Document:

ex10_1.htm

    
      	
               

            	
              EXHIBIT 10.1

            	
               

            

    

    “THIS AGREEMENT, AS WELL AS THE SECURITIES THAT
ARE THE SUBJECT OF THIS AGREEMENT, HAS BEEN ISSUED IN RELIANCE UPON THE
EXEMPTION FROM REGISTRATION AFFORDED BY SECTION 4(2) OF THE SECURITIES ACT OF
1933, AS AMENDED. AND MAY NOT BE TRANSFERRED WITHOUT AN OPINION OF COUNSEL
SATISFACTORY TO THE CORPORATION TO THE EFFECT THAT ANY SUCH PROPOSED TRANSFER IS
IN ACCORDANCE WITH ALL APPLICABLE LAWS, RULES AND REGULATIONS.”

     

    OPTION AGREEMENT

     

                  This
Option Agreement (the “Option”) is made and entered into as of the 30th day of
December, 2008, by and between ubroadcast, Inc., a Nevada corporation
(“Optionor”), and Diamond I, Inc., a Delaware corporation (“Optionee”), in light
of the following:

     

     

     

    WHEREAS,
Optionor is a privately held company engaged in e-commerce and desires to attain
public ownership status in order to pursue its business plans for growth and
capital formation; and

     

     

     

    WHEREAS,
Optionee is a publically traded company with its stock trading in the OTC
Bulletin Board under the symbol “DMOI”; and

     

     

     

    WHEREAS,
Optionee wishes to obtain an option to engage Optionor in a Plan and Agreement
Merger and requires some period of time in which to carry out a due diligence
investigation of Optionor; and

     

     

     

    WHEREAS,
Optionor desires to conclude an agreement leading to a merger with Optionee in a
transaction known as a reverse merger but is unwilling to delay its progress
toward public ownership to provide Optionor a due diligence period, unless it is
compensated for such period of delay during which time it would be required to
forego other merger opportunities; and

     

                  WHEREFORE,
the agreement of the parties, the promises of each being consideration for the
promises of the other, the parties agree as follows:

     

     

     

    I.           GRANT
OF OPTION

     

                  Optionor,
for the consideration and subject to the terms and conditions set forth herein,
hereby grants to Optionee a paid-for option (the “Option”) to require Optionor
to execute and enter into a Plan and Agreement of Merger in the form Exhibit “A”
attached hereto and by this reference incorporated into the Agreement as if
fully set forth herein.

     

     

     

    II.          CONSIDERATION
FOR OPTION

     

                  Optionee
agrees to issue to Optionor 200,000,000 of its $0.001 par value common stock
(the “Option Stock”) immediately upon the mutual execution of the Agreement as
and for full payment for the Option.

     

     

     

    III.        MANNER
AND TIME OF EXERCISE OF OPTION

     

                  Optionee
shall exercise this Option by giving written notice of exercise thereof in
writing delivered to Optionor on or before the close of business on January 15,
2008.

     

     

     

    IV.         THE
OPTION STOCK

     

                  The
Option Stock will, when issued, be valid issued, fully paid and non-assessable
common stock of Optionee. The Option Stock shall constitute “restricted
securities”, as that term is defined in the Rules and Regulations of the
Securities and Exchange Commission. Optionor consents to the placement on any
certificate or certificates representing the Option Stock a legend in the
following, or similar form:

     

     

     

    “THESE SECURITIES HAVE BEEN
ISSUED IN RELIANCE UPON THE EXEMPTION FROM REGISTRATION AFFORDED BY SECTION 4(2)
OF THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED WITHOUT AN
OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION TO THE EFFECT THAT ANY SUCH
PROPOSED TRANSFER IS IN ACCORDANCE WITH ALL APPLICABLE LAWS. RULES AND
REGULATIONS.”

     

                  Optionor
agrees that it is acquiring the Option Stock for its own account, for investment
and with no view toward distribution.

     

                  The
Option Stock will be delivered to Optionor upon the mutual execution of this
Agreement.

     

     

     

    V.          OPTIONOR’S
COOPERATION AND ASSISTANCE

     

                  Optionor
shall cooperate with Optionee in completing its due diligence investigation and
shall offer all reasonable assistance to Optionee in that regard. Optionor shall
make available for inspection and/or copying its corporate minutes, documents,
and all other records, financial or otherwise, designated by Optionee as
necessary to its investigation. The failure or refusal to provide such
assistance by Optionor that Optionor is required to provide hereunder shall, at
Optionee’s option, extend the time for Optionee’s exercise of the Option
provided for herein.

     

     

     

    VI.         REPRESENTATIONS
AND WARRANTIES

     

     

     

                  A.          By
Optionor:

     

                                (1)         Optionor
is a development-stage company.

     

                                (2)         The
execution and performance of this Agreement by Optionor will not result in any
violation or be in conflict with any agreement to which it is a party.

     

                                (3)         The
execution and performance of this Agreement has been duly authorized by the
board of directors of Optionor.

     

     

     

                  B.          By
Optionee:

     

                                (1)         Optionee
is a development-stage company without significant revenues and is substantially
illiquid and does not possess adequate capital to pursue its business
plan.

     

                                (2)         The
execution and performance of this Agreement by Optionee will not result in any
violation or be in conflict with any agreement to which it is a party.

     

                                (3)         The
execution and performance of this Agreement has been duly authorized by the
board of directors of Optionee.

     

    VII.       MISCELLANEOUS

     

                  Notice.
All notices and other communications given or made pursuant hereto shall be in
writing and shall be deemed to have been duly given or made as of the date
delivered via e-mail or facsimile or mailed if delivered personally or mailed by
registered or certified mail (postage prepaid, return receipt requested) to the
parties at the following addresses (or at such other address for a party as
shall be specified by like notice, except that notices of changes of address
shall be effective upon receipt):

     

     

     

                  If
to
Optionor:                    ubroadcast,
Inc.

     

                                                             1666
Garnet Avenue, Suite 312

     

    San Diego California,
92109

     

                                                             E-mail
Address: john@j2cm.com; jason@j2cm.com

     

                                                             Facsimile:
(858) 408-4445

     

     

     

                  If
to
Optionee:                   Diamond
I, Inc.

     

                                                             8733
Siegen Lane, Suite 309

     

                                                             Baton
Rouge Louisiana 70810

     

                                                             E-mail
Address: dloflin@cox.net

     

                                                             Facsimile:
225-924-3258

     

                  Assignment.
This Agreement, including any rights contained herein, may not be assigned,
encumbered or transferred by either party without the written consent of the
other party.

     

                  Arbitration.
In the event of a dispute between the parties hereto that arises out of this
Agreement, the parties hereby agree to submit such dispute to arbitration before
the American Arbitration Association (the "Association") at its Dallas, Texas,
offices. in accordance with the then-current rules of the Association; the award
given by the arbitrators shall be binding and a judgment can be obtained on any
such award in any court of competent jurisdiction. It is expressly agreed that
the arbitrators, as part of their award, can award attorneys fees to the
prevailing party.

     

                  Governing
Law. This Agreement shall be deemed to be a contract made under. governed by and
construed in accordance with the substantive laws of the State of
Texas.

     

                  Counterparts.
This Agreement may be executed simultaneously in counterparts, each of which
when so executed and delivered shall be taken to be an original; but such
counterparts shall together constitute but one and the same documents.

     

                  Successors
and Assigns. Except as otherwise expressly provided herein, the provisions
hereof shall inure to the benefit of, and be binding upon. the successors,
assigns and administrators of the parties hereto.

     

                  Entire
Agreement. This Agreement, the other agreements and the other documents
delivered pursuant hereto and thereto constitute the full and entire
understanding and agreement between the parties with regard to the subjects
hereof and thereof.

     

                  IN
WITNESS WHEREOF, the parties have signed this Agreement as of the day and year
first above written. 

     

     

     

                  DIAMOND
I,
INC.                                                     UBROADCAST,
INC.

     

     

     

                  By:
/s/ DAVID
LOFLIN                                              By:
/s/ JOHN CASTIGLIONE

     

                                David
Loflin 

     

                                President                                                         Name:
John Castiglione

     

                                                                                                        Title:
Presidentex10_2.htm

    
      	
               

            	
              EXHIBIT 10.2

            	
               

            

    

    MEMBERSHIP INTEREST REDEMPTION
AGREEMENT

     

    This Membership Interest Redemption Agreement
(the “Agreement”) is entered into and shall be effective as of December 15, 2008
(the “Effective Date”), by and between, U.S. BioFuels Exchange, LLC, a Colorado
limited liability company (the “Company”) and Diamond I, Inc., a Delaware
corporation (hereinafter as “DMOI”). DMOI and the Company are sometimes referred
to individually as a “Party” and collectively as the “Parties.”

     

    INTRODUCTION

     

    Whereas, DMOI holds 600 Interests as defined in
the Operating Agreement of the Company; and

     

    Whereas, the Parties have agreed that a portion
of DMOI’s right, title, and interest in the Company shall be redeemed by the
Company as set forth herein; and

     

    Whereas, the Parties have agreed that after
giving effect to the additional Interests to be issued as of the Effective Date
by the Company as authorized by the Board of Directors on December 11, 2008,
DMOI’s Sharing Ratio shall be equal to no less 14% immediately after the Company
redeems a portion of DMOI’s Interests as set forth in this Agreement; and

     

    Whereas, DMOI has made capital contributions to
the Company in the form of the issuance of DMOI stock to Shaji Parol for the
payment of services to develop certain intellectual property owned by the
Company; and

     

    Whereas, the Parties want to clarify each
Party’s respective rights and ownership interests in the intellectual and other
intangible property developed for and on behalf of the Company; and

     

    Now therefore, based on the foregoing, and in
consideration of the mutual agreements, covenants, and conditions contained
herein, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the Parties hereby agree as follows:

     

    SECTION 1. Redemption. DMOI hereby sells,
assigns, and transfers 438 of its Interests (the “Redeemed Interest”) to the
Company as of the Effective Date. The Parties agree that as of the close of
business on the Effective Date that the Interests issued and the Sharing Ratios
of the Company shall be as set forth in Exhibit A, which is attached hereto and
incorporated by reference.

     

    SECTION 2. Consideration for Redeemed Interest.
In consideration for the redemption of the Redeemed Interest, the Company has
distributed to DMOI cash in the amount of $30,000. The consideration provided
for in this Section 2. is the total consideration payable by the Company to DMOI
for the Redeemed Interest.

     

    SECTION 3. Intellectual Property. DMOI hereby
waives and releases any and all claims it may have to the intellectual and other
intangible property developed for and on behalf of the Company, including, but
not limited to, all property developed as a result on the services performed by
Shaji Parol and James Kaufman. To the extent that DMOI has any ownership
interests or rights in the property described in the preceding sentence, DMOI
hereby assigns, transfers, grants and conveys such ownership interests and
rights to the Company.

     

    SECTION 4. Tax Matters. The Parties agree
that:

     

    (a) DMOI’s distributive share of the Company’s
income, gain, loss, and deduction for the taxable year of the Company that
includes the Effective Date shall be determined on the basis of an interim
closing of the books of the Company as of the close of business on the December
14, 2008, and shall not be based upon a proration of such items for the entire
taxable year. DMOI shall not be allocated a distributive share of any Company
items for any subsequent year except to the extent such allocations are required
by or are consistent with the provisions of this Agreement.

     

    (b) The Parties shall each file all required
federal, state, and local income tax returns and related returns and reports in
a manner consistent with the foregoing provisions of this Section 4. In the
event a Party does not comply with the preceding sentence, the non-complying
Party shall indemnify and hold the other Parties wholly and completely harmless
from all cost, liability, and damage that such other Party may incur (including,
without limitation, incremental tax liabilities, legal fees, accounting fees,
and other expenses) as a consequence of such failure to comply.

     

    SECTION 5. Representations, Warranties, and
Covenants.

     

    (a) Of Each Party. The Company and DMOI each
hereby represents and warrants to and covenants to each other Party that:

     

    1) Neither the execution nor the delivery of
this Agreement, the incurrence of the obligations herein set forth, the
consummation of the transactions herein contemplated, nor the compliance with
the terms of this Agreement will conflict with, or result in a breach of, any of
the terms, conditions, or provisions of, or constitute a default under, any
bond, note, or other evidence or indebtedness or any contract, indenture,
mortgage, deed of

     

    trust, loan agreement, lease, or other
agreement or instrument to which such Party is a party or by which such Party
may be bound.

     

    2) Such Party has the right, power, legal
capacity, and authority to execute and enter into this Agreement and to execute
all other documents and perform all other acts as may be necessary in connection
with the performance of this Agreement.

     

    3) No approval or consent not heretofore
obtained by any person or entity is necessary in connection with the execution
of this Agreement by such Party or the performance of such Party’s obligations
under this Agreement.

     

    4) Such Party has received independent tax and
legal advice from accountants and attorneys of their choice with respect to the
advisability of executing this Agreement.

     

    5) Except as expressly provided herein, no
person has made any statement or representation to such Party regarding any fact
relied upon by such Party in entering into this Agreement and each Party
specifically does not rely upon any statement, representation, or promise of any
other person in executing this Agreement.

     

    6) Such Party relies on the finality of this
Agreement as a material factor inducing its execution of this Agreement, and the
obligations under this Agreement.

     

    7) Such Party will not take any action which
would interfere with the performance of this Agreement by any other Party or
that would adversely affect any of the rights provided for herein.

     

    (b) Additional Representation, Warranty, and
Covenant of DMOI. DMOI hereby represents and warrants to and covenants to the
Company that DMOI owns the Redeemed Interest free and clear of any and all
liens, claims, encumbrances, and adverse equities.

     

    SECTION 6. Miscellaneous.

     

    (a) Severability. Each provision of this
Agreement is intended to be severable. If any term or provision hereof is
illegal or invalid for any reason whatsoever, such illegality or invalidity
shall not affect the legality or validity of the remainder of the
Agreement.

     

    (b) Survival. All of the terms,
representations, warranties, and other provisions of this Agreement shall
survive and remain in effect after the Effective Date.

     

    (c) Execution of Documents. Each Party agrees
to execute all documents necessary to carry out the purpose of this Agreement
and to cooperate with each other for the expeditious filing of any and all
documents and the fulfillment of the terms of this Agreement.

     

    (d) Binding Effect. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

     

    (e) Construction. Every covenant, term, and
provision of this Agreement shall be construed simply according to its fair
meaning and not strictly for or against any Party. Capitalized terms not
otherwise defined in this Agreement shall have the same meaning as provided in
the Operating Agreement of the Company as the same is in effect as of the
Effective Date.

     

    (f) Headings. Section and other headings
contained in this Agreement are for reference purposes only and are not intended
to describe, interpret, define, or limit the scope, extent, or intent of this
Agreement or any provision hereof.

     

    (g) Entire Agreement. This Agreement contains
the entire understanding among the Parties and supersedes any prior written or
oral agreements between them respecting the subject matter of this Agreement.
There are no representations, agreements, arrangements, or understandings, oral
or written, between the Parties relating to the subject matter of this Agreement
that are not fully set forth herein.

     

    (h) Counterparts. This Agreement may be signed
in any number of counterparts, each of which shall be an original and, when
taken together, shall constitute one agreement.

     

    (i) Consent to Jurisdiction. Seller and
Purchaser each (i) irrevocably submits to the jurisdiction of any court sitting
in Denver County, Colorado for any action arising out of this Agreement, (ii)
agrees that all claims in such action may be decided in such court, (iii)
waives, to the fullest extent it may effectively do so, the defense of an
inconvenient forum, and (iv) consents to the service of process by mail. A final
judgment in any such action shall be conclusive and may be enforced in other
jurisdictions. Nothing herein shall affect the right of any party to serve legal
process in any manner permitted by law or shall affect its right to bring any
action in any other court.

     

    (j) Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of
Colorado, regardless of the law that might otherwise govern under applicable
principles of conflict of laws thereof.

     

    IN WITNESS WHEREOF, the Parties hereto have
approved and executed this Agreement as of the date first set forth
above.

     

    U.S. BioFuels Exchange, LLC

     

    /s/ Thomas J. Gray

     

    THOMAS J. GRAY, President

     

    DIAMOND I, INC.

     

    /s/ David Loflin

     

    DAVID LOFLIN, President

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