Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THESECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): March 3, 2015

Grid Petroleum Corporation

(exact name of the Registrant as specified in its charter)



Nevada	000-53276	30-0690324
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of Incorporation)		Identification Number)
	720 South Colorado Boulevard Denver, Colorado 80246
	(Address of principal executive offices)
	Phone: (720) 590-4730
	(Registrant’s Telephone Number)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 1.01 – ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

Contractor Agreement

On March 3, 2015, the Board of Directors (the “Board”) of Grid Petroleum Corporation, a Nevada corporation (the “Company”), appointed James Powell as a member of the Board, Secretary and Treasurer of the Company.

The Company entered into a writtenfive-year Contractor Agreement with Mr. Powell, effectiveOctober 24, 2011 (the “ContractorAgreement”). Pursuant to the Contractor Agreement, Mr. Powellagreed to serve as a financial consultant to the Company and perform such services and duties asare specified therein.Mr. Powell is required to devote such time, attention and energy to the Company as the nature of his engagement requires, and such services are to be performed to the best of his ability.

Mr. Powellmay sit on boards of, or perform services for, other businesses or firms; provided, however, no such other firm or business may compete with the Company or its affiliates.

Pursuant to the Contractor Agreement, each month during the term of that agreement,Mr. Powell will receive compensation of $2,500.00,which shall be payable in shares of the Company’s common stock. Additionally, the Company shall reimburse Mr. Powell for all ordinary, reasonable and necessary pre-approved expenses incurred by Mr. Powell in connection with the business of the Company.

Pursuant to the Contractor Agreement, the relationship between the Company and Mr. Powell is “at will” and as such, the Company and Mr. Powell may terminate the relationship, with or without cause; provided, however, Mr. Powellmust provide the Company with one month’s written notice of termination.

The foregoing information regarding the Contractor Agreement is not intended to be complete and is qualified in its entirety by reference to the complete text of the Contractor Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K.

ITEM 5.02 –DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

Departure of Directors; or Certain Officers

On March3, 2015, Tim DeHerrera resigned from his positions as Treasurer, Secretary and as a member of theBoard.

Election of Directors; Appointment of Certain Officers

OnMarch 3, 2015, the Board,pursuant to a written consent, appointed James Powell as a member of the Board, Secretary and Treasurer of the Company.

Mr. Powellis 42 years old. From September 2006 to the present, Mr. Powell has owned and operated JP Commercial, located in San Diego, California. JP Commercial is a commercial real estate company that specializes in the acquisition and sale of investment properties, including multi-family, retail, and commercial office buildings.

Mr. Powell’s primary experience isreal estate valuation,acquisition and related activities, including appropriate financial matters. The Company has determined that Mr. Powell’s experience should benefit the Company and, therefore, Mr. Powell is quite qualified to serve in his appointed capacities.

ITEM 9.01 – FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit Number

Description

10.1

Contractor Agreement between the Company and James Powell dated October 24, 2011.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 30, 2015

Grid Petroleum Corporation

By: /s/James Powell

EXHIBIT INDEX

Exhibit No.	Exhibit Description

10.1	Contractor Agreement between the Company and James Powell dated October 24, 2011.

CONTRACTOR AGREEMENT

THIS AGREEMENT is made and entered into effective the 24th day of October 2011 between Grid Petroleum Corporation, a Nevada Corporation (“Company”), and James Powell (“Contractor”).

Recitals

Contractor has unique talents, expertise and experience with respect to the

nature of Company’s business and activities.

Company has need for Contractor’s services, expertise and talent and

desires to contract and compensate Contractor therefore on a long-term basis.

Company and Contractor are agreeable to contractual arrangement on

the terms and conditions hereinafter set forth.

IN CONSIDERATION of the premises, the mutual promises and agreements hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the parties agree as follows:

Agreement

Agreement. Company hereby contracts Contractor to serve as Financial Consultant. Contractor accepts such engagement and agrees to perform the services specified herein on the terms and conditions prescribed by this Agreement.

Term of Agreement. Subject to the termination provisions hereinafter set forth, engagement pursuant to this Agreement shall be for a term of Five (5) years, commencing on October 24, 2011. The term of this Agreement shall be extended for one subsequent One-year term unless written Notice of Intention Not to Renew is given by either party at least 90 days prior to the end of the term of the Agreement.

Duties and Responsibilities. Contractor shall perform such duties and have such responsibilities as are commensurate with the offices set forth above and the description and requirements of such position as described in the By-Laws of Company, as well as such other reasonable duties as may be determined and assigned from time to time by Company’s President, CEO exclusively, during the term of this Agreement.

Best Efforts and Extent of Services. Contractor agrees that, at all times, they will faithfully, industriously and to the best of their ability, experience and talents, perform all of the duties and services that may be required of him pursuant to the terms of this Agreement. Such duties and services shall be rendered in Harrisburg, Pennsylvania and such other places on a temporary basis as Company shall in good faith require

commensurate with the interests, needs, business or opportunities of Company. Contractor shall devote such time, attention and energy to Company’s Business, as the nature of his engagement shall require

Services Performed for Other Entities. Contractor shall devote full-time efforts to his duties, provided however that Contractor may sit on boards of, or perform services for, entities not in competition with the Corporation or its affiliates. Contractor may have the right to retain compensation or fees for services performed for such other entities while he is engaged by the Corporation.

Remuneration.

Monetary Compensation. As compensation for services encompassed by this Agreement, Company shall pay $2,500 USD per month to Contractor for management support at an annualized rate of $30,000 USD. It is the Company’s choice to either pay cash or convert the monthly rate into restricted common stock at the market price at the time of conversion.

Business Expenses. Company shall reimburse Contractor for all ordinary, reasonable and necessary pre-approved expenses incurred by contractor in connection with the business of Company. Contractor shall maintain and submit to Company records and written receipts in order to substantiate such expenses and shall submit vouchers for expenses for which reimbursement is requested.

Termination. The engagement relationship, which is the subject of this Agreement, is an “at will” engagement relationship. Company may terminate this engagement relationship for any reason with or without cause.

Resignation. If Contractor shall resign from engagement with Company, this Agreement shall terminate upon the effective date of any such retirement or resignation. Contractor shall provide Company with no less than thirty (30) days’ prior written notice of resignation. Company shall pay to Contractor the amount of monthly fee, any accrued but unpaid monthly fee and or expenses as of the effective date of Contractor’s retirement or resignation. Thereafter, Company shall have no further liability to Contractor hereunder.

Mutual Agreement. The parties may agree to terminate this Agreement on terms and conditions mutually acceptable to them at the date of termination.

Restrictive Covenants. As a Contractor with the Company, Contractor covenants and agrees as follows:

Confidentiality. Contractor understands that engagement by Company creates a relationship of confidence and trust between Contractor and Company with

respect to any information of a confidential or secret nature that may be learned or developed by Contractor during the period of his engagement by Company and which (i) relates to the business of Company or to the business of any customer or supplier of Company, or (ii) has been created or developed by, or has otherwise become known to Contractor and has commercial value in the business in which Company is engaged (hereinafter called “Confidential or Proprietary Information”). By way of illustration, but not limitation, Confidential or Proprietary Information includes trade secrets, computer programs, data, product and financial service plans techniques, marketing plans, strategies, forecasts, customer lists and supplier lists. Contractor understands that all Confidential or Proprietary Information shall be the sole property of Company and its assigns. At all times, both during his engagement and after termination, he will not directly or indirectly reveal, report, publish, disclose or transfer any of such Confidential or Proprietary Information for any purpose without the prior written consent of Company, except as may be necessary in the ordinary course of performing his duties as an Contractor of Company.

General Provision.

Entire Agreement. This Agreement and Exhibit A hereto (the provisions of which Exhibit is by this reference incorporated into and made a part of this Agreement) contain the complete agreement concerning the engagement arrangement between the parties and shall, as of the effective date hereof, supersede all other agreements, communications and understandings between the parties. Neither party has made any representations with respect to the subject matter hereof except as are specifically set forth herein, and each of the parties hereto acknowledges that he or it has relied on his or its own judgment in entering into this Agreement.

Modification of Agreement. No waiver or modification of this Agreement or of any covenant, condition or limitation herein contained shall be valid unless in writing and duly executed by the party to be charged therewith and no evidence of any waiver or modification shall be offered or received in evidence of any proceeding, arbitration or litigation between the parties hereto arising out of or affecting this Agreement, or the rights or obligations of the parties hereunder, unless such waiver or modification is in writing, duly executed as aforesaid, and the parties further agree that the provisions of this paragraph may not be waived except as herein set forth.

Construction and Enforcement; Governing Law. It is the intention and agreement of the parties hereto that this Agreement be construed and that performance hereunder, and all suits and special proceedings hereunder, be governed by and pursuant to the laws of the State of Nevada, and that in any action, special proceeding or other proceeding that may be brought arising out of, in connection with, or by reason of this Agreement, the laws of the State of Nevada shall be applicable and shall govern to the

exclusion of the law of any other forum, without regard to the jurisdiction in which any action or special proceeding may be instituted.

Notices. All notices, demands or requests required or authorized hereunder shall be deemed given sufficiently if in writing and sent by registered or certified mail, return receipt requested and postage prepaid, as follows:

In the case of Company:

Grid Petroleum Corporation

720 S. Colorado Blvd

Penthouse North

Denver, CO 80246

In the case of Contractor:

James Powell

1401 Camino Del Mar

Del Mar, CA 92014

Binding Nature; Non-Assignability. This Agreement shall inure to the benefit of and binding upon the respective parties, their heirs, personal representatives, successors and assigns; provided, however, that Contractor may not assign his obligations hereunder.

Further Instruments. The parties shall execute and deliver any and all such other instruments and shall take any and all such other actions as may be reasonably necessary to carry the intent of this Agreement into full force and effect.

Severability. If any provision of this Agreement shall be held, declared or pronounced void, voidable, invalid, unenforceable or inoperative for any reason by any court of competent jurisdiction, government authority or otherwise, such holding, declaration or pronouncement shall not adversely affect any other provision of this Agreement, which shall otherwise remain in full force and effect and be enforced in accordance with its terms, and the effect of such holding, declaration or pronouncement shall be limited to the territory or jurisdiction in which made.

Waiver. All rights and remedies of either party under this Agreement are cumulative and not exclusive of any other rights and remedies provided by law. No delay or failure on the part of either party in the exercise of any right or remedy arising from a breach of this Agreement shall operate as a waiver of any subsequent right or remedy arising from a subsequent breach of this Agreement. The consent of any party where required hereunder to any act or occurrence shall not be deemed to be a consent to any other act or occurrence.

IN WITNESS WHEREOF, the parties have executed this Agreement with effect on the date first above written.

COMPANY:

Grid Petroleum Corporation

Tim DeHerrera

It’s President

CONTRACTOR:

James Powell

James Powell

An individual