Document:

Exhibit 10.2

 

Execution Version

 

SUBSIDIARY GUARANTY AGREEMENT

 

Dated as of November 19, 2015

 

of

 

STORE CAPITAL ACQUISITIONS, LLC

 

relating to

 

$75,000,000 4.95% SENIOR NOTES, SERIES A, DUE NOVEMBER 21, 2022
 $100,000,000 5.24% SENIOR NOTES, SERIES B, DUE NOVEMBER 21, 2024

 

OF

 

STORE CAPITAL CORPORATION

 

 

 

TABLE OF CONTENTS

 

	
SECTION
    	
 
    	
HEADING
    	
 
    	
PAGE
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 1.
    	
 
    	
GUARANTY
    	
 
    	
1
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 2.
    	
 
    	
OBLIGATIONS ABSOLUTE
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 3.
    	
 
    	
WAIVER
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 4.
    	
 
    	
OBLIGATIONS UNIMPAIRED
    	
 
    	
4
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 5.
    	
 
    	
SUBROGATION AND   SUBORDINATION
    	
 
    	
4
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 6.
    	
 
    	
REINSTATEMENT OF   GUARANTY
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 7.
    	
 
    	
RANK OF GUARANTY
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 8.
    	
 
    	
ADDITIONAL COVENANTS OF   THE GUARANTOR
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 9.
    	
 
    	
REPRESENTATIONS AND   WARRANTIES OF THE GUARANTOR
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 9.1.
    	
 
    	
Organization; Power and   Authority
    	
 
    	
6
    
	
Section 9.2.
    	
 
    	
Authorization, Etc.
    	
 
    	
6
    
	
Section 9.3.
    	
 
    	
[Reserved]
    	
 
    	
6
    
	
Section 9.4.
    	
 
    	
Compliance with laws,   Other Instruments, Etc.
    	
 
    	
6
    
	
Section 9.5.
    	
 
    	
Governmental   Authorizations, Etc.
    	
 
    	
7
    
	
Section 9.6.
    	
 
    	
Information Regarding   the Company
    	
 
    	
7
    
	
Section 9.7.
    	
 
    	
Solvency
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 10.
    	
 
    	
[RESERVED]
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 11.
    	
 
    	
TERM OF GUARANTY   AGREEMENT
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 12.
    	
 
    	
SURVIVAL OF   REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 13.
    	
 
    	
AMENDMENT AND WAIVER
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 13.1.
    	
 
    	
Requirements
    	
 
    	
8
    
	
Section 13.2.
    	
 
    	
Solicitation of Holders   of Notes
    	
 
    	
8
    
	
Section 13.3.
    	
 
    	
Binding Effect
    	
 
    	
9
    
	
Section 13.4.
    	
 
    	
Notes held by Company,   Etc.
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SECTION 14.
    	
 
    	
NOTICES
    	
 
    	
9
    

 

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SECTION 15.
    	
 
    	
MISCELLANEOUS
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 15.1.
    	
 
    	
Successors and Assigns;   Joinders
    	
 
    	
9
    
	
Section 15.2.
    	
 
    	
Severability
    	
 
    	
10
    
	
Section 15.3.
    	
 
    	
Construction
    	
 
    	
10
    
	
Section 15.4.
    	
 
    	
Further Assurances
    	
 
    	
10
    
	
Section 15.5.
    	
 
    	
Governing Law
    	
 
    	
10
    
	
Section 15.6.
    	
 
    	
Jurisdiction and   Process; Waiver of Jury Trial
    	
 
    	
10
    
	
Section 15.7.
    	
 
    	
[Reserved]
    	
 
    	
11
    
	
Section 15.8.
    	
 
    	
Reproduction of Documents;   Execution
    	
 
    	
11
    

 

ii

 

GUARANTY AGREEMENT

 

THIS GUARANTY AGREEMENT, dated as of November 19, 2015 (this “Guaranty Agreement”), is made by STORE Capital Acquisitions, LLC, a Delaware limited liability company (the “Initial Guarantor” and, together with any other entities from time to time parties hereto pursuant to Section 15.1 hereof, each a “Guarantor” and, collectively, the “Guarantors”) in favor of the Purchasers (as defined below) and the other holders from time to time of the Notes (as defined below). The Purchasers and such other holders are herein collectively called the “holders” and individually a “holder.”

 

PRELIMINARY STATEMENTS:

 

I.                    STORE Capital Corporation, a Maryland corporation (the “Company”), is entering into a Note Purchase Agreement dated November 19, 2015 (as amended, modified, supplemented or restated from time to time, the “Note Purchase Agreement”) with the Persons listed on the signature pages thereto (the “Purchasers”) simultaneously with the delivery of this Guaranty Agreement. Capitalized terms used herein have the meanings specified in the Note Purchase Agreement unless otherwise defined herein.

 

II.                    The Company has authorized the issuance of and proposes to issue and sell, pursuant to the Note Purchase Agreement, of (i) $75,000,000 aggregate principal amount of the Company’s 4.95% Senior Notes, Series A, due November 21, 2022 (the “Series A Notes”) and (ii) $100,000,000 aggregate principal amount of the Company’s 5.24% Senior Notes, Series B, due November 21, 2024 (the “Series B Notes”).  The Series A Notes and the Series B Notes and any other Notes that may from time to time be issued pursuant to the Note Purchase Agreement (including any notes issued in substitution for any of the Notes) are herein collectively called the “Notes” and each individually a “Note.”

 

III.                   It is a condition to the purchase by the Purchasers of the Notes under the Note Purchase Agreement that this Guaranty Agreement shall have been executed and delivered by the Initial Guarantor and shall be in full force and effect.

 

IV.                     Each Guarantor is a direct or indirect Subsidiary of the Company and will receive direct and indirect benefits from the financing arrangements contemplated by the Note Purchase Agreement. The governing body of each Guarantor has determined that the incurrence of such obligations is in the best interests of such Guarantor.

 

NOW THEREFORE, in order to induce, and in consideration of, the execution and delivery of the Note Purchase Agreement and the purchase of the Notes by each of the Purchasers, each Guarantor hereby covenants and agrees with, and represents and warrants to each of the holders as follows:

 

SECTION 1.                                          GUARANTY.

 

Each Guarantor hereby irrevocably and unconditionally guarantees to each holder the due and punctual payment in full of (a) the principal of, Make-Whole Amount, if any, and interest on (including, without limitation, interest accruing after the filing of any petition in bankruptcy, or

 

 

the commencement of any insolvency, reorganization or like proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), and any other amounts due under, the Notes when and as the same shall become due and payable (whether at stated maturity or by required or optional prepayment or by acceleration or otherwise), (b) any other sums which may become due under the terms and provisions of the Notes or the Note Purchase Agreement and (c) the performance of all other obligations of the Company under the Note Purchase Agreement, (all such obligations described in clauses (a), (b) and (c) above are herein called the “Guaranteed Obligations”).  The guaranty in the preceding sentence is an absolute, present and continuing guaranty of payment and not of collectibility and is in no way conditional or contingent upon any attempt to collect from the Company or any other guarantor of the Notes or upon any other action, occurrence or circumstance whatsoever.  In the event that the Company shall fail so to pay any of such Guaranteed Obligations when due, each Guarantor agrees to pay the same when due to the holders entitled thereto, without demand, presentment, protest or notice of any kind, in lawful money of the United States of America, pursuant to the requirements for payment specified in the Notes and the Note Purchase Agreement.  Each default in payment of any of the Guaranteed Obligations shall give rise to a separate cause of action hereunder and separate suits may be brought hereunder as each cause of action arises. Each Guarantor agrees that the Notes issued in connection with the Note Purchase Agreement may (but need not) make reference to this Guaranty Agreement.

 

Each Guarantor agrees to pay all reasonable and documented costs and expenses (including reasonable and documented attorneys’ fees of one special counsel for the holders, taken as a whole, and, if reasonably required by the Required Holders, one local counsel in each applicable jurisdiction and/or one specialty counsel in each applicable specialty, for the holders, taken as a whole) incurred by the Purchasers and each other holder of a Note in connection with enforcing or defending (or determining whether or how to enforce or defend) the provisions of the Note Purchase Agreement, the Notes and this Guaranty Agreement.

 

Each Guarantor hereby acknowledges and agrees that each Guarantor’s liability hereunder is joint and several with each other Guarantor and any other Person(s) who may guarantee the obligations and Indebtedness under and in respect of the Notes and the Note Purchase Agreement.

 

Notwithstanding the foregoing provisions or any other provision of this Guaranty Agreement, the Purchasers (on behalf of themselves and their successors and assigns) and each Guarantor hereby agree that if at any time the Guaranteed Obligations exceed the Maximum Guaranteed Amount determined as of such time with regard to such Guarantor, then this Guaranty Agreement shall be automatically amended to reduce the Guaranteed Obligations of such Guarantor to the Maximum Guaranteed Amount.  Such amendment shall not require the written consent of any Guarantor or any holder and shall be deemed to have been automatically consented to by each Guarantor and each holder.  Each Guarantor agrees that the Guaranteed Obligations may at any time exceed the Maximum Guaranteed Amount without affecting or impairing the obligation of such Guarantor.  “Maximum Guaranteed Amount” means as of the date of determination with respect to a Guarantor the lesser of (a) the amount of the Guaranteed Obligations outstanding on such date and (b) the maximum amount that would not render such Guarantor’s liability under this Guaranty Agreement subject to avoidance under Section 548 of the United States Bankruptcy Code (or any successor provision) or any comparable provision of applicable state law.

 

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SECTION 2.                                          OBLIGATIONS ABSOLUTE.

 

The obligations of each Guarantor hereunder shall be primary, absolute, irrevocable and unconditional, irrespective of the validity or enforceability of the Notes or the Note Purchase Agreement, shall not be subject to any counterclaim, setoff, deduction or defense based upon any claim such Guarantor may have against the Company or any holder or otherwise, and shall remain in full force and effect without regard to, and shall not be released, discharged or in any way affected by, any circumstance or condition whatsoever (whether or not the Guarantor shall have any knowledge or notice thereof), including, without limitation: (a) any amendment to, modification of, supplement to or restatement of the Notes or the Note Purchase Agreement (it being agreed that the obligations of each Guarantor hereunder shall apply to the Notes and the Note Purchase Agreement as so amended, modified, supplemented or restated) or any assignment or transfer of any thereof or of any interest therein in accordance with the Note Purchase Agreement, or any furnishing, acceptance or release of any security for the Notes or the addition, substitution or release of any other Person or entity primarily or secondarily liable in respect of the Guaranteed Obligations; (b) any waiver, consent, extension, indulgence or other action or inaction under or in respect of the Notes or the Note Purchase Agreement; (c) any bankruptcy, insolvency, arrangement, reorganization, readjustment, composition, liquidation or similar proceeding with respect to the Company or its property; (d) any merger, amalgamation or consolidation of any Guarantor or of the Company into or with any other Person or any sale, lease or transfer of any or all of the assets of any Guarantor or of the Company to any Person; (e) any failure on the part of the Company for any reason to comply with or perform any of the terms of any other agreement with such Guarantor; (f) any failure on the part of any holder to obtain, maintain, register or otherwise perfect any security; or (g) any other event or circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor (whether or not similar to the foregoing) other than the indefeasible payment in full in cash of the Guaranteed Obligations, and in any event however material or prejudicial it may be to such Guarantor or to any subrogation, contribution or reimbursement rights the Guarantor may otherwise have.  Each Guarantor covenants that its obligations hereunder will not be discharged except by indefeasible payment in full in cash of all of the Guaranteed Obligations and all other obligations hereunder.

 

SECTION 3.                                          WAIVER.

 

Each Guarantor unconditionally waives to the fullest extent permitted by law, (a) notice of acceptance hereof, of any action taken or omitted in reliance hereon and of any default by the Company in the payment of any amounts due under the Notes or the Note Purchase Agreement, and of any of the matters referred to in Section 2 hereof, (b) all notices which may be required by statute, rule of law or otherwise to preserve any of the rights of any holder against such Guarantor, including, without limitation, presentment to or demand for payment from the Company or such Guarantor with respect to any Note, notice to the Company or to such Guarantor of default or protest for nonpayment or dishonor and the filing of claims with a court in the event of the bankruptcy of the Company, (c) any right to require any holder to enforce, assert or exercise any right, power or remedy including, without limitation, any right, power or remedy conferred in the Note Purchase Agreement or the Notes, (d) any requirement for diligence on the part of any holder and (e) any other act or omission or thing or delay in doing any other act or thing which might in any manner or to any extent vary the risk of the Guarantor

 

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or otherwise operate as a discharge of such Guarantor or in any manner lessen the obligations of such Guarantor hereunder other than the indefeasible payment in full in cash of the Guaranteed Obligations.

 

SECTION 4.                                          OBLIGATIONS UNIMPAIRED.

 

Each Guarantor authorizes the holders, without notice or demand to such Guarantor and without affecting its obligations hereunder, from time to time: (a) to renew, compromise, extend, accelerate or otherwise change the time for payment of, all or any part of the Notes or the Note Purchase Agreement; (b) to change any of the representations, covenants, events of default or any other terms or conditions of or pertaining to the Notes or the Note Purchase Agreement, including, without limitation, decreases or increases in amounts of principal, rates of interest, the Make-Whole Amount or any other obligation; (c) to take and hold security for the payment of the Notes or the Note Purchase Agreement, for the performance of this Guaranty Agreement or otherwise for the Indebtedness guaranteed hereby and to exchange, enforce, waive, subordinate and release any such security; (d) to apply any such security and to direct the order or manner of sale thereof as the holders in their sole discretion may determine; (e) to obtain additional or substitute endorsers or guarantors or release any other Person or entity primarily or secondarily liable in respect of the Guaranteed Obligations; (f) to exercise or refrain from exercising any rights against the Company and others; and (g) to apply any sums, by whomsoever paid or however realized, to the payment of the Guaranteed Obligations and all other obligations owed hereunder.  The holders shall have no obligation to proceed against any additional or substitute endorsers or guarantors or to pursue or exhaust any security provided by the Company, any Guarantor or any other Person or to pursue any other remedy available to the holders.

 

If an event permitting the acceleration of the maturity of the principal amount of any Notes shall exist and such acceleration shall at such time be prevented or the right of any holder to receive any payment on account of the Guaranteed Obligations shall at such time be delayed or otherwise affected by reason of the pendency against the Company, any Guarantor or any other guarantors of a case or proceeding under a bankruptcy or insolvency law, each Guarantor agrees that, for purposes of this Guaranty Agreement and its obligations hereunder, the maturity of such principal amount shall be deemed to have been accelerated with the same effect as if the holder thereof had accelerated the same in accordance with the terms of the Note Purchase Agreement, and such Guarantor shall forthwith pay such accelerated Guaranteed Obligations.

 

SECTION 5.                                          SUBROGATION AND SUBORDINATION.

 

(a)                    Each Guarantor will not exercise any rights which it may have acquired by way of subrogation under this Guaranty Agreement, by any payment made hereunder or otherwise, or accept any payment on account of such subrogation rights, or any rights of reimbursement, contribution or indemnity or any rights or recourse to any security for the Notes or this Guaranty Agreement unless and until all of the Guaranteed Obligations shall have been indefeasibly paid in full in cash.

 

(b)                     Each Guarantor hereby subordinates the payment of all Indebtedness and other obligations of the Company or any other Guarantor owing to such Guarantor, whether now existing or hereafter arising, including, without limitation, all rights and claims described in

 

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clause (a) of this Section 5, to the indefeasible payment in full in cash of all of the Guaranteed Obligations.  If the Required Holders so request, any such Indebtedness or other obligations shall be enforced and performance received by such Guarantor as trustee for the holders and the proceeds thereof shall be paid over to the holders promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Required Holders, but without reducing or affecting in any manner the liability of such Guarantor under this Guaranty Agreement.

 

(c)                     If any amount or other payment is made to or accepted by a Guarantor in violation of any of the preceding clauses (a) and (b) of this Section 5, such amount shall be deemed to have been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the holders and shall be paid over to the holders promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Required Holders, but without reducing or affecting in any manner the liability of such Guarantor under this Guaranty Agreement.

 

(d)                     Each Guarantor acknowledges that it is a direct or indirect Subsidiary of the Company and will receive direct and indirect benefits from the financing arrangements contemplated by the Note Purchase Agreement and that its agreements set forth in this Guaranty Agreement (including this Section 5) are knowingly made in contemplation of such benefits.

 

(e)                     Each Guarantor hereby agrees that, to the extent that a Guarantor shall have paid an amount hereunder to any holder that is greater than the net value of the benefits received, directly or indirectly, by such paying Guarantor as a result of the issuance and sale of the Notes (such net value, its “Proportionate Share”), such paying Guarantor shall, subject to Section 5(a) and 5(b), be entitled to contribution from any Guarantor that has not paid its Proportionate Share of the Guaranteed Obligations.  Any amount payable as a contribution under this Section 5(e) shall be determined as of the date on which the related payment is made by such Guarantor seeking contribution and each Guarantor acknowledges that the right to contribution hereunder shall constitute an asset of such Guarantor to which such contribution is owed.  Notwithstanding the foregoing, the provisions of this Section 5(e) shall in no respect limit the obligations and liabilities of any Guarantor to the holders of the Notes hereunder or under the Notes, the Note Agreement or any other document, instrument or agreement executed in connection therewith, and each Guarantor shall remain jointly and severally liable for the full payment and performance of the Guaranteed Obligations.

 

SECTION 6.                                          REINSTATEMENT OF GUARANTY.

 

This Guaranty Agreement shall continue to be effective, or be reinstated, as the case may be, if and to the extent at any time payment, in whole or in part, of any of the sums due to any holder on account of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by a holder upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any other guarantors, or upon or as a result of the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to the Company or any other Guarantors or any part of its or their property, or otherwise, all as though such payments had not been made.

 

5

 

SECTION 7.                                          RANK OF GUARANTY.

 

Each Guarantor will ensure that its payment obligations under this Guaranty Agreement will at all times rank at least pari passu, without preference or priority, with all other unsecured and unsubordinated Indebtedness of the Guarantor now or hereafter existing.

 

SECTION 8.                                          ADDITIONAL COVENANTS OF THE GUARANTORS.

 

So long as any Notes are outstanding or the Note Purchase Agreement shall remain in effect, each Guarantor agrees to comply with the covenants and agreements of the Note Purchase Agreement, insofar as such covenants and agreements apply to such Guarantor, as if such covenants and agreements were set forth herein in full.

 

SECTION 9.                                          REPRESENTATIONS AND WARRANTIES OF THE GUARANTORS.

 

Each Guarantor represents and warrants to each holder as follows:

 

Section 9.1.                                Organization; Power and Authority. Such Guarantor is a corporation, limited liability company or other legal entity, duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, formation or organization, and is duly qualified as a foreign entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Such Guarantor has the corporate, limited liability company or other legal entity power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Guaranty Agreement and to perform the provisions hereof.

 

Section 9.2.                                Authorization, Etc.  This Guaranty Agreement has been duly authorized by all necessary corporate, limited liability company or other legal entity action on the part of such Guarantor, and this Guaranty Agreement constitutes a legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

Section 9.3.                                [Reserved].

 

Section 9.4.                                Compliance with Laws, Other Instruments, Etc.  The execution, delivery and performance by such Guarantor of this Guaranty Agreement will not (i) (A) contravene, result in any breach of, or constitute a default under, or (B) result in the creation of any Lien in respect of, any property of such Guarantor or any of its Subsidiaries under, (x) any indenture, mortgage, deed of trust, loan, purchase agreement, credit agreement or lease, in any material respect, or (y) its corporate charter, by-laws, limited liability agreement or other governing document or any shareholders agreement to which it is subject or (z) any other agreement or instrument, in any material respect, to which such Guarantor or any Subsidiary of such Guarantor

 

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is bound or by which such Guarantor or any Subsidiary of such Guarantor or any of their respective properties may be bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to such Guarantor or any Subsidiary of such Guarantor in any material respect or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to such Guarantor or any Subsidiary of such Guarantor in any material respect.

 

Section 9.5.                                Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Guarantor of this Guaranty Agreement.

 

Section 9.6.                                Information Regarding the Company.  The Guarantor now has and will continue to have independent means of obtaining information concerning the affairs, financial condition and business of the Company.  No holder shall have any duty or responsibility to provide the Guarantor with any credit or other information concerning the affairs, financial condition or business of the Company which may come into possession of the holders.  The Guarantor has executed and delivered this Guaranty Agreement without reliance upon any representation by the holders including, without limitation, with respect to (a) the due execution, validity, effectiveness or enforceability of any instrument, document or agreement evidencing or relating to any of the Guaranteed Obligations or any loan or other financial accommodation made or granted to the Company, (b) the validity, genuineness, enforceability, existence, value or sufficiency of any property securing any of the Guaranteed Obligations or the creation, perfection or priority of any lien or security interest in such property or (c) the existence, number, financial condition or creditworthiness of other guarantors or sureties, if any, with respect to any of the Guaranteed Obligations.

 

Section 9.7.                                Solvency.  Assuming the limitation of the Guaranteed Obligations to the Maximum Guaranteed Amount, upon the execution and delivery hereof, such Guarantor will be solvent, will be able to pay its debts as they mature, and will have capital sufficient to carry on its business.

 

SECTION 10.                                   [RESERVED].

 

SECTION 11.                                   TERM OF GUARANTY AGREEMENT.

 

This Guaranty Agreement and all guarantees, covenants and agreements of each Guarantor contained herein shall continue in full force and effect and shall not be discharged until such time as all of the Guaranteed Obligations and all other obligations hereunder shall be indefeasibly paid in full in cash and shall be subject to reinstatement pursuant to Section 6; provided, however, any Guarantor shall be released from its obligations hereunder if all requirements of Section 9.7(b) of the Note Purchase Agreement are met.

 

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SECTION 12.                                   SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.

 

All representations and warranties contained herein shall survive the execution and delivery of this Guaranty Agreement and may be relied upon by any subsequent holder, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder. All statements contained in any certificate or other instrument delivered by or on behalf of any Guarantor pursuant to this Guaranty Agreement shall be deemed representations and warranties of such Guarantor under this Guaranty Agreement.  Subject to the preceding sentence, this Guaranty Agreement embodies the entire agreement and understanding between each holder and the Guarantor and supersedes all prior agreements and understandings relating to the subject matter hereof.

 

SECTION 13.                                   AMENDMENT AND WAIVER.

 

Section 13.1.                     Requirements.  Except as otherwise provided in the fourth paragraph of Section 1 of this Guaranty Agreement, this Guaranty Agreement may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively), with (and only with) the written consent of each Guarantor and the Required Holders, except that no amendment or waiver which results in the limitation of the liability of any Guarantor hereunder (except to the extent provided in the fourth paragraph of Section 1 or in Section 11 of this Guaranty Agreement) will be effective as to any holder unless consented to by such holder in writing.

 

Section 13.2.                     Solicitation of Holders of Notes.

 

(a)                    Solicitation.  Each Guarantor will provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof.  Each Guarantor will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 13.2 to each holder promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes.

 

(b)                     Payment.  Each Guarantor will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder as consideration for or as an inducement to the entering into by any holder of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder even if such holder did not consent to such waiver or amendment.

 

(c)                     Consent in Contemplation of Transfer.  Any consent made pursuant to this Section 13 by a holder that has transferred or has agreed to transfer its Notes to the Company, any Subsidiary or any Affiliate (including the Guarantor) of the Company and has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted

 

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or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder.

 

Section 13.3.                     Binding Effect.  Any amendment or waiver consented to as provided in this Section 13 applies equally to all holders and is binding upon them and upon each future holder and upon each Guarantor without regard to whether any Note has been marked to indicate such amendment or waiver.  No such amendment or waiver will extend to or affect any obligation, covenant or agreement not expressly amended or waived or impair any right consequent thereon.  No course of dealing between any Guarantor and the holder nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any holder.  As used herein, the term “this Guaranty Agreement” and references thereto shall mean this Guaranty Agreement as it may be amended, modified, supplemented or restated from time to time.

 

Section 13.4.                     Notes Held by Company, Etc.  Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Guaranty Agreement, or have directed the taking of any action provided herein to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by any Guarantor, the Company or any of their respective Affiliates shall be deemed not to be outstanding.

 

SECTION 14.                                   NOTICES.

 

All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with charges prepaid).  Any such notice must be sent:

 

(a)                        if to a Guarantor, to in care of the Company at the Company’s address set forth in the Note Purchase Agreement, or such other address as such Guarantor shall have specified to the holders in writing, or

 

(b)                         if to any holder, to such holder at the addresses specified for such communications set forth in Schedule A to the Note Purchase Agreement, or such other address as such holder shall have specified to the Guarantors in writing.

 

SECTION 15.                                   MISCELLANEOUS.

 

Section 15.1.                     Successors and Assigns; Joinder.  All covenants and other agreements contained in this Guaranty Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns whether so expressed or not.

 

It is agreed and understood that any Person may become a Guarantor hereunder by executing a Guarantor Supplement substantially in the form of Exhibit A attached hereto and

 

9

 

delivering the same to the Holders.  Any such Person shall thereafter be a “Guarantor” for all purposes under this Guaranty Agreement.

 

Section 15.2.                     Severability.  Any provision of this Guaranty Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law), not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 15.3.                     Construction.  Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such express contrary provision) be deemed to excuse compliance with any other covenant.  Whether any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.

 

The section and subsection headings in this Guaranty Agreement are for convenience of reference only and shall neither be deemed to be a part of this Guaranty Agreement nor modify, define, expand or limit any of the terms or provisions hereof.  All references herein to numbered sections, unless otherwise indicated, are to sections of this Guaranty Agreement.  Words and definitions in the singular shall be read and construed as though in the plural and vice versa, and words in the masculine, neuter or feminine gender shall be read and construed as though in either of the other genders where the context so requires.

 

Section 15.4.                     Further Assurances.  The Guarantor agrees to execute and deliver all such instruments and take all such action as the Required Holders may from time to time reasonably request in order to effectuate fully the purposes of this Guaranty Agreement.

 

Section 15.5.                     Governing Law.  This Guaranty Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York, excluding choice-of-law principles of the law of such State that would permit the application of the law of a jurisdiction other than such State.

 

Section 15.6.                     Jurisdiction and Process; Waiver of Jury Trial.  (a) Each Guarantor irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Guaranty Agreement.  To the fullest extent permitted by applicable law, each Guarantor irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

(b)                     Each Guarantor consents to process being served by or on behalf of any holder in any suit, action or proceeding of the nature referred to in Section 15.6(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 14 or at such other address of which such holder shall then have been notified pursuant to Section 14.  The

 

10

 

Guarantor agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it.  Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service.

 

(c)                     Nothing in this Section 15.6 shall affect the right of any holder to serve process in any manner permitted by law, or limit any right that the holders may have to bring proceedings against any Guarantor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

 

(d)                     EACH GUARANTOR AND THE HOLDERS HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS GUARANTY AGREEMENT OR OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH.

 

Section 15.7.                     [Reserved].

 

Section 15.8.                     Reproduction of Documents; Execution.  This Guaranty Agreement may be reproduced by any holder by any photographic, photostatic, electronic, digital, or other similar process and such holder may destroy any original document so reproduced.  Each Guarantor agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such holder in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.  This Section 15.8 shall not prohibit any Guarantor or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.  A facsimile or electronic transmission of the signature page of a Guarantor shall be as effective as delivery of a manually executed counterpart hereof and shall be admissible into evidence for all purposes.

 

11

 

IN WITNESS WHEREOF, the Initial Guarantor has caused this Guaranty Agreement to be duly executed and delivered as of the date and year first above written.

 

	
 
    	
STORE   Capital Acquisitions, LLC, a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Bennett
    
	
 
    	
 
    	
Name:
    	
Michael Bennett
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President
    

 

12

 

EXHIBIT A

 

FORM OF GUARANTOR SUPPLEMENT

 

THIS GUARANTOR SUPPLEMENT (the “Guarantor Supplement”), dated as of [          , 20  ] is made by [          ], a [            ] (the “Additional Guarantor”), in favor of the holders from time to time of the Notes issued pursuant to the Note Purchase Agreement described below:

 

PRELIMINARY STATEMENTS:

 

I.                    Pursuant to the Note Purchase Agreement dated as of November 19, 2015 (as amended, modified, supplemented or restated from time to time, the “Note Purchase Agreement”), by and among STORE Capital Corporation, a Maryland corporation (the “Company”), and the Persons listed on the signature pages thereto (the “Purchasers”), the Company has issued and sold (i) $75,000,000 aggregate principal amount of the Company’s 4.95% Senior Notes, Series A, due November 21, 2022 (the “Series A Notes”) and (ii) $100,000,000 aggregate principal amount of the Company’s 5.24% Senior Notes, Series B, due November 21, 2024 (the “Series B Notes” and together with the Series A Notes, the “Notes” and individually a “Note”).

 

II.                    The Company is required pursuant to the Note Purchase Agreement to cause the Additional Guarantor to deliver this Guarantor Supplement in order to cause the Additional Guarantor to become a Guarantor under the Subsidiary Guaranty Agreement dated as of November 19, 2015 executed by STORE Capital Acquisitions, LLC (together with the Additional Guarantor and each other entity that from time to time becomes a party thereto by executing a Guarantor Supplement pursuant to Section 15.1 thereof, collectively, the “Guarantors”) in favor of each holder from time to time of any of the Notes (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Guaranty Agreement”).

 

III.                   The Additional Guarantor in a direct or indirect Subsidiary of the Company and has received and will receive substantial direct and indirect benefits from the Company’s compliance with the terms and conditions of the Note Purchase Agreement and the Notes issued thereunder.

 

IV.                     Capitalized terms used and not otherwise defined herein have the definitions set forth in the Note Purchase Agreement.

 

Now Therefore, in consideration of the funds advanced to the Company by the Purchasers under the Note Purchase Agreement and the Notes and to enable the Company to comply with the terms of the Note Purchase Agreement, the Additional Guarantor hereby covenants, represents and warrants to the holders as follows:

 

The Additional Guarantor hereby becomes a Guarantor (as defined in the Guaranty Agreement) for all purposes of the Guaranty Agreement.  Without limiting the foregoing, the Additional Guarantor hereby (a) jointly and severally with the other Guarantors under the Guaranty Agreement, guarantees to the holders from time to time of

 

 

the Notes the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) and the full and prompt performance of all Guaranteed Obligations (as defined in Section 1 of the Guaranty Agreement) in the same manner and to the same extent as is provided in the Guaranty Agreement, (b) accepts and agrees to perform and observe all of the covenants set forth therein, (c) waives the rights set forth in Section 3 of the Guaranty Agreement, (d) agrees to perform and observe the covenants contained in Section 8 of the Guaranty Agreement, (e) makes the representations and warranties set forth in Section 9 of the Guaranty Agreement as of the date hereof and (f) waives the rights, submits to jurisdiction, and waives service of process as described in Section 15.6 of the Guaranty Agreement.

 

Notice of acceptance of this Guarantor Supplement and of the Guaranty Agreement, as supplemented hereby, is hereby waived by the Additional Guarantor.

 

The address for notices and other communications to be delivered to the Additional Guarantor shall be made pursuant to Section 15 of the Guaranty Agreement or as set forth below.

 

This Guarantor Supplement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York, excluding choice-of-law principles of the law of such State that would permit the application of the law of a jurisdiction other than such State.

 

[Add other relevant provisions as necessary.]

 

IN WITNESS WHEREOF, the Additional Guarantor has caused this Guarantor Supplement to be duly executed and delivered as of the date and year first above written.

 

	
 
    	
[NAME   OF GUARANTOR]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
Notice   Address for such Guarantor
    

 

2pvotf_ex101.htm

EXHIBIT 10.1
 
AGREEMENT AND PLAN OF MERGER AND

ACQUISITION AGREEMENT

AMONG

PIVOT PHARMACEUTUCALS, INC.

AND

PIVOT PHARMA U.S. INC.

AND

INDUS PHARMACEUTICALS, INC., AND SINDU

RESEARCH LABORATORIES PVT. LTD.
 
	 
	1

	

	 

 
	Schedule A -	Share Exchange Agreement

		
	Schedule B -	Certificate of Merger

		
	Schedule C -	Form of Letter of Transmittal

		
	Schedule D -	Permitted Investments

		
	Schedule 3(b) -	Capitalization of Seller, its Subsidiaries and Sindu

		
	Schedule 4(b) -	Capitalization of Buyer

		
	Schedule 5(j) -	Buyer Stock Option Recipients

		
	Disclosure Schedule -	Exceptions to Representations and Warranties

 
	 
	2

	

	 

 
AGREEMENT AND PLAN OF MERGER
 
This Merger Agreement (this ''Agreement'') is entered into as of November 4, 2015, by and among Pivot Pharmaceuticals, Inc. a British Columbia Corporation with its principal place of business located at 1275 West 6th Avenue, Vancouver, B.C., Canada, V6H 1A6 ("Buyer"), Pivot Pharma U.S. Inc., a Delaware corporation and a wholly owned Subsidiary of Buyer ("Merger Subsidiary"), IndUS Pharmaceuticals, Inc., a Delaware corporation ("Seller"), Sindu Research Laboratories Pvt Ltd., a corporation formed under the laws of India ("Sindu") and the Sindu Stockholders (as defined below). Buyer, Merger Subsidiary, Seller and Sindu are referred to collectively herein as the "Parties". 
 
WHEREAS, this Agreement contemplates a tax-free merger of Merger Subsidiary into Seller with Seller surviving in a reorganization pursuant to Code Section 368(a)(1)(A). Stockholders of the Seller will receive Buyer stock in exchange for their stock of the Seller. 
 
WHEREAS, the Parties intend that Merger Subsidiary be merged with and into the Seller, with the Seller surviving that merger on the terms and subject to the conditions set forth herein (the "Merger");
 
WHEREAS, the board of directors of the Seller (the "Seller Board"), has unanimously (a) determined that this Agreement and the transactions contemplated hereby, including the Merger, are in the best interests of the Seller and its stockholders, (b) approved and declared advisable this Agreement and the transactions contemplated hereby, including the Merger, and (c) resolved to recommend adoption of this Agreement by the stockholders of the Seller in accordance with the General Corporation Law of the State of Delaware (the "DGCL");
 
WHEREAS, the board of directors of the Sindu (the "Sindu Board"), has unanimously (a) determined that this Agreement and the transactions contemplated hereby, including the Merger, are in the best interests of the Sindu and its stockholders, (b) approved and declared advisable this Agreement and the transactions contemplated hereby, and (c) resolved to recommend adoption of this Agreement by the stockholders of Sindu in accordance with the laws of India;
 
WHEREAS, following the execution of this Agreement, the Seller shall seek to obtain, in accordance with Section 228 of the DGCL, a written consent of its stockholders approving this Agreement, the Merger and the transactions contemplated hereby in accordance with Section 251 of the DGCL;
 
WHEREAS, the respective boards of directors of Buyer (the "Buyer Board"), and Merger Subsidiary (the "Merger Subsidiary Board"), have: unanimously (a) determined that this Agreement and the transactions contemplated hereby, including the Merger, are in the best interests of Buyer, Merger Subsidiary and their respective stockholders, and (b) approved and declared advisable this Agreement and the transactions contemplated hereby, including the Merger; and
 
WHEREAS, following the execution of this Agreement, the Seller shall obtain in accordance with Section 228 of the DGCL, a written consent of its stockholders approving this Agreement, the Merger and/or the transactions contemplated hereby in accordance with the DGCL;
 
	 
	3

	

	 

 
WHEREAS, as part of the transactions contemplated hereunder, Pravin Chatuverdi and Premlata Chaturvedi (the "Sindu Stockholders"), will agree to sell Sindu to the Buyer as set forth below. 
 
WHEREAS, a portion of the securities otherwise payable by Buyer to the stockholders of the Seller in connection with the Merger shall be held back by the Buyer, the release of which held back securities shall be contingent upon certain events and conditions, all as set forth in this Agreement;
 
Now, therefore, in consideration of the premises and the mutual promises herein made, and in consideration of the representations, warranties, and covenants herein contained, the Parties agree as follows.
 
Section 1. Definitions.
 
"Acquisition" has the meaning set forth in Section 2 (b) below.
 
"Affiliate" has the meaning set forth in Rule 12b-2 of the regulations promulgated under the Securities Exchange Act.
 
"Business Corporations Act" means the general corporation law of the Province of British Columbia, Canada.
 
"Buyer" has the meaning set forth in the preface above.
 
"Buyer Acquisition Consideration Shares" has the meaning set forth in Section 2(e)(viii) below
 
"Buyer Share" means any share of the common stock, without par value, of Buyer.
 
"Certificate of Merger" has the meaning set forth in Section 2(d) below.
 
"Closing" has the meaning set forth in Section 2(c) below.
 
"Closing Date" has the meaning set forth in Section 2(c) below.
 
"Confidential Information" means any information concerning the business and affairs of Seller and its Subsidiaries but` does not include information that: (a) at the time of disclosure or thereafter is generally available to and known by the public; (b) was available to the Buyer from a source other than the Seller, provided that such source, to Buyer's knowledge after reasonable inquiry, is not and was not bound by a confidentiality agreement regarding the Seller; or (c) has been independently acquired or developed by the Buyer without violating an of its obligations under this Agreement.
 
"Conversion Ratio" has the meaning set forth in Section 2(e)(v) below.
 
"Delaware General Corporation Law" or "DGCL" means the General Corporation Law of the State of Delaware, as amended.
 
"Disclosure Schedule" has the meaning set forth in Section 3 below.
 
"Dissenting Share" means any Seller Share held of record by any stockholder who or that has exercised his, her, or its appraisal rights under Section 262 of the Delaware General Corporation Law.
 
	 
	4

	

	 

 
"Effective Time" has the meaning set forth in Section 2(e)(i) below.
 
"Excess Accrued Liabilities" has the meaning set forth in Section 2(f)(iii) below.
 
"Exchange Agent" has the meaning set forth in Section 2(f)(i) below.
 
"Hold Back Setoff Shares" has the meaning set forth in Section 2(f)(iii) below.
 
"Hold Back Shares" has the meaning set forth in Section 2(e)(vi) below.
 
"IRS" means the Internal Revenue Service.
 
"Knowledge" means actual knowledge without independent investigation.
 
"Lien" means any mortgage, pledge, lien, encumbrance, charge, or other security interest, other than (a) liens for Taxes not yet due and payable [or for taxes that the taxpayer is contesting in good faith through appropriate proceedings], (b) purchase money liens and liens securing rental payments under capital lease arrangements, and (c) other liens arising in the Ordinary Course of Business and not incurred in connection with the borrowing of money.
 
"Material Adverse Effect" or "Material Adverse Change" means any event, occurrence, fact, condition or change that is, or would reasonably be expected to become, individually or in the aggregate, materially adverse to (i) the business, results of operations, prospects, condition (financial or otherwise), or assets of the Seller and its Subsidiaries, taken as a whole, or (ii) the ability of the Seller to consummate the transactions contemplated hereby on a timely basis; provided, however, that, for the purposes of clause (i), a Material Adverse Effect shall not be deemed to include events, occurrences, facts, conditions or changes arising out of, relating to or resulting from: (a) changes generally affecting the economy, financial or securities markets; (b) the announcement of the transactions contemplated by this Agreement; (c) any outbreak or escalation of war or any act of terrorism; or (d) general conditions in the industry in which the Seller and its Subsidiaries operate; provided further, however, that any event, change and effect referred to in clauses (a), (c) or (d) immediately above shall be taken into account in determining whether a Material Adverse Effect has occurred or would reasonably be expected to occur to the extent that such event, change or effect has a disproportionate effect on the Seller and its Subsidiaries, taken as a whole, compared to other participants in the industries in which the Seller and its Subsidiaries conduct their businesses.
 
"Merger" has the meaning set forth in the recitals set forth at the beginning of the Agreement.
 
"Ordinary Course of Business" means the ordinary course of business consistent with past custom and practice (including with respect to quantity and frequency).
 
"Parties" has the meaning set forth in the preface above and "Party" means any one of them, as the context requires.
 
"Person" means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, any other business entity, or a governmental entity (or any department, agency, or political subdivision thereof).
 
"Requisite Seller Stockholder Approval" means the affirmative vote of the holders of a majority of the Seller Shares in favor of this Agreement and the Merger.
 
	 
	5

	

	 

 
"Requisite Sindu Approvals" means the taking of such actions by the board of directors and the stockholders of Sindu under the relevant laws of India to approve the Acquisition (including the Share Exchange Agreement) and the undertaking of the relevant obligations of Sindu under the Agreement.
 
"SEC" means the Securities and Exchange Commission of the United States.
 
"Securities Act" means the Securities Act of 1933, as amended.
 
"Securities Exchange Act" means the Securities Exchange Act of 1934, as amended.
 
"Seller" has the meaning set forth in the preface above.
 
"Seller India License" shall mean that certain exclusive license agreement by and between Seller, Sindu and Indian Institute of Chemical Technology (IICT) pursuant to which Seller and Sindu license certain technology from IICT.
 
"Share Exchange Agreement" has the meaning set forth in Section 2 (b).
 
"Sindu Conversion Ratio" has the meaning set forth in 2(e)(viii). 
 
"Sindu Share" means any share of the common stock of Sindu.
 
"Sindu Stockholders" has the meaning as set forth in the Recitals to the Agreement.
 
"Seller Permitted Liabilities" shall mean any all royalty payments, milestones or any other type of payment of any kind or nature due and owing to the Indian government pursuant to the Seller India License.
 
"Special Seller Meeting" has the meaning set forth in Section 5(c)(ii) below.
 
"Subsidiary" means, with respect to any Person, any corporation, limited liability company, partnership, association, or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof or (ii) if a limited liability company, partnership, association, or other business entity (other than a corporation), a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof and for this purpose, a Person or Persons own a majority ownership interest in such a business entity (other than a corporation) if such Person or Persons shall be allocated a majority of such business entity's gains or losses or shall be or control any managing director or general partner of such business entity (other than a corporation). The term "Subsidiary" shall include all Subsidiaries of such Subsidiary. In addition, the Parties agree that Sindu shall be treated as a subsidiary of Seller for purposes of this Agreement. 
 
"Surviving Corporation" has the meaning set forth in Section 2(a) below.
 
"Seller" has the meaning set forth in the preface above.
 
	 
	6

	

	 

 
"Seller Share" means any share of the common stock, $0.01 par value per share, of Seller issued and outstanding as of the Effective Time. 
 
"Seller Stockholder" means any Person who or that holds any Seller Shares.
 
"Transaction Costs" means all costs, expenses and professional fees incurred by the Parties in connection with the negotiation, preparation and execution of this Agreement, and the consummation of the transactions hereunder, including without limitation the fees and expenses of legal counsel and other professional advisors and consultants. 
 
Section 2. Basic Transaction
 
(a) Merger. On and subject to the terms and conditions of this Agreement, Merger Subsidiary will merge with and into Seller at the Effective Time. Seller shall be the corporation surviving the Merger (the "Surviving Corporation").
 
(b) Acquisition. On and subject to the terms and conditions of this Agreement,together with such terms in the share exchange agreement set forth in substantially the form attached hereto as Schedule A (the "Share Exchange Agreement") , Buyer will acquire all of the issued and outstanding capital stock of Sindu from the Sindu Stockholders and Sindu will become a wholly-owned subsidiary of Buyer. 
 
(c) Closing. The closing of the transactions contemplated by this Agreement (the "Closing") shall take place electronically immediately following the satisfaction or waiver of all conditions to the obligations of the Parties to consummate the transactions contemplated hereby (other than conditions with respect to actions the respective Parties will take at the Closing itself) or such other date as the Parties may mutually determine (the "Closing Date").
 
(d) Actions at Closing. At the Closing, (i) Seller and Sindu will deliver to Buyer and Merger Subsidiary, as applicable to each, the various certificates, instruments, and documents referred to in Section 6(a) below, (ii) Buyer and Merger Subsidiary will deliver to Seller and Sindu, as applicable to each, the various certificates, instruments, and documents referred to in Section 6(b) below, (iii) Seller and Merger Subsidiary will file with the Secretary of State of the State of Delaware a Certificate of Merger in the form attached hereto as Schedule B (the "Certificate of Merger"), (iv) Buyer will deliver the relevant stock certificates to the Exchange Agent in the manner provided below in this Section 2 and (v) Sindu and the Sindu Stockholders will deliver to Buyer the various certificates, instruments, and documents referred to in Section 6(a) below.
 
(e) Effect of Merger.
 
(i) General. The Merger shall become effective at the time (the "Effective Time") Seller and Merger Subsidiary file the Certificate of Merger with the Secretary of State of the State of Delaware. The Merger shall have the effect set forth in the Delaware General Corporation Law. Surviving Corporation may, at any time after the Effective Time, take any action (including executing and delivering any document) in the name and on behalf of either Seller or Merger Subsidiary in order to carry out and effectuate the transactions contemplated by this Agreement.
 
(ii) Certificate of incorporation. The certificate of incorporation of Surviving Corporation shall be amended and restated at and as of the Effective Time to read as did the certificate of incorporation of Merger Subsidiary immediately prior to the Effective Time (except that the name of Surviving Corporation will remain unchanged).
 
	 
	7

	

	 

 
(iii) Bylaws. The bylaws of Surviving Corporation shall be amended and restated at and as of the Effective Time to read as did the bylaws of Merger Subsidiary immediately prior to the Effective Time (except that the name of Surviving Corporation will remain unchanged).
 
(iv) Directors and Officers. The directors and officers of Merger Subsidiary shall become the directors and officers of Surviving Corporation at and as of the Effective Time (retaining their respective positions and terms of office).
 
(v) Conversion of Seller Shares. At and as of the Effective Time, (A) each Seller Share (other than any Dissenting Share) shall be converted into the right to receive that certain ratio of Buyer Shares to be determined on the Closing Date based on the calculation set forth in the immediately subsequent paragraph of this Section 2 (e)(v), and such ratio of Buyer Shares to one Seller Share is referred to herein as the "Conversion Ratio", (B) each Dissenting Share shall be converted into the right to receive payment from Surviving Corporation with respect thereto in accordance with the provisions of the Delaware General Corporation Law. 
 
The Parties agree that the Conversion Ratio in this Section 2(e)(v) is calculated by dividing Four Million Seven Hundred Fifty Thousand (4,750,000) of the Buyer's publicly traded shares on the OTCQB as of the Closing Date (the "Buyer Merger Consideration Shares) by the total issued and outstanding Seller Shares as of the Closing Date. No Seller Share shall be deemed to be outstanding or to have any rights other than those set forth above in this Section 2(e)(v) after the Effective Time. 
 
(vi) Hold Back Shares. Notwithstanding the foregoing, the Parties agree that at the time of the Closing, as a contingency pertaining to the liabilities of the Seller that the Buyer assumes hereunder pursuant to the Merger, the Buyer shall be entitled to hold back five percent (5%) of the Buyer Merger Consideration Shares (the "Hold Back Shares") to which Seller Stockholders would otherwise be entitled to receive pursuant to the payment procedure set forth below in Section 2(f)(i). The terms and conditions applicable to the Hold Back Shares are set forth below in Section 2 (f)(iii). 
 
(vii) Buyer Shares. Each Buyer Share issued and outstanding at and as of the Effective Time will remain issued and outstanding.
 
(viii) Conversion of Merger Subsidiary's Capital Stock. At and as of the Effective Time, each share of Merger Subsidiary's common stock, no par value per share, shall be converted into one share of the Surviving Corporation's common stock, $0.01 par value per share. 
 
(ix) Conversion of Sindu Capital Stock. At and as of the Effective Time, (A) each Sindu Share shall be converted into the right to receive that certain ratio of Buyer Shares to be determined on the Closing Date based on the calculation set forth in the immediately subsequent paragraph of this Section 2 (e)(ix), and such ratio of Buyer Shares to one Seller Share is referred to herein as the "Sindu Conversion Ratio").
 
The Parties agree that the Sindu Conversion Ratio in this Section 2(e)(ix) is calculated by dividing Two Hundred Fifty Thousand (250,000) of the Buyer's publicly traded shares on the OTCQB as of the Closing Date (the "Buyer Acquisition Consideration Shares") by the total issued and outstanding Sindu Seller Shares as of the Closing Date. No Seller Share shall be deemed to be outstanding or to have any rights other than those set forth above in this Section 2(e)(ix) after the Effective Time.
 
	 
	8

	

	 

 
(f) Payment Procedure.
 
(i) Merger Shares Payment. Immediately after the Effective Time, (A) Buyer will furnish to an exchange agent identified by Seller (the "Exchange Agent") a stock certificate (issued in the name of the Exchange Agent or its nominee) representing that number of Buyer Shares equal to the product of (I) the Conversion Ratio times (II) the number of outstanding Seller Shares (other than any Dissenting Shares), and (B) Buyer will cause the Exchange Agent to mail a letter of transmittal (with instructions for its use) in the form attached hereto as Schedule C to each record holder of outstanding Seller Shares for the holder to use in surrendering the certificates that represented his, her, or its Seller Shares in exchange for a certificate representing the number of Buyer Shares to which he, she, or it is entitled based on the Conversion Ratio.
 
(ii) Acquisition Shares Payment. In addition, immediately after the Effective Time, (A) Buyer will furnish to the Exchange Agent a stock certificate (issued in the name of the Exchange Agent or its nominee) representing that number of Buyer Shares equal to the product of (I) the Sindu Conversion Ratio times (II) the number of outstanding Sindu Shares, and (B) Buyer will cause the Exchange Agent to mail a letter of transmittal (with instructions for its use) in the form attached hereto as Schedule C to each record holder of outstanding Sindu Shares for the holder to use in surrendering the certificates that represented his, her, or its Sindu Shares in exchange for a certificate representing the number of Buyer Shares to which he, she, or it is entitled based on the Sindu Conversion Ratio.
 
(iii) Notwithstanding the payment procedure set forth immediately above in Section 2(f), if the Seller has currently accrued liabilities at the time of the Closing in excess of the Seller Permitted Liabilities (the "Excess Accrued Liabilities"), the Buyer shall have a dollar to dollar right of offset against the value of the Hold Back Shares (the "Hold Back Setoff Shares"). The Hold Back Setoff Shares shall be a number of shares calculated by dividing A)the amount of the Excess Accrued Liabilities by B) the product of the Hold Back Shares times the price of the Buyer Shares on the Closing Date then C) multiplying the resulting fraction by the total number of Hold Back Shares. In no event will Seller be liable under this section for more than the total number of Hold Back Shares. 
 
(iv) The amount of Buyer Shares equal to the Hold Back Shares minus the Hold Back Setoff Shares (if any) shall mean the Released Buyer Shares. Within ten (10) business days after the Closing, (A) the Buyer shall will furnish to the Exchange Agent a stock certificate (issued in the name of the Exchange Agent or its nominee) representing all of the Released Buyer Sharesand B) Buyer will cause the Exchange Agent to mail a letter of transmittal (with instructions for its use) in the form attached hereto as Schedule C to each record holder of outstanding Seller Shares for the holder to use in surrendering the certificates that represented his, her, or its Seller Shares in exchange for a certificate representing the number of Released Buyer Shares to which he, she, or it is entitled based on the Conversion Ratio. 
 
(v) Buyer will not pay any dividend or make any distribution on Buyer Shares (with a record date at or after the Effective Time) to any record holder of outstanding Seller Shares until the holder surrenders for exchange his, her, or its certificates that represented Seller Shares. Buyer instead will pay the dividend or make the distribution to the Exchange Agent in trust for the benefit of the holder pending surrender and exchange. Buyer may cause the Exchange Agent to invest any cash the Exchange Agent receives from Buyer as a dividend or distribution in one or more of the permitted investments set forth on Schedule D attached hereto; provided, however, that the terms and conditions of the investments shall be such as to permit the Exchange Agent to make prompt payments of cash to the holders of outstanding Seller Shares as necessary. Buyer may cause the Exchange Agent to pay over to Buyer any net earnings with respect to the investments, and Buyer will replace promptly any cash that the Exchange Agent loses through investments. In no event, however, will any holder of outstanding Seller Shares be entitled to any interest or earnings on the dividend or distribution pending receipt.
 
	 
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(vi) Buyer may cause the Exchange Agent to return any Buyer Shares and dividends and distributions thereon remaining unclaimed 180 days after the Effective Time, and thereafter each remaining record holder of outstanding Seller Shares shall be entitled to look to Buyer (subject to abandoned property, escheat, and other similar laws) as a general creditor thereof with respect to the Buyer Shares and dividends and distributions thereon to which he, she, or it is entitled upon surrender of his, her, or its certificates.
 
(vii) Buyer shall pay all charges and expenses of the Exchange Agent.
 
(f) Closing of Transfer Records. After the close of business on the Closing Date, transfers of Seller Shares outstanding prior to the Effective Time shall not be made on the stock transfer books of Surviving Corporation.
 
Section 3. Seller's and Sindu's Representations and Warranties.Each of the Seller and Sindu represents and warrants to Buyer that the statements contained in this Section 3 are correct and complete as of the date of this Agreement or will be correct and complete as of the Closing Date (as though made then and as though the Closing Date were substituted for the date of this Agreement throughout this Section 3), except as set forth in the disclosure schedule to be presented to and approved by the Buyer within two (2) business days prior to the Closing and initialed by the Parties (the "Disclosure Schedule"). The Disclosure Schedule will be arranged in paragraphs corresponding to the lettered and numbered paragraphs contained in this Section 3. 
 
(a) Organization, Qualification, and Corporate Power. Each of Seller, its Subsidiaries and Sindu is a corporation duly organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation. Each of Seller, its Subsidiaries and Sindu is duly authorized to conduct business and is in good standing under the laws of each jurisdiction where such qualification is required except where the lack of such qualification would not have a Material Adverse Effect. Each of Seller, its Subsidiaries and Sindu has full corporate power and authority to carry on the business in which it is engaged and to own and use the properties owned and used by it.
 
(b) Capitalization. The entire authorized capital stock of Seller is set forth on Schedule 3(b). All of the issued and outstanding Seller Shares have been duly authorized and are validly issued, fully paid, and non-assessable. Other than as set forth on Schedule 3(b), there are no outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, exchange rights, or other contracts or commitments that could require Seller to issue, sell, or otherwise cause to become outstanding any of its capital stock. There are no outstanding or authorized stock appreciation, phantom stock, profit participation, or similar rights with respect to Seller. 
 
The entire authorized capital stock of each Subsidiary is set forth on Schedule 3(b). All of the issued and outstanding shares of each Subsidiary have been duly authorized and are validly issued, fully paid, and non-assessable. There are no outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, exchange rights, or other contracts or commitments that could require any Subsidiary to issue, sell, or otherwise cause to become outstanding any of its capital stock. There are no outstanding or authorized stock appreciation, phantom stock, profit participation, or similar rights with respect to any Subsidiary.
 
	 
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The entire authorized capital stock of Sindu is set forth on Schedule 3(b). All of the issued and outstanding Sindu Shares have been duly authorized and are validly issued, fully paid, and non-assessable. There are no outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, exchange rights, or other contracts or commitments that could require Sindu to issue, sell, or otherwise cause to become outstanding any of its capital stock. There are no outstanding or authorized stock appreciation, phantom stock, profit participation, or similar rights with respect to Sindu. 
 
(c) Authorization of Transaction. Seller has full power and authority (including full corporate power and authority) to execute and deliver this Agreement and to perform its obligations hereunder; provided, however, that Seller cannot consummate the Merger unless and until it receives the Requisite Seller Stockholder Approval. This Agreement constitutes the valid and legally binding obligation of Seller, enforceable in accordance with its terms and conditions.
 
(d) Authorization of Transaction. Sindu has full power and authority (including full corporate power and authority) to execute and deliver this Agreement and the Share Exchange Agreement to perform its obligations hereunder; provided, however, that Sindu cannot consummate the Acquisition unless and until it receives the Requisite Sindu Approvals, and the requisite approval of the government of India. This Agreement constitutes the valid and legally binding obligation of Sindu, enforceable in accordance with its terms and conditions.
 
(e) Non-contravention. To the Knowledge of any director or officer of Seller or Sindu, neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which Seller, any of its Subsidiaries or Sindu is subject or any provision of the charter or bylaws of Seller, any of its Subsidiaries or Sindu or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument or other arrangement to which Seller, any of its Subsidiaries or Sindu is a party or by which it is bound or to which any of its assets is subject (or result in the imposition of any Lien upon any of its assets) except where the violation, conflict, breach, default, acceleration, termination, modification, cancellation, failure to give notice, or Lien would not have a Material Adverse Effect. To the Knowledge of any director or officer of Seller, and other than in connection with the provisions of, the Delaware General Corporation Law, the Securities Exchange Act, the Securities Act, and the state securities laws, neither Seller nor any of its Subsidiaries needs to give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order for the Parties to consummate the transactions contemplated by this Agreement, except where the failure to give notice, to file, or to obtain any authorization, consent, or approval would not have a Material Adverse Effect.To the Knowledge of any director or officer of Sindu, and other than in connection with the provisions of, the relevant corporate legislation of India and any relevant securities laws, Sindu does not need to give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order for the Parties to consummate the transactions contemplated by this Agreement, except where the failure to give notice, to file, or to obtain any authorization, consent, or approval would not have a Material Adverse Effect.
 
	 
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(f) Financial Statements. Complete copies of the Seller's unaudited financial statements consisting of the balance sheet of the Seller as at December 31 in each of the years 2014 and 2013 and the related statements of income and retained earnings, stockholders' equity and cash flow for the years then ended (the "Financial Statements") have been delivered to Buyer. The Financial Statements have been prepared in accordance with GAAP applied on a consistent basis throughout the period involved. The Financial Statements are based on the books and records of the Seller, and fairly present in all material respects the financial condition of the Seller as of the respective dates they were prepared and the results of the operations of the Seller for the periods indicated. 
 
Complete copies of Sindu's unaudited financial statements consisting of the balance sheet of Sindu at December 31 in the year 2013 and the related statements of income and retained earnings, stockholders' equity and cash flow for the year then ended (the "Sindu Financial Statements") have been delivered to Buyer. The Sindu Financial Statements are based on the books and records of the Sindu, and fairly present in all material respects the financial condition of Sindu as of the respective dates they were prepared and the results of the operations of Sindu for the period indicated.
 
(g) Events Subsequent to September 30, 2015. Since September 30, 2015, there has not been any Material Adverse Change.
 
(h) Undisclosed Liabilities. Neither Seller, any of its Subsidiaries nor Sindu has any liability (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due), including any liability for taxes, except for (i) liabilities set forth on the face of the balance sheet dated as of September 30, 2015 (rather than in any notes thereto); (ii) liabilities that have arisen after September 30, 2015 in the Ordinary Course of Business (none of which results from, arises out of, relates to, is in the nature of, or was caused by any breach of contract, breach of warranty, tort, infringement, or violation of law) and (iii) to the extent not already reflected in (i) or (ii) of this Section (h).
 
(i) Brokers' Fees. Neither Seller nor any of its Subsidiaries has any liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to the transactions contemplated by this Agreement.
 
(j) Continuity of Business Enterprise. Seller operates at least one significant historic business line, or owns at least a significant portion of its historic business assets, in each case within the meaning of Treasury Reg. Section 1.368-1(d). 
 
(k) Intellectual Property. To the best of the Seller's Knowledge, the Seller's rights in its intellectual property are valid, subsisting and enforceable. The Seller has taken all reasonable steps to maintain the Seller's intellectual property, except as otherwise disclosed, and preserve the confidentiality of any trade secrets that may be included in the Seller's intellectual property which are material in the Seller's business. To the Seller's Knowledge, the conduct of the Seller's business as currently and formerly conducted, and the products, processes and services of the Seller, have not, to the best of the Seller's Knowledge, infringed, misappropriated, diluted or otherwise violated, and do not and will not, in each case to the best of the Seller's Knowledge, infringe, dilute, misappropriate or otherwise violate the intellectual property or other rights of any Person. To the best of the Seller's Knowledge, no Person has infringed, misappropriated, diluted or otherwise violated, or is currently infringing, misappropriating, diluting or otherwise violating, any of Seller's intellectual property. 
 
Section 4. Buyer's Representations and Warranties. Buyer represents and warrants to Seller that the statements contained in this Section 4 are correct and complete as of the date of this Agreement or will be correct and complete as of the Closing Date (as though made then and as though the Closing Date were substituted for the date of this Agreement throughout this Section 4), except as set forth in the Disclosure Schedule to be presented to and approved by the Seller within two (2) business days prior to the Closing. The Disclosure Schedule will be arranged in paragraphs corresponding to the numbered and lettered paragraphs contained in this Section 4.
 
	 
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(a) Organization. Buyer is a corporation (or other entity) duly organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation (or other formation).
 
(b) Capitalization. The entire authorized capital stock of Buyer is set forth on Schedule 4(b). All of the Buyer Shares to be issued in the Merger have been duly authorized and, upon consummation of the Merger, will be validly issued, fully paid, and non-assessable.
 
(c) Authorization of Transaction. Buyer has full power and authority (including full corporate power and authority) to execute and deliver this Agreement and to perform its obligations hereunder; provided, however, that Buyer cannot consummate the Merger unless and until it receives the Requisite Buyer Stockholder Approval. This Agreement constitutes the valid and legally binding obligation of Buyer, enforceable in accordance with its terms and conditions.
 
(d) Non-contravention. Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which Buyer is subject or any provision of the charter, bylaws, or other governing documents of Buyer or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument or other arrangement to which Buyer is a party or by which it is bound or to which any of its assets is subject. Other than in connection with the provisions of the Delaware General Corporation Law, the Securities Exchange Act, the Securities Act, the state securities laws, Canadian securities laws and the requirements of the OTC QB, Buyer does not need to give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order for the Parties to consummate the transactions contemplated by this Agreement. 
 
(e) Brokers' Fees. Buyer does not have any liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to the transactions contemplated by this Agreement for which Seller or any of its Subsidiaries could become liable or obligated.
 
(f) Continuity of Business Enterprise. It is the present intention of Buyer to continue at least one significant historic business line of Seller, or to use at least a significant portion of Seller's historic business assets in a business, in each case within the meaning of Reg. Section 1.368-1(d).
 
(g) Disclosure. The public filings made by the Buyer pursuant to Securities and Exchange Act were accurate and true in all material respects at the time of their filing, and to the Buyer's Knowledge are still true and accurate in all material respects, and did not contain, and to the Buyer's Knowledge, do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.
 
	 
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Section 5. Covenants. The Parties agree as follows with respect to the period from and after the execution of this Agreement. 
 
(a) General. Each of the Parties will use its reasonable best efforts to take all actions and to do all things necessary, proper, or advisable in order to consummate and make effective the transactions contemplated by this Agreement (including satisfaction, but not waiver, of the Closing conditions set forth in Section 6 below).
 
(b) Notices and Consents. Seller will give any notices (and will cause each of its Subsidiaries to give any notices) to third parties, and will use its reasonable best efforts to obtain (and will cause each of its Subsidiaries to use its reasonable best efforts to obtain) any third-party consents referred to in Section 3(d) above and the items set forth in Section 5(b) of the Disclosure Schedule.
 
(c) Regulatory Matters and Approvals. Each of the Parties will (and Seller will cause each of its Subsidiaries to) give any notices to, make any filings with, and use its reasonable best efforts to obtain any authorizations, consents, and approvals of governments and governmental agencies in connection with the matters referred to in Section 3(d) and Section 4(d) above. Without limiting the generality of the foregoing:
 
(i) Securities Act, Securities Exchange Act, and State Securities Laws. The filing Party in each instance will use its reasonable best efforts to make any necessary filings (including amendments and supplements) in connection therewith that may be necessary, proper, or advisable. Seller will provide Buyer, with whatever information and assistance in connection with the foregoing filings the filing Party may reasonably request. Buyer will take all actions that may be necessary, proper, or advisable under relevant securities laws in connection with the issuance of the Buyer Shares. 
 
(ii) Delaware General Corporation Law. Seller will call a special meeting of its stockholders as soon as reasonably practicable in order that the stockholders may consider and vote upon the adoption of this Agreement and the approval of the Merger in accordance with the Delaware General Corporation Law, provided however, Seller may at its option, and as permitted by the Delaware General Corporation Law, obtain the adoption of the Agreement and approval of the Merger by written consent of its stockholders. 
 
(d) OTC QB. The Buyer will provide the OTC QB with all required notices regarding the issuance of the Buyer Shares.
 
(e) Operation of Business. Seller will not (and will not cause or permit any of its Subsidiaries to) engage in any practice, take any action, or enter into any transaction outside the Ordinary Course of Business. Without limiting the generality of the foregoing:
 
(i) neither Seller nor any of its Subsidiaries will authorize or effect any change in its charter or bylaws;
 
(ii) neither Seller nor any of its Subsidiaries will grant any options, warrants, or other rights to purchase or obtain any of its capital stock or issue, sell, or otherwise dispose of any of its stock (except upon the conversion or exercise of options, warrants, and other rights currently outstanding);
 
(iii) neither Seller nor any of its Subsidiaries will declare, set aside, or pay any dividend or distribution with respect to its stock (whether in cash or in kind), or redeem, repurchase, or otherwise acquire any of its capital stock, in either case outside the Ordinary Course of Business;
 
	 
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(iv) neither Seller nor any of its Subsidiaries will issue any note, bond, or other debt security or create, incur, assume, or guarantee any indebtedness for borrowed money or capitalized lease obligation outside the Ordinary Course of Business;
 
(v) neither Seller nor any of its Subsidiaries will impose any Lien upon any of its assets outside the Ordinary Course of Business;
 
(vi) neither Seller nor any of its Subsidiaries will make any capital investment in, make any loan to, or acquire the securities or assets of any other Person outside the Ordinary Course of Business;
 
(vii) neither Seller nor any of its Subsidiaries will make any change in employment terms for any of its directors, officers, and employees outside the Ordinary Course of Business; and
 
(viii) neither Seller nor any of its Subsidiaries will commit to any of the foregoing.
 
(f) Due Diligence. Seller will (and will cause each of its Subsidiaries to) cooperate fully in Buyer's due diligence investigations undertaken pursuant to this Agreement. Buyer will treat and hold as such any Confidential Information it receives from Seller or any of its Subsidiaries in the course of the reviews contemplated by this Section 5(f), will not use any of the Confidential Information except in connection with this Agreement, and, if this Agreement is terminated for any reason whatsoever, agrees to return to Seller all tangible embodiments (and all copies) thereof that are in its possession.
 
(g) Notice of Developments. Each Party will give prompt written notice to the other of any material adverse development causing a breach of any of its own representations and warranties in Section 3 and Section 4 above. No disclosure by any Party pursuant to this Section 5(g), however, shall be deemed to amend or supplement the Disclosure Schedule or to prevent or cure any misrepresentation, breach of warranty, or breach of covenant.
 
(h) Insurance and Indemnification.
 
(i) Buyer will provide each individual who served as a director or officer of Seller at any time prior to the Effective Time with liability insurance for a period of 48 months after the Effective Time no less favorable in coverage and amount than any applicable insurance in effect immediately prior to the Effective Time. 
 
(ii) Seller, as the Surviving Corporation in the Merger, will observe any indemnification provisions now existing in the certificate of incorporation or bylaws of Seller for the benefit of any individual who served as a director or officer of Seller at any time prior to the Effective Time.
 
(iii) Buyer will indemnify each individual who served as a director or officer of Seller at any time prior to the Effective Time from and against any and all actions, suits, proceedings, hearings, investigations, charges, complaints, claims, demands, injunctions, judgments, orders, decrees, rulings, damages, dues, penalties, fines, costs, amounts paid in settlement, liabilities, obligations, taxes, liens, losses, expenses, and fees, including all court costs and reasonable attorneys' fees and expenses, resulting from, arising out of, relating to, in the nature of, or caused by this Agreement or any of the transactions contemplated herein.
 
	 
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(i) Continuity of Business Enterprise. Buyer will continue at least one significant historic business line of Seller, or use at least a significant portion of Seller's historic business assets in a business, in each case within the meaning of Treasury Reg. Section 1.368-1(d), except that Buyer may transfer Seller's historic business assets (i) to a corporation that is a member of Buyer's ''qualified group,'' within the meaning of Treasury Reg. Section 1.368-1(d)(4)(ii), or (ii) to a partnership if (A) one or more members of Buyer's ''qualified group'' have active and substantial management functions as a partner with respect to Seller's historic business or (B) members of Buyer's ''qualified group'' in the aggregate own an interest in the partnership representing a significant interest in Seller's historic business, in each case within the meaning of Treasury Reg. Section 1.368-1(d)(4)(iii).
 
(j) Stock Set Aside. Buyer will set aside 500,000 Buyer Shares to use for issuance of stock options (the "Buyer Stock Options") to satisfy commitments made by Seller with respect to Persons identified on Schedule 5(j) and agrees that such Buyer Stock Options shall be issued A) within a reasonable period of time after the Closing, and in any event before December 31, 2015, B) in accordance with all applicable laws and adherence to necessary corporate formalities and C) at an exercise price of the fair market value of publicly traded Buyer Shares on the date of issuance. 
 
(k) Payment of Transaction Costs. Buyer will assume and be responsible for all Transaction Costs. 
 
(l) Within ten (10) business days of Closing, the Buyer Board shall take such action as is necessary to elect Pravin Chaturvedi to the Buyer's board of directors. 
 
Section 6. Conditions to Obligation to Close.
 
(a) Conditions to Buyer's Obligation. The obligation of Buyer to consummate the transactions to be performed by it in connection with the Closing is subject to satisfaction of the following conditions:
 
(i) this Agreement and the Merger shall have received the Requisite Seller Stockholder Approval and the number of Dissenting Shares shall not exceed 10% of the number of outstanding Seller Shares;
 
(ii) this Agreement and the Acquisition (including the Share Exchange Agreement) shall have received the Requisite Sindu Approvals; 
 
(iii) Seller and its Subsidiaries shall have procured all of the third-party consents specified in Section 5(b) above;
 
(iv) the representations and warranties set forth in Section 3 above shall be true and correct in all material respects at and as of the Closing Date, except to the extent that such representations and warranties are qualified by the term ''material,'' or contain terms such as ''Material Adverse Effect'' or ''Material Adverse Change,'' in which case such representations and warranties (as so written, including the term ''material'' or ''Material'') shall be true and correct in all respects at and as of the Closing Date;
 
(v) Seller shall have performed and complied with all of its covenants hereunder in all material respects through the Closing, except to the extent that such covenants are qualified by the term ''material,'' or contain terms such as ''Material Adverse Effect'' or ''Material Adverse Change,'' in which case Seller shall have performed and complied with all of such covenants (as so written, including the term ''material'' or ''Material'') in all respects through the Closing;
 
(vi) no action, suit, or proceeding shall be pending or threatened before (or that could come before) any court or quasi-judicial or administrative agency of any federal, state, local, or non-U.S. jurisdiction or before (or that could come before) any arbitrator wherein an unfavorable injunction, judgment, order, decree, ruling, or charge would (A) prevent consummation of any of the transactions contemplated by this Agreement, and (B) cause any of the transactions contemplated by this Agreement to be rescinded following consummation, and (C) there shall not be any judgment, order, decree, stipulation, injunction, or charge in effect preventing consummation of any of the transactions contemplated by this Agreement;
 
	 
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(vii) Seller shall have delivered to Buyer a certificate to the effect that each of the conditions specified above in Section 6(a)(i)-(v) is satisfied in all respects;
 
(viii) this Agreement and the Merger shall have received the Requisite Buyer Stockholder Approval;
 
(ix) the Buyer not having received any correspondence from any relevant securities regulator or the OTC QB that such issuance of the Buyer Shares is not permitted;
 
(x) all actions to be taken by Seller in connection with consummation of the transactions contemplated hereby and all certificates, opinions, instruments, and other documents required to effect the transactions contemplated hereby will be reasonably satisfactory in form and substance to Buyer.
 
(xi) Seller and Sindu will obtain an extension of not less than six (6) months of the Seller's and Sindu's payment obligations to IICT under the Seller India License. 
 
(xii)Pravin Chaturvedi shall have entered into an employment agreement with Buyer to serve as the Chief Executive Officer of Buyer on terms and conditions acceptable to the Buyer.
 
Buyer may waive any condition specified in this Section 6(a) if it executes a writing so stating at or prior to the Closing.
 
(b) Conditions to Seller's Obligation. The obligation of Seller and Sindu to consummate the transactions to be performed by it in connection with the Closing is subject to satisfaction of the following conditions:
 
(i) the Buyer not having received any correspondence from any relevant securities regulator or the OTC QB that such issuance of the Buyer Shares is not permitted.
 
(ii) the representations and warranties set forth in Section 4 above shall be true and correct in all material respects at and as of the Closing Date, except to the extent that such representations and warranties are qualified by the term ''material,'' or contain terms such as ''Material Adverse Effect'' or ''Material Adverse Change,'' in which case such representations and warranties (as so written, including the term ''material'' or ''Material'') shall be true and correct in all respects at and as of the Closing Date;
 
(iii) Buyer shall have performed and complied with all of its covenants hereunder in all material respects through the Closing, except to the extent that such covenants are qualified by the term ''material,'' or contain terms such as ''Material Adverse Effect'' or ''Material Adverse Change,'' in which case Buyer shall have performed and complied with all of such covenants (as so written, including the term ''material'' or ''Material'') in all respects through the Closing;
 
	 
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(iv) no action, suit, or proceeding shall be pending or threatened before (or that could come before) any court or quasi-judicial or administrative agency of any federal, state, local, or non-U.S. jurisdiction or before (or that could come before) any arbitrator wherein an unfavorable injunction, judgment, order, decree, ruling, or charge would (A) prevent consummation of any of the transactions contemplated by this Agreement, (B) cause any of the transactions contemplated by this Agreement to be rescinded following consummation, (C) adversely affect the right of Surviving Corporation to own the former assets, to operate the former business, and to control the former Subsidiaries of Seller, or (D) adversely affect the right of any of the former Subsidiaries of Seller to own its assets and to operate its business (and no such injunction, judgment, order, decree, ruling, or charge shall be in effect); there shall not be any judgment, order, decree, stipulation, injunction, or charge in effect preventing consummation of any of the transactions contemplated by this Agreement; 
 
(v) Buyer shall have delivered to Seller a certificate to the effect that each of the conditions specified above in Section 6(b)(i)-(vi) is satisfied in all respects;
 
(vi) this Agreement and the Merger shall have received the Requisite Seller Stockholder Approval; 
 
(vii) the Acquisition, (including the Share Exchange Agreement) shall have received the Requisite Sindu Approvals, as applicable and
 
(viii) all actions to be taken by Buyer in connection with consummation of the transactions contemplated hereby and all certificates, opinions, instruments, and other documents required to effect the transactions contemplated hereby will be reasonably satisfactory in form and substance to Seller.
 
Seller may waive any condition specified in this Section 6(b) if it executes a writing so stating at or prior to the Closing.
 
Section 7. Termination.
 
(a) Termination of Agreement. Either of the Parties may terminate this Agreement with the prior authorization of its board of directors (whether before or after stockholder approval) as provided below:
 
(i) the Parties may terminate this Agreement by mutual written consent at any time prior to the Effective Time;
 
(ii) Buyer may terminate this Agreement by giving written notice to Seller at any time prior to the Effective Time (A) in the event Seller has breached any material representation, warranty, or covenant contained in this Agreement in any material respect, Buyer has notified Seller of the breach, and the breach has continued without cure for a period of 30 days after the notice of breach or (B) if the Closing shall not have occurred on or before November 30, 2015, by reason of the failure of any condition precedent under Section 6(a) hereof (unless the failure results primarily from Buyer breaching any representation, warranty, or covenant contained in this Agreement);
 
(iii) Seller may terminate this Agreement by giving written notice to Buyer at any time prior to the Effective Time (A) in the event Buyer has breached any material representation, warranty, or covenant contained in this Agreement in any material respect, Seller has notified Buyer of the breach, and the breach has continued without cure for a period of 30 days after the notice of breach or (B) if the Closing shall not have occurred on or before November 30, 2015, by reason of the failure of any condition precedent under Section 6(b) hereof (unless the failure results primarily from Seller breaching any representation, warranty, or covenant contained in this Agreement);
 
	 
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(iv) Seller may terminate this Agreement by giving written notice to Buyer at any time prior to the Effective Time in the event Seller's board of directors concludes that termination would be in the best interests of Seller and its stockholders; 
 
(v) Buyer may terminate this Agreement by giving written notice to Seller at any time prior to the Effective Time in the event Buyer's board of directors concludes that termination would be in the best interests of Buyer and its stockholders; or
 
(vi) any Party may terminate this Agreement by giving written notice to the other Party at any time after the Special Seller Meeting in the event this Agreement and the Merger fail to receive the Requisite Seller Stockholder Approval respectively.
 
(b) Effect of Termination. If any Party terminates this Agreement pursuant to Section 7(a) above, all rights and obligations of the Parties hereunder shall terminate without any liability of any Party to any other Party (except for any liability of any Party then in breach); provided, however, that the confidentiality provisions contained in Section 5(g) above shall survive any such termination.
 
Section 8. Miscellaneous.
 
(a) Survival. None of the representations, warranties, and covenants of the Parties (other than the provisions in Section 2 above concerning issuance of the Buyer Shares, the provisions in Section 5(j) above concerning insurance and indemnification, and the provisions in Section 5(k) above concerning certain requirements for a tax-free reorganization) will survive the Effective Time.
 
(b) Press Releases and Public Announcements. No Party shall issue any press release or make any public announcement relating to the subject matter of this Agreement without the prior written approval of the other Party; provided, however, that any Party may make any public disclosure it believes in good faith is required by applicable law or any listing or trading agreement concerning its publicly traded securities (in which case the disclosing Party will use its reasonable best efforts to advise the other Party prior to making the disclosure).
 
(c) No Third-Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any Person other than the Parties and their respective successors and permitted assigns; provided, however, that (i) the provisions in Section 2 above concerning issuance of the Buyer Shares and the provisions in Section 5(k) above concerning certain requirements for a tax-free reorganization are intended for the benefit of Seller Stockholders and (ii) the provisions in Section 5(j) above concerning insurance and indemnification are intended for the benefit of the individuals specified therein and their respective legal representatives.
 
(d) Entire Agreement. This Agreement (including the documents referred to herein) constitutes the entire agreement between the Parties and supersedes any prior understandings, agreements, or representations by or between the Parties, written or oral, to the extent they relate in any way to the subject matter hereof.
 
(e) Succession and Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties named herein and their respective successors and permitted assigns. No Party may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other Party.
 
	 
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(f) Counterparts. This Agreement may be executed in one or more counterparts (including by means of facsimile), each of which shall be deemed an original but all of which together will constitute one and the same instrument.
 
(g) Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.
 
(h) Notices. All notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim, or other communication hereunder shall be deemed duly given (i) when delivered personally to the recipient, (ii) 1 business day after being sent to the recipient by reputable overnight courier service (charges prepaid), (iii) 1 business day after being sent to the recipient by facsimile transmission or electronic mail, or (iv) 4 business days after being mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid, and addressed to the intended recipient as set forth below:
 
	If to Seller: Pravin Chaturvedi, 25-K Olympia Avenue, Suite 300, Woburn, Massachusetts 01801
	 
	Copy to: Sam Mawn-Mahlau, Esq, Davis Malm and D'Agostine, One Boston Place, Boston, MA 02108

	 
	 
	 

	If to Buyer: Ahmad Doroudian, Pivot Pharmaceuticals Inc., 1275 West 6th Avenue, Vancouver, B.C., Canada, V6H 1A6
	 
	Copy to: Stewart L. Muglich, Esq., Alexander Hollyburn Beau din + Lang LLP, 2700 - 700 West Georgia Street, Vancouver, BC V7Y 1B8

 
Any Party may send any notice, request, demand, claim, or other communication hereunder to the intended recipient at the address set forth above using any other means (including personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other communication shall be deemed to have been duly given unless and until it actually is received by the intended recipient. Any Party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other Party notice in the manner herein set forth.
 
(i) Governing Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.
 
(j) Amendments and Waivers. The Parties may mutually amend any provision of this Agreement at any time prior to the Effective Time with the prior authorization of their respective boards of directors; provided, however, that any amendment effected subsequent to stockholder approval will be subject to the restrictions contained in the Delaware General Corporation Law. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by both of the Parties. No waiver by any Party of any provision of this Agreement or any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be valid unless the same shall be in writing and signed by the Party making such waiver nor shall such waiver be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such default, misrepresentation, or breach of warranty or covenant.
 
	 
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(k) Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.
 
(l) Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement. Any reference to any federal, state, local, or non-U.S. statute or law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context otherwise requires. The word ''including'' shall mean including without limitation.
 
(m) Incorporation of Schedules. The Schedules identified in this Agreement are incorporated herein by reference and made a part hereof.
 
(n) Tax Disclosure Authorization. Notwithstanding anything herein to the contrary, the Parties (and each Affiliate and Person action on behalf of any Party) agree that each Party (and each employee, representative, and other agent of such Party) may disclose to any and all Persons, without limitation of any kind, the transaction's tax treatment and tax structure (as such terms are used in regulations promulgated under Code Section 6011) contemplated by this agreement and all materials of any kind (including opinions or other tax analyses) provided to such Party or such Person relating to such tax treatment and tax structure, except to the extent necessary to comply with any applicable federal or state securities laws; provided, however, that such disclosure many not be made until the earlier of date of (A) public announcement of discussions relating to the transaction, (B) public announcement of the transaction, or (C) execution of an agreement (with or without conditions) to enter into the transaction. This authorization is not intended to permit disclosure of any other information including (without limitation) (A) any portion of any materials to the extent not related to the transaction's tax treatment or tax structure, (B) the identities of participants or potential participants, (C) the existence or status of any negotiations, (D) any pricing or financial information (except to the extent such pricing or financial information is related to the transaction's tax treatment or tax structure), or (E) any other term or detail not relevant to the transaction's tax treatment or the tax structure.
 
* * * * *
 
	 
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IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written.
 
 
	 
	Pivot Pharmaceuticals, Inc.
	 

	 
	 
		 

	 
	By:
	/s/ Ahmad Doroudian
	 

	 
	Name:
	Ahmad Doroudian	 

	 
	Title:
	Chairman and Director
	 

	 
	 
		 

	 
	IndUS Pharmaceuticals, Inc.
	 

	 
	 
		 

	 
	By:
	/s/ Pravin Chaturvedi
	 

	 
	Name:
	Pravin Chaturvedi	 

	 
	Title:
	Chief Executive Officer
	 

	 
	 
		 

	 
	Pivot Pharma U.S., Inc.
	 

	 
	 
		 

	 
	By:
	/s/ Ahmad Doroudian
	 

	 
	Name:
	Ahmad Doroudian	 

	 
	Title:
	Chief Executive Officer
	 

	 
	 
		 

	 
	Sindu Research Laboratories Pvt Ltd
	 

	 
	 
		 

	 
	By:
	/s/ Pravin Chaturvedi
	 

	 
	Name: 
	Pravin Chaturvedi	 

	 
	Title:
	Director
	 

 
	 
	22

	

	 

 
SCHEDULE A
 
SHARE EXCHANGE AGREEMENT
 
This share exchange agreement ("Agreement") is entered into on this 4th day of November, 2015, by and between Pivot Pharmaceuticals, Inc., a corporation formed under the laws of British Columbia, Canada ("Pivot"), and Sindu Research Laboratories Pvt Ltd., a corporation formed under the laws of India ("Sindu") (Pivot and Sindu are referred collectively as the "Parties"). 
 
WHEREAS, Pivot and Sindu are entering into this Agreement pursuant to which Pivot will acquire all of the issued and outstanding capital stock of Sindu (the "Sindu Shares") by means of an exchange of Pivot shares (the "Pivot Shares") for the shares currently held by the shareholders of Sindu (the "Sindu Shareholders"); and
 
WHEREAS, the Sindu Shareholders and the Board of Directors of Sindu have determined that the Agreement and the transactions contemplated herein are in the best interests of Sindu and the Sindu Shareholders; and 
 
WHEREAS, Pivot will proceed to acquire of Sindu from the Sindu Shareholders and Sindu will become a wholly-owned subsidiary of Pivot. 
 
Now, therefore, in consideration of the premises and mutual promises herein made, and in consideration of the representations, warranties and covenants herein contained, the Parties agree as follows: 
 
I. Stock Exchange.
 
A. Exchange. Subject to the terms and conditions of this Agreement, (1) the Sindu Shareholders shall each exchange all right, title and interest in the shares they hold for Pivot Shares; (2) in exchange for the Sindu Shares, Pivot shall transfer to the Sindu Shareholders shares of its common stock; (3) the rate (the "Conversion Rate") at which each Sindu Share is exchanged for Pivot Shares will be determined by dividing Two Hundred Fifty Thousand US Dollars ($250,000) by the closing stock price of Pivot's publicly traded shares on the day of the Closing (as defined below) (4) notwithstanding any other provision of this Agreement, the Parties agree that at least one outstanding share of Sindu will be retained by a Sindu Shareholder who is a citizen of India, or be transferred at Closing to a citizen of India and this Agreement shall be subject to the approval of the Indian Reserve Bank (IRB) (the "IRB Approval").
 
B. Closing. The closing of the exchange of shares as contemplated by this Agreement (the "Closing") shall occur upon the execution of this Agreement and the delivery of the items provided in Section I.C below.
 
C. Delivery. Subject to the terms and conditions of this Agreement, (1) on the date of the Closing, the Sindu Shareholders deliver to Pivot (or its designated affiliate) the stock certificates representing all but one of Sindu Shares, duly endorsed for transfer to Pivot, or accompanied by duly executed stock powers, (2) Pivot will transfer Pivot Shares to the Sindu Shareholders based on the Conversion Rate set forth in Section A(3) above; (3) Sindu will have obtained the IRB Approval and provide it to Pivot and (4) the Parties agree to take all such other actions and execute all such other instruments as are necessary and proper to effectuate the purpose of this Agreement such that Sindu shall be acquired by Pivot. 
 
	 
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IN WITNESS WHEREOF, the Parties hereto have executed this Share Exchange Agreement as of the date first above written.
 
 
	 
	Pivot Pharmaceuticals, Inc.
	 

	 
	 
		 

	 
	By:
	/s/ Ahmad Doroudian
	 

	 
	Name:
	Ahmad Doroudian	 

	 
	Title:
	Chairman and Director
	 

	 
	 
		 

	 
	Sindu Research Laboratories Pvt. Ltd.
	 

	 
	 
		 

	 
	By:
	/s/ Pravin Chaturvedi
	 

	 
	Name:
	Pravin Chaturvedi	 

	 
	Title:
	Director
	 

 
 
24

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