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RESCISSION OF OPTION
GRANT
This Rescission Agreement
(“Agreement”) is dated as of November 17, 2008 between
EnerJex Resources, Inc., a Nevada corporation
(“EnerJex”) and Dr. James W. Rector, an individual
(“Grantee”).
WITNESSETH:
WHEREAS, on
July 2, 2008 (the “Option Issuance Date”) EnerJex
agreed to grant an option to Grantee to purchase 38,000 shares of
EnerJex’s common stock at a price of $6.25 for a period of 3
years (the “Option”);
WHEREAS, due to
mutual mistake concerning the financial effect arising from the
issuance of the Option, EnerJex wishes to rescind the Option (the
“Rescission”), retroactive nunc pro tunc, and effective
as of the Option Issuance Date;
NOW, THEREFORE,
in consideration of these recitals, the Option is hereby rescinded
and abrogated.
1. This Rescission shall be effected on or
before November 18, 2008 by the return of the Option to EnerJex by
Grantee duly endorsed.
2. EnerJex and Grantee each agree to execute and
deliver timely such other documents or agreements and to take such
other action as may be reasonably necessary or desirable for the
implementation of this Rescission and the c
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