FIRST AMENDMENT TO SETTLEMENT AGREEMENT
FIRST AMENDMENT TO SETTLEMENT AGREEMENT
This FIRST AMENDMENT TO SETTLMENT AGREEMENT (hereafter “Amendment”) is made and entered into this 9th day of December, 2016, by and between JayHawk Energy, Inc., a Nevada corporation; Vast Exploration; LLC, a Texas limited liability company, Vast Holdings, LLC, a Nevada limited liability company; Vast Operations, LLC, a Nevada limited liability company; Vast Petroleum Corp., a Kansas corporation (collectively, the “Company”) and Xxxxx Xxxxxxx, a married individual (“Xxxxxxx”). The Company and Xxxxxxx are individually referred to as a “Party” and collectively referred to as the “Parties”.
RECITALS:
WHEREAS, the Parties entered into a Settlement Agreement on November 11, 2016.
WHEREAS, the Company has experienced unforeseen delays in providing Xxxxxxx with information necessary for him to comply with the timing requirements laid out in the Settlement Agreement and the Company wishes to amend the Settlement Agreement so Xxxxxxx is not penalized for delays beyond his control.
NOW, THEREFORE, in consideration of the mutual promises, accommodations and benefits to the Parties, the Parties agree as follows:
1.
Amendment to Section 2.7. Section 2.7 of the Settlement Agreement shall be amended in part as follows:
2.7.
Xxxxxxx will assist JayHawk Energy, Inc. with the diligent completion of its Form 10-Q’s and Form 10-K as described in Sections 2.1.2.1, 2.1.2.2, 2.1.2.3. and 2.1.2.4 above (the “Filings”). Xxxxxxx will work with the Company’s management, legal counsel and auditors.
2.
Amendment to Section 2. Section 2 shall include a new Section 2.9 which shall state:
2.9
Xxxxxxx has agreed to generate royalty payment support for all the payments made on the Burner lease, by lessor for all missing 2015 royalty payments through October 2015. Additionally, the Xxxxxxx will generate the Company’s remittance support for all royalties due in 2016, by month, by lease. In exchange for the above services, Xxxxxxx shall be paid $1,500 on or before December 20, 2016 and $1,500 on or before January 20, 2017.
3.
Original Agreement Unchanged. All terms of the Settlement Agreement shall remain unchanged except as set forth herein.
[Signature Page Follows]
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IN WITNESS WHEREOF, the undersigned have executed this Settlement Agreement on the date first written above.
“Company”
“Xxxxx Xxxxxxx”
JayHawk Energy, Inc.
/s/ Xxxxx Xxxxxxx
/s/ Xxxxx Xxxxxxx
___________________________
_________________________
By: Xxxxx Xxxxxxx
By: Xxxxx Xxxxxxx, Individually
Its: President, CEO & CFO
Vast Exploration, LLC
/s/ Xxxxx Xxxxxxx
___________________________
By: Xxxxx Xxxxxxx
Its: CEO & Manager
Vast Holdings, LLC
/s/ Xxxxx Xxxxxxx
___________________________
By: Xxxxx Xxxxxxx
On behalf of JayHawk Energy, Inc.,
Its Manager
Vast Operations, LLC
/s/ Xxxxx Xxxxxxx
___________________________
By: Xxxxx Xxxxxxx
On behalf of JayHawk Energy, Inc.,
Its Manager
Vast Petroleum Corp.
/s/ Xxxxx Xxxxxxx
___________________________
By: Xxxxx Xxxxxxx
Its: CEO
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