Sale of Membership Interest Agreement by Terry L. Lee, Lee Holding Company, L.P., and Lee Oil Company, Inc. for Premium Homes, LLC

Summary

Terry L. Lee and Lee Holding Company, L.P. (the Sellers) agree to sell their entire ownership (100%) in Premium Homes, LLC, a Kentucky limited liability company, to Lee Oil Company, Inc. (the Purchaser) for $140,000, paid as $10,000 in cash and 650,000 shares of Heartland, Inc. common stock. The agreement is effective as of August 1, 2010. Upon completion, Terry L. Lee is appointed as Chief Manager of Premium Homes, LLC with full managerial authority.

EX-10.1 2 ex101.htm EXHIBIT 10.1 ex101.htm

Exhibit 10.1

PREMIUM HOMES, LLC

SALE OF MEMBERSHIP INTEREST AGREEMENT

This SALE OF MEMBERSHIP INTEREST AGREEMENT is made and entered into on this day of August, 2010 by Terry L. Lee and Lee Holding Company, L.P. ("Seller") and Lee Oil Company, lnc. ("Purchaser") of Premium Homes, LLC a Kentucky limited liability company ("Company") filed with the Kentucky Secretary of State File # 0659473.06.

WITNESSETH:

WHEREAS, Seller, Terry L, Lee (50% ownership interest) and Lee Holding Company, L.P. (50% ownership interest), wish to sell, assign and transfer all of their right, title and interest (100% ownership) in and to the Company to Purchaser, Lee Oil Company, Inc. for the sum on one hundred and forty thousand dollars ($140,000.00) payable in $10,000.00 cash and 650,000 shares of Heartland, Inc common stock. This transfer shall become effective as of the date first mentioned in this agreement (August 01, 2010).

NOW, THEREFORE, for and in consideration of one dollar ($140,000.00) the Seller, Terry L Lee and Lee Holding Company, L.P. sells their 100% interest in Premium Homes, LLC a Kentucky limited liability company to Purchaser, Lee Oil Company, Inc, In addition to this ownership transfer by signing this agreement the Members appoint Terry L. Lee as Chief Manager and shall exercise all power authorized as Chief Manager of Premium Homes, LLC.