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Stock Repurchase Agreement
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This Stock Repurchase
Agreement is entered into as of August 13, 2007, by Drayton Harbor
Resources Inc., a Nevada corporation (the "Company"), and John
Briner ("Briner").
Whereas, the Company, on June
8, 2006, granted to Briner, 5,000,000 shares of common stock (the
"Common Shares").
Whereas, the parties have
agreed that the Company will repurchase 2,500,000 of the Common
Shares (the "Repurchase Shares").
Whereas, this Agreement is
being entered into to set forth the terms and conditions upon which
the Company will repurchase such Repurchase Shares from Briner (the
"Repurchase").
SECTION 1. REPURCHASE.
(a) Scope of Repurchase.
2,500,000 of the Common Shares held by Briner shall be repurchased
by the Company.
(b) Repurchase
Consideration/Release of Claims. The Repurchase shall be for and in
consideration of Briner’s release from any and all
responsibilities related to his positions as an officer and
director of the Company and the Company’s agreement to
release Briner from any and all claims related to his position(s)
with the Company.
(c) Redemption of The
Repurchase Shares. Briner hereby agrees to sell and assign all of
the Repurchase Shares to Company at the closing and agrees to
execute such stock powers and other instruments of conveyance as
may be reasonably requested by Company in order to effectuate the
transfer of the Repurchase Shares.
Termination of Rights as Stockholder. If the
Company makes available, at the time and place and in the amount
and form provided in this Agreement, the consideration for the
Repurchase Shares to be repurchased in accordance with this Section
1, then after such time the person from whom such Repurchase Shares
are to be repurchased shall no longer have any rights as a holder
of such Repurchase Shares (other than the right to receive payment
of such consideration in accordance with this Agreement). Such
Repurchase Shares shall be deemed to have been repurchased in
accordance with the applicable provisions hereof, whether or not
the certificate(s) therefore have been delivered as required by
this Agreement.
SECTION 2. RESTRICTIONS ON TRANSFER.
Briner shall not transfer,
assign, encumber or otherwise dispose of any Repurchase Shares,
except as provided in the following sentence. Briner may transfer
Repurchase Shares by beneficiary designation, will or intestate
succession, provided that the transferee agrees in writing on a
form prescribed by the Company to be bound by all provisions of
this Agreement. If Briner transfers any Repurchase Shares, then
this Agreement shall apply to the transferee to the same extent as
to Briner. The Company shall not be required to (i) transfer on its
books any Repurchase Shares that have been sold or transferred in
contravention of this Agreement or (ii) treat as the owner of
Repurchase Shares, or otherwise to accord voting, dividend or
liquidation rights to, any transferee to whom Repurchase Shares
have been transferred in contravention of this
Agreement.
SECTION 3. SUCCESSORS AND ASSIGNS.
Except as otherwise expressly
provided to the contrary, the provisions of this Agreement shall
inure to the benefit of, and be binding upon, the Company and its
succes
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