Document:

exv10w5

 

Exhibit 10.5

RESTRICTED STOCK AWARD AGREEMENT

CRAFTMADE INTERNATIONAL, INC.

2006 LONG-TERM INCENTIVE PLAN

Pursuant to the 2006 Long-Term Incentive Plan (the “Plan”) of Craftmade International, Inc., a
Delaware corporation (the “Company”),

 

(the “Participant”)

has been granted a Restricted Stock Award in accordance with Section 6.4 of the Plan.

     1. Terms of Award. The number of shares of Common Stock awarded under this Award
Agreement (this “Agreement”) is                                 shares (the “Awarded Shares”). The Date of Grant of
this Award is                     , 20___. [Delete if no purchase price: The purchase price per share
for the Awarded Shares is $                     per share (which is equal to or greater than the Fair Market
Value of a share of Common Stock as of the Date of Grant).]

     2. Subject to Plan. This Agreement is subject to the terms and conditions of the
Plan, and the terms of the Plan shall control to the extent not otherwise inconsistent with the
provisions of this Agreement. To the extent the terms of the Plan are inconsistent with the
provisions of this Agreement, this Agreement shall control. The capitalized terms used herein that
are defined in the Plan shall have the same meanings assigned to them in the Plan. This Agreement
is subject to any rules promulgated pursuant to the Plan by the Board or the Committee and
communicated to the Participant in writing.

     3. Vesting. Except as specifically provided in this Agreement and subject to certain
restrictions and conditions set forth in the Plan, the Awarded Shares shall be vested as follows:

     a.                      percent (___%) of the total Awarded Shares shall vest on the first
anniversary of the Date of Grant, provided the Participant is employed by (or, if the
Participant is a Consultant or an Outside Director, is providing services to) the Company or
a Subsidiary on that date.

     b. An additional                      percent (___%) of the total Awarded Shares shall vest on
the second anniversary of the Date of Grant, provided the Participant is employed by (or, if
the Participant is a Consultant or an Outside Director, is providing services to) the
Company or a Subsidiary on that date.

     c. An additional                      percent (___%) of the total Awarded Shares shall vest on
the third anniversary of the Date of Grant, provided the Participant is employed by (or, if
the Participant is a Consultant or an Outside Director, is providing services to) the
Company or a Subsidiary on that date.

     d. The remaining                      percent (___%) of the total Awarded Shares shall vest on
the fourth anniversary of the Date of Grant, provided the Participant is employed by (or, if
the Participant is a Consultant or an Outside Director, is providing services to) the
Company or a Subsidiary on that date.

Notwithstanding the foregoing, the vesting of all Awarded Shares shall automatically accelerate in
full upon the occurrence of a Change in Control.

 

 

     4. Forfeiture of Awarded Shares. Awarded Shares that are not vested in accordance with
Section 3 shall be forfeited on the date of the Participant’s Termination of Service. Upon
forfeiture, all of the Participant’s rights with respect to the forfeited Awarded Shares shall
cease and terminate, without any further obligations on the part of the Company. [Delete if no
purchase price: The Company {shall be obligated to/may, in its sole discretion, elect to} pay the
Participant, as soon as practicable after the event causing forfeiture, in cash, an amount equal to
the lesser of the total consideration paid by the Participant for such forfeited shares or the Fair
Market Value of such forfeited shares as of the date of Termination of Service, as the Committee,
in its sole discretion shall select.]

     5. Restrictions on Awarded Shares. Awarded Shares that are not vested in accordance
with Section 3 and which are subject to forfeiture in accordance with Section 4
shall be subject to the terms, conditions, provisions, and limitations of this Section 5.

     (a) Subject to the provisions of the Plan and the other terms of this Agreement, from
the Date of Grant until the date the Awarded Shares are vested in accordance with
Section 3 and no longer subject to forfeiture in accordance with Section 4
(the “Restriction Period”), the Participant shall not be permitted to sell, transfer, pledge
or assign shares any of the Awarded Shares.

     (b) Except as provided in paragraph (a) above, the Participant shall have, with respect
to his or her Awarded Shares, all of the rights of a stockholder of the Company, including
the right to vote the shares, and the right to receive any dividends thereon.

     6. Legend. The following legend shall be placed on all certificates representing
Awarded Shares:

     On the face of the certificate:

“Transfer of this stock is restricted in accordance with
conditions printed on the reverse of this certificate.”

     On the reverse:

“The shares of stock evidenced by this certificate are
subject to and transferable only in accordance with that
certain Craftmade International, Inc. 2006 Long-Term
Incentive Plan, a copy of which is on file at the principal
office of the Company in Coppell, Texas. No transfer or
pledge of the shares evidenced hereby may be made except in
accordance with and subject to the provisions of said Plan.
By acceptance of this certificate, any holder, transferee or
pledgee hereof agrees to be bound by all of the provisions
of said Plan.”

     The following legend shall be inserted on a certificate evidencing Common Stock issued under
the Plan if the shares were not issued in a transaction registered under the applicable federal and
state securities laws:

“Shares of stock represented by this certificate have been
acquired by the holder for investment and not for resale,
transfer or distribution, have been issued pursuant to
exemptions from the

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registration requirements of applicable state and federal
securities laws, and may not be offered for sale, sold or
transferred other than pursuant to effective registration
under such laws, or in transactions otherwise in compliance
with such laws, and upon evidence satisfactory to the
Company of compliance with such laws, as to which the
Company may rely upon an opinion of counsel satisfactory to
the Company.”

     All Awarded Shares owned by the Participant shall be subject to the terms of this Agreement
and shall be represented by a certificate or certificates bearing the foregoing legend.

     7. Delivery of Certificates. Certificates for Awarded Shares free of restriction
under this Agreement shall be delivered to the Participant promptly after, and only after, the
Restriction Period has expired without forfeiture pursuant to Section 4. In connection
with the issuance of a certificate for Restricted Stock, the Participant shall endorse such
certificate in blank or execute a stock power in a form satisfactory to the Company in blank and
deliver such certificate and executed stock power to the Company.

     8. Voting. The Participant, as record holder of the Awarded Shares, has the exclusive
right to vote, or consent with respect to, such Awarded Shares until such time as the Awarded
Shares are transferred in accordance with this Agreement or a proxy is granted pursuant to
Section 9 below; provided, however, that this Section 9 shall not
create any voting right where the holders of such Awarded Shares otherwise have no such right.

     9. Proxies. The Participant may not grant a proxy to any person, other than a
revocable proxy not to exceed 30 days in duration granted to another stockholder for the sole
purpose of voting for directors of the Company.

     10. Representations, Etc. Each spouse individually is bound by, and such spouse’s
interest, if any, in any Awarded Shares is subject to, the terms of this Agreement. Nothing in
this Agreement shall create a community property interest where none otherwise exists.

     11. Simultaneous Death. If Participant and his or her spouse both suffer a common
accident or casualty which results in their respective deaths within 60 days of each other, it
shall be conclusively presumed, for the purpose of this Agreement, that the Participant died first
and the spouse died thereafter.

     12. Specific Performance. The parties acknowledge that remedies at law will be
inadequate remedies for breach of this Agreement and consequently agree that this Agreement shall
be enforceable by specific performance. The remedy of specific performance shall be cumulative of
all of the rights and remedies at law or in equity of the parties under this Agreement.

     13. Participant’s Representations. Notwithstanding any of the provisions hereof, the
Participant hereby agrees that he or she will not acquire any Awarded Shares, and that the Company
will not be obligated to issue any Awarded Shares to the Participant hereunder, if the issuance of
such shares shall constitute a violation by the Participant or the Company of any provision of any
law or regulation of any governmental authority. Any determination in this connection by the
Company shall be final, binding, and conclusive. The obligations of the Company and the rights of
the Participant are subject to all applicable laws, rules, and regulations.

     14. Investment Representation. Unless the Common Stock is issued to him or her in a
transaction registered under applicable federal and state securities laws, by his or her execution
hereof, the Participant

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represents and warrants to the Company that all Common Stock which [is granted/may be
purchased] hereunder will be acquired by the Participant for investment purposes for his or her own
account and not with any intent for resale or distribution in violation of federal or state
securities laws. Unless the Common Stock is issued to him or her in a transaction registered under
the applicable federal and state securities laws, all certificates issued with respect to the
Common Stock shall bear an appropriate restrictive investment legend and shall be held
indefinitely, unless they are subsequently registered under the applicable federal and state
securities laws or the Participant obtains an opinion of counsel, in form and substance
satisfactory to the Company and its counsel, that such registration is not required.

     15. Participant’s Acknowledgments. The Participant acknowledges that a copy of the
Plan has been made available for his or her review by the Company, and represents that he or she is
familiar with the terms and provisions thereof, and hereby accepts this Award subject to all the
terms and provisions thereof. The Participant hereby agrees to accept as binding, conclusive, and
final all decisions or interpretations of the Committee or the Board, as appropriate, upon any
questions arising under the Plan or this Agreement.

     16. Law Governing. This Agreement shall be governed by, construed, and enforced in
accordance with the laws of the State of Delaware (excluding any conflict of laws rule or principle
of Delaware law that might refer the governance, construction, or interpretation of this agreement
to the laws of another state).

     17. No Right to Continue Service or Employment. Nothing herein shall be construed to
confer upon the Participant the right to continue in the employ or to provide services to the
Company or any Subsidiary, whether as an Employee or as a Consultant or as an Outside Director, or
interfere with or restrict in any way the right of the Company or any Subsidiary to discharge the
Participant as an Employee, Consultant or Outside Director at any time.

     18. Legal Construction. In the event that any one or more of the terms, provisions,
or agreements that are contained in this Agreement shall be held by a court of competent
jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the invalid,
illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision,
or agreement that is contained in this Agreement and this Agreement shall be construed in all
respects as if the invalid, illegal, or unenforceable term, provision, or agreement had never been
contained herein.

     19. Covenants and Agreements as Independent Agreements. Each of the covenants and
agreements that are set forth in this Agreement shall be construed as a covenant and agreement
independent of any other provision of this Agreement. The existence of any claim or cause of
action of the Participant against the Company, whether predicated on this Agreement or otherwise,
shall not constitute a defense to the enforcement by the Company of the covenants and agreements
that are set forth in this Agreement.

     20. Entire Agreement. This Agreement together with the Plan supersede any and all
other prior understandings and agreements, either oral or in writing, between the parties with
respect to the subject matter hereof and constitute the sole and only agreements between the
parties with respect to the said subject matter. All prior negotiations and agreements between the
parties with respect to the subject matter hereof are merged into this Agreement. Each party to
this Agreement acknowledges that no representations, inducements, promises, or agreements, orally
or otherwise, have been made by any party or by anyone acting on behalf of any party, which are not
embodied in this Agreement or the Plan and that any agreement, statement or promise that is not
contained in this Agreement or the Plan shall not be valid or binding or of any force or effect.

4

 

     21. Parties Bound. The terms, provisions, and agreements that are contained in this
Agreement shall apply to, be binding upon, and inure to the benefit of the parties and their
respective heirs, executors, administrators, legal representatives, and permitted successors and
assigns, subject to the limitation on assignment expressly set forth herein. No person or entity
shall be permitted to acquire any Awarded Shares without first executing and delivering an
agreement in the form satisfactory to the Company making such person or entity subject to the
restrictions on transfer contained in Section 5 hereof.

     22. Modification. No change or modification of this Agreement shall be valid or
binding upon the parties unless the change or modification is in writing and signed by the parties;
provided, however, that the Company may change or modify this Agreement without the Participant’s
consent or signature if the Company determines, in its sole discretion, that such change or
modification is necessary for purposes of compliance with or exemption from the requirements of
Section 409A of the Code or any regulations or other guidance issued thereunder. Notwithstanding
the preceding sentence, the Company may amend the Plan to the extent permitted by the Plan.

     23. Headings. The headings that are used in this Agreement are used for reference and
convenience purposes only and do not constitute substantive matters to be considered in construing
the terms and provisions of this Agreement.

     24. Gender and Number. Words of any gender used in this Agreement shall be held and
construed to include any other gender, and words in the singular number shall be held to include
the plural, and vice versa, unless the context requires otherwise.

     25. Notice. Any notice required or permitted to be delivered hereunder shall be
deemed to be delivered only when actually received by the Company or by the Participant, as the
case may be, at the addresses set forth below, or at such other addresses as they have theretofore
specified by written notice delivered in accordance herewith:

     (a) Notice to the Company shall be addressed and delivered as
follows:

           Craftmade International, Inc.

           Attn:

           Facsimile:

     (b) Notice to the Participant shall be addressed and delivered as set forth on the
signature page.

     26. Tax Requirements. The Participant is hereby advised to consult immediately with
his or her own tax advisor regarding the tax consequences of this Agreement, the method and timing
for filing an election to include this Agreement in income under Section 83(b) of the Code, and the
tax consequences of such election. By execution of this Agreement, the Participant agrees that if
the Participant makes such an election, the Participant shall provide the Company with written
notice of such election in accordance with the regulations promulgated under Section 83(b) of the
Code. The Company or, if applicable, any Subsidiary (for purposes of this Section 26, the
term “Company” shall be deemed to include any applicable Subsidiary), shall have the right to
deduct from all amounts paid in cash or other form in connection with the Plan, any Federal, state,
local, or other taxes required by law to be withheld in connection with this Award. The Company
may, in its sole discretion, also require the Participant receiving shares of Common Stock issued
under the Plan to pay the Company the amount of any taxes that the Company is required to withhold
in connection with the

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Participant’s income arising with respect to this Award. Such payments shall be required to
be made when requested by Company and may be required to be made prior to the delivery of any
certificate representing shares of Common Stock. Such payment may be made (i) by the delivery of
cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares
under (iii) below) the required tax withholding obligations of the Company; (ii) if the Company, in
its sole discretion, so consents in writing, the actual delivery by the Participant to the Company
of shares of Common Stock that the Participant has not acquired from the Company within six (6)
months prior thereto, which shares so delivered have an aggregate Fair Market Value that equals or
exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding
payment; (iii) if the Company, in its sole discretion, so consents in writing, the Company’s
withholding of a number of shares to be delivered upon the vesting of this Award, which shares so
withheld have an aggregate Fair Market Value that equals (but does not exceed) the required tax
withholding payment; or (iv) any combination of (i), (ii), or (iii). The Company may, in its sole
discretion, withhold any such taxes from any other cash remuneration otherwise paid by the Company
to the Participant.

*******************

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     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer, and the Participant, to evidence his or her consent and approval of all the
terms hereof, has duly executed this Agreement, as of the date specified in Section 1
hereof.

	 	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	CRAFTMADE INTERNATIONAL, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	PARTICIPANT:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Signature	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Address:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	 

	 	 

7exv10w1

 

Exhibit 10.1

AXCESS INTERNATIONAL INC.

3208 Commander Drive

Carrollton, Texas 75006

December 1, 2006

_________

_________

_________

     Re: Stock Purchase Agreement

Ladies and Gentlemen:

     This Agreement sets forth the terms and conditions on which Axcess International Inc., a
Delaware Corporation, of 3208 Commander Drive, Carrollton, Texas, 75006 (the “Company”) will issue
and sell to ______(the “Purchaser”) shares of Series 2006B Preferred Stock of the Company, par
value $0.01 per share (the “Preferred”) and Series 2006B Warrants (the “Warrants”) which provide
the right to purchase shares of the Company’s Common Stock.

     1. Type of Security and Purchase Price. The Purchaser hereby agrees to subscribe for
and purchase from the Company, and the Company hereby agrees to issue and sell to the Purchaser
______Preferred Shares and ______Warrants. The purchase price
shall be ______payable in cash. Preferred shares shall bear no dividends. The
Warrants shall have an exercise life of five (5) years following closing and the exercise price of
the warrants is Two Dollar and no Cents ($2.00). Each Warrant will be callable by the Company if
and when the Company’s common stock share price exceeds $5.00 per share for 20 consecutive trading
days. The purchase and sale shall be effective as of December 1, 2006 (the “Effective Date”).

     2. Purchase Dates and Delivery of Shares. The Company closed on the sale during
December of 2006. Upon its receipt of the purchase price, the Company shall issue and sell to the
Purchaser the number of Preferred and Warrants based on paragraph 1 above. On and as of the
Effective Date, the Company shall execute and deliver to the Purchaser stock and warrant
certificates in proper form representing the Shares.

     3. Securities Act Legend; Registration Rights.

          3.1 The Shares will not be registered under the Securities Act of 1933, as amended (the
“Securities Act”). Prior to registration, certificates representing the Shares shall bear a
restrictive legend substantially to the effect of the following:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, OR APPLICABLE STATE SECURITIES LAWS, OR THE SECURITIES LAWS OF ANY OTHER
JURISDICTION. THEY MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER THOSE SECURITIES LAWS OR

 

 

PURSUANT TO AN EXEMPTION THEREFROM. ADDITIONAL RESTRICTIONS REGARDING THE TERMS
UNDER WHICH THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE CONVERTED INTO
NON-VOTING COMMON STOCK OF THE COMPANY ARE SET FORTH IN THE CERTIFICATE OF
DESIGNATIONS, PREFERENCES, POWERS AND RIGHTS OF THE SERIES 2003 PREFERRED STOCK.

          3.2 The Company has committed to register the Common Stock Underlying the Series 2006B
Preferred Stock and Warrants under Form SB-2 (or comparable form, the “Registration Statement”)
within 90 days of the date of the last closing of the 2006B Preferred Equity and to make its best
efforts to have the Registration Statement declared effective at the earliest possible date.

     4. Representations and Warranties by the Company. The Company hereby represents and
warrants to the Purchaser as follows:

          4.1 The Company is a corporation duly organized, validly existing and in good standing under
the laws of the State of Delaware, and has the corporate power and authority to execute and deliver
this Agreement, to issue the Shares on the basis described herein and otherwise to perform its
obligations under this Agreement.

          4.2 The execution and delivery by the Company of this Agreement, the issuance of the Shares,
and the performance by the Company of its obligations hereunder, have been duly authorized by all
requisite corporate action on the part of the Company and will not (i) violate any provision of
law, statute, rule or regulation or any order of any court or other agency of government, (ii)
conflict with or violate the Certificate of Incorporation (after amendment to authorize the
additional shares of non-voting common stock) or By-Laws of the Company, in each case as amended,
or (iii) violate, conflict with or constitute (with due notice or lapse of time or both) a default
under any indenture, mortgage, lease, license, agreement or other contract or instrument or result
in the creation or imposition of any lien, charge or encumbrance of any nature upon the properties
or assets of the Company or any of its subsidiaries, in each case if such violation, conflict,
default, lien, charge or encumbrance would have a material adverse effect on the Company.

4.3 This Agreement has been duly executed and delivered by the Company and constitutes the
valid and legally binding obligation of the Company, enforceable in accordance with its terms,
except to the extent the enforceability hereof may be limited by applicable bankruptcy,
moratorium or similar laws affecting the rights of creditors generally.

     4.4 Based in part upon the representations and warranties of the Purchaser contained in
this Agreement, no registration or filing with, or consent or approval of, or other action by, any
federal, state or other governmental department, commission, board, bureau, agency or
instrumentality or any third party is or will be necessary for the execution and delivery of this
Agreement by the Company and the issuance of the Shares hereunder, other than the filing of a
notice of sale on Form D with the Securities and Exchange Commission and any other required
jurisdictions in accordance with the rules and regulations thereof under the Securities Act and
applicable state law.

          4.5 The Preferred Shares are duly authorized, validly issued, fully paid and non-assessable
shares of Series 2006B Preferred Stock, and are not subject to any preemptive rights.

 

 

     5. Representations and Warranties of the Purchaser. The Purchaser hereby represents
and warrants to the Company as follows:

          5.1 The Purchaser is acquiring the Shares for its own account, for investment and not with a
view to the distribution thereof within the meaning of the Securities Act.

          5.2 The Purchaser understands that the Shares have not been registered under the Securities
Act, by reason of their issuance by the Company in transactions exempt from the registration
requirements of the Securities Act, and that the Common shares must be held by the Purchaser until
registered under the Securities Act.

          5.3 The Purchaser further understands that the exemption from registration afforded by Rule
144 (the provisions of which are known to it) promulgated under the Securities Act depends on the
satisfaction of various conditions, and that, if applicable, Rule 144 may afford the basis for
sales only in limited amounts, after compliance with the holding periods and other provisions
thereof.

          5.4 The Purchaser understands that its investment hereunder involves substantial risks and
represents and warrants that it has made such independent examinations and investigations of the
Company as it has deemed necessary in making its investment decision, and the Purchaser further
represents and warrants that it has had sufficient access to the officers, directors, books and
records of the Company as it has deemed necessary to conduct such examination and investigation and
make such investment decision. Purchaser agrees to keep confidential the confidential information
provided for the purpose of evaluating the purchase herein.

          5.5 The Purchaser is a qualified investor able to bear the economic risk of the investment
contemplated by this Agreement and has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of the investment contemplated by
this Agreement.

     6. Reaffirmation of Representations and Warranties. The date Units are purchased
shall constitute a reaffirmation of each and every one of the representations and warranties of the
Company set forth in Section 5 of this Agreement and those of the Purchaser set forth in Section 6
of this Agreement as if made as of each Effective Date, unless otherwise restated or corrected by
either the Purchaser or the Company, as the case may be.

     7. Miscellaneous.

          7.1 This Agreement constitutes our entire agreement with respect to the subject matter hereof.
This Agreement may not be modified or amended or any provision hereof waived except by an
instrument in writing signed by the Company and the Purchaser.

          7.2 This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns. The rights of the Purchaser hereunder shall be
assignable to any holder of the Shares. Except as provided in the immediately preceding sentence,
this Agreement and the rights of the Purchaser hereunder shall not be assignable, and any purported
assignment hereof or thereof shall be void.

          7.3 This Agreement may be executed in any number of counterparts and on separate counterparts,
each of which shall be an original instrument, but all of which together shall constitute a single
agreement. One or more signature pages from any counterpart of this Agreement may be attached to
any other counterpart of this Agreement without in any way changing the effect thereof. This
Agreement shall be effective when executed and delivered by the Company and the Purchaser.

 

 

          7.4 All notices, requests, demands, consents, waivers, or other communications made hereunder
to any party or holder of Shares shall be in writing and shall be deemed to have been duly given if
delivered personally or sent by nationally-recognized overnight courier, facsimile or by first
class registered or certified mail, return receipt requested, postage prepaid, addressed to such
party at the address set forth below:

	 
	if to the Company, to:

	     Axcess International Inc.

	     3208 Commander Drive

	     Carrollton, TX 75006

	     Attention: Chief Financial Officer

	 

	with a copy to:

	     Vial, Hamilton, Koch, and Knox

	     1700 Pacific, Suite 2800

	     Dallas, TX 75201

	     214-712-4441

	     Attention: Craig Ongley; and

	 

	if to the Purchaser:

	     to the Purchaser at its address first set forth above,

or to such other address as the party to whom such communication is to be given may have furnished
to the other party in writing in accordance herewith. All such notices, requests, demands,
consents, waivers or other communications shall be deemed to have been delivered (i) in the case of
personal delivery, on the date of delivery, (ii) if sent by facsimile, on the date sender receives
a confirmation confirming receipt, (iii) if sent by overnight courier, on the next business day
following the date sent and (iv) in the case of mailing, on the third business day following such
mailing.

          7.5 All representations, warranties and agreements contained herein shall survive the
execution and delivery of this Agreement and the sale of the Shares hereunder.

          7.6 This Agreement, and all rights, obligations and liabilities hereunder, shall be construed
according to the laws of the State of Texas applicable to contracts made and to be performed wholly
therein. Any judicial proceeding brought against the Company to enforce, or otherwise in
connection with, this Agreement may be brought in any court of competent jurisdiction in the City
of New York, and, by execution and delivery of this Agreement, the Company (i) accepts, generally
and unconditionally, the nonexclusive jurisdiction of such courts and any related appellate court
and irrevocably agrees to be bound by any final judgment rendered thereby in connection with this
Agreement and (ii) irrevocably waives any objection it may now or hereafter have as to the venue of
any such proceeding brought in such a court or that such a court is an inconvenient forum.

     If the foregoing correctly sets forth your understanding of our agreement, please so indicate
by signing and returning to the Company the enclosed counterpart of this Agreement.

	 	 	 	 	 
	 	Very truly yours,

AXCESS INTERNATIONAL INC.

 	 
	 	By:  	 	 
	 	 	Allan Griebenow, Chief Executive Officer 	 
	 	 	 	 
	 

 

 

The undersigned agrees with and

accepts the foregoing terms and provisions

as of the date first above written.

By: ____________,

Printed Name: ____________,

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