (1)
      The
      terms of the options are as follows: exercise price of $7.00, vesting 50% at
      the
      execution of this Agreement and 50% on the first anniversary of this Agreement,
      subject to Executive's continued employment with Employer; vested options shall
      be exercisable until fifth anniversary of the execution of this Agreement.

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