Attached files
| file | filename |
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| 8-K - AgEagle Aerial Systems Inc. | v204357_8k.htm |
EnerJex
Resources, Inc.
27
Corporate Woods, Suite 350
10975
Grandview Drive
Overland
Park, Kansas 66210
November
30, 2010
West
Coast Opportunity Fund, LLC
Montecito
Venture Partners, LLC
Black
Sable Energy, LLC
J&J
Operating, LLC
c/o West
Coast Asset Management, Inc.
ATTN: Atticus
Lowe, CIO
1205
Coast Village Road
Montecito,
California 93108
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Re:
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First
Amendment to Binding LOI
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Recapitalization of EnerJex
Resources, Inc. through Asset Purchases
Gentlemen:
We are
writing this letter agreement (the "Amendment") to you in
order to memorialize our agreement to amend that certain letter agreement dated
October 30, 2010 , which consisted of lettered Paragraphs "A" through "K" (the
"Binding LOI"),
by and among EnerJex Resources, Inc. (the "Company"), J&J
Operating, LLC ("J&J"); West Coast
Opportunity Fund, LLC ("WCOF"); Montecito
Venture Partners, LLC, a controlled affiliate of WCOF ("MVP"); and Black
Sable Energy, LLC, a controlled affiliate of MVP ("BSE") (the Company,
J&J, WCOF, MVP and BSE are referred to herein collectively as the "Parties" and
individually a "Party"). All
capitalized terms that appear in this Amendment and are not defined herein shall
have the respective meanings ascribed thereto in the Binding LOI.
Amendment
of Binding LOI
The
Parties agree as follows:
1. Extension
of Termination Date. The Termination Date is hereby
extended to December 31, 2010.
2. Ratification. Except
as expressly modified by Paragraph 1, above, the Binding LOI is hereby ratified
and confirmed and remains in full force and effect.
3. Miscellaneous. The
provisions of Paragraph "K" of the Binding LOI shall apply with equal force to
this Amendment as if fully set forth herein.
Acceptance
If the
terms set forth above are acceptable to you, then please execute and return to
me one copy of this Amendment at your first opportunity.
West
Coast Opportunity Fund, LLC
Montecito
Venture Partners, LLC
J&J
Operating, LLC
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Black
Sable Energy, LLC
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2
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November
30,
2010
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We look
forward to hearing from you.
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Sincerely,
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EnerJex
Resources, Inc., a Nevada corporation
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By:
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/s/ Steve Cochennet
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Steve
Cochennet, CEO/President
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[Signatures of other Parties appear
on following page.]
West
Coast Opportunity Fund, LLC
Montecito
Venture Partners, LLC
J&J
Operating, LLC
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Black
Sable Energy, LLC
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3
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November
30,
2010
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Acceptance
The undersigned agrees to and accepts
the foregoing terms and conditions of this Amendment.
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West
Coast Opportunity Fund, LLC
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Montecito
Venture Partners, LLC
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|||||
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By
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West
Asset Management, Inc.,
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|||||
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its
Manager
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||||||
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By:
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/s/ Atticus Lowe
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By:
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/s/ Atticus Lowe
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|||
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Atticus
Lowe, Chief Investment Officer
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Atticus
Lowe, Manager
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|||||
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J&J
Operating, LLC
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Black
Sable Energy, LLC
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By:
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/s/ John Loeffelbein
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By:
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/s/ Robert Watson
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John
Loeffelbein, Member
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Robert
Watson, Chief Executive
Officer
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