Option Cancellation Agreement between Wolverine Exploration Inc. and Bruce Costerd (September 9, 2011)

Contract Categories: Business Finance › Stock Agreements
Summary

This agreement is between Wolverine Exploration Inc. and Bruce Costerd. It cancels 200,000 stock options previously granted to Mr. Costerd, reducing his total options from 2,400,000 to 2,200,000, all at an exercise price of $0.14 per share until May 28, 2015. Both parties agree to sign any further documents needed to finalize this change. The agreement is governed by the laws of British Columbia.

Read More Arrow
EX-10.2 3 exhibit10-2.htm OPTION CANCELLATION AGREEMENT DATED SEPTEMBER 9, 2011 BETWEEN OUR COMPANY AND BRUCE COSTERD Wolverine Exploration Inc.: Exhibit 10.2 - Filed by newsfilecorp.com

THIS OPTION CANCELLATION AGREEMENT is made this 9th day of September, 2011.

BETWEEN:

BRUCE COSTERD, of 
                                                                                                
                                                                                                

(hereinafter referred to as the "Optionee")

AND:

WOLVERINE EXPLORATION INC., of 4055 McLean Road,
Quesnel, British Columbia V2J 6V5

(hereinafter referred to as the "Company")

WHEREAS:

A.

The Optionee currently holds options to purchase up to 2,400,000 common shares of the Company at a price of $0.14 per common share until May 28, 2015, pursuant to a stock option agreement dated May 28, 2010 (the "Option Agreement");

   
B.

The Company and the Optionee wish to cancel an aggregate of 200,000 options (the “Cancelled Options”);

THEREFORE this agreement witnesses that in consideration of the sum of $1.00 given by the Company to the Optionee and other good and valuable consideration given by each to the other, the receipt and sufficiency of which is acknowledged by the respective parties, the parties hereto agree as follows:

1.

The Cancelled Options are hereby cancelled and of no further force and effect.

   
2.

The Option Agreement is hereby amended to provide that the Optionee holds options to purchase up to 2,200,000 common shares of the Company at a price of $0.14 per common share until May 28, 2015.

   
3.

The parties agree to execute such further documents and assurances as may be required to effect the intent hereof.

   
4.

This Agreement is personal in nature and shall enure to the benefit of and be binding upon the parties hereto and their respective executors, administrators, successors and permitted assigns.

   
5.

Whenever the singular or masculine are used throughout this Agreement, the same shall be construed as being the plural or feminine or neuter where the context so requires, and vice versa.

   
6.

This Agreement shall be governed, construed and enforced according to the laws of the Province of British Columbia and is subject to the exclusive jurisdiction of the courts of the Province of British Columbia.


- 2 -

7.

The Optionee and the Company may execute this Agreement in two or more counterparts and deliver same by facsimile, and any such counterparts and facsimiles shall be deemed to constitute one and the same instrument, to be an originally executed document, and to bear the date and be effective as of the date first above written.

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.

WOLVERINE EXPLORATION INC.    
     
     
Per:    
           Authorized Signatory    
     
     
WITNESSED BY: )  
  )  
  )  
Name )  
  )  
  )  
Address ) BRUCE COSTERD
  )  
  )  
Occupation )