Re: Stock Reconciliation
Exhibit 10.6
Xxxxx XxxXxxx
XxxXxx Investments Limited
0000 Xxxxxx Xxxxxxxx
Xxxxxx, Xxxxxxx
Xxxxxx X0X 0X0
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March 28, 2011
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Re:
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Stock Reconciliation
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Dear Xxxxx:
This letter will serve to confirm our understanding and agreement for the issuance of additional shares of Xxxxxx Petroleum, Inc. (“HPI”) to you as follows:
WHEREAS, you have purchased HPI common stock from Xxxxxxx X. Xxxxxx individually for a total of $121,550, and you have purchased HPI common stock from HPI directly for a total of $663,892.51 (an aggregate investment equal to $785,442.51 in cash) for which you have been issued 3,945,250 shares; and
WHEREAS, there was an agreement and understanding between us that if HPI sold any stock for a price less than you had previously paid, that you could elect to have your total stock investment be re-priced on a one-time basis, and additional shares issued to reflect such lower stock price; and
WHEREAS, as of the date of this agreement HPI is selling its stock at $0.10 per share.
NOW THEREFORE, in consideration of the above recitals, in order to reconcile the total investment set forth above with such lower price on a one-time basis, the parties hereby agree to the make the following transfer and issuance of an aggregate of 3,909,150 HPI shares, respectively:
1. Xxxxxxx X. Xxxxxx shall transfer to you 672,500 shares of HPI common stock; and
2. HPI shall issue to you an additional 3,236,650 shares of common stock.
XXXXXX PETROLEUM, INC.
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By:
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/s/ Xxxxxxx X. Xxxxxx | |
Xxxxxxx X. Xxxxxx, President
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/s/ Xxxxxxx X. Xxxxxx | ||
Xxxxxxx X. Xxxxxx, Individually
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ACCEPTED & AGREED:
MacKov Investments Limited
By:
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/s/ Xxxxx XxxXxxx |
Dated: March 28, 2011
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Xxxxx XxxXxxx
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00 X. XXXXX XXXXXX, XXXXX 0000, XXXX XXXX XXXX, XXXX 00000 • OFFICE 801.519.8500