FAIRCHILD INTERNATIONAL CORPORATION STOCK OPTION AGREEMENTStock Option Agreement • April 15th, 2003 • Fairchild International Corp • Mining & quarrying of nonmetallic minerals (no fuels)
When duly signed by an authorized officer of FAIRCHILD INTERNATIONAL CORPORATION (hereinafter referred to as "the Company"), this document grants to the natural person whose name is printed at the bottom of this document (hereinafter "Optionee") an option to acquire shares of the Common Stock of the Company (hereinafter "the "Option"). The terms of this Stock Option are set out below. This Stock Option is effective as of the date of the authorized signature at the end of this document.
FAIRCHILD INTERNATIONAL CORPORATION Suite 600, 595 Hornby Street Vancouver, BC V6C 1A4Fairchild International Corp • April 15th, 2003 • Mining & quarrying of nonmetallic minerals (no fuels)
The following are the terms and conditions upon which Fairchild International Corporation (the "Corporation") is prepared to contract with you to provide the services of David Stadnyk to the Corporation. By signing this letter agreement you accept the following terms and conditions:
PATCH ENERGY INC. Suite 600 - 595 Hornby Street Vancouver, B.C. V6C 1A4Fairchild International Corp • April 15th, 2003 • Mining & quarrying of nonmetallic minerals (no fuels)
Further to earlier communications with you, we confirm that Patch has now clarified the terms of its ongoing participation in the drilling of wells on the Farmout Lands (as that term is defined in the Participation Agreement). In this regard, it has now been confirmed that Patch's ability to continue to earn a 12.5% interest in any wells drilled on the Farmout Lands is contingent upon Patch paying 15.625% of the costs associated with such wells. Therefore, this letter will serve to confirm that, for good and valuation consideration, the receipt and sufficiency of which is acknowledged by you, it has been agreed to amend the terms of the Participation Agreement so that the reference to the "Costs" shall be to 2.5%, the costs associated with the Second Program (as that term is defined in the Participation Agreement).
