Lansdowne Security, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com











Exhibit 10.1



REPURCHASE AGREEMENT 


 This Repurchase Agreement (this “Agreement”) is made as of the 11th day of February, 2011, by and among Lansdowne Security, Inc., a Nevada corporation (collectively with its predecessors, the “Company”) and David
Roff, an individual (the “Seller”). Each of the Company and the Seller is referred to herein as a “Party” and collectively, as the “Parties.” 


W I T N E S S E T H: 


WHEREAS, subject to the terms and conditions set forth in a securities purchase agreement (the “Share Exchange Agreement”), dated as of the date hereof, by and between the Company, DK International Group
Ltd., a British Virgin Islands company (“DK”), and the sole shareholder of DK (the “Shareholder”), the Company intends to issue and deliver to the Shareholder certain securities of the Company in exchange for all the issued
and outstanding shares of DK, as more fully described in the Securities Exchange Agreement,


WHEREAS, to induce the Shareholder to enter into the Share Exchange Agreement, the Seller, in his capacity as controlling stockholder of the Company, has agreed sell and transfer all shares of common stock par value
$0.001 per share (“Common Stock”) held by him to the Company, pursuant to this Agreement; and to make certain representations and warranties and provide certain covenants and indemnification with respect to the Company, as more fully
set forth therein; and 


WHEREAS, the Seller owns and desires to sell to the Company, an aggregate of 234,616 shares of the Common Stock (the “Shares”); and the Company desires to re-purchase the Shares from the Seller, on and
subject to the terms of this Agreement. 


 NOW, THEREFORE, in consideration of the foregoing and the mutual promises and covenants herein contained, the Parties hereby agree as follows:


ARTICLE I


SALE AND PURCHASE OF THE SHARES 


1.1. Sale of the Shares. Subject to the terms and conditions of this Agreement, and in reliance upon the representations, warranties, covenants and agreements contained in this Agreement, the Seller shall sell
the Shares to the Company, and the Company shall re-purchase the Shares from the Seller, for a purchase price of Twenty Thousand Dollars ($20,000) in cash (the “Cash Consideration”) and Two Hundred and Fifteen (215) shares of the
Company’s Series A Convertible Preferred Stock (the “Equity Consideration”). 


1.2. Closing. The purchase and sale of the Shares shall take place at a closing (the “Closing”) to occur immediately following the execution and delivery hereof. At the Closing: 


(a) The Seller shall deliver to the Company this Agreement, certificates representing the Shares, duly endorsed in form for transfer to the Company, and such pay-off letters and releases relating to liabilities of the
Company as DK shall request. 











(b) The Company shall deliver the Cash Consideration in United States dollars and in immediately available funds, by wire transfer to an account designated in writing by the Seller for such purpose, and a newly issued
certificate representing the Equity Consideration to the Seller. 


At and at any time after the Closing, the Parties shall duly execute, acknowledge and deliver all such further assignments, conveyances, instruments and documents, and shall take such other action consistent with the terms of this Agreement to carry
out the transactions contemplated by this Agreement. 


ARTICLE II

REPRESENTATIONS, WARRANTIES AND COVENANTS 


 The Seller hereby makes the following representations and warranties to and covenants with the Company, which shall be true and correct as of the date: 


2.1. Authority. The Seller has the authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out his obligations hereunder. This Agreement has been duly
executed by the Seller, and when delivered by the Seller in accordance with the terms hereof, will constitute the valid and legally binding obligation of the Seller, enforceable against him in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general
application. 


2.2. No Conflicts or Consents. Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby or compliance with the terms and conditions hereof by the Seller
will violate or result in a breach of any term or provision of any agreement to which any Seller is bound or is a party, or be in conflict with or constitute a default under, or cause the acceleration of the maturity of any obligation of the Seller
under any existing agreement or violate any order, writ, injunction, decree, statute, rule or regulation applicable to the Seller or any  properties or assets of the Seller. The Seller is not required to obtain any consent, waiver, authorization or
order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other person or entity in connection with the execution, delivery and performance by the Seller of
this Agreement, other than the disclosure filings required by the Commission. 


2.3 Enforceability. This Agreement has been duly and validly executed by the Seller, and constitutes the valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors' rights generally or by limitations, on the availability of equitable remedies.


2.4 No Encumbrances. The Seller acquired the Shares in accordance with applicable state and federal securities laws and owns the Shares free and clear of all liens, charges, security interests, encumbrances,
claims of others, options, warrants, purchase rights, contracts, commitments, equities or other claims or demands of any kind (collectively, “Liens”).  The Seller is not a party to any option, warrant, purchase right, or other contract
or commitment that could require the Seller to sell, transfer, or otherwise dispose of any capital stock of the Company (other than pursuant to this Agreement).  The Seller is not a party to any voting trust, proxy, or other agreement or
understanding with respect to the voting of any capital stock of the Company.


 2.5 Solvency.  As of the date hereof, there has been no material adverse changes or developments in the condition (financial or otherwise) or prospects of the Seller that have resulted, or could reasonably be expected to result, in a
material adverse effect on the solvency of the Seller. Neither
the Seller nor any of his affiliates has taken any steps to seek protection pursuant to any bankruptcy law nor does such Seller have any knowledge or reason to believe that his creditors intend to initiate involuntary bankruptcy proceedings or any
actual knowledge of any fact that would reasonably lead a creditor to do so.  The Seller is not as of the date hereof, and after giving effect to the transactions contemplated hereby to occur at the Closing, will not be Insolvent (as defined below).
For purposes of this Section 2.5, “Insolvent” means, with respect to the Seller, (i) the present fair saleable value of the Seller’s assets is less than the amount required to pay his total indebtedness, (ii) the Seller is unable
to pay his debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured, (iii) the Seller intends to incur or believes that he will incur debt that would be beyond his ability to pay as such
debt matures or (iv) if applicable, the Seller has unreasonably small capital with which to conduct the business in which he is engaged as such business is now conducted and is proposed to be conducted.


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2.6. Concurrent Transaction.  The Seller understands and acknowledges that in conjunction with the repurchase contemplated by this Agreement, that the Company is issuing and delivering 9,250 shares of the
Company’s Series A Convertible Preferred Stock to the Shareholder in exchange of all the issued and outstanding shares of DK thereby effecting a reverse merger with DK, and that the repurchase hereunder is a condition to the closing of such
share exchange. 


2.7 Liabilities of the Company. The Seller acknowledges and agrees in conjunction with the transactions contemplated by this Agreement and the Share Exchange Agreement that, as the controlling stockholder and
sole officer and director of the Company prior to the Closing, the Seller will pay off, or will cause to be paid off, all financial or contractual obligations and liabilities of the Company (including any obligations to issue securities as
consideration under any agreement, except with respect to the common stock issuable upon exercise of the options disclosed to DK and the Shareholder prior to the Closing) outstanding as of the Closing, and that such obligations and liabilities shall
in no event remain liabilities of the Company, DK or the Shareholder and any of their successors in interest, following the Closing. 


2.8 Filing of Form 10-K. The Seller acknowledges that the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010 (the “Form 10-K”) is due to be filed with the SEC on or
before March 31, 2011, which date is after the Closing. Accordingly, the Seller hereby agrees to execute and deliver any and all certifications required by the Company in connection with all necessary representations of the Company to its
independent accountants with respect to activities occurring during the fiscal year ended December 31, 2010, and the interim period prior to the Closing. 


ARTICLE III 

TERMINATION 


 3.1 Termination. This Agreement may be terminated prior to Closing: 


(a) by written agreement of the Seller and the Company; and 


(b) by the Company or the Seller upon written notice to the other, if the Closing shall not have taken place by 6:30 p.m. Eastern time on thirtieth (30th) calendar day following the date of this Agreement;
provided, that the right to terminate this Agreement under this Section 3.1(b) shall not be available to any Person whose failure to comply with its obligations under this Agreement has been the cause of or resulted in the failure of the
Closing to occur on or before such time. 


 Upon a termination in accordance with this Section 3.1, the Company and the Seller shall not have any further obligation or liability (including as arising from such termination) to the other. 


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ARTICLE IV 

INDEMNIFICATION AND RELEASE 


4.1  Indemnification. The Seller (the “Indemnitor”) agrees to defend, protect, indemnify and hold the Company and its directors, officers, shareholders, partners, employees and agents (each, an
“Indemnitee”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and
costs of investigation (collectively, “Losses”) that any the Indemnitees may suffer or incur as a result of, or relating to, any misrepresentation, breach or inaccuracy of any representation, warranty, covenant or agreement made by the
Indemnitor in this Agreement, or by the Company in the Share Exchange Agreement with respect to actions prior to and as at the Closing, or either of the Indemnitor or the Company in any other certificate, instrument or document contemplated hereby
or thereby, with respect to actions prior to and as at the Closing. In addition to the indemnity contained herein, the Indemnitor will reimburse the Indemnitee for its reasonable legal and other expenses (including the cost of any investigation,
preparation and travel in connection therewith) incurred in connection therewith, as such expenses are incurred. The mechanics and procedures with respect to the rights and obligations under this Section 4.1 shall be as follows: 


(a) Promptly after receipt by an Indemnitee of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Loss, such Indemnitee shall, if a claim in respect
thereof is to be made against the Indemnitor under this Agreement, deliver to the Indemnitor a written notice of the commencement thereof, and the Indemnitor shall have the right to participate in the defense thereof with his own counsel; provided,
however, that an Indemnitee shall have the right to retain its own counsel with the fees and expenses of not more than one counsel for such Indemnitee to be paid by the Indemnitor, if the named parties to such proceeding include both the Indemnitor
and the Indemnitee and, in the reasonable opinion of the Indemnitee, the representation by such counsel of the Indemnitee and the Indemnitor would be inappropriate due to actual or potential differing interests between such Indemnitee and any other
party represented by counsel in such proceeding. The Indemnitee shall cooperate fully with the Indemnitor in connection with any negotiation or defense of any such action or claim by the Indemnitor and shall furnish to the Indemnitor all information
reasonably available to the Indemnitee which relates to such action or claim. The Indemnitor shall keep the Indemnitee fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. The Indemnitor
shall not be liable for any settlement of any action, claim or proceeding effected without his prior written consent; provided, however, that the Indemnitor shall not unreasonably withhold, delay or condition his consent. The Indemnitor shall not,
without the prior written consent of the Indemnitee, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnitee
of a release from all liability in respect to such claim or litigation and such settlement shall not include any admission as to fault on the part of the Indemnitee.  Following indemnification as provided for hereunder, the Indemnitor shall be
subrogated to all rights of the Indemnitee with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made.  The failure to deliver written notice to the Indemnitor within a reasonable time of
the commencement of any such action shall not relieve the Indemnitor of any liability to the Indemnitee, except to the extent that the Indemnitor is prejudiced in his ability to defend such action. 


(b) The indemnification required by this Agreement shall be made by periodic payments of the amount thereof during the course of the defense against any of the Losses, reasonably promptly upon the receipt by such Indemnitee of written bills (with such appropriate supporting information as is reasonably requested by the Indemnitor that a Loss has been incurred and the amount
thereof (together with such appropriate supporting information as is reasonably requested by the Indemnitor); provided that the Indemnitee, as applicable, shall reimburse all such payments to the extent it is finally judicially determined that such
Indemnitee is not entitled to indemnification hereunder. 


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(c) To the extent that the undertaking by the Indemnitor hereunder may be unenforceable for any reason, the Indemnitor shall make the maximum contribution to the payment and satisfaction of each of the Losses which is
permissible under applicable law.


4.2  Release. The Seller and his respective affiliates and/or heirs, hereby releases and forever discharges the Company and its officers, directors, employees, agents, counsels, accountants, affiliates and heirs
(collectively, the “Releasees”) from any and all claims, demands, judgments, proceedings, causes of action, orders, obligations, contracts, agreements, liens, accounts, costs and expenses (including attorney’s fees and court
costs), debts and liabilities whatsoever, whether known or unknown, suspected or unsuspected, matured or unmatured, both at law (including federal and state securities laws) and in equity, which the Seller or any of the Seller’s respective
affiliates and/or heirs now have, have ever had against the Releasees arising contemporaneously with or prior to the date hereof or on account of or arising out of any matter, cause, event or omission of any kind or nature occurring
contemporaneously with or prior to the date hereof. The Seller hereby irrevocably covenants to refrain from, directly or indirectly, asserting any claim or demand, or commencing, instituting or causing to be commenced, any proceeding of any kind
against any Releasee, based upon any matter purported to be released hereby. Without in any way limiting any of the rights and remedies otherwise available to any Releasee, the Seller shall indemnify and hold harmless each Releasee from and against
all actions, suits, proceedings, hearings, investigations, charges, complaints, claims, demands, injunctions, judgments, orders, decrees, rulings, damages, dues, penalties, fines, costs, amounts paid in settlement, liabilities, obligations, security
interests, taxes, liens, losses, lost value, expenses and fees (including attorneys’ fees and court costs) arising directly or indirectly from or in connection with (i) the assertion by or on behalf of the Seller or any of his affiliates
and/or heirs of any claim or other matter purported to be released hereunder and (ii) the assertion by any third party of any claim or demand against any Releasee which claim or demand arises directly or indirectly from, or in connection with, any
assertion by or on behalf of the Seller or any of his affiliates and/or heirs against any third party of any claims or other matters purported to be released hereunder. 


ARTICLE V 

MISCELLANEOUS 


5.1. Entire Agreement. This Agreement and any other documents or agreements executed in connection with the transactions contemplated hereunder, constitutes the entire agreement of the parties, superseding and
terminating any and all prior or contemporaneous oral and written agreements, understandings or letters of intent between or among the parties with respect to the subject matter of this Agreement. No part of this Agreement may be modified or
amended, nor may any right be waived, except by a written instrument which expressly refers to this Agreement, states that it is a modification or amendment of this Agreement and is signed by the parties to this Agreement, or, in the case of waiver,
by the party granting the waiver. No course of conduct or dealing or trade usage or custom and no course of performance shall be relied on or referred to by any party to contradict, explain or supplement any provision of this Agreement, it being
acknowledged by the parties to this Agreement that this Agreement is intended to be, and is, the complete and exclusive statement of the agreement with respect to its subject matter. Any waiver shall be limited to the express terms thereof and shall
not be construed as a waiver of any other provisions or the same provisions at any other time or under any other circumstances. 


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5.2. Severability. If any
section, term or provision of this Agreement shall to any extent be held or
determined to be invalid or unenforceable, the remaining sections, terms and
provisions shall nevertheless continue in full force and effect. 

5.3. Notices. Any and all notices or other
communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of
(a) the date of transmission, if such notice or communication is delivered via
facsimile (provided the sender receives a machine-generated confirmation of
successful transmission) at the facsimile number specified in this Section prior
to 5:30 p.m. (New York City time) on a Business Day, (b) the next Business Day
after the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number specified in this Section on a day that is not
a Business Day or later than 5:30 p.m. (New York City time) on any Business Day,
(c) the Business Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service, or (d) upon actual receipt by the party to
whom such notice is required to be given. The address for such notices and
communications shall be as follows: 


	If to the Company: 	Pillsbury Winthrop Shaw Pittman LLP
  
	  	2300 N Street, N.W. 
	  	Washington, DC 20037-1122 
	 	 
	  	Attention: Scott C. Kline, Esq.
    
	  	                   Dawn Bernd-Schulz, Esq. 
	  	                   Facsimile: (202) 663-8007 
	  	  
	If to the Seller: 	David Roff 
	 	27 Chicora Ave  
	  	Toronto, ON, M5R 1T7





or such other address as may be designated in writing
hereafter, in the same manner, by such Person. 

5.4. Governing Law. All
questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by and construed and enforced in accordance
with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all proceedings
concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement (whether brought against a party hereto or its
respective Affiliates, employees or agents) shall be commenced exclusively in
the New York Courts. Each of the Parties submits to the jurisdiction of any
state or federal court sitting in New York County, New York, in any proceeding
arising out of or relating to this Agreement and agrees that all claims in
respect of the action or proceeding may be heard and determined in any such
court. Each of the Parties waives any defense of inconvenient forum to the
maintenance of any proceeding so brought and waives any bond, surety, or other
security that might be required of any other Party with respect thereto. Any
Party may make service on any other Party by sending or delivering a copy of the
process to the Party to be served at the address and in the manner provided for
the giving of notices in Section 6.3 above. Nothing in this Section 6.10,
however, shall affect the right of any Party to bring any proceeding arising out
of or relating to this Agreement in any other court or to serve legal process in
any other manner permitted by law or at equity. Each Party agrees that a final
judgment in any proceeding so brought shall be conclusive and may be enforced by
suit on the judgment or in any other manner provided by law or at equity. If
either party shall commence a proceeding to enforce any provisions of this
Agreement, then the prevailing party in such proceeding shall be reimbursed by
the other party for its reasonable attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such proceeding.


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5.5. Parties to Pay Own Expenses. Each of the parties to this Agreement shall be responsible and liable for its own expenses incurred in connection with the preparation of this Agreement, the consummation of the
transactions contemplated by this Agreement and related expenses. 


5.6. Successors. This Agreement shall be binding upon the parties and their respective heirs, successors and permitted assigns; provided, however, that no Party may assign this Agreement or any of its rights
under this Agreement without the prior written consent of the other Party. 


5.7. Further Assurances. Each Party to this Agreement agrees, without cost or expense to any other Party, to deliver or cause to be delivered such other documents and instruments as may be reasonably requested by
the other Party to this Agreement in order to carry out more fully the provisions of, and to consummate the transaction contemplated by, this Agreement. 


5.8. Counterparts. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 


 5.9 Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the
language chosen by the Parties to express their mutual intent, and no rules of strict construction will be applied against any Party.  This Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof
shall arise favoring or disfavoring any Party by virtue of the authorship of any provisions of this Agreement. 


5.10. Headings. The headings in the Sections of this Agreement are inserted for convenience only and shall not constitute a part of this Agreement. 


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 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed as of the date first above written. 


	
LANSDOWNE SECURITY, INC.
	
	
 
		
 
	
	
 
		
 
	
	
By:
		
 
	
	
Name:
	
	
Yuxi Ding
	
	
Title:
	
	
Chief Executive Officer
	





[SELLER SIGNATURE PAGE FOLLOWS]


 


 


Signature Page to Repurchase Agreement 











 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed as of the date first above written. 


_________________________________

David Roff 


 



Signature Page to Repurchase Agreement