NATION ENERGY INC. Suite F - 1500 West 16th Avenue Vancouver BC V6H 4B9 Canada
Suite F - 0000 Xxxx 00xx Xxxxxx
Xxxxxxxxx XX X0X 0X0 Xxxxxx
May 31, 2016
TO: Paltar Petroleum Limited
0000 Xxxxx Xxxxxx, Xxxxx 0000
Xxxxxx, Xxxxxxxx 00000
Attention: Xx. Xxxx X. Xxxxxx
Dear Sirs:
RE: Fourth Amendment to Third Amended and Restated Agreement
By this letter, effective as of May 31, 2016, Nation Energy Inc. (“Nation”) and Paltar Petroleum Limited (“Paltar”) amend their Third Amended and Restated Agreement dated August 30, 2015 and amended by the First Amendment to Third Amended and Restated Agreement dated effective December 17, 2015 and further amended by the Second Amendment to Third Amended and Restated Agreement dated effective February 8, 2016 and further amended by the Third Amendment to Third Amended and Restated Agreement dated effective May 31, 2016 (as amended the “Agreement”), principally to clarify the per share value of the Nation common shares contemplated to be issued to Paltar in the Agreement. Capitalized terms not specifically defined in this Fourth Amendment to Third Amended and Restated Agreement (the “Amendment”) shall have the meaning accorded them in the Agreement. Xxxx X. Xxxxxx (“Xxxxxx”) and Xxxx X. Xxxxxx (“Xxxxxx”), as major shareholders (indirectly or directly) of Paltar and Nation, respectively, agree to the terms of this Amendment.
Nation and Paltar amend the Agreement as follows:
1. Item 3 of the Agreement is hereby amended in its entirety as follows:
Within seven (7) days after delivery to Nation of Paltar’s audited financials as set forth in Item 18(d) of this Agreement, Nation shall issue an aggregate of 900,000,000 Nation common shares (the “Earning Agreement Shares”) to Paltar, with an agreed upon value of US$0.03 and one-third cent per share.
No changes or amendments other than those expressly set forth above are being made in the Agreement. Nation and Paltar confirm and ratify the validity and current effectiveness of the Agreement, as amended by this Amendment.
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If the foregoing correctly sets out our agreed amendments, please execute this letter in the space provided.
NATION ENERGY INC. PALTAR PETROLEUM LIMITED
Per: /s/ Xxxx X. Xxxxxx Per: /s/ Xxxx X. Xxxxxx
Authorized Signatory
Xxxx X. Xxxxxx, CEO & President Authorized Signatory
AGREED TO AND ACCEPTED,
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/s/ Xxxx Xxxxxxxxxx )
Witness Signature )
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Xxxx Xxxxxxxxxx ) /s/ Xxxx X. Xxxxxx
Name ) XXXX X. XXXXXX
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0000 Xxxxxx Xxxxx Xxx )
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Address )
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/s/ X. X. Xxxxxxx )
Witness Signature )
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X. X. Xxxxxxx ) /s/ Xxxx X. Xxxxxx
Name ) XXXX X. XXXXXX
RPO Box 60610 )
Xxxxxxxxx, XX X0X 0X0 )
Address )
