Assignment of Membership Interest Agreement between B. L. Perez and Turbeco, Inc. regarding Cavo Drilling Motors Ltd., Co.
This agreement documents the sale of B. L. Perez's membership interest in Cavo Drilling Motors Ltd., Co., a Texas limited liability company, to Turbeco, Inc. for $12,500,000. Perez agrees to transfer all rights and interests in the company to Turbeco and to provide any necessary documents after closing to complete the transfer. The agreement is effective as of November 1, 2007, and represents the entire understanding between the parties regarding this transaction.
Exhibit 10.13
ASSIGNMENT
FOR AND IN CONSIDERATION for the payment by TURBECO, INC. (the “Buyer”) of a purchase price of $12,500,000.00, B. L. PEREZ (the “Seller”) hereby assigns, transfers, and conveys to the Buyer, all of his right, title, and interest with respect to his membership interest in CAVO DRILLING MOTORS LTD., CO., a Texas limited liability company (the “Company”).
The Seller hereby agrees to deliver to Buyer from time to time after closing any documents or instruments necessary to vest in Buyer the ownership of the membership interest in the Company assigned hereby, and/or to vest in the Company ownership to its assets.
This Agreement constitutes the sole agreement of the parties with respect to the subject matter and supersedes any prior understandings or written or oral agreements between the parties respecting that subject matter.
IN WITNESS WHEREOF, the undersigned have executed this assignment on November 15, 2007, to be effective as of November 1, 2007.
| SELLER: |
| /s/ B. L. Perez |
| B. L. Perez |
Accepted:
| TURBECO, INC. | ||
| By: | /s/ Lisa Meier | |
| Lisa Meier, Chief Financial Officer | ||
