SEC Contract Filing

Filing Date: 2018-02-12

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tv482307_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>EXECUTION COPY</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ASSET PURCHASE AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>ASSET PURCHASE AGREEMENT</B>
(the &ldquo;Agreement&rdquo;) made as of February12, 2018, by and between and Pledge Petroleum Corp., a Delaware corporation (the
&ldquo;Seller&rdquo;) and Norma Investments Limited, an entity organized under the laws of the British Virgin Islands (the &ldquo;Buyer&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>WITNESSETH:</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Seller
is engaged in the business of applying plasma pulse technology to enhance the recovery of oil from wells (the &ldquo;Business&rdquo;),
and the Buyer desires to purchase from the Seller, and Seller desires to sell to the Buyer, all of the Seller&rsquo;s business,
assets and properties used, or held or developed for use, in the Business, upon the terms and conditions hereinafter set forth
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the mutual covenants and promises herein contained and upon the terms and conditions hereinafter set forth,
the parties hereto, intending to be legally bound, agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>PURCHASE
AND SALE OF THE ASSETS</U>. </B>Upon the terms and conditions herein contained, at the Closing (as hereinafter defined), the Seller
hereby sells, transfers, assigns, conveys and delivers to the Buyer and the Buyer hereby purchases from the Seller, all rights,
title and interest of the Seller in and to all of the Seller&rsquo;s assets and properties used, or held or developed for use,
in the Business (the &ldquo;Purchased Assets&rdquo;), including, without limitation, the assets set forth on <U>Schedule A</U>
hereto (the assets on <U>Schedule A</U>, the &ldquo;Assets&rdquo;), free and clear of all liens, claims, pledges, mortgages, restrictions,
obligations, security interests and encumbrances of any kind, nature and description (&ldquo;Liens&rdquo;). The Buyer is not assuming
any liabilities in connection with the purchase of the Purchased Assets and the Seller shall timely discharge and satisfy all such
liabilities when due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B><U>CONSIDERATION</U>. </B>The purchase price to be paid by the Buyer to the Seller in connection
with the purchase and sale of the Purchased Assets (the &ldquo;Purchase Price&rdquo;) shall be Six Hundred Fifty Thousand Dollars
($650,000), which amount the Seller hereby instructs the Buyer to pay to Ervington Investments Limited, an entity organized under
the laws of the Republic of Cyprus (&ldquo;Ervington&rdquo;) as part of the consideration payable by the Seller to Ervington pursuant
that certain Share Repurchase Agreement between Ervington and the Seller dated as of the date hereof (the &ldquo;Share Repurchase
Agreement&rdquo;). The Seller hereby agrees that the Buyer shall not make any payment to the Seller in connection with the Closing,
but shall be deemed to have paid the Purchase Price at the Closing by operation of the payment instruction in the previous sentence
regardless of whether such payment is actually made by the Buyer to Ervington pursuant to such instruction and neither the Buyer
nor any of its affiliates (including Ervington) shall have any liability to make any payment to the Seller in connection with the
purchase and sale of the Purchase Assets at the Closing or otherwise</TD></TR></TABLE>

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