Document:

EXHIBIT 10.1

 

SHARE EXCHANGE AGREEMENT

 

BY AND BETWEEN:

 

IMPERIAL PLANTATION CORPORATION,

a Nevada corporation having offices in the
Tempe, Arizona

(hereinafter referred to as the “Corporation”);

 

CHAW ENG NENG and LIM KOK CHEANG

(hereinafter referred
to as the “Owners”);

 

HUU HAQ RESOURCES SDN. BHD.,

a corporation organized under the laws of
Malaysia

(hereinafter referred to as “Plantation
Co.”)

 

SHARE
EXCHANGE AGREEMENT

 

 

 

Dated as of June 17, 2015

 

 

 

 

 

 

 

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SHARE EXCHANGE AGREEMENT

 

THIS SHARE EXCHANGE AGREEMENT (this
“Agreement”), dated as of the  day of June, 2015 (this “Agreement”) is entered into by and among,
IMPERIAL PLANTATION CORPORATION, a Nevada corporation having offices in the Tempe, Arizona (“IMPC”), CHAW ENG
NENG and LIM KOK CHEANG, each a resident of Malaysia (collectively referred to herein as the “Owners”) and HUU HAQ
RESOURCES SDN. BHD., a Malaysian corporation (“Plantation Co.”). IMPC, Owners and Plantation Co. are referred to
singularly as a “Party” and collectively as the “Parties.”

 

WITNESSETH:

 

WHEREAS, the Owners own all of the
issued and outstanding shares of Plantation Co.;

 

WHEREAS, Plantation
Co. is in the business of planting, growing, maintaining and harvesting agarwood for the purposes of producing agar wood chips,
oud oil and agarwood tea and operates such business on a 2,000 acre plantation located in Kelantan, Malaysia;

 

WHEREAS, IMPC
wishes to acquire all of the issued and outstanding shares of capital stock of Plantation Co. (referred to hereinafter as the “Plantation
Co. Shares”) with the purpose of owning and operating Plantation Co. as IMPC’s wholly-owned subsidiary; and

 

WHEERAS, IMPC,
Plantation Co., and the Owners propose to enter into this Agreement which provides, among other things, that the Owners shall deliver
the Plantation Co. Shares to IMPC in exchange for a total of 2 billion shares of IMPC’s common stock (the “Share Exchange”)
as described in Section 2.01 of this Agreement, on the terms and conditions set forth herein and such additional items as more
fully described in this Agreement.

 

NOW, THEREFORE,
in consideration, of the promises and of the mutual representations, warranties and agreements set forth herein, the Parties hereto
agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.01. Definitions. The
following terms shall have the following respective meanings:

 

			

	“Affiliate”	 	
        with respect to any Party, a Person that
        directly or indirectly controls, is controlled by, or is under common control of such Party. For the purpose of this definition,
        “control” means (i) ownership of more than ten percent (10%) of the voting shares of a Person or (ii) the right or
        ability to direct the management or policies of a Person through ownership of voting shares or other securities, pursuant to a
        written agreement or otherwise;

         

 

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	“Business Day”	  	
        a day (other than a Saturday) on which
        banks in Nevada are open for business throughout their normal business hours;

         

	“Closing”	  	
        the closing of the transactions
contemplated by this Agreement; 

         

	“Completion”	  	
        completion of acquisition of the Plantation
        Co. Shares by IMPC and issuance of the Exchange Shares (as such term is defined below) in accordance with the terms and conditions
        of this Agreement;

         

	“Encumbrance”	  	
        any mortgage, charge, pledge, lien, (otherwise
        than arising by statute or operation of law), equities, hypothecation or other encumbrance, priority or security interest, preemptive
        right deferred purchase, title retention, leasing, sale-and-repurchase or sale-and-leaseback arrangement whatsoever over or in
        any property, assets or rights of whatsoever nature and includes any agreement for any of the same and reference to “Encumbrances”
        shall be construed accordingly;

         

	“Exchange Act”	 	
        the US Securities Exchange Act of 1934;

         

	“Person”	
        any individual, firm, company, government,
        state or agency of a state or any joint venture, association or partnership (whether or not having separate legal personality);

         

	“Securities Act”	 	
        the US Securities Act of 1933;

         

	“SEC”	 	
        the US Securities and Exchange Commission;

         

	“US”	 	
        United States of America;

         

	
        “United
        States Dollars”

        or “US$”
	 	United States dollars;

 

 

Section 1.02.Rules of Construction.

 

(a)Unless the context otherwise
requires, as used in this Agreement: (i) “including” means “including, without limitation”; (ii) words
in the singular include the plural; (iii) words in the plural include the singular; (iv) words applicable to one gender shall be
construed to apply to each gender; (v) the terms “hereof,” “herein,” “hereby,” “hereto”
and derivative or similar words refer to this entire Agreement, including the Schedules hereto; (vi) the terms “Article,”
“Section” and “Schedule” shall refer to the specified Article, Section or Schedule of or to this Agreement
and references to paragraphs shall refer to the relevant paragraph of a specified Schedule and (vii) the term “day”
shall refer to calendar days.

 

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(b) Titles and
headings to Articles and Sections are inserted for convenience of reference only, and are not intended to be a part of or to affect
the meaning or interpretation of this Agreement.

 

ARTICLE II

THE SHARE EXCHANGE 

 

Section 2.01 Share Exchange.

 

(a)Subject to and
upon the terms and conditions of this Agreement, on the Closing Date (as defined hereafter), IMPC shall acquire all of the Plantation
Co. Shares from the Owners with all of such interests acquired being free from all Encumbrances together with all rights now or
hereafter attaching thereto.

 

(b)In exchange
for the delivery of the Plantation Co. Shares, IMPC shall provide the following to the Owners at the closing, a total of Two Billion
(2,000,000,000) shares of IMPC’s common stock (the “Exchange Shares”) ”), allocated as follows:

 

Chaw Eng Neng50%

Lim Kok Cheang50%

 

(c)The Share Exchange shall
take place upon the terms and conditions provided for in this Agreement and in accordance with applicable law. If the Closing does
not occur as set forth in Section 2.02 of this Agreement due to one Party’s failure to perform, then the other Party may
terminate the Agreement.

 

Section 2.02. Closing Location.
The Closing of the Share Exchange and the other transactions contemplated by this Agreement will occur as soon as possible (the
“Closing Date”), at the offices of Booth Udall Fuller, PLC, 1255 W. Rio Salado Parkway, Tempe, Arizona.

 

Section 2.03. Owner’s
Closing Documents. At the Closing, the Owner will tender to IMPC:

 

(a)Original certificates
issued in the name of the Owners representing all of the Plantation Co. Shares, duly endorsed for transfer by the Owners, with
notarization of such endorsement, and marked “cancelled for transfer” or as otherwise directed by IMPC or its counsel,
in accordance with the laws of the Malaysia;

 

(b)One (1) new
certificate issued by Plantation Co. in the name of IMPC representing the Plantation Co. Shares;

 

(c)A certified
copy of the register of shareholders of Plantation Co. showing IMPC as the registered owner of the Plantation Co. Shares; and

 

(d)A resolution
from the Owners certifying that the conditions in Section 8.01(b) have been satisfied.

 

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Section 2.04. IMPC’s Closing
Documents. At the Closing, IMPC will tender to the Owners:

 

(a)A certified
copy(ies) of resolutions of the Board of Directors of IMPC in a form satisfactory to the Owners, acting reasonably, authorizing:

 

	 	(i)	the execution and delivery of
this Agreement by IMPC; and
	 	 	 
		(ii)	the issuance of the Exchange Shares to the Owners as set forth in subsection (b) above.

 

(b)Share certificates,
registered in the name of the Owners representing the Exchange Shares; and

 

(c)A certificate
executed by a duly appointed officer of IMPC certifying that the conditions in Section 9.01(b) have been satisfied.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

Section
3.01.Each Party represents and warrants to the other Party that each of the warranties it makes is accurate in all respects
and not misleading as at the date of this Agreement.

 

Section
3.02.Each Party undertakes to disclose in writing to the other Party anything which is or may constitute a breach of or be
inconsistent with any of the warranties immediately upon the same coming to its notice at the time of and after Completion.

 

Section 3.03.Each Party agrees that
each of the warranties it makes shall be construed as a separate and independent warranty and (except where expressly provided
to the contrary) shall not be limited or restricted by reference to or inference from the terms of any other warranty or any other
term of this Agreement.

 

Section
3.04.Each Party acknowledges that the restrictions contained in Section 11.01 shall continue to apply after the Closing without
limit in time.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF IMPC

 

Section 4.01. Organization, Standing
and Authority; Foreign Qualification. IMPC is a corporation duly organized, validly existing and in good standing under the
laws of the State of Nevada and has all requisite corporate power and authority to own, lease and operate its properties and to
conduct its business as presently conducted and as proposed to be conducted and is duly qualified or licensed as a foreign corporation
in good standing in each jurisdiction in which the character of its properties or the nature of its business activities require
such qualification.

 

Section 4.02. Corporate Authorization.
The execution, delivery and performance by IMPC of this Agreement and the consummation of the transactions contemplated hereby
have been duly authorized by all necessary corporate action on the part of IMPC, and this Agreement constitutes a valid and binding
agreement of IMPC. The Exchange Shares to be issued in accordance with this Agreement shall be duly authorized and, upon such issuance,
will be validly issued, fully paid and non-assessable.

 

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Section 4.03. Capitalization.
IMPC’s authorized capital stock, as of the Closing hereof, shall consist of 5,000,000,000 authorized shares of common stock,
of which there shall be 3,032,300,000 common shares are issued and outstanding (including
the Exchange Shares). All of such issued and outstanding shares of IMPC’s common stock are duly authorized, validly issued,
fully paid and non-assessable. There are no outstanding options, warrants, agreements or rights to subscribe for or to purchase,
or commitments to issue, shares of IMPC’s common stock or any other security of IMPC or any plan for any of the foregoing.
IMPC is not obligated to register the resale of any of its common stock on behalf of any shareholder of IMPC under the Securities
Act.

 

Section 4.04. Subsidiaries.
IMPC’s does not have any subsidiaries.

 

Section 4.05.Articles of Incorporation
and Bylaws. IMPC has heretofore delivered, or prior to Closing IMPC shall deliver, to the Owners or their representatives true,
correct and complete copies of its Articles of Incorporation, certified by the Secretary of State of the State of Nevada and Bylaws
or comparable instruments, certified by IMPC’s corporate secretary.

 

Section 4.06.No Conflict. The
execution, delivery and performance of this Agreement and the completion of the transactions contemplated herein will not:

 

(a)violate any
provision of the Articles of Incorporation, Bylaws or other charter or organizational document of IMPC;

 

(b)violate, conflict
with or result in the breach of any of the terms of, result in any modification of the effect of, otherwise give any other contracting
party the right to terminate, or constitute (or with notice or lapse of time or both constitute) a default under, any contract
to which IMPC is a party or by or to which either of its assets or properties, may be bound or subject;

 

(c)violate any
order, judgment, injunction, award or decree of any court, arbitrator or governmental or regulatory body against, or binding upon,
or any agreement with, or condition imposed by, any governmental or regulatory body, foreign or domestic, binding upon IMPC or
upon the securities, assets or business of IMPC;

 

(d)violate any
statute, law or regulation of any jurisdiction as such statute, law or regulation relates to IMPC or to the securities, properties
or business of IMPC; or

 

(e)result in the
breach of any of the terms or conditions of, constitute a default under, or otherwise cause an impairment of, any permit or license
held by IMPC.

 

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Section 4.07.Litigation. There
is no litigation, suit, proceeding, action or claim at law or in equity, pending or to IMPC’s best knowledge threatened against
or affecting IMPC or involving any of IMPC’s property or assets, before any court, agency, authority or arbitration tribunal,
including, without limitation, any product liability, workers' compensation or wrongful dismissal claims, or claims, actions, suits
or proceedings relating to toxic materials, hazardous substances, pollution or the environment. IMPC is not subject to or in default
with respect to any notice, order, writ, injunction or decree of any court, agency, authority or arbitration tribunal.

 

Section 4.08.Compliance with Laws.
To the best knowledge of IMPC, it has complied with all laws, municipal bylaws, regulations, rules, orders, judgments, decrees
and other requirements and policies imposed by any governmental authority applicable to it, its properties or the operation of
its business, except where the failure to comply will not have a material adverse effect on the business, properties, financial
condition or earnings of IMPC.

 

Section 4.09.True and Correct Copies.
All documents furnished or caused to be furnished to the Owners by IMPC are true and correct copies, and there are no amendments
or modifications thereto except as set forth in such documents.

 

Section 4.10. Contracts.

 

(a) Except for the contracts set
forth on Schedule 4.10 and excluding any obligation referenced in this Agreement, IMPC is not a party to any:

 

(i)contracts with any current or
former officer, director, employee, consultant, agent or other representative having more than three (3) months to run from the
date hereof or providing for an obligation to pay and/or accrue compensation of $100,000 or more per annum, or providing for the
payment of fees or other consideration in excess of $100,000 in the aggregate to any officer or director of IMPC, or to any other
entity in which IMPC has an interest;

 

(ii)contracts for the purchase
or sale of equipment or services that contain an escalation, renegotiation or re-determination clause or that can be cancelled
without liability, premium or penalty only on ninety (90) days’ or more notice;

 

(iii)contracts for the sale of
any of its assets or properties or for the grant to any person of any preferential rights to purchase any of its or their assets
or properties;

 

(iv)contracts (including, without
limitation, leases of real property) calling for an aggregate purchase price or payments in any one (1) year of more than $100,000
in any one case (or in the aggregate, in the case of any related series of contracts);

 

(v)contracts relating to the acquisition
by IMPC of any operating business of, or the disposition of any operating business by, any other person;

 

(vi)executory contracts relating
to the disposition or acquisition of any investment or of any interest in any person;

 

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(vii)joint venture contracts or
agreements;

 

(viii)contracts under which IMPC
agrees to indemnify any party, other than in the ordinary course of business or in amounts not in excess of $100,000 or to share
tax liability of any party;

 

(ix)contracts containing covenants
of IMPC not to compete in any line of business or with any person in any geographical area or covenants of any other person not
to compete with IMPC in any line of business or in any geographical area;

 

(x)contracts for or relating to
computers, computer equipment, computer software or computer services; or

 

(xi)contracts relating to the borrowing
of money by IMPC or the direct or indirect guarantee by IMPC of any obligation for, or an agreement by IMPC to service, the repayment
of borrowed money, or any other contingent obligations in respect of indebtedness of any other Person, including, without limitation:

 

(A)any contract with respect to
lines of credit;

 

(B)any contract to advance or supply
funds to any other person other than in the ordinary course of business;

 

(C)any contract to pay for property,
products or services of any other person even if such property, products or services are not conveyed, delivered or rendered;

 

(D)any keep-well, make-whole or
maintenance of working capital or earnings or similar contract; or

 

(E)any guarantee with respect to
any lease or other similar periodic payments to be made by any other person; and

 

(xii)any other material contract
whether or not made in the ordinary course of business.

 

Section 4.11. Operations of IMPC.
During the last ninety (90) days prior to the date hereof, IMPC has not:

 

(a)except for (i)
increasing the authorized number of shares of its common stock to 5 billion shares on April 8, 2015; and (ii) the changing its
corporate name to “Imperial Plantation Corporation” by Articles of Merger for a short-form merger with a wholly-owned
subsidiary on April 10, 2015; amended its Articles of Incorporation or Bylaws or merged with or into or consolidated with any other
person or entity, subdivided or in any way reclassified any shares of its capital stock or changed or agreed to change in any manner
the rights of its outstanding capital stock or the character of its business;

 

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(b)except for the
issuance of 2 billion shares of common stock in anticipation of the Share Exchange; issued, reserved for issuance, sold or redeemed,
repurchased or otherwise acquired, or issued options or rights to subscribe to, or entered into any contract or commitment to issue,
sell or redeem, repurchase or otherwise acquire, any shares of its capital stock or any bonds, notes, debentures or other evidence
or indebtedness;

 

(c)declared or
paid any dividends or declared or made any other distributions of any kind to its shareholders; or

 

(d)made any loan
or advance to any of its shareholders or to any of its directors, officers or employees, consultants, agents or other representatives,
or made any other loan or advance, otherwise than in the ordinary course of business.

 

Section 4.12.Material Information.
This Agreement, the Schedules attached hereto and all other information provided, in writing, by IMPC or representatives thereof
to the Owners, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary
to make any statement contained herein or therein not misleading. There are no facts or conditions which have not been disclosed
to the Owners in writing which, individually or in the aggregate, could have a material adverse effect on IMPC or a material adverse
effect on the ability of IMPC to perform any of its obligations pursuant to this Agreement.

 

Section 4.13.Brokerage. No broker
or finder has acted, directly or indirectly, for IMPC nor did IMPC incur any finder’s fee or other commission, in connection
with the transactions contemplated by this Agreement.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF THE
OWNER

 

The Owners and Plantation Co. represent
to IMPC as follows:

 

Section 5.01. Organization, Standing
and Authority; Foreign Qualification. (a) Plantation Co. is a corporation duly organized, validly existing and in good standing
under the laws of Malaysia and has all requisite corporate power and authority to own, lease and operate its respective properties
and to conduct its respective business as presently conducted and as proposed to be conducted and is duly qualified or licensed
as a foreign corporation in good standing in each jurisdiction in which the character of its properties or the nature of its business
activities require such qualification.

 

Section 5.02. Authorization.
The execution, delivery and performance by the Owners of this Agreement and the consummation of the transactions contemplated hereby
have been duly authorized by all necessary actions, as the case may be, on the part of each Owner. The Owners and Plantation Co.
have duly executed and delivered this Agreement and this Agreement constitutes a valid and binding agreement of each Owner and
Plantation Co. The Plantation Co. Shares to be transferred to IMPC in accordance with this Agreement have been duly authorized
and validly issued, fully paid and non-assessable. Upon transfer of the Plantation Co. Shares, no Encumbrance shall exist thereon.

 

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Section 5.03. Capitalization.

 

(a)All of Plantation
Co.’s current issued and outstanding share capital is beneficially and collectively owned by the Owners and is allocated
as follows:

 

Chaw Eng Neng50%

Lim Kok Cheang50%

 

(b)All of such
issued and outstanding shares of capital stock of Plantation Co. are duly authorized, validly issued, fully paid and non-assessable.
There are no outstanding options, warrants, agreements, convertible debt or rights to subscribe for or to purchase, or commitments
to issue, shares of capital stock in Plantation Co. or any other security of Plantation Co. or any plan for any of the foregoing.

 

(c)The Plantation
Co. Shares are not subject to any option, right of first refusal or any other restriction on transfer, whether by contract, agreement,
applicable law, regulation or statute, as the case may be.

 

(d)There are no
outstanding loans, debts, bonds, indentures or promissory notes giving the holder thereof the right to convert such instruments
into shares of Plantation Co.’s capital stock.

 

Section 5.04. Subsidiaries.
Plantation Co. does not have any direct or indirect subsidiaries.

 

Section 5.05.Sale of Exchange Shares.
Upon completion of the purchase and sale of the Exchange Shares, the Owners shall be the beneficial and record holder of the Exchange
Shares.

 

Section 5.06.Investment Risk.
The Owners understand that an investment in IMPC includes a high degree of risk, have such knowledge and experience in financial
and business matters, investments, securities and private placements as to be capable of evaluating the merits and risks of their
investment in the Exchange Shares, are each in a financial position to hold the Exchange Shares for an indefinite period of time,
and are each able to bear the economic risk of, and withstand a complete loss of such investment in the Exchange Shares.

 

Section 5.07.Cooperation. If
required by applicable securities laws or order of a securities regulatory authority, stock exchange or other regulatory authority,
the Owners shall execute, deliver, file and otherwise assist IMPC in filing such reports, undertakings and other documents as may
be required with respect to the issuance of the Exchange Shares.

 

Section 5.08.Tax Advice. The
Owners are solely responsible for obtaining such legal, including tax, advice as it considers necessary or appropriate in connection
with the execution, delivery and performance by them of this Agreement and the transactions contemplated herein.

 

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Section 5.09. Investment Representations.
All of the acknowledgements, representations, warranties and covenants set out in Exhibit A hereto are true and correct as of the
date hereof and as of the Closing Date as for each Owner.

 

Section 5.10.No Conflict. The
execution, delivery and performance of this Agreement and the completion of the transactions contemplated herein will not:

 

(a) violate any
provision of the Articles or Certificate of Incorporation, Bylaws or other charter or organizational document of Plantation Co.;

 

(b) violate, conflict
with or result in the breach of any of the terms of, result in any modification of the effect of, otherwise give any other contracting
party the right to terminate, or constitute (or with notice or lapse of time or both constitute) a default under, any contract
to which Plantation Co. or any Owner is a party or by or to which their assets or properties, including the Plantation Co. Shares,
may be bound or subject;

 

(c) violate any
order, judgment, injunction, award or decree of any court, arbitrator or governmental or regulatory body against, or binding upon,
or any agreement with, or condition imposed by, any governmental or regulatory body, foreign or domestic, binding upon Plantation
Co. or any Owner or upon the securities, assets or business of Plantation Co. and/or any Owner;

 

(d) violate any
statute, law or regulation of any jurisdiction as such statute, law or regulation relates to Plantation Co. and/or any Owner or
to the securities, properties or business of Plantation Co. and/or any Owner; or

 

(e) result in the
breach of any of the terms or conditions of, constitute a default under, or otherwise cause an impairment of, any permit or license
held by Plantation Co. and/or any Owner.

 

Section 5.11.Organizational Documents.

 

(a) The Owners have heretofore
delivered to IMPC true, correct and complete copies of Plantation Co.’s Articles of Incorporation or Association (or such
similar organizational documents), certified by the Companies Commission of Malaysia or such other governmental entity with the
power and authority to certify Plantation Co.’s incorporation documents and Bylaws or comparable instruments, certified by
the corporate secretary thereof.

 

(b) The minute
books of Plantation Co. accurately reflect all actions taken at all meetings by its shareholders, members or owners and consents
in lieu of meetings of its shareholders, members or owners, and all actions taken at all meetings and consents in lieu of meetings
of its board of directors or managing members from the date of incorporation to the date hereof.

 

Section 5.12.Compliance with Laws.
To the best of each Owners’ knowledge, neither Plantation Co. nor any of the Owners are in violation of any applicable order,
judgment, injunction, award or decree nor are they in violation of any federal, provincial, state, local, municipal or foreign
law, ordinance or regulation or any other requirement of any governmental or regulatory body, court or arbitrator, other than those
violations which, in the aggregate, would not have a material adverse effect on Plantation Co. or any Owner and have not received
written notice that any violation is being alleged.

 

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Section 5.13.Material Information.
This Agreement, the Schedules attached hereto and all other information provided in writing by the Owners, Plantation Co. or representatives
of either to IMPC or its legal representatives, taken as a whole, do not contain any untrue statement of a material fact or omit
to state a material fact necessary to make any statement contained herein or therein not misleading. There are no facts or conditions
which have not been disclosed to IMPC in writing which, individually or in the aggregate, could have a material adverse effect
on Plantation Co. and/or the Owners or a material adverse effect on the ability of the Owners to perform any of their obligations
pursuant to this Agreement.

 

Section 5.14. Actions and Proceedings.
There are no outstanding orders, judgments, injunctions, awards or decrees of any court, governmental or regulatory body or arbitration
tribunal against or involving Plantation Co. or any of the Owners. There are no actions, suits or claims or legal, regulatory,
administrative or arbitration proceedings pending or, to the knowledge of any of the Owners, threatened against or involving Plantation
Co. or any Owner, their respective assets or the Plantation Co. Shares.

 

Section 5.15. Operations. Except
as contemplated by this Agreement, since its date of incorporation, Plantation Co. has not:

 

(a)amended its
Certificate or Articles of Association or Bylaws (or similar document) or merged with or into or consolidated with any other person
or entity, subdivided or in any way reclassified any of its ownership interests or changed or agreed to change in any manner the
rights of its ownership interests or the character of its business;

 

(b)issued, reserved
for issuance, sold or redeemed, repurchased or otherwise acquired, or issued options or rights to subscribe to, or entered into
any contract or commitment to issue, sell or redeem, repurchase or otherwise acquire, any ownership interests or any bonds, notes,
debentures or other evidence or indebtedness; or

 

(c)made any loan
or advance to any manager, officer, director or employee, consultant, agent or other representative.

 

Section 5.16.Brokerage. The
Owners shall pay any brokerage, finder’s fee or other commission owed in connection with the transactions contemplated by
this Agreement.

 

 

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ARTICLE VI

COVENANTS AND AGREEMENTS OF OWNERS

 

Section 6.01.Conduct of Businesses
in the Ordinary Course. From the date of this Agreement to the Closing Date, the Owners shall cause Plantation Co. to conduct
its respective business substantially in the manner in which it is currently conducted.

 

Section 6.02.Preservation of Permits
and Services. From the date of this Agreement to the Closing Date, the Owners shall cause Plantation Co. to use its best efforts
to preserve any permits and licenses in full force and effect and to keep available the services, and preserve the goodwill, of
its present managers, officers, employees, agents, and consultants.

 

Section 6.03.Conduct Pending the
Closing Date. From the date of this Agreement to the Closing Date: (a) the Owners shall cause Plantation Co. to use its best
efforts to conduct its affairs in such a manner so that, except as otherwise contemplated or permitted by this Agreement, the representations
and warranties contained in Article V shall continue to be true and correct on and as of the Closing Date as if made on and as
of the Closing Date; and (b) the Owners shall promptly notify IMPC of any event, condition or circumstance that would constitute
a violation or breach of this Agreement by any of the Owners.

 

Section 6.04. Corporate Examinations
and Investigations. Prior to the Closing Date, IMPC shall be entitled, through its employees and representatives, to make such
reasonable investigation of the assets, liabilities, properties, business and operations of Plantation Co., and such examination
of the books, records, tax returns, results of operations and financial condition of Plantation Co. Any such investigation and
examination shall be conducted at reasonable times and under reasonable circumstances and the Owners and their employees and representatives,
including without limitation, their counsel and independent public accountants, shall cooperate fully with such representatives
in connection with such reasonable review and examination.

 

ARTICLE VII

COVENANTS AND AGREEMENTS OF IMPC

 

Section 7.01.Conduct of Businesses
in the Ordinary Course. From the date of this Agreement to the Closing Date, IMPC shall conduct its businesses substantially
in the manner in which it is currently conducted and shall not enter into any contract described in Section 4.10, or undertake
any of the actions specified in Sections 4.11.

 

Section 7.02. Litigation. From
the date of this Agreement to the Closing Date, IMPC shall notify the Owners of any actions or proceedings of the type described
in Section 4.07 that are threatened or commenced against IMPC or against any officer, director, employee, properties or assets
of IMPC and of any requests for information or documentary materials by any governmental or regulatory body in connection with
the transactions contemplated hereby.

 

Section 7.03.Conduct of IMPC Pending
the Closing. From the date hereof through the Closing Date:

 

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(a)IMPC shall use
its best efforts to conduct its affairs in such a manner so that, except as otherwise contemplated or permitted by this Agreement,
the representations and warranties contained in Article IV shall continue to be true and correct on and as of the Closing Date
as if made on and as of the Closing Date; and

 

(b)IMPC shall promptly
notify the Owners of any event, condition or circumstance occurring from the date hereof through the Closing Date that would constitute
a violation or breach of this Agreement by IMPC.

 

Section 7.04. Corporate Examinations
and Investigations. Prior to the Closing Date, the Owners shall be entitled, through employees and representatives, to make
any investigation of the assets, liabilities, properties, business and operations of IMPC; and such examination of the books, records,
tax returns, results of operations and financial condition of IMPC. Any such investigation and examination shall be conducted at
reasonable times and under reasonable circumstances and IMPC and its employees and representatives shall cooperate fully with such
representatives in connection with such reasonable review and examination.

 

ARTICLE VIII

CONDITIONS PRECEDENT TO THE OBLIGATION
OF IMPC TO CLOSE

 

The obligations of IMPC to be performed
by it at the Closing pursuant to this Agreement are subject to the fulfillment on or before the Closing Date, of each of the following
conditions, any one or more of which may be waived by it, to the extent permitted by law:

 

Section 8.01.Representations and
Covenants. (a) The representations and warranties of the Owners and Plantation Co. contained in this Agreement shall be
true and correct on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date, except
that any of such representations and warranties that are given as of a particular date and relate solely to a particular date or
period shall be true as of such date or period; and

 

(b)The Owners
and Plantation Co. shall have performed and complied with all covenants and agreements required by this Agreement to be performed
or complied with by them on or before the Closing Date. The Owners shall have delivered to IMPC a certificate, dated the Closing
Date, and signed by the Owners to the foregoing effect.

 

Section 8.02.Governmental Permits
and Approvals.

 

(a) All approvals, authorizations,
consents, permits and licenses from governmental and regulatory bodies required for the transactions contemplated by this Agreement
and to permit the business currently carried on by Plantation Co. to continue to be carried on substantially in the same manner
immediately following the Closing Date shall have been obtained and shall be in full force and effect, and IMPC shall have been
furnished with appropriate evidence, reasonably satisfactory to them, of the granting of such approvals, authorizations, consents,
permits and licenses; and

 

    	14

    	 

    

 

(b)There shall
not have been any action taken by any court, governmental or regulatory body then prohibiting or making illegal on the Closing
Date the transactions contemplated by this Agreement.

 

Section 8.03.Third Party Consents.
All consents, permits and approvals from parties to contracts with Plantation Co. that may be required in connection with the performance
by the Owners hereunder or the continuance of such contracts in full force and effect after the Closing Date, shall have been obtained.

 

Section 8.04.Litigation. No
action, suit or proceeding shall have been instituted and be continuing or be threatened by any person to restrain, modify or prevent
the carrying out of the transactions contemplated hereby, or to seek damages in connection with such transactions, or that has
or could have a material adverse effect on Plantation Co., the Owners, or on the Plantation Co. Shares.

 

Section 8.05Closing Documents.
The Owners shall have executed and delivered the documents described in Section 2.03 above.

 

ARTICLE IX

CONDITIONS PRECEDENT TO THE OBLIGATION
OF THE OWNERS TO CLOSE

 

The obligations of the Owners to be performed
by them at the Closing pursuant to this Agreement are subject to the fulfillment, on or before the Closing Date, of each the following
conditions, any one or more of which may be waived by him, to the extent permitted by law:

 

Section 9.01.Representations and
Covenants. (a) The representations and warranties of IMPC contained in this Agreement shall be true and correct on and
as of the Closing Date with the same force and effect as though made on and as of the Closing Date, except that any of such representations
and warranties that are given as of a particular date and relate solely to a particular date or period shall be true as of such
date or period; and

 

(b)IMPC shall have performed and
complied with all covenants and agreements required by this Agreement to be performed or complied with by it on or before the Closing
Date. IMPC shall have delivered to the Owners a certificate dated the Closing Date, and signed by an authorized signatory of IMPC
to the foregoing effect.

 

Section 9.02.Governmental Permits
and Approvals. (a) All approvals, authorizations, consents, permits and licenses from governmental and regulatory bodies
required for the transactions contemplated by this Agreement and to permit the business currently carried on by IMPC to continue
to be carried on substantially in the same manner immediately following the Closing Date shall have been obtained and shall be
in full force and effect, and the Owners shall have been furnished with appropriate evidence, reasonably satisfactory to them,
of the granting of such approvals, authorizations, consents, permits and licenses; and

 

    	15

    	 

    

 

(b)There shall not have been any
action taken by any court, governmental or regulatory body then prohibiting or making illegal on the Closing Date the transactions
contemplated by this Agreement.

 

Section 9.03.Litigation. No
action, suit or proceeding shall have been instituted and be continuing or be threatened by any person to restrain, modify or prevent
the carrying out of the transactions contemplated hereby, or to seek damages in connection with such transactions, or that has
or could have a material adverse effect on IMPC.

 

Section 9.04.Closing Documents.
IMPC shall have executed and delivered the documents described in Section 2.04 above.

 

ARTICLE X

TERMINATION

 

Section
10.01. Termination.

 

(a)Notwithstanding
anything to the contrary in this Agreement, this Agreement may be terminated and the Share Exchange and the other transactions
contemplated by this Agreement shall be abandoned at any time prior to the Closing:

 

(i)by
mutual written consent of the Owners and IMPC;

 

(ii)by
either the Owners or IMPC in the event that a temporary restraining order, preliminary or permanent injunction or other judicial
order preventing the consummation of the Share Exchange or any of the other transactions contemplated hereby shall have become
final and non-appealable; provided, that, the party seeking to terminate this Agreement pursuant to this clause
(ii) shall have used all commercially reasonable efforts to have such order, injunction or other order vacated;

 

(iii)by
IMPC if IMPC is not then in material breach of this Agreement and if there shall have been any breach by the Owners (which has
not been waived) of one or more of its representations or warranties, covenants or agreements set forth in this Agreement, which
breach or breaches (A) would give rise to the failure of a condition set forth in Article VIII, and (B) shall not have been cured
within thirty (30) days following receipt by the Owners of written notice of such breach, or such longer period in the event that
such breach cannot reasonably be expected to be cured within such 30-day period and the Owners are diligently pursuing such cure;

 

(v)by
the Owners if the Owners are not then in material breach of this Agreement and if there shall have been any breach by IMPC (which
has not been waived) of one or more of its representations or warranties, covenants or agreements set forth in this Agreement,
which breach or breaches (A) would give rise to the failure of a condition set forth in Article IX, and (B) shall not have been
cured within thirty (30) days following receipt by IMPC of written notice of such breach; or

 

    	16

    	 

    

 

(b)In
the event of termination by the Owners or IMPC pursuant to this Section 10.01, written notice thereof shall forthwith be given
to the other Party and the transactions contemplated by this Agreement shall be terminated, without further action by any Party.

 

Section
10.02. Effect of Termination. If this Agreement is terminated and the transactions contemplated hereby are abandoned
as described in Section 10.01, this Agreement shall become null and void and of no further force and effect, except for the provisions
of (i) Section 10.01 and this Section 10.02; and (ii) Section 11.01 relating to publicity. Nothing in this Section 10.02 shall
be deemed to release any Party from any liability for any breach by such Party of the terms, conditions, covenants and other provisions
of this Agreement or to impair the right of any Party to compel specific performance by any other Party of its obligations under
this Agreement.

 

ARTICLE XI

MISCELLANEOUS

 

Section 11.01.Public Notices.
The Parties agree that all notices to third parties and all other publicity concerning the transactions contemplated by this Agreement
shall be jointly planned and coordinated and no Party shall act unilaterally in this regard without the prior approval of the others,
such approval not to be unreasonably withheld.

 

Section 11.02.Time. Time shall
be of the essence hereof.

 

Section 11.03.Notices. Any notice
or other writing required or permitted to be given hereunder or for the purposes hereof shall be sufficiently given if delivered
or faxed to the Party to whom it is given or, if mailed, by prepaid registered mail addressed to such Party at:

 

if to the Owners, at:

 

No. 4361

Taman Aman Lukut

71010 Port Dickson

Negri Sembilan

Malaysia

 

if to IMPC, at:

 

IMPC Corp.

c/o W. Scott Lawler, Esq.

Booth Udall Fuller PLC

1255 W Rio Salado Pkwy #215

Tempe, AZ 85281

 

or at such other address as the Party to
whom such writing is to be given shall have last notified to the Party giving the same in the manner provided in this article.
Any notice mailed shall be deemed to have been given and received on the fifth Business Day next following the date of its mailing
unless at the time of mailing or within five (5) Business Days thereafter there occurs a postal interruption which could have the
effect of delaying the mail in the ordinary and usual course, in which case any notice shall only be effectively given if actually
delivered or sent by telecopy. Any notice delivered or faxed to the Party to whom it is addressed shall be deemed to have been
given and received on the Business Day next following the day it was delivered or faxed.

 

    	17

    	 

    

 

Section 11.04. Severability. If
a court of competent jurisdiction determines that any one or more of the provisions contained in this Agreement is invalid, illegal
or unenforceable in any respect in any jurisdiction, the validity, legality and enforceability of such provision or provisions
shall not in any way be affected or impaired thereby in any other jurisdiction and the validity, legality and enforceability of
the remaining provisions contained herein shall not in any way be affected or impaired thereby, unless in either case as a result
of such determination this Agreement would fail in its essential purpose.

 

Section 11.05.Entire Agreement.
This Agreement constitutes the entire agreement between the Parties and supersedes all prior agreements and understandings, oral
or written, by and between any of the Parties with respect to the subject matter hereof.

 

Section 11.06.Further Assurances.
The Parties shall with reasonable diligence, do all such things and provide all such reasonable assurances as may be required to
consummate the transactions contemplated by this Agreement, and each Party shall provide such further documents or instruments
required by the other Party as may be reasonably necessary or desirable to give effect to the purpose of this Agreement and carry
out its provisions whether before or after the Closing Date.

 

Section 11.07.Waiver. Except
as provided in this Article, no action taken or inaction pursuant to this Agreement will be deemed to constitute a waiver of compliance
with any warranties, conditions or covenants contained in this Agreement and will not operate or be construed as a waiver of any
subsequent breach, whether of a similar or dissimilar nature. No waiver of any right under this Agreement shall be binding unless
executed in writing by the Party to be bound thereby.

 

Section 11.08. Counterparts. This
Agreement may be executed in as many counterparts as may be necessary or by facsimile and each such counterpart agreement or facsimile
so executed shall be deemed to be an original and such counterparts and facsimile copies together shall constitute one and the
same instrument and shall be valid and enforceable.

 

    	18

    	 

    

 

IN WITNESS WHEREOF the Parties hereto have set their hand and
seal as of the day and year first above written.

 

	IMPERIAL PLANTATION CORPORATION,	 	OWNERS	 
	a Nevada corporation	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Robbie Chua	 	/s/ Chaw Eng Nang	 
	Name: Robbie Chua	 	Name: Chaw Eng Nang	 
	Title: President	 	 	 
	HUU HAQ RESOURCES SDN. BHD.,	 	 	 
	a Malaysian corporation	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Chaw Eng Nang	 	/s/ Lim Kok
Cheang	 
	Name: Chaw Eng Nang	 	Name: Lim Kok
Cheang	 
	Title: President	 	 	 

  

    	19

    	 

    

 

EXHIBIT A

 

Non-U.S. Person Certificate

 

June
____, 2015

Imperial Corporation

c/o W. Scott Lawler, Esq.

Booth Udall Fuller, PLC

1255 W. Rio Salado Parkway

Suite 215

Tempe, AZ 85281

 

Defined terms used but not defined herein
shall have the meaning ascribed to such terms in the Share Exchange Agreement (the “Share Agreement”) dated June 17,
2015, by and among IMPERIAL CORPORATION, a corporation organized under the laws of the State of Nevada (“IMPC”),
CHAW ENG NENG and LIM KOK CHEANG, each a resident of Malaysia (collectively referred to herein as the “Owners”) and
HUU HAQ RESOURCES SDN. BHD., a Malaysian corporation (“Plantation Co.”), whereby IMPC is acquiring from the
Owners all of issued and outstanding shares of Plantation Co. in exchange for 2 billion shares of IMPC’s common stock (“the
Shares”).

 

		1.	The undersigned hereby represents, warrants
and certifies that:

 

		(a)	It is not a “U.S. Person” (as such term is defined by Rule 902 of Regulation S under the U.S. Securities Act) and
is not acquiring the Shares, directly or indirectly, for the account or benefit of any U.S. person.
	 	 	 
	 	 	Rule 902 under the U.S. Securities Act, defines a
“U.S. Person” as:

 

		(A)	Any Natural person resident in the United States;

 

		(B)	Any partnership or corporation organized or incorporated under the laws of the United States;

 

		(C)	Any estate of which any execution or administrator is a U.S. Person;

 

		(D)	Any trust of which any trustee is a U.S. Person;

 

		(E)	Any agency or branch of a foreign entity located in the United States;

 

		(F)	Any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the
benefit or account of a U.S. Person;

 

		(G)	Any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized,
incorporated, or (if an individual) resident in the United States; and

 

    	1

    	 

    

 

		(H)	Any partnership or corporation if:

 

		(1)	Organized or incorporated under the laws of any foreign jurisdiction; and

 

		(2)	Formed by a U.S. Person principally for the purpose of investing in securities not registered under the Securities Act, unless
it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a) under the Securities Act) who are
not natural person, estates or trusts.

 

The following are not “U.S. Persons:

 

		(A)	Any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a Non-U.S.
Person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States;

 

		(B)	Any estate of which any professional fiduciary acting as executor or administrator is a U.S. Person if:

 

		(1)	An executor or administrator of the estate who is not a U.S. Person has sole or shared investment discretion with respect to
the assets of the estate; and

 

		(2)	The estate is governed by foreign law;

 

		(C)	Any trust of which any professional fiduciary acting as trustee is a U.S. Person, if a trustee who is not a U.S. Person has
sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settler if the trust
is revocable) is a U.S. Person;

 

		(D)	Any employee benefit established and administered in accordance with the law of a country other than the United States and
customary practices and documentation of such country;

 

		(E)	Any agency or branch of a U.S. person located outside the United States if:

 

		(1)	The agency or branch operates for valid business reasons; and

 

		(2)	The agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking
regulation, respectively, in the jurisdiction where located; and

 

		(F)	The International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development
Bank, the Asian Development Bank, the African Development Bank, the United Nations, and their agencies, affiliates and pension
plans, and any other similar international organizations, their agencies, affiliates and pension plans.

 

    	2

    	 

    

 

		(b)	The offer and scale of the Shares was made in an “offshore transaction” (as defined under Regulation S under the
U.S. Securities Act), in that:

 

		(i)	The undersigned was outside the United States at the time the buy order for such Shares was originated; and

 

		(ii)	The offer to sell the Shares was not made to the undersigned in the United States.

 

		(c)	The transaction (i) has not been pre-arranged with a purchaser located inside of the United States or is a U.S. Person, and
(ii) is not part of a plan or scheme to evade the registration requirements of the U.S. Securities Act.

 

		2.	The undersigned hereby covenants that:

 

		(a)	During the period prior to one year after the Closing (the “Restricted Period”) it will not engage in hedging
transactions with regard to the Shares unless such transactions are made in compliance with the U.S. Securities Act;

 

		(b)	If it decides to offer, sell or otherwise transfer any of the Shares, it will not offer, sell or otherwise transfer any of
such Shares directly or indirectly, unless:

 

		(i)	The sale is to the Company;

 

		(ii)	The sale is made outside the United States in a transaction meeting the requirements of Regulation S under the U.S. Securities
Act and in compliance with applicable local laws and regulations; provided, however, that during the period prior to
the expiration of the Restrictive Period no sale may be made to any U.S. Person or for the account or benefit of the U.S. person
(other than a distributor) and all purchasers of such Shares will be required to execute and deliver to the Company a certificate
substantially in the form hereof;

 

		(iii)	The sale is made in the United States pursuant to the exemption from the registration requirements under the U.S. Securities
Act provided by Rule 144 thereunder and in accordance with any applicable state securities or “blue sky” laws and the
purchaser has prior to such sale furnished to the Company an opinion of counsel reasonably satisfactory to the Company to the effect
that such transaction does not require registration pursuant to Rule 144 under the U.S. Securities Act;

 

		(iv)	The Shares are sold in the United States in a transaction that does not require registration under U.S. Securities Act or any
applicable state laws and regulations governing the offer and sale of securities, and it has prior to such sale furnished to the
Company an opinion of counsel reasonably satisfactory

 

    	3

    	 

    

 

		(v)	to the Company to the effect that such transaction does not require registration; or

 

		(vi)	The sale is made in the United States pursuant to an effective registration statement filed under the U.S. Securities Act.

 

		3.	The undersigned acknowledges and agrees
that:

 

		(a)	The Shares are and will be “restricted securities” as that term is defined in Rule 144 under the U.S. Securities
Act, and the certificates representing the Shares, as well as all certificates issued in exchange for or in substitution of the
foregoing, until such time as is no longer required under the applicable requirements of the U.S. Securities Act or applicable
state securities laws, will be subject to the terms of and bear, on the face of such certificate, a legend in substantially the
following for:
	 	 	 
	 	 	THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE "U.S. SECURITIES ACT") OR ANY STATE
SECURITIES LAWS, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES
ACT. THESE SECURITIES ARE RESTRICTED SECURITIES (AS DEFINED UNDER RULE 144 UNDER THE U.S. SECURITIES ACT) AND MAY NOT BE SOLD,
TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF FOR VALUE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S
PROMULGATED UNDER THE U.S. SECURITIES ACT, PURSUANT TO REGISTRATION UNDER THE U.S. SECURITIES ACT, OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM REGISTRATION THEREUNDER.
	 	 	 
	 	 	DURING THE PERIOD PRIOR TO JULY
____, 2016 [ONE YEAR AFTER THE CLOSING] (THE "RESTRICTED PERIOD"), THE SECURITIES REPRESENTED BY THIS CERTIFICATE
MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY WITHIN THE UNITED STATES, TO A U.S. PERSON (AS DEFINIED IN REGULATION S UNDER
THE U.S. SECURITIES ACT), OR FOR THE ACOUNT OR BENEFIT OF A U.S. PERSON, EXCEPT PURSUANT TO REGISTRATION UNDER THE U.S. SECURITIES
ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION THEREUNDER. DURING THE RESTRICTED PERIOD HEDGING TRANSACTIONS INVOLVING
THESE SECURITIES MAY NOT BE CONDUCTED UNLESS SUCH TRANSACTIONS ARE MADE IN COMPLIANCE WITH THE U.S. SECURITES ACT. THIS PARAGRAPH
SHALL HAVE NO FURTHER EFFECT SUBSEQUENT TO THE EXPIRATION OF THE RESTRICTED PERIOD AND THEREAFTER MAY BE REMOVED.

 

		(b)	The Company will refuse to register any sale of Shares made in breach of the provisions hereof.

 

		(c)	The addressees of this certificate and others will rely upon the truth and accuracy of the foregoing acknowledgements, representations,
warranties and agreements, and irrevocably authorizes the addressees of this certificate to produce the same or a copy thereof
to any interested party in any administrative or legal proceeding or official enquiry with respect to the matters set forth herein.
The undersigned further agrees that if any of acknowledgements, representations, warranties or agreements made herein is no longer
accurate, it shall promptly notify the Company

 

    	4

    	 

    

 

	June 19, 2015	 	June 19, 2015	 
	Dated	 	Dated	 
	 	 	 	 
	/s/ Chaw Eng Neng	 	/s/ Lim Kok
Cheang	 
	Name: Chaw Eng Neng	 	Name: Lim Kok Cheang	 

 

 

 

 

 

 

 

 

 

 

 

 

    	5annualcashbonusplanamended.htm

CONSOLIDATED-TOMOKA LAND CO.

ANNUAL CASH BONUS PLAN

 

1. Purpose.  The purpose of the Consolidated-Tomoka Land Co. Annual Cash Bonus Plan (the “Plan”) is to create a mutuality of interest between management and shareholders of Consolidated-Tomoka Land Co. (the “Company”) through a bonus structure designed to reward actions that will increase long-term shareholder value.

 

2. Eligibility.  The participants in the Plan shall be those eligible Company officers and managers (“CTO Employee”) whose participation in the Plan has been approved by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company.  To be eligible, the CTO Employee must be employed by the Company or one of its subsidiaries as a full-time employee from January 1 through December 31 of the bonus plan year, unless otherwise recommended by the Committee and approved by the Board.

 

3. Administration of Plan.  The Plan shall be administered by the Committee.  The Committee shall have the authority to select CTO Employees to participate in the Plan (the “Plan Participant”), to determine performance goals and the bonus amounts to be paid upon achievement of the performance goals, to determine other terms and conditions of awards under the Plan, to establish and amend rules and regulations relating to the Plan, and to make all other determinations necessary and advisable for the administration of the Plan.  The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any award in the manner and to the extent it shall deem desirable to carry it into effect.  All decisions made by the Committee pursuant to the Plan shall be made in the Committee's sole and absolute discretion and shall be final and binding on officers, Plan Participants, and the Company.

 

4. Performance Awards.  The Plan performance criteria are designed to incentivize those management actions by CTO Employees that best serve the short and long-term interest of the Company’s shareholders, as determined by the goals and objectives set annually by the Board.  Discretionary awards will be based on the subjective evaluation and recommendation of the Committee to the full Board.  Bonuses will be paid no later than March 15 following the end of the bonus Plan year.

 

In the first quarter of each Plan year, the Board upon the recommendation of the Committee will determine the potential bonus pool, adopt specific annual goals related to each criteria, approve a list of Plan Participants, and potential bonus award (“PBA”) for a 100 percent rating.

 

The maximum PBA payouts, determined as a percentage of annual base salary, are as follows:

 

· Chief Executive Officer           up to 100%

· Other Executive Officers         up to 55%

· Vice Presidents                       up to 45%

· Managers                                up to 35%

 

The Board Chairman shall make bonus recommendations to the Committee annually regarding the performance of the CEO pursuant to the Plan and any applicable employment agreement, and the CEO shall make bonus recommendations to the Committee as to all other Plan Participants pursuant to the Plan and any applicable employment agreement.  The Committee will review these recommendations and make its recommendations to the Board for final approval of the annual cash bonuses to be awarded and paid by the Company.

 

The performance criteria to be used under the Plan are:

 

· Stock Performance and Investor Outreach (20%)

· Financial Performance (20%)

· Land Transactions (20%)

· Investment Activity (20%)

· Risk Management (10%)

· Executive Leadership (10%)

 

Each performance criterion will comprise the indicated percentage of each Plan Participant’s total PBA, or such other percentage as determined at the beginning of the Plan year by the Committee.  At the end of the Plan year, the Committee will rate each Plan Participant’s performance in relation to each of the criteria.  The cumulative score for each Plan Participant will be multiplied by the PBA to determine the individual’s bonus.

 

The Committee may, with the approval of the Board, increase or decrease an individual Plan Participant’s award.  For the avoidance of doubt, the Committee may, with the approval of the Board, exclude non-recurring, one-time items from the measurements of the above performance criteria for the purposes of determining the achievement of the performance criteria and the specific underlying goal.  Further, the Committee may, with the approval of the Board, increase the awards recommended for a Plan Participant above 100% of the total opportunity available to the Plan Participant pursuant to the Plan and, as applicable, any employment agreements for individual Plan Participants.

 

a. Stock Performance and Investor Outreach.  One of the most objective measures that the Company’s shareholders use to gauge the Company’s performance is the market price of the Company’s stock.  In addition, an important part of management’s role is investor outreach, whereby management engages the investor community on a recurring basis through investor presentations, one-on-one investor meetings, and participation at industry conferences.  Annually, the Committee will evaluate the performance of the Company’s stock price relative to the market as a whole and relative to the Company’s peer group.  The Committee will also take into consideration management’s efforts and success in investor outreach initiatives.  Performance awards can range from zero percent to a maximum of 20 percent of the PBA.

 

b. Financial Performance.  The long-term viability of the Company is based on, among other things, consistent profitability and generation of cash flows, which general reflects successful land dispositions, investment activities, management of the Company’s capital structure, and fiscal discipline in terms of managing general and administrative expenses.  Annual earnings per share (“EPS”), based on generally accepted accounting principles, is an important measure underlying the Company’s financial performance, as is profitability and cash flow generation.  The Company’s financial performance overall can be objectively measured by a variety of metrics, including earnings per share (“EPS Metric”), increases in the Company’s book value (“Book Value Metric”), the level of general and administrative expense in total dollars and relative to the Company’s market capitalization (“G&A Metric”), and the Company’s capital structure including the cost of capital (“Capital Structure Metric”).  Annually the Committee will evaluate the Company’s actual performance with respect to such metrics compared to annual target goals set by the Board, which annual target goals will include, at a minimum, an EPS Metric, a Book Value Metric, a G&A Metric and a Capital Structure Metric, except where, in the Committee’s judgment, circumstances warrant the addition or deletion of any such item (the “Financial Performance Goals”).  Performance awards will be based on the percentage of the Financial Performance Goals achieved.  Performance awards can range from zero percent to a maximum of 20 percent of the PBA.

 

c. Land Transaction Activity.  The Company’s long-term success depends upon management’s ability to strategically monetize the Company’s portfolio of undeveloped land in Daytona Beach.  At the beginning of each Plan year, the Committee will establish goals for management regarding the level of land transactions targeted for the year (the “Land Transaction Goals”).  Annually, the Committee will evaluate management's achievement of these Land Transaction Goals.  The Committee may, in its discretion, also recognize management’s other actions that enhance or preserve long-term value of the Company’s land holdings which may not result in sale transactions closing in the current year.  Performance awards can range from zero percent to a maximum of 20 percent of the PBA.

 

d. Investment Transaction Activity.  Each year the Company’s adopted business plan includes specific annual performance goals and objectives related to the acquisition, oversight and disposal of income producing assets including single-tenant commercial properties, multi-tenant commercial properties, real estate loan originations and acquisitions, securities and other financial instruments backed by commercial real estate, or for self-development of income producing assets (collectively the “Investment Goals”).  These Investment Goals could include specific measurements related to the total dollar level of acquisitions or investment targets, utilization of leverage for targeted acquisitions, strategic dispositions of existing income producing assets, or development activities related to the self-development of income producing assets, including the achievement of self-development milestones such as project design, permitting, horizontal and vertical development, leasing, and other related goals or other related activities pertaining to roads and other infrastructure.  Annually, the Committee will evaluate each Plan Participant’s performance relative to the Company’s attainment of the Investment Goals.  Performance awards can range from zero percent up to a maximum of 20 percent of the PBA.

 

e. Risk Management.  Risk Management is critically important in the success of the Company.  Risk Management includes areas of the Company’s operations including but not limited to insurance, disaster recovery and business continuity, compliance with regulatory requirements or contractual agreements, implementation of and adherence to policies related to limits of authority, and other areas of oversight and management of key policies and procedures of the Company to include internal controls over financial reporting.  Unsatisfactory performance in these areas or significant weaknesses in the execution of the policies, procedures and internal controls related to these areas can adversely impact the Company’s operations, regulatory compliance and reputation of the enterprise.  Sales contracts, leases, and other contractual agreements with public and private entities expose the Company to potential short and long-term risks.  The Company’s common stock is publicly traded and therefore the Company operates in a highly regulated environment relative to the national market on which the Company’s stock trades and the regulatory agencies and institutions who exercise authority over publicly traded companies.  The Company operates in multiple states in the United States and is therefore subject to Federal, State, and local regulations and taxing conventions and structures.  Regulations are subject to continual change, and management must be diligent in anticipating these trends and making appropriate adjustments in the Company’s strategy, business practices, and organizational structure to minimize or mitigate the resulting impact or risk to the Company and its business and operations.  National, regional, and local market conditions are also continually changing, which may affect the Company’s business and impact the risks encountered by the Company.  Management must be diligent in anticipating these changes, and make necessary and appropriate adjustments within its authority; and when necessary, make recommendations to the Board on policy changes to minimize or mitigate the applicable risks.  Annually, the Committee will evaluate management’s overall performance in all areas of risk management including, but not limited to, monitoring current debt levels and terms, cash flows, project costs, budgets and other targeted goals.  Performance awards can range from zero percent up to a maximum of 10 percent of the PBA.

f. Executive Leadership.  In order to achieve the Company’s strategic goals and to improve the long-term enterprise value of the Company, it is necessary for the executive leaders of the Company to both develop relationships with local elected, appointed, or other government officials, and regulators, as well as, promote the support of the local business community and general electorate.  Externally, the executive leaders of the Company and members of management must be proactively involved in various aspects of the local community to advance a positive image of the Company and to help promote the Company’s interests.  Internally, the executive leaders of the Company and management must provide effective leadership, direction, and positive motivation to Company employees.  Annually the Committee will evaluate management’s overall external and internal leadership performance.  Performance awards can range from zero percent up to a maximum of 10 percent of the PBA.

 

5. Discretionary Awards.  Upon the recommendation of the Committee, the Board, in its sole discretion, may also award discretionary cash bonuses to Plan Participants whose performance is determined to have been outstanding during the Plan year or otherwise merit a special one-time cash bonus.

 

6. Participant’s Interests.  A Plan Participant’s interest in any awards shall at all times be reflected on the Company’s books as a general unsecured and unfunded obligation of the Company subject to the terms and conditions of the Plan.  The Plan shall not give any person any right or security interest in any asset of the Company or any fund in which any deferred payment is deemed invested.  The Company, the Board, and the Committee shall not be responsible for the adequacy of the general assets of the Company to discharge, or required to reserve or set aside funds for, the payment of its obligations hereunder.

 

7. Non-Alienation of Benefits; Beneficiary Designation.  All rights and benefits under the Plan are personal to the Plan Participant and neither the Plan nor any right or interest of a Plan Participant or any other person arising under the Plan is subject to voluntary or involuntary alienation, sale, transfer, or assignment.  Subject to the foregoing, the Company shall establish such procedures as it deems necessary for a Plan Participant to designate one or more beneficiaries to whom any payment the Committee determines to make would be payable in the event of the Plan Participant’s death.

 

8. Withholding for Taxes.  Notwithstanding any other provisions of this Plan, the Company may withhold from any payment made by it under the Plan such amount or amounts as may be required for purposes of complying with any federal, state and local tax or withholding requirements.

 

9. Rights of Employees.  Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate a Plan Participant’s employment at any time, or confer upon any Plan Participant any right to continued employment with the Company or any of its subsidiaries or affiliates.  A Plan Participant shall not be entitled to any claim or recourse if any action or inaction by the Company, or any other circumstance or event, including any circumstance or event outside the control of the Plan Participant, adversely affects the ability of the Plan Participant to satisfy a performance goal or in any way prevents the satisfaction of a performance goal.

 

10. Adjustment of Awards.  The Committee shall be authorized to make adjustments in the method of calculating attainment of performance goals in recognition of unusual or nonrecurring events affecting the Corporation or its consolidated financial statements or changes in applicable laws, regulations or accounting principles.

 

11. Amendment or Termination.  The Plan is provided at the discretion of the Company and the Board.  The Board reserves the right to modify, or terminate the Plan with or without notice.

 

 

Adopted by the Board of Directors on April 28, 2010

Amended and adopted by the Board of Directors on January 22, 2014

Amended and adopted by the Board of Directors on January 28, 2015

Amended and adopted by the Board of Directors on April 22, 2015

Amended and adopted by the Board of Directors on July 22, 2015

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