Document:

ex10.1

  
  
 AGREEMENT AND PLAN OF MERGER
 

 

 

 

  
 By and among
 

 IPS ACQUISITION CORP.
 

 as the Buyer,
 

 A wholly-owned subsidiary of
 

 BLUE EARTH, INC.,

  
 and

 The Stockholders named herein 

  
 as the Stockholders,

  
 and

 IPS Power Engineering Inc. &
 Global Renewable Energy Group, Inc.
 

 

 

 

 

 

 EFFECTIVE DATE: July 15, 2013
 

 

 
 
  
  
  
  
 

 
 
 

 

 

 	 	
	 Exhibits
	 Description

	  
	  

	 Exhibit 1(d)
	 Form of Escrow Agreement

	 Exhibit 2(a) 
	 Form of Lock Up Agreement

	 Exhibit 2(b)(i)
	 Form of Employment Agreement

	 Exhibit 3(q)
	 Unaudited Financial Statements of IPS

	 Exhibit 4(q)
	 Unaudited Financial Statements of GREG

	 Exhibit 12(b)
	 Certified Documents of Buyer/BBLU delivered to the Company

	  
	  

	 Schedules
	 Description

	  
	  

	 Schedule A
	 IPS and GREG Stockholders

	 Schedule B
	 IPS and GREG Subsidiaries

	 Schedule C 
	 Initial Projects

	 Schedule D
	 Allocation of Merger Consideration

	 Schedule 2(c)
	 Employee Options

	 Schedule 3(b)
	 IPS Interest in Other Entities

	 Schedule 3(o)
	 IPS Legal Proceedings

	 Schedule 3(r)
	 Tax Matters

	 Schedule 3(t) 
	 Real Property Owned or Leased; Personal Property Leased by IPS 

	 Schedule 3(u) 
	 IPS Material Contracts

	 Schedule 3(v) 
	 IPS Proprietary Rights 

	 Schedule 3(z) 
	 IPS Plans

	 Schedule 3(aa) 
	 IPS Insurance Policies 

	 Schedule 3(bb) 
	 Rights of Third Parties (IPS)

	 Schedule 3(ee)
	 IPS Vendor Notices

	 Schedule 3(gg)
	 IPS Compensation Plans

	 Schedule 3(hh)
	 IPS Governmental Licenses

	 Schedule 3(kk)
	 IPS Additional Agreements

	 Schedule 3(mm)
	 IPS Related-Party Contracts

	 Schedule 4(o)
	 GREG Legal Proceedings

	 Schedule 4(t)
	 GREG Real Property Owned or Leased; Personal Property Leased

	 Schedule 4(u)
	 GREG Material Contracts

	 Schedule 4(v)
	 GREG Proprietary Rights

	 Schedule 4(z)
	 GREG Plans

	 Schedule 4(aa)
	 GREG Insurance Policies

	 Schedule 4(bb)
	 Rights of Third Parties (GREG)

	 Schedule 4(ee)
	 GREG Vendor Notices

	 Schedule 4(gg)
	 GREG Compensation Plans

	 Schedule 4(hh)
	 GREG Governmental Contracts

	 Schedule 4(kk)
	 GREG Additional Agreements

	 Schedule 4(mm)
	 GREG Related-Party Contracts

	 Schedule 5(d)
	 BBLU Capitalization

	 Schedule 7(e)
	 Exceptions to Release

 

 

 i
 

 
 

 	 	
	 Section 1. Merger Transaction
	 2

	 Section 2. Other Agreements
	 6

	 Section 3. Representations and Warranties of IPS and the IPS Stockholders
	 7

	 Section 4. Representations and Warranties of GREG and the GREG Stockholders
	 23

	 Section 5. Representations and Warranties of the Buyer and BBLU
	 40

	 Section 6. Survival of Representations and Warranties; Indemnification
	 46

	 Section 7. Covenants of the Stockholders, IPS and GREG
	 48

	 Section 8. Covenants of the Buyer and BBLU
	 49

	 Section 9. Conditions Precedent to the Obligations of the Buyer and BBLU
	 50

	 Section 10. Conditions Precedent to the Stockholders, IPS and GREG’s Obligations
	 52

	 Section 11. Conditions Precedent to Obligations of the Stockholders, IPS, GREGG, the Buyer and BBLU
	 53

	 Section 12. Deliveries
	 53

	 Section 13. Subsequent Events
	 54

	 Section 14. The Buyer’s Obligations at Closing
	 55

	 Section 15. The Stockholders' Obligations at Closing
	 55

	 Section 16. Parties in Interest
	 55

	 Section 17. Entire Agreement
	 55

	 Section 18. Governing Law
	 56

	 Section 19. Expenses
	 56

	 Section 20. Arbitration; Consent to Jurisdiction
	 56

	 Section 21. Arbitration
	 56

	 Section 22. Severability
	 57

	 Section 23. Notices
	 57

	 Section 24. Non-Waivers
	 58

	 Section 25. Assignment
	 59

	 Section 26. Disclosure
	 59

	 Section 27. Definitions
	 59

	 Section 28. Further Assurances
	 62

	 Section 29. Headings
	 62

	 Section 30. Counterparts
	 62

 

 

 

 

 

 .
 

 ii
 

 
 AGREEMENT AND PLAN OF MERGER
 AGREEMENT AND PLAN OF MERGER (the “Agreement”) dated as of July 15, 2013 (the “Signing Date”) by and among IPS Power Engineering Inc., a Utah corporation (“IPS”), Global Renewable Energy Group, Inc., a Nevada corporation (“GREG”), the stockholders of IPS named on the signature page hereto (the “IPS Stockholders”), the stockholders of GREG (the “GREG Stockholders”) set forth on Schedule A attached hereto (the IPS Stockholders and GREG Stockholders each sometimes referred to as a "Stockholder" and collectively, the "Stockholders"), each of the subsidiaries and Affiliates of IPS and GREG set forth on Schedule B attached hereto, Blue Earth, Inc., a Nevada corporation ("BBLU"), and BBLU’s wholly-owned subsidiary, IPS Acquisition Corp., a newly formed Utah corporation (“Buyer”).  IPS, GREG, Stockholders, BBLU and Buyer each may be referred to in this Agreement as a “Party” and may be collectively referred to as the “Parties.”
 W I T N E S S E T H:
 WHEREAS, IPS has a business relationship with the Customer (defined in Schedule C), which includes the design and engineering of seven initial combined heat and power (“CHP”) power plants (each an “Initial Project”) that are expected to start construction in or about August 2013;
 WHEREAS, the Buyer wishes to acquire IPS and GREG in a transaction on the terms and subject to the conditions set forth in this Agreement; 
 WHEREAS, the Board of Directors of BBLU has determined that the Merger (defined below) is consistent with and in furtherance of its long-term business strategy and fair to, and in the best interests of the Buyer and BBLU and their respective stockholders;
 WHEREAS, the Stockholders and the Boards of Directors of IPS and GREG have determined that the Merger is consistent with and in furtherance of their respective long-term business strategies and fair to, and in the best interests of them and the Stockholders;
 WHEREAS, the Board of Directors of each of BBLU (on its own behalf and as the sole stockholder of Buyer), Buyer, IPS and GREG have each adopted resolutions approving this Agreement and the merger of both the Buyer and GREG with and into IPS (the “Merger”), resulting in the cancellation of all of the stock of both Buyer and GREG, with IPS continuing as the surviving entity in accordance with the Utah Revised Business Corporation Act (the “URBCA”) and, in each such case, upon the terms and conditions set forth in this Agreement;
 WHEREAS, each outstanding share of the common stock of IPS and GREG owned by the IPS Stockholders and the GREG stockholders, respectively, shall be exchanged for the Merger Consideration (as defined in Section 1(d)); and
 WHEREAS, for U.S. federal income tax purposes, it is intended that the Merger shall constitute a reorganization within the meaning of Section 368(a)(I)(A) and (a)(2)(E) of the Internal Revenue Code of 1986, as amended (the “Code”), and that this Agreement shall constitute a “plan of reorganization” within the meaning of Section 368(b) of the Code.
 

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 NOW THEREFORE, in consideration of the mutual covenants of the parties as hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the Parties agree as follows:
 Section 1.
 Merger and Stock Purchase.
 (a)
 The Merger.  Upon the terms and subject to the conditions of this Agreement, the Merger shall be consummated in accordance with the URBCA.  At the Effective Date (defined in Section 1(e)(x)), upon the terms and subject to the conditions of this Agreement, Buyer and GREG shall each be merged with and into IPS in accordance with the URBCA and the separate existence of Buyer and GREG shall thereupon cease. IPS, as the surviving corporation in the Merger (sometimes referred to hereinafter as the “Surviving Corporation”), shall continue its corporate existence under the laws of Utah as a wholly-owned subsidiary of BBLU. The Parties acknowledge that GREG and IPS previously had an understanding that certain customer Contracts and relationships of IPS would be transferred from IPS to GREG subject to GREG management achieving certain milestones, including achieving certain project finance objectives. The Parties agree that the issuance of Merger Consideration defined in Section 1(d) to the GREG Stockholders shall satisfy in full any prior understanding between IPS and GREG regarding such customer Contracts and relationships and any claims that may be asserted by GREG or the GREG Stockholders in connection therewith as if GREG had achieved its required milestones.
 (b)
 Closing; Effective Date.
 (i)
 The Closing of the Merger (the “Closing”) shall take place upon the execution of this Agreement at the offices of counsel to IPS, Durham Jones & Pinegar, P.C., 111 East Broadway, Suite 900, Salt Lake City, UT 84111, or at such other location as may be agreed to by the Parties, on or before July 19, 2013 (the “Closing Date”), or at such other date, time or location as may be agreed to by the Parties.
 (ii)
 Subject to the provisions of this Agreement, on the Closing Date, the Parties shall file with the Division of Corporations of the State of Utah and the Secretary of State of Nevada, an Agreement of Merger (the “Certificates of Merger”) in accordance with the URBCA and Nevada Revised Statutes (the “NRS”) executed in accordance with the relevant provisions of the URBCA and the NRS, and shall make all other filings or recordings required under such laws in order to complete the Merger.  The Merger shall be completed at such time as the Certificates of Merger are duly filed with the appropriate state agencies (the “Merger Date”) and for all other purposes as of the close of the Closing Date.
 (c)
 Succession.  At the Merger Date, IPS as the Surviving Corporation shall succeed to all of the rights, privileges, debts, liabilities, powers, properties and contract rights of the Buyer and GREG in the manner of and as more fully set forth in the URBCA and NRS.
 

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 (d)
 Merger Consideration. At the Effective Date, by virtue of the Merger and without any additional action required on the part of the Stockholders, IPS, GREG, or the Buyer, the consideration for the Merger provided in this Section 1(d) (the “Merger Consideration”), subject to adjustment, shall be paid as follows:
 (i)
 Exchange of Securities.  The Parties intend that the issued and outstanding shares of IPS common stock held by the IPS Stockholders (“IPS Shares”) and of GREG common stock held by the GREG Stockholders (“GREG Shares”) be exchanged for shares of BBLU, pursuant to this Section 1(d)(i).  Additionally, the Parties intend that the shares of common stock held by Brian Smith (the “Smith Shares”) be exchanged for BBLU shares pursuant to that certain Stock Purchase Agreement of even date herewith between BBLU and Smith (the “Smith Purchase Agreement”), simultaneously with the effectiveness of the exchange of the IPS Shares and the GREG shares at the Closing.  (The IPS Shares, the Smith Shares, and the GREG shares may be referred to herein as the “Exchange Shares”).  Accordingly, the Exchange Shares shall be exchanged, through Buyer pursuant to this Agreement, or pursuant to the Smith Purchase Agreement, as applicable, for a total of 15,550,000 restricted shares of BBLU common stock (the “BBLU Shares”) valued at Eighteen Million Three Hundred Forty Nine Thousand dollars ($18,349,000) or $1.18 per share, issuable to the IPS and GREG Stockholders and Smith in the respective amounts set forth opposite their names on Schedule D attached hereto.  The Merger Consideration was determined by the Parties based on the mutually agreed-upon future revenues and earnings forecast prepared by the management of IPS and GREG. All of the BBLU Shares issued in the Merger and pursuant to the Smith Purchase Agreement shall vest on the schedule in Section 1(d) below and be subject to the terms and conditions of the Lock-Up Agreement described in Section 2(a).
 (ii)
 Vesting Schedule of the BBLU Shares. The BBLU Shares issued as Merger Consideration shall be issued subject to the following vesting schedule:
 ·
 50,000 BBLU Shares which were issued previously to Robert Nickolas Jones (“Jones”) per the written instructions of the IPS and GREG Stockholders for his services as a finder who initially introduced the Parties, in consideration for the binding LOA signed by the Parties on April 11, 2013, vested when issued.  BBLU shall issue to Jones an additional 100,000 BBLU Shares within one week of Closing and said BBLU Shares shall be fully vested when issued.
 ·
 5,000,000 BBLU Shares shall be issued to the Stockholders and Smith at Closing in the amounts set forth in Schedule D, and shall vest immediately when issued, but shall be subject to the Lock-Up Agreement described in Section 2(a).
 

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 ·
 10,500,000 BBLU Shares shall be issued to the Stockholders and Smith at Closing in the amounts set forth in Schedule D, and shall vest at the rate of 1,500,000 BBLU Shares per Initial Project on the date that each of the Initial Projects or substitutes of similar value therefor, as mutually agreed to by BBLU and IPS commences producing commercial power (the “Commercial Operation Date”). These BBLU Shares shall be issued at Closing in the names of the Stockholders as indicated in Schedule D and shall be held in escrow pursuant to the terms and conditions of the Escrow Agreement in the form attached hereto as Exhibit 1(d) pending release upon the Commercial Operation Date of each Initial Project.  Resale of these BBLU Shares shall also be subject to the Lock-Up Agreement. The Parties agree that the continued employment of the IPS Stockholders or any Affiliates of GREG shall not be a condition to or otherwise affect the vesting of the BBLU Shares hereunder.
 (e)
 Tender of IPS and GREG Shares.
 (i)
 Exchange of Shares.  In consideration of the Merger Consideration, the IPS Stockholders shall surrender at the Closing certificates with stock powers endorsed in blank (the “IPS Certificates”) evidencing all issued and outstanding IPS Shares.  In connection with the Merger, BBLU shall become the owner and sole shareholder of 100% of the outstanding shares of IPS, and IPS shall become the wholly-owned subsidiary of BBLU.  Additionally, in consideration of the Merger Consideration, the GREG Stockholders shall surrender at the Closing certificates with powers endorsed in blank (the “GREG Certificates”) evidencing all issued and outstanding GREG Shares, which shares shall be cancelled in connection with the Merger transaction.  Until surrendered as contemplated by this Section 1(e), each IPS Certificate shall be deemed to be held in trust for the benefit of BBLU, and each IPS Certificate and each GREG Certificate shall be deemed at any time after the Closing to represent only the holder’s right to receive a pro rata portion of the Merger Consideration as contemplated by Section 1(d). 
 (ii)
 Options, Warrants and Treasury Stock.  All outstanding options, warrants and other convertible securities of IPS and GREG, and any IPS and GREG treasury shares, shall be surrendered at the Closing and retired.  All securities of IPS and GREG other than the IPS Shares and the GREG Shares shall be cancelled without payment of any consideration therefor and shall cease to exist.
 

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 (iii)
 Transfer Books; No Further Ownership Rights in the IPS Shares and the GREG Shares.  At the Signing Date, the transfer books of each of IPS and GREG shall be closed, and thereafter there shall be no further registration of transfers of securities on the records of IPS or GREG.  From and after the Signing Date the holders of Certificates evidencing ownership of IPS Shares or GREG Shares outstanding immediately prior to the Closing shall cease to have any rights with respect to such securities, except as otherwise provided in this Agreement or by applicable law.  If, after the Closing, IPS Shares or GREG Shares are presented to the BBLU transfer agent for any reason, they shall be cancelled and exchanged as provided in this Section 2(e).
 (iv)
 Directors and Officers.  The officers of IPS immediately prior to the Closing shall continue as the officers of IPS following the Closing.  The Board of Directors of IPS after the Closing Date shall consist of Robert Potts, Ray Lundberg, John Francis and Johnny Thomas.  No other directors shall be elected without the mutual consent of the IPS Stockholders and the Board of Directors of BBLU.
 Robert Potts shall become a director of BBLU at the time that the Board is expanded to meet the corporate governance standards for an exchange listing, but no later than January 2, 2014.  From Closing until Mr. Potts is elected to the Board of BBLU, he will be invited to attend all Board of Directors meetings and otherwise be permitted access to all Board actions as an advisor to the Board of Directors.  
 In addition, effective May 16, 2013, Robert Potts became the President and Chief Operating Officer of BBLU, Ray Lundberg became Vice President, Operations of BBLU’s CHP Business Unit and President of IPS, and Brett Woodard became Chief Financial Officer of BBLU.  The terms and conditions of their employment by BBLU shall be as contained in written employment agreements in the form attached as Exhibit 2(b)(i).
 (v)
 Additional Actions.  If at any time after the Closing, BBLU shall consider or be advised that any deeds, bills of sale, assignments, assurances or any other actions or things are necessary or desirable to vest, perfect or confirm of record or otherwise in BBLU its right, title or interest in, to or under any of the rights, properties or Assets of IPS or GREG or otherwise carry out this Agreement, the officers and directors of BBLU shall be authorized to execute and deliver, in the name and on behalf of the Buyer, all such deeds, bills of sale, assignments and assurances and to take and do, in the name and on behalf of IPS or GREG, as the case may be, all such other actions and things as may be necessary or desirable to vest, perfect or confirm any and all right, title and interest in, to and under such rights, properties or Assets in the Buyer or otherwise to carry out this Agreement.
 

 

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 (vi)
 Other Effects of Merger.  At and after the Effective Date, title to all property owned by each of IPS, GREG and the Buyer shall vest in IPS as the Surviving Corporation without reversion or impairment, and the Surviving Corporation shall automatically have all of the liabilities of each of IPS and GREG and the Buyer.  The Merger shall have all further effects as specified in the applicable provisions of the URBCA and the NRS.
 (vii)
 Taking of Necessary Action; Further Action.  If, at any time after the Effective Date, any further action is necessary or desirable to carry out the purposes of this Agreement and to vest IPS as the Surviving Corporation with full right, title and possession to all Assets, property, rights, privileges, powers and franchises of the Buyer or GREG, the officers and directors of the Surviving Entity are fully authorized in the name of the Buyer, GREG or BBLU or otherwise to take, and will take, all such lawful and necessary action.
 (viii)
 Articles of Incorporation; Bylaws.  
 (1)
 At the Effective Date, the Amended and Restated Articles of Incorporation of IPS, as in effect immediately prior to the Effective Date, shall be the Articles of Incorporation of the Surviving Corporation until thereafter amended, as provided by law.
 (2)
 At the Effective Date, the Bylaws of IPS, as in effect immediately prior to the Effective Time, shall be the Bylaws of the Surviving Corporation until thereafter amended.
 (ix)
 Intent.  The Parties intend that, for federal income tax purposes, the Merger qualify as a reorganization within the meaning of Sections 368(a)(1)(A) and 368 (a)(2)(E) of the Code, and that this Agreement constitutes a plan of reorganization within the meaning of Section 368(b) of the Code.  Each Party shall treat the Merger consistently with the foregoing, including filing the information and maintaining the records required by Treasury Regulations Section 1.368-3, and shall not take any position inconsistent therewith.  No Party shall take any action that would cause the Merger not to qualify as a reorganization within the meaning of Sections 368(a)(1)(A) and 368(a)(2)(E) of the Code.
 (x)
 Effective Date of the Merger. In the event that the Merger is consummated, the Parties agree that the Merger shall be accounted for as if such Merger had occurred at the close of business on July 15, 2013 (the “Effective Date”), regardless of when the Closing in fact occurs. In the event that the Merger is consummated, BBLU shall realize any operating profit or loss from the operation of the Business of IPS after the Effective Date.  Accordingly, the Stockholders agree to consult the Buyer and BBLU on any material issues or Contracts of IPS or GREG, as the case may be, that relate to a period of time beyond the Effective Date.  Furthermore, the Stockholders agree not to enter into any new capital obligations or capital expenditures, which relate to either IPS or GREG prior to the Closing except in the Ordinary Course of Business.
 

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 (f)
 Tender of Smith Shares.  The Smith Shares shall be tendered pursuant to the terms of the Smith Purchase Agreement, at Closing.
 Section 2.
 Other Agreements.
 (a)
 Lock-Up/Leak-Out of BBLU Shares.
 (i)
 The resale of BBLU Shares shall be pursuant to the terms of the Lock-Up Agreement, in the form attached as Exhibit 2(a) (the “Lock-Up Agreement”) in compliance with the terms and conditions of Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”).
 (ii)
 BBLU may permit and assist the Stockholders and Employees (defined below) in making sales of shares during the Lock-up Period if they so desire, when opportunities are available as set forth in the Lock-up Agreement.
 (iii)
 Any sales of BBLU Shares in violation of the Lock-Up Agreement shall constitute an event of default and all proceeds from BBLU Shares sold in excess of the permitted volume shall be paid to BBLU.
 (iv)
 BBLU reserves the right to waive the lock-up limitations and/or resale limitations set forth in the Lock-Up Agreement, in whole or in part.
 (b)
 Employment Agreements.  In addition to the Merger Consideration as described above, BBLU has entered into employment agreements with certain of the IPS Stockholders in the form attached as exhibits annexed hereto as Exhibit 2(b)(i).  All employees of IPS other than the IPS Stockholders (the “Employees”), as well as providers of contract services will continue under their existing Contracts after Closing, unless such Contracts are hereafter amended by mutual agreement of IPS and Buyer. The employment agreements of such Employees shall contain non-compete clauses as such clauses exist in their current employment agreements.    In the event a Closing does not occur, Buyer and BBLU agree that they shall not recruit any employee or consultant of IPS or GREG prior to January 1, 2014. 
 (c)
 Stock Options.  After Closing, all Employees of IPS, except the IPS Stockholders, shall be eligible to receive options to purchase shares of BBLU common stock under the BBLU 2009 Equity Incentive Plan, based on a formula for years of service and salary, as set forth on Schedule 2(c) attached hereto. Schedule 2(c) also includes a list of all IPS Employees and the number of options to be granted to each Employee.
 Section 3.
 Representations and Warranties of IPS and the IPS Stockholders.  Each of the IPS Stockholders individually and as to IPS, in their capacities as officers for and on behalf of IPS, severally and not jointly, warrants and represents to the Buyer and BBLU as follows:
 

 

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 (a)
 Ownership of Shares.  The IPS Stockholders are the owners, beneficially and of record, of the IPS Shares, which constitute one hundred percent (100%) of the issued and outstanding shares of capital stock of IPS.  The IPS Shares are the sole voting stock of IPS and are duly authorized, validly issued, fully paid and non-assessable. The IPS Shares have not been pledged, mortgaged or otherwise encumbered in any way and there is no lien, mortgage, charge, claim, liability, security interest or Encumbrance of any nature against the IPS Shares.  There are no options, warrants, rights of subscription or conversion. calls, commitments, agreements, arrangements, understandings, plans, Contracts, proxies, voting trusts, voting agreements or instruments of any kind or character, oral or written, to which the IPS Stockholders or IPS is a party, or by which the IPS Stockholders or IPS is bound, relating to the issuance, voting or sale of the IPS Shares or any authorized but unissued shares of capital stock of IPS or of any securities representing the right to purchase or otherwise receive any such shares of capital stock. There are no stockholders agreements, preemptive rights or other agreements, arrangements, groups, commitments or understandings, oral or written, that have not been disclosed to the Buyer and BBLU, relating to the voting, issuance, merger or disposition of shares of IPS or the conduct or management of IPS by its Board of Directors.  
 (b)
 Capacity; Organization; Standing; Capitalization.  The IPS Stockholders have full capacity to enter into and perform under this Agreement and all other agreements and instruments to be entered into in connection with the Merger contemplated hereby, and to consummate such Merger, and no other consent or joinder of any other Persons or corporations is required to consummate such Merger.  IPS has no Subsidiaries, except as set forth on Schedule B.  Neither the IPS Stockholders nor IPS has any interest in any entity other than IPS that is engaged, directly or indirectly, in businesses competitive with those of IPS or BBLU, except as disclosed on Schedule 3(b). This Agreement has been, and each of the other agreements and instruments executed hereunder (the “Other Agreements”) will at the Closing, be duly executed and delivered by the IPS Stockholders. This Agreement constitutes, and each of the Other Agreements will constitute, the legal, valid and binding obligation of the IPS Stockholders enforceable in accordance with its respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights generally or by general equitable principles.
 (c)
 Conflicts.  Neither the execution and delivery of this Agreement or any of the other agreements to which such IPS Stockholder is a party, nor the consummation or performance of the Merger will, directly or indirectly (with or without notice or lapse of time):
 (i)
 contravene, conflict with or result in a violation of any Legal Requirement or any Order to which such IPS Stockholder, or IPS is subject; or
 (ii)
 contravene, conflict with or result in a violation of any of the terms or requirements of, or give any Governmental Body the right to revoke, withdraw, suspend, cancel, terminate or modify, any Governmental Authorization that is held by IPS;
 

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 (iii)
 except for any such contravention, conflict or violation which would not reasonably be expected to make illegal or materially delay or impair the consummation of the Merger, or;
 (iv)
 (i) conflict with or result in a violation or breach of (ii) constitute (with or without notice or passage of time) a default under (iii) result in or give any Person the right of termination, cancellation, acceleration or modification in or with respect to (iv) result in or give to any Person any additional rights under or (v) result in the creation or imposition of an Encumbrance upon the Assets of IPS under, any Applicable Contract or other arrangement to which IPS or any of the IPS Stockholders is a party or is bound.
 (d)
 No Finder’s Fee.  The IPS Stockholders have not created any obligation for any finder’s, investment banker’s or broker’s fee in connection with the Merger except the BBLU Shares issued or to be issued to Jones under this Agreement as a finder’s fee.
 (e)
 Acquisition of BBLU Shares Entirely for Own Account.  The BBLU Shares proposed to be acquired by each IPS Stockholder hereunder will be acquired for investment for his own account, and not with a view to the resale or distribution of any part thereof, and each IPS Stockholder has no present intention of selling or otherwise distributing the BBLU Shares, except in compliance with applicable securities laws, and in accordance with the terms and conditions of the Lock-Up Agreement.
 (f)
 Available Information.  Each IPS Stockholder has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of investment in BBLU.
 (g)
 Non-Registration.  Each IPS Stockholder understands that the BBLU Shares have not been registered under the Securities Act and that if issued in accordance with the provisions of this Agreement, will be issued by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the IPS Stockholder’s representations as expressed herein.
 (h)
 Restricted Securities.  Each IPS Stockholder understands that the BBLU Shares are characterized as “restricted securities” under the Securities Act inasmuch as this Agreement contemplates that, if acquired by the IPS Stockholder pursuant hereto, the BBLU Shares would be acquired in a transaction not involving any public offering.  Each IPS Stockholder further acknowledges that if the BBLU Shares were issued to the IPS Stockholder in accordance with the provisions of this Agreement, such BBLU Shares may not be resold without registration under the Securities Act or the existence of an exemption therefrom.  In this connection, each IPS Stockholder represents that he is familiar with Rule 144 promulgated under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.
 

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 (i)
 Legends.  Each IPS Stockholder understands that the certificates evidencing the BBLU Shares will bear one or all of the following legends:
 (i)
 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT.”
 (ii)
 Any legend required by the “blue sky” laws of any state to the extent such laws are applicable to the securities represented by the certificate so legended.
 (j)
 Schedule 13D; Section 16(b).  If the number of BBLU Shares acquired by any IPS Stockholder, when aggregated with all other shares of Common Stock of BBLU owned by such Stockholder at such time would result in the Stockholder beneficially owning (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules thereunder) in excess of 4.99% of the then issued and outstanding BBLU Shares and the BBLU Shares are then registered under Section 12(g) of the Exchange Act, such Stockholder shall comply with the disclosure requirements of Schedule 13D and, if such amount exceeds 9.99%, such Stockholder shall also comply with the reporting obligations of Sections 16(a) and 16(b) of the Exchange Act and the rules promulgated thereunder.  BBLU shall provide to Stockholders, at BBLU’s sole cost and expense, the services of BBLU’s legal counsel to advise and prepare all such documents and filings as may be necessary to allow Stockholders to comply with the requirements of the Exchange Act.
 (k)
 Corporate Organization; Etc.  IPS and each of its Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is organized and has full corporate power and authority and possesses all governmental franchises, licenses, permits, authorizations and approvals necessary to engage it to own, lease or otherwise hold its properties and Assets and to conduct its Business as presently conducted, other than such franchises, licenses, permits, authorizations and approvals the lack of which, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Change on IPS, or on the ability of IPS to perform its obligations under this Agreement or on the ability of IPS to consummate the Merger.  IPS and each of its Subsidiaries is duly qualified or licensed to do business as a foreign corporation in good standing in the jurisdictions where the nature of its Business or its ownership or leasing of its properties make such qualification necessary except where the failure to so qualify would not reasonably be expected to have a Material Adverse Change. The copies of the Organizational Documents and all amendments thereto of IPS and its Subsidiaries delivered to Buyer are complete and correct copies of such instruments as presently in effect.
 

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 (l)
 Capitalization.  The IPS Stockholders own in the aggregate all of the issued and outstanding common stock or other equity interests of IPS and IPS owns all of the issued and outstanding common stock or other equity interests of its Subsidiaries, in each case free and clear of all Encumbrances, other than Encumbrances which will be extinguished on or prior to the Closing Date.
 (m)
 Authority; Execution and Delivery; Enforceability. IPS has all requisite corporate power and authority to execute and deliver this Agreement and to consummate the Merger. The execution and delivery by IPS of this Agreement and the consummation by IPS of the Merger have been duly authorized and approved by the Board of Directors and the Stockholders of IPS and no other corporate proceedings on the part of IPS are necessary to authorize this Agreement and the Merger. When executed and delivered, this Agreement will be enforceable against IPS in accordance with its terms.
 (n)
 No Conflict. Neither the execution and delivery of this Agreement or any of the other Documents nor the consummation or performance of the Merger will, directly or indirectly (with or without notice or lapse of time):
 (i)
 contravene, conflict with or result in a violation of, or give any Person the right to exercise any remedy or obtain any relief under, any Legal Requirement or any Order to which IPS or any of its Subsidiaries is subject;
 (ii)
 contravene, conflict with or result in a violation of any of requirements of, or give any Governmental Body the right to revoke, withdraw, suspend, cancel, terminate or modify, any Governmental Authorization that is held by any of IPS or its Subsidiaries;
 (iii)
 result in the imposition or creation of any Encumbrance upon or with respect to any of the Assets, except Permitted Encumbrances;
 (o)
 Legal Proceedings.
 (i)
 Except as set forth on Schedule 3(o), neither the IPS Stockholders in their capacity as stockholders and/or as officers or directors of IPS, nor IPS is a party to any pending litigation, arbitration or administrative proceeding or, to the IPS Stockholders’ Best Knowledge, to any investigation, and no such litigation, arbitration or administrative proceeding or investigation that might result in any Material Adverse Change in the financial condition, Business or properties of IPS or of the IPS Stockholders is threatened to the IPS Stockholders’ Best Knowledge. 
 (ii)
 IPS and the Stockholders have not received notice of any complaints, claims or threats, plans or intentions to discontinue commercial relations or purchases from any customer of IPS, any purchaser of goods or services from IPS, any employee or independent contractor significant to the conduct or operation of IPS or its Business or any party to any agreement to which IPS is a party, other than in the Ordinary Course of Business.
 

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 (iii)
 To the IPS Stockholders’ Best Knowledge, IPS is under no obligation with respect to the return of goods in the possession of customers.
 (p)
 Encumbrances. To the IPS Stockholders’ Best Knowledge, there are no liens, mortgages. deeds of trust, claims, charges, security interests or other Encumbrances or liabilities of any type whatsoever to which any of the Assets of IPS, including, but not limited to the land, building, improvements and equipment at IPS’ facilities (the “Fixed Assets”), and its inventory (the “Inventory”), are subject. Notwithstanding the above statement, in the Ordinary Course of Business, there are Utah lien laws which may routinely result in the filing of liens at the project level. 
 (q)
 Financial Statements.
 (i)
 Unaudited Financials.  The unaudited financial statements of IPS and its Subsidiaries as of and for the two years ended December 31, 2012, together with the related notes and schedules (the “Unaudited Financials”), attached hereto as Exhibit 3(q): (A) are in accordance with the books of account and records of IPS; (B) present fairly, and are true, correct and complete statements of the financial condition and the results of operations of IPS as, at and for the periods therein specified, and (C) do not include or omit to state any fact which renders the Unaudited Financials materially misleading. Buyer shall be pay for the audit of the Unaudited Financials using its auditors, but the officers and directors of IPS shall be responsible for working with the Buyer’s accounting team and auditors to ensure the accuracy of the resulting audited financials and they shall be responsible for signing appropriate representations regarding the audited financial statements. The Parties understand that audited financials for IPS and other financial information regarding the Merger must be filed with the U.S. Securities and Exchange Commission (“SEC”) within 75 days of the Closing Date and all Parties agree to perform all required tasks to complete those financial statements in a timely fashion. 
 (ii)
 Interim Balance Sheet.  The IPS Stockholders shall deliver to Buyer and BBLU pursuant to Section 11(c) below, prior to the Closing Date, the unaudited consolidated balance sheet of IPS as of a date ended the last complete month prior to the Closing Date (the “Balance Sheet Date”) and the consolidated income statement for the interim period ended at the Balance Sheet Date (the “Interim Statements”).  The Interim Statements give a true and fair view, in all significant aspects, of the consolidated balance sheet position of IPS at the Balance Sheet Date, and its consolidated results, and the IPS Stockholders shall use their best efforts to have them contain sufficient and appropriate information for their adequate interpretation and comprehension according to generally accepted accounting principles in the United States (“U.S. GAAP”). Buyer and IPS Stockholders recognize that the records as delivered to Buyer may require adjustments to be in accordance with U.S. GAAP. Buyer shall work with the IPS Stockholders to make said adjustments using the information provided by Stockholders and IPS. The IPS Stockholders as officers of IPS shall sign applicable representations relating to the audited financial statements once they are prepared.
 

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 (iii)
 No Unknown Liabilities, Etc.  As of the Balance Sheet Date, IPS had no liability or obligation of any nature (absolute, accrued, contingent or otherwise) not otherwise disclosed herein which is not fully reflected or reserved against in the Interim Statements, which, in accordance with U.S. GAAP, should have been shown or reflected in the Interim Statements. There has been no material change in the Assets (other than cash) or liabilities (other than Tax liabilities calculated in accordance with U.S. GAAP) of IPS since the Balance Sheet Date.  
 (iv)
 Except as and to the extent shown or provided for in the Unaudited Financials or the notes and schedules thereto or as disclosed in any of the Schedules to this Agreement or such current liabilities as may have been incurred since December 31, 2012 in the Ordinary Course of Business, IPS has no liabilities or obligations (whether accrued, absolute, contingent or otherwise) which might be or become a charge against the Assets or liabilities of IPS; as of the Balance Sheet Date, there was no Asset used by IPS in its operations that has not been reflected in the Interim Statements and, except as set forth in the Interim Statements, no Assets have been acquired by IPS since such date except in the Ordinary Course of Business.
 (v)
 Except as disclosed in the Interim Statements and the information provided by IPS and its Stockholders, there has been no decrease in stockholders’ equity as compared with the amount shown for such stockholders’ equity as at the Balance Sheet Date, and no Material Adverse Changes in the financial position of IPS since the Balance Sheet Date.
 (r)
 Tax Matters.  
 (i)
 Except as set forth on Schedule 3(r) of this Agreement, IPS has filed all federal, state and local income Tax Returns and has filed with all other appropriate governmental agencies all sales, ad valorem, franchise and other Tax (including any real estate, personal property, or any other Tax) that may be due, and other similar returns and reports required to be filed by IPS. IPS has reported all taxable income and losses on those returns on which such information is required to be reported and paid or provided for the payment of all Taxes due and payable by IPS on said returns or Taxes due pursuant to any assessment received by it, including without limitation, any Taxes required by law to be withheld and/or paid in connection with any officer’s or employee’s compensation or due pursuant to any assessment received by it. 
 (ii)
 The IPS Stockholders have made available to the Buyer and BBLU for inspection copies of income Tax Returns that are true and complete copies of the federal and applicable state, local or other income Tax Returns filed by IPS for the taxable years ended December 31, 2010, 2011, and 2012, and any other open tax periods. IPS shall bear all expenses and responsibilities for the filing of federal and applicable state, local or other income Tax Returns and reports of IPS for the taxable year ended December 31, 2012, but BBLU and IPS hereby covenant and agree that IPS will not file any amended income Tax Returns for any period without first notifying the IPS Stockholders. 
 

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 (iii)
 All tax liabilities of IPS arising through the end of the taxable year ended December 31, 2012 and that are currently due have been paid. All tax liabilities of IPS arising after December 31, 2012, and that are currently due have been paid or adequately disclosed and the properly reserved for on the books and records and financial statements of IPS. The IPS Stockholders are responsible for the payment of all of their own Taxes for all periods through the Closing Date. No federal or applicable state, local or other Tax Return of the IPS Stockholders or IPS for any period has been or is currently under audit by the Internal Revenue Service or any state, local or other tax authorities. No claim has been made by federal, state, local or other authorities relating to any such returns or any audit. 
 (iv)
 The IPS Stockholders and IPS are not aware of any facts which they believe would constitute the basis for the proposal of any Tax deficiencies for any unexamined year. All Taxes which IPS is required by law to withhold and collect have been duly withheld and collected, and have been timely paid over to the proper authorities to the extent due and payable or they have been fully disclosed to the Buyer.
 (s)
 Accounts Receivable and Inventory.
 (i)
 Accounts Receivable.  The accounts receivable of IPS reflected in the Unaudited Financials and as at the Balance Sheet Date, and the accounts receivable acquired by IPS since such date are valid subsisting claims for the aggregate amounts thereof reflected in the Unaudited Financials net of the reserves or allowances for doubtful receivables reflected in the Unaudited Financials or thereafter in IPS’s books and records uniformly maintained in accordance with the financial statements, accounted for in accordance with generally accepted accounting principles, and the Stockholders know of no reason that would make such accounts receivable, net of such amounts as IPS has reserved on its books as of the Balance Sheet Date, taken as a whole not collectible.
 (ii)
 Inventory.  The Inventory of IPS reflected in the Unaudited Financials as at December 31, 2012 and the Inventory acquired by IPS since such date (a) has been purchased in the Ordinary Course of Business, (b) has been fully paid for unless otherwise reflected in the Unaudited Financials, (c) is marketable or adequate provision for obsolescence has been provided and (d) IPS Stockholders know of no reason that would make such Inventory, net of such amounts as IPS has reserved on its books as of December 31, 2012, taken as a whole, not marketable.
 (t)
 Title and Condition of Properties.  
 (i)
 IPS does not own any real property, except as set forth on Schedule 3t of this Agreement.  IPS has good, marketable title to all properties and Assets, real and personal, tangible and intangible, reflected in the Unaudited Financials and all properties acquired subsequent to the Balance Sheet Date, which have not been disposed of in the Ordinary Course of Business. Said property is subject to no mortgage, lien, deed of trust, claim, security interest, liability, conditional sales agreement, easement, right-of-way or any other Encumbrance except as may be filed in the Ordinary Course of Business.
 

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 (ii)
 Schedule 3(t) of this Agreement contains an accurate list of all leases and other agreements under which IPS is lessee of any real or personal property. Each of the real property and personal property leases and agreements is in full force and effect and constitutes the legal, valid and binding obligation of the parties thereto. All personal property, machinery and equipment which are material to the Business, operations or condition (financial or otherwise) of IPS is in operating condition and, subject to routine maintenance and ordinary wear and tear, have been maintained in accordance with reasonable industry standards and is suitable for the purpose for which it is used. 
 (iii)
 To the Best Knowledge of the IPS Stockholders and IPS, neither the IPS Stockholders nor IPS is aware of or have received notice of, the violation of any applicable zoning regulation, ordinance or other law, Order, regulation or requirement in force on the date hereof relating to IPS’s Business or its owned or leased real or personal properties, with which IPS has not complied or is in the process of complying as may be appropriate.
 (u)
 Description of Material Contracts.
 (i)
  Schedule 3(u) of this Agreement contains a complete and correct list as of the date hereof of certain Contracts, which are representative of the Contracts entered into by IPS and its customers. Other agreements, Contracts and commitments, obligations and understanding are set forth in other Schedules delivered hereunder, of the following types written or oral to which IPS is a party, under which it has any rights or by which it or any of its properties is bound, as of the date hereof: (a) mortgages, indentures, security agreements and other agreements and instruments relating to the borrowing of money or extension of credit; (b) employment and consulting agreements with annual compensation in excess of $50,000; (c) collective bargaining agreements; (d) bonus, profit-sharing, compensation, stock option, pension, retirement, deferred compensation or other plans, agreements, trusts, funds or arrangements for the benefit of employees (whether or not legally binding); (e) sales agency, manufacturer’s representative or distributorship agreements; (f) agreements, orders or commitments for the purchase by IPS of materials, supplies or finished products exceeding $25,000 in the aggregate from any one Person; (g) agreements, orders or commitments for the sale by IPS of its products or services exceeding $25,000; (h) agreements or commitments for capital expenditures in excess of $25,000 for any single project (it being warranted that the commitment for all undisclosed Contracts for such agreements or commitments does not exceed $25,000 in the aggregate); (i) agreements relating to research; (j) agreements relating to the payment of royalties; (k) brokerage or finder’s agreements; (l) joint venture agreements; and (m) other agreements, Contracts and commitments which individually or in the aggregate for any one party involve any expenditure by IPS of more than $25,000. 
 

 

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 (ii)
 IPS has made available to the Buyer and BBLU copies of all written agreements, Contracts, commitments, obligations and undertakings, together with all amendments thereto that are in its possession, listed on the Schedules hereto. All such agreements, Contracts, commitments, obligations and undertakings are in full force and effect and, all parties to, or otherwise bound by, such agreements, Contracts, commitments, obligations and undertakings have performed all obligations required to be performed by them to date and IPS is not in default and no event, occurrence, condition or act exists which gives rise to (or which with notice or the lapse of time, or both, could result in) a default or right of cancellation, acceleration or loss of contractual benefits under, any such Contract, agreement, commitment, obligation or undertaking. There has been no threatened cancellations thereof, and there are no outstanding disputes, other than in the Ordinary Course of Business under any such Contract, agreement, commitment, obligation or undertaking. To the IPS Stockholders’ Best Knowledge, no consent of any party is required under any such Contract, agreement, commitment, obligation or undertaking, which would make such agreements not binding and in full force and effect as of the Closing Date. Any Contracts, agreements, leases or commitments held in the name of any of the IPS Stockholders and set forth in the Schedules hereto shall be assigned to either the Buyer or IPS prior to the Closing Date.
 (iii)
 To the IPS Stockholders’ Best Knowledge, each Contract, lease, instrument and commitment required to be described in the Schedules hereto is, on the date hereof, and will be at the Closing, in full force and effect and is and will constitute a valid and binding obligation of IPS and the respective parties to such agreements, and there is not, under any such Contract, lease, instrument or commitment, any existing default by IPS or such other parties or any event that, with notice, lapse of time or both, would constitute a default by IPS or such other parties in respect of which adequate steps have not been taken to cure such default or to prevent a default from occurring or continuing.  Any Contracts, leases or commitments held in the names of any of the Stockholders and listed on the Schedules shall be assigned either to the Buyer or IPS prior to the Closing Date. 
 (iv)
 To the IPS Stockholders’ Best Knowledge, the material suppliers, customers and clients of IPS will continue to supply and purchase from IPS after the Closing, except as may change in the Ordinary Course of Business.
 (v)
 Proprietary Rights. 
 (i)
 To the IPS Stockholders’ Best Knowledge, IPS owns all right, title and interest in and to, or otherwise possesses legally enforceable rights, or is licensed to use, all patents, copyrights, technology, software, software tools, know-how, processes, trade secrets, trademarks, service marks, trade names, Internet domain names and other proprietary rights used in or necessary for the conduct of IPS’s Business as conducted to the date of this Agreement, including, without limitation, the technology, information, databases, data lists, data compilations, and all proprietary rights developed or discovered or used in connection with or contained in all versions and implementations of IPS's World Wide Web sites or any product or service which has been or is being distributed or sold by IPS or currently is under development by IPS or has previously been under 
 

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 development by IPS (collectively, including such Web site, the "IPS Products"), free and clear of all liens, claims and Encumbrances (including without limitation linking, licensing and distribution rights) (all of which are referred to as "IPS Proprietary Rights").  
 (ii)
 IPS is not aware of any legal restrictions or impediments that would prevent IPS from conducting its Business as proposed to be conducted.  Schedule 3(v) of this Agreement contains an accurate and complete in all material respects (1) description of all patents, trademarks (with separate listings of registered and unregistered trademarks), trade names, Internet domain names and registered copyrights in or related to IPS Products or otherwise included in IPS Proprietary Rights and all applications and registration statements therefor, including the jurisdictions in which each such IPS Proprietary Right has been issued or registered or in which any such application of such issuance and registration has been filed, (2) list of all licenses and other agreements with third parties (the "Third Party Licenses") relating to any material patents, copyrights, trade secrets, software, inventions, technology, know-how, processes or other proprietary rights that IPS is licensed or otherwise authorized by such third parties to use, market, distribute or incorporate in IPS Products (such patents, copyrights, trade secrets, software, inventions, technology, know-how, processes or other proprietary rights are collectively referred to as the "Third Party Technology"), and (3) list of all licenses and other agreements with third parties relating to any material information,  compilations, data lists or databases that IPS is licensed or otherwise authorized by such third parties to use, market, disseminate, distribute or incorporate in Company Products.  
 (iii)
 To the IPS Stockholders’ Best Knowledge, all of IPS's patents, copyrights, trademark, trade name or Internet domain name registrations related to or in IPS Products are valid and in full force and effect; and consummation of the Merger contemplated by this Agreement will not alter or impair any such rights.  
 (iv)
 To the best of Stockholders’ Knowledge, no claims have been asserted or threatened against IPS (and IPS is not aware of any claims which are likely to be asserted or threatened against IPS or which have been asserted or threatened against others relating to IPS Proprietary Rights or IPS Products) by any Person challenging IPS's use, possession, manufacture, sale or distribution of IPS Products under any IPS Proprietary Rights (including, without limitation, the Third Party Technology) or challenging or questioning the validity or effectiveness of any material license or agreement relating thereto (including, without limitation, the Third Party Licenses) or alleging a violation of any Person's or entity's privacy, personal or confidentiality rights.  
 (v)
 To the IPS Stockholders’ Best Knowledge, there is no valid basis for any claim of the type specified in the immediately preceding sentence which could in any material way relate to or interfere with the continued enhancement and exploitation by IPS of any of the IPS Products.  
 

 

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 (vi)
 To the IPS Stockholders’ Best Knowledge, none of the IPS Products nor the use or exploitation of any IPS Proprietary Rights in its current Business infringes on the rights of or constitutes misappropriation of any proprietary information or intangible property right of any third person or entity, including without limitation any patent, trade secret, copyright, trademark or trade name and IPS has not been sued in any suit, action or proceeding which involves a claim of such infringement, misappropriation or unfair competition. 
 (vii)
 To the IPS Stockholders’ Best Knowledge, IPS has not granted any third party any right to manufacture, reproduce, distribute, market or exploit any of the IPS Products or any adaptations, translations, or derivative works based on the IPS Products or any portion thereof. IPS has not knowingly granted any third party any right to allow users of IPS's World Wide Web site to link to other World Wide Web or Internet sites. 
 (viii)
 Except with respect to the rights of third parties to the Third Party Technology, no third party has any express right to manufacture, reproduce, distribute, market or exploit any works or materials of which any of the IPS Products are a "derivative work" as that term is defined in the United States Copyright Act, Title 17, U.S.C. Section 101 (the “Copyright Act”).
 (ix)
 IPS has at all times used commercially reasonable efforts customary in its industry to treat the IPS Proprietary Rights related to IPS Products and IPS Components as containing trade secrets and has not disclosed or otherwise dealt with such items in such a manner as intended or reasonably likely to cause the loss of such trade secrets by release into the public domain.
 (x)
 To IPS's Knowledge, no employee, contractor or consultant of IPS is in violation in any material respect of any term of any written employment Contract, patent disclosure agreement or any other written Contract or agreement relating to the relationship of any such employee, consultant or contractor with IPS or, to IPS's Knowledge, any other party because of the nature of the Business conducted by IPS.  
 (xi)
 To the IPS Stockholders’ Best Knowledge, each Person presently employed by IPS (including independent contractors, if any) with access authorized by IPS to confidential information has executed a confidentiality and non-disclosure agreement pursuant to the form of agreement previously provided to Buyer or its representatives.
 (xii)
 No material product liability or warranty claims have been communicated in writing to or to the best of Stockholders’ Knowledge, threatened against IPS.
 

 

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 (xiii)
 To IPS's Knowledge, there is no material unauthorized use, disclosure, infringement or misappropriation of any IPS Proprietary Rights, or any Third Party Technology to the extent licensed by or through IPS, by any third party, including any employee or former employee of IPS. IPS has not entered into any agreement to indemnify any other Person against any charge of infringement of any IPS Proprietary Rights, other than indemnification provisions contained in purchase orders arising in the Ordinary Course of Business.
 (xiv)
 IPS has taken all steps customary and reasonable in the industry to protect and preserve the confidentiality and proprietary nature of all Intellectual Property and other confidential information not otherwise protected by patents, patent applications or copyright ("Confidential Information").  
 (w)
 Default; Violations or Restrictions.  The execution, delivery and performance of this Agreement and of any agreement to be executed and delivered by IPS in connection with the Merger contemplated hereby will not (or with the giving of notice or the lapse of time or both would) result in the breach of any term or provision of the Articles of Incorporation or Bylaws of IPS or violate any provision of or result in the breach of, modification of, acceleration of the maturity of obligations under, or constitute a default, or give rise to any right of termination, cancellation, acceleration or otherwise be in conflict with or result in a loss of contractual benefits to IPS, under any law, Order, writ, injunction, decree, statute, rule or regulation of any court, governmental agency or arbitration tribunal or any of the terms, conditions or provisions of any Contract, lease, note, bond, mortgage, deed of trust, indenture, license, security agreement, agreement or other instrument or obligation by which IPS or the IPS Stockholders is a party or by which either of them may be bound, or require any consent, approval or notice under any law, rule or decree or any such document or instrument; or result in the creation or imposition of any lien, claim, restriction, charge or Encumbrance upon IPS’s Assets or interfere with or otherwise adversely affect the ability to carry on the Business of IPS after the Closing Date on substantially the same basis as it is now conducted by IPS. 
 (x)
 Court Orders and Decrees.  IPS has not received written or oral notice that there is outstanding, pending or threatened any Order, writ, injunction or decree of any court, governmental agency or arbitration tribunal against or affecting IPS, the IPS Shares or any of IPS’s Assets. IPS is in compliance in all material respects with all applicable Federal, state, county, municipal (or of any subdivision thereof) laws, regulations and administrative Orders in force at any applicable time to which IPS may be subject.
 (y)
 Books and Records.  The books and records of IPS are, in all material respects, complete and correct.  True and complete copies known to IPS Stockholders of the Articles of Incorporation and Bylaws of IPS and all amendments thereto and true and complete copies of all minutes, resolutions, stock certificates and stock transfer records of IPS are contained in the minute books and stock transfer books that have been made available to the Buyer and BBLU for inspection and will be delivered to the Buyer prior to or at the Closing. The minute books, stock certificate books, stock transfer records and such other books and records as may be requested by the Buyer, as exhibited to the Buyer, BBLU, and their representatives, are complete and correct in all material respects.
 

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 (z)
 Pension and Welfare Plans.
 (i)
 Pension and Profit Sharing Plans.  Except as disclosed in Schedule 3(z) of this Agreement, IPS does not have in effect any pension, profit sharing or other employee benefit plan described under Section 3(2)(A) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). All benefits payable under any terminated employee pension benefit plan (as such term is defined in Section 3(2)(A) of ERISA) previously maintained by IPS or to which it has previously contributed have been paid in full and/or that IPS does not have any unfunded liability in respect of any such plan to the Pension Benefit Guaranty Corporation or to the participants in such plan or to the beneficiaries of such participants. Each such terminated plan was terminated substantially in accordance with the applicable provisions of law or any agreement or Contract relating to any such plan and has been terminated without liability to IPS.
 (ii)
 Welfare Plans.  For each plan, fund, or arrangement of IPS which is an employee welfare benefit plan, whether or not currently maintained (within the meaning of ERISA Section 3(1)) (a “Welfare Plan”), the following is true: 
 (1)
 each such Welfare Plan intended to meet the requirements for tax-favored treatment under Subchapter B of Chapter 1 of the Code meets such requirements;
 (2)
 there is no voluntary employees’ beneficiary association (within the meaning of Section 501(c)(9) of the Code) maintained with respect to any such Welfare Plan; 
 (3)
 there is no disqualified benefit (as such term is defined in Code Section 4976(b)) which would subject IPS or the Buyer to a Tax under Code Section 4976(a);
 (4)
 each such Welfare Plan which is a group health plan complies and has complied with the applicable requirements of Code Section 4980B. and would comply with Sections 9801 through 9806 if such provisions were now in effect, Title XXII of the Public Health Service Act, and the applicable provisions of the Social Security Act and is not and has not been a nonconforming group health plan under Section 5000(c) of the Code;
 (5)
 each such Welfare Plan may be amended or terminated by IPS or the Buyer, on or at any time after, the Closing Date and after any advance notice to participants or similar measures required by law which are non-waivable under the Welfare Plan;
 

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 (6)
 no such Welfare Plan provides for continuing benefits or coverage for any participant (including past, present or future retirees) or such participant’s beneficiary after termination of employment except as required by the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”) or any other state or Federal law; and
 (7)
 no claims have been made and no other events have occurred that might form the basis of a claim which has substantially increased or based on customary insurance industry practice might substantially increase, the premiums or other charges of IPS under any Welfare Plan.
 (aa)
 Insurance.  Schedule 3(aa) of this Agreement contains a correct and complete description of all policies of insurance by or on behalf of IPS in which IPS is named as an insured party, beneficiary or loss payable payee.  IPS has at all times prior to the date hereof maintained and will at all times prior to the Closing Date maintain insurance coverage with respect to its properties, in respect of liabilities and risks prudently insured against.  The policies described in Schedule 3(aa) of this Agreement are outstanding and in force as of the date hereof.
 (bb)
 Rights of Third Parties.  Other than as disclosed in Schedule 3(bb) of this Agreement attached, or specifically provided for in this Agreement, IPS has not entered into any material leases, licenses, easements or other agreements, recorded or unrecorded, granting rights to third parties in any real or personal property of IPS, and no Person or other corporation has any right to possession, use or occupancy of any of the property of IPS, except in the Ordinary Course of Business.
 (cc)
 Powers of Attorney.  To the IPS Stockholders’ Best Knowledge, there are no Persons, firms, associations, corporations or business organizations holding general or special powers of attorney from IPS.
 (dd)
 Labor Matters.  IPS is not a party to any collective bargaining agreement with any labor union or association. There are no discussions, negotiations, demands or proposals that are pending or have been conducted or made with or by any labor union or association, and there are not pending or to the best of IPS Stockholders’ Knowledge, threatened any labor disputes, strikes or work stoppages that may have a material adverse effect upon the continued Business or operation of IPS. To the best of IPS Stockholders’ Knowledge, IPS (i) is in compliance with all federal and state laws respecting employment and employment practices, terms and conditions of employment and wages and hours, and (ii) is not engaged in any unfair labor practices.
 (ee)
 Relationships with Vendors and Customers.  
 

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 (i)
 To the IPS Stockholders’ Best Knowledge, IPS and the IPS Stockholders have no Knowledge of any present or future conditions or state of facts or circumstances, which would materially adversely affect IPS after the Closing Date.  
 (ii)
 To the IPS Stockholders’ Best Knowledge, IPS’s relationships with its customers, clients and vendors are satisfactory, and IPS and the IPS Stockholders have no Knowledge of any facts or circumstances which might materially alter, negate, impair or in any way materially adversely affect the continuity of any such relationships including, but not limited to, the effect that such customer will stop, materially decrease the rate of, or materially change the terms (whether related to payment, price or otherwise) with respect to, buying materials, products or services from IPS or its Subsidiaries, or Buyer (whether as a result of the consummation of the Merger contemplated hereby or otherwise).  
 (iii)
 Except as set forth on Schedule 3(ee) of this Agreement, to the IPS Stockholders’ Best Knowledge, neither IPS nor any of its Subsidiaries have received any indication from any material supplier of IPS or its Subsidiaries to the effect that such supplier (i) is planning to implement any material price changes other than in the Ordinary Course of Business or will stop or (ii) is terminating, canceling or threatening to terminate or cancel any commitments, Contracts or arrangements with IPS, and there are no disputes with any material supplier of IPS or its Subsidiaries. 
 (iv)
 IPS and the IPS Stockholders have no Knowledge of any material outstanding claims of any of its customers or clients presently outstanding, pending or threatened against IPS, except for aged accounts payables claims. IPS and the IPS Stockholders have no Knowledge of any present or future condition or state of facts or circumstances which would prevent the Business of IPS from being carried on by IPS after the Closing Date in essentially the same manner as it is presently being carried on.
 (ff)
 Approvals and Authorizations.  IPS has obtained all necessary consents, approvals and authorizations in connection with the Merger contemplated hereby which are required by law or otherwise in order for IPS to continue all of its present Business following the Closing Date.
 (gg)
 Compensation Plans. Schedule 3(gg) of this Agreement contains a correct and complete description of all material compensation plans and arrangements: bonus and incentive plans and arrangements; deferred compensation plans and arrangements; stock purchase and stock option plans and arrangements: hospitalization and other life. health or disability insurance or reimbursement programs: holiday, sick leave, severance, vacation, tuition reimbursement, personal loan and product purchase discount policies and arrangements, policy manuals and any other plans or arrangements providing for benefits for employees of IPS.
 

 

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 (hh)
 Governmental Licenses.  Schedule 3(hh) of this Agreement contains a correct and complete list of all material governmental and administrative consents, permits, appointments, approvals, licenses, certificates and franchises which are (i) necessary for the operation of IPS, including, but not limited to, those necessary for the Initial Projects, and (ii) required in connection with IPS Stockholders’ execution, delivery or performance of this Agreement, all of which have been obtained by IPS and are in full force and effect.
 (ii)
 Brokers.  No agent, broker, investment banker, Person, or firm acting on behalf of any of the IPS Stockholders or IPS or any firm or corporation affiliated with any of them, or under their authority, is or will be entitled to a financial advisory fee, brokerage commission, finder’s fee or other like payment in connection with the Merger contemplated hereby.
 (jj)
 Compliance With Laws.
 (i)
 To the IPS Stockholders’ Best Knowledge, the operations and activities of IPS have previously and continue to comply with all applicable Federal, state and local laws, statutes, codes, ordinances, rules, regulations, permits, judgments, Orders, writs, awards, decrees or injunctions (collectively, the “Laws”), as in effect on or before the date of this Agreement, including, without limitation, all Laws relating to seed labeling and all rules and regulations of the Occupational Safety and Health Administration (“OSHA”). To the best of IPS Stockholders’ Knowledge, neither the ownership of IPS nor the conduct of the Business of IPS as presently conducted conflicts with the rights of any other Person, firm or corporation or violates, or with or without the giving of notice or the passage of time, or both, will violate, conflict with or result in a default right to accelerate or loss of rights under, any terms or provisions of its Articles of Incorporation or Bylaws as presently in effect, or any lien, Encumbrance, mortgage, deed of trust, lease, license, agreement, understanding, or Laws to which IPS is a party or by which it may be bound or affected. IPS has received no written notice or communication from any third party asserting a failure to comply with any Laws, nor has IPS received any written notice that any authority or third party intends to seek enforcement against IPS to compel compliance with any such Laws.
 (ii)
 There are no existing claims or to the best of IPS Stockholders’ Knowledge, threatened claims against IPS, for, with respect to, or as direct or indirect result of, the presence on or under, or the escape, seepage, leakage, spillage, discharge, or emission discharging, from the real property of IPS of any “Hazardous Material,” including, without limitation. any losses, liabilities, damages, injuries, costs, expenses, reasonable fees of counsel or claims asserted or arising under the Comprehensive Environmental Response, Compensation and Liabilities Act (“CERCLA”), any so-called “Super Fund” or “Super Lien” law or any other applicable federal, state or local statute, law, ordinance, code, rule, regulation, Order or decree now or at any time hereafter in effect, regulating, relating to or imposing liability or standards of conduct concerning any Hazardous Material.
 

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 (iii)
 To the IPS Stockholders’ Best Knowledge, since the date first acquired or leased by IPS, the Stockholders and IPS have not placed any “Hazardous Material” on or under the real property owned or leased by IPS and, to the best of IPS Stockholders’ Knowledge, there has been no “Hazardous Material” on or under the real property owned or leased by IPS.
 (iv)
 Neither IPS nor the IPS Stockholders, nor to the IPS Stockholders’ Best Knowledge, any officer, employee or agent of IPS acting on its behalf, nor any other Person acting on its behalf, has, directly or indirectly, within the past three years given or received or agreed to give or receive any gift or similar benefit to any customer, supplier, governmental employee or other Person who is or may be in a position to help or hinder IPS (or assist IPS in connection with any actual or proposed acquisition) which (i) might subject IPS to any damage or penalty in any civil, criminal or governmental litigation or proceeding, (ii) if not given or received in the past might have had an adverse effect on the Assets, Business or operation of IPS, or (iii) if not continued in the future, might adversely affect the Assets, the Business or the operations or prospects of IPS, or which might subject IPS to suit or penalty in any private or governmental litigation or proceeding.
 (kk)
 No Additional Agreements.  Except as set forth on Schedule 3(kk) of the Agreement, IPS does not have any agreement or understanding with any Stockholders with respect to the Merger contemplated by this Agreement other than as specified in this Agreement.
 (ll)
 Disclosure.  IPS confirms that neither it nor any Person acting on its behalf has provided any IPS Stockholders or its respective agents or counsel with any information that IPS believes constitutes material, non-public information except insofar as the existence and terms of the proposed Merger hereunder may constitute such information and except for information that will be disclosed by BBLU under a current report on Form 8-K.  IPS understands and confirms that BBLU and Buyer will rely on the foregoing representations and covenants in effecting the Merger.  All disclosure provided to BBLU and Buyer regarding IPS, its Business and the Merger contemplated hereby, furnished by or on behalf of IPS (including IPS’s representations and warranties set forth in this Agreement) are true and correct in all material respects and do not contain any untrue statements of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.  IPS maintains a system of internal control over financial reporting sufficient to provide reasonable assurance that IPS maintains records that in reasonable detail accurately and fairly reflect their respective transactions and dispositions of assets.
 (mm)
 Relationships With Related Persons.  Except as set forth in Schedule 3(mm) of this Agreement, and except through or related to its ownership of IPS Shares, neither the IPS Stockholders nor any Affiliate of the Stockholders has any outstanding Contract with IPS or its Subsidiaries. 
 (nn)
 Guarantees.  The IPS Stockholders have not personally guaranteed any of the obligations of the Business of IPS.
 

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 (oo)
 Benefits.  All information on accrued holiday, vacation, sick or other compensation or benefits to which employees of IPS are entitled to receive from IPS have been provided by IPS, so they can be set forth on the Unaudited Financials to the extent such accruals are required to be accrued in accordance with U.S. GAAP.  
 (pp)
 Schedules.  To the IPS Stockholders’ Best Knowledge, the IPS Stockholders and IPS have delivered to the Buyer and BBLU complete and correct schedules in all material respects (the “IPS Schedules”), in form and substance reasonably acceptable to the Buyer and BBLU, as of the date of this Agreement.
 (qq)
 No Legal or Tax Advice.  IPS Stockholders are not relying on any legal or tax advice from BBLU or the Buyer in connection with the Merger contemplated by this Agreement.
 (rr)
 Accuracy. To the IPS Stockholders’ Best Knowledge, no representation, warranty, covenant or statement by the IPS Stockholders or IPS in this Agreement, including the IPS Schedules and Exhibits attached hereto and the certificates furnished or to be furnished to the Buyer and BBLU pursuant hereto, contains or will contain any untrue statement of a material fact, or omits or will omit to state a material fact required to be stated herein or therein or necessary to make the statements contained herein or therein in light of the circumstances under which they were made, not false or materially misleading.
 Section 4.
 Representations and Warranties of GREG and the GREG Stockholders.  Each of the GREG Stockholders and GREG, severally and not jointly, warrants and represents to the Buyer and BBLU as follows:
 (a)
 Ownership of Shares.  The GREG Stockholders are the owners, beneficially and of record, of the GREG Shares, which constitute one hundred percent (100%) of the issued and outstanding shares of capital stock of GREG.  The GREG Shares are the sole voting stock of GREG and are duly authorized, validly issued, fully paid and non-assessable. The GREG Shares have not been pledged, mortgaged or otherwise encumbered in any way and there is no lien, mortgage, charge, claim, liability, security interest or Encumbrance of any nature against the GREG Shares.  There are no options, warrants, rights of subscription or conversion. calls, commitments, agreements, arrangements, understandings, plans, Contracts, proxies, voting trusts, voting agreements or instruments of any kind or character, oral or written, to which the GREG Stockholders or GREG is a party, or by which the GREG Stockholders or GREG is bound, relating to the issuance, voting or sale of the GREG Shares or any authorized but unissued shares of capital stock of GREG or of any securities representing the right to purchase or otherwise receive any such shares of capital stock. There are no stockholders agreements, preemptive rights or other agreements, arrangements, groups, commitments or understandings, oral or written, that have not been disclosed to the Buyer and BBLU, relating to the voting, issuance, merger or disposition of shares of GREG or the conduct or management of GREG by its Board of Directors.  
 

 

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 (b)
 Capacity; Organization; Standing; Capitalization.  The GREG Stockholders have full capacity to enter into and perform under this Agreement and all other agreements and instruments to be entered into in connection with the Merger contemplated hereby, and to consummate such Merger, and no other consent or joinder of any other Persons or corporations is required to consummate such Merger.  GREG has no Subsidiaries, except as set forth on Schedule B.  Neither the GREG Stockholders nor GREG has any interest in any entity other than GREG that is engaged, directly or indirectly, in businesses competitive with those of GREG or BBLU. This Agreement has been, and each of the Other Agreements will at the Closing, be duly executed and delivered by the GREG Stockholders. This Agreement constitutes, and each of the Other Agreements will constitute, the legal, valid and binding obligation of the GREG Stockholders enforceable in accordance with its respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights generally or by general equitable principles.
 (c)
 Conflicts.  Neither the execution and delivery of this Agreement or any of the other agreements to which such GREG Stockholder is a party, nor the consummation or performance of the Merger will, directly or indirectly (with or without notice or lapse of time):
 (i)
 contravene, conflict with or result in a violation of any Legal Requirement or any Order to which such GREG Stockholder, or GREG is subject; or
 (ii)
 contravene, conflict with or result in a violation of any of the terms or requirements of, or give any Governmental Body the right to revoke, withdraw, suspend, cancel, terminate or modify, any Governmental Authorization that is held by GREG;
 (iii)
 except for any such contravention, conflict or violation which would not reasonably be expected to make illegal or materially delay or impair the consummation of the Merger, or;
 (iv)
 (i) conflict with or result in a violation or breach of (ii) constitute (with or without notice or passage of time) a default under (iii) result in or give any Person the right of termination, cancellation, acceleration or modification in or with respect to (iv) result in or give to any Person any additional rights under or (v) result in the creation or imposition of an Encumbrance upon the assets of GREG under, any Applicable Contract or other arrangement to which GREG or any of the GREG Stockholders is a party or is bound.
 (d)
 No Finder’s Fee.  The GREG Stockholders have not created any obligation for any finder’s, investment banker’s or broker’s fee in connection with the Merger, except the BBLU Shares issued or to be issued to Jones under this Agreement as a finder’s fee, and except for the origination broker fee agreement entered into with 2020 Advisors LLC for which the GREG Stockholders will be responsible for negotiating and executing a final settlement agreement.
 

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 (e)
 Acquired Entirely for Own Account.  The BBLU Shares proposed to be acquired by each GREG Stockholder hereunder will be acquired for investment for his own account, and not with a view to the resale or distribution of any part thereof, and each GREG Stockholder has no present intention of selling or otherwise distributing the BBLU Shares, except in compliance with applicable securities laws, and in accordance with the terms and conditions of the Lock-Up Agreement.
 (f)
 Available Information.  Each GREG Stockholder has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of investment in BBLU.
 (g)
 Non-Registration.  Each GREG Stockholder understands that the BBLU Shares have not been registered under the Securities Act and that if issued in accordance with the provisions of this Agreement, will be issued by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the GREG Stockholder’s representations as expressed herein.
 (h)
 Restricted Securities.  Each GREG Stockholder understands that the BBLU Shares are characterized as “restricted securities” under the Securities Act inasmuch as this Agreement contemplates that, if acquired by the GREG Stockholder pursuant hereto, the BBLU Shares would be acquired in a transaction not involving any public offering.  Each GREG Stockholder further acknowledges that if the BBLU Shares were issued to the GREG Stockholder in accordance with the provisions of this Agreement, such BBLU Shares may not be resold without registration under the Securities Act or the existence of an exemption therefrom.  In this connection, each GREG Stockholder represents that he is familiar with Rule 144 promulgated under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.
 (i)
 Legends.  It is understood that the certificates evidencing the BBLU Shares will bear one or all of the following legends:
 (i)
 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT.”
 (ii)
 Any legend required by the “blue sky” laws of any state to the extent such laws are applicable to the securities represented by the certificate so legended.
 

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 (j)
 Schedule 13D; Section 16(b).  If the number of BBLU Shares acquired by any GREG Stockholder, when aggregated with all other shares of Common Stock of BBLU owned by such Stockholder at such time would result in the Stockholder beneficially owning (as determined in accordance with Section 13(d) of the Exchange Act and the rules thereunder) in excess of 4.99% of the then issued and outstanding BBLU Shares and the BBLU Shares are then registered under Section 12(g) of the Exchange Act, such Stockholder shall comply with the disclosure requirements of Schedule 13D and, if such amount exceeds 9.99%, such Stockholder shall also comply with the reporting obligations of Sections 16(a) and 16(b) of the Exchange Act and the rules promulgated thereunder.  BBLU shall provide to GREG Stockholders, at BBLU’s sole cost and expense, the services of BBLU’s legal counsel to advise and prepare all such documents and filings as may be necessary to allow the GREG Stockholders to comply with the requirements of the Exchange Act.
 (k)
 Corporate Organization; Etc.  GREG and each of its Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is organized and has full corporate power and authority and possesses all governmental franchises, licenses, permits, authorizations and approvals necessary to engage it to own, lease or otherwise hold its properties and assets and to conduct its business as presently conducted, other than such franchises, licenses, permits, authorizations and approvals the lack of which, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Change on GREG, or on the ability of GREG to perform its obligations under this Agreement or on the ability of GREG to consummate the Merger.  GREG and each of its Subsidiaries is duly qualified or licensed to do business as a foreign corporation in good standing in the jurisdictions where the nature of its business or its ownership or leasing of its properties make such qualification necessary except where the failure to so qualify would not reasonably be expected to have a Material Adverse Change. The copies of the Organizational Documents and all amendments thereto of GREG and its Subsidiaries delivered to Buyer are complete and correct copies of such instruments as presently in effect.
 (l)
 Capitalization.  The GREG Stockholders own in the aggregate all of the issued and outstanding common stock or other equity interests of GREG and GREG owns all of the issued and outstanding common stock or other equity interests of its Subsidiaries, in each case free and clear of all Encumbrances, other than Encumbrances which will be extinguished on or prior to the Closing Date.
 (m)
 Authority; Execution and Delivery; Enforceability. GREG has all requisite corporate power and authority to execute and deliver this Agreement and to consummate the Merger. The execution and delivery by GREG of this Agreement and the consummation by GREG of the Merger have been duly authorized and approved by the Board of Directors and the Stockholders of GREG and no other corporate proceedings on the part of GREG are necessary to authorize this Agreement and the Merger. When executed and delivered, this Agreement will be enforceable against GREG in accordance with its terms.
 (n)
 No Conflict. Neither the execution and delivery of this Agreement or any of the other Documents nor the consummation or performance of the Merger will, directly or indirectly (with or without notice or lapse of time):
 

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 (i)
 contravene, conflict with or result in a violation of, or give any Person the right to exercise any remedy or obtain any relief under, any Legal Requirement or any Order to which GREG or any of its Subsidiaries is subject;
 (ii)
 contravene, conflict with or result in a violation of any of requirements of, or give any Governmental Body the right to revoke, withdraw, suspend, cancel, terminate or modify, any Governmental Authorization that is held by any of GREG or its Subsidiaries;
 (iii)
 result in the imposition or creation of any Encumbrance upon or with respect to any of the Assets, except Permitted Encumbrances;
 (o)
 Legal Proceedings.
 (i)
 Except as set forth on Schedule 4(o), neither the GREG Stockholders in their capacity as stockholders and/or as officers or directors of GREG, nor GREG is a party to any pending litigation, arbitration or administrative proceeding or, to the best of the GREG Stockholders’ Knowledge, to any investigation, and no such litigation, arbitration or administrative proceeding or investigation that might result in any Material Adverse Change in the financial condition, business or properties of GREG or of the GREG Stockholders is threatened to the best of GREG Stockholders’ Knowledge. 
 (ii)
 To the Best Knowledge of GREG and the GREG Stockholders, they have not received notice of any complaints, claims or threats, plans or intentions to discontinue commercial relations or purchases from any customer of GREG, any purchaser of goods or services from GREG, any employee or independent contractor significant to the conduct or operation of GREG or its business or any party to any agreement to which GREG is a party, other than in the Ordinary Course of Business.
 (iii)
 To the GREG Stockholders’ Best Knowledge, GREG is under no obligation with respect to the return of goods in the possession of customers.
 (p)
 Encumbrances. To the GREG Stockholders’ Best Knowledge, there are no liens, mortgages. deeds of trust, claims, charges, security interests or other Encumbrances or liabilities of any type whatsoever to which any of the assets of GREG, including, but not limited to the land, building, improvements and equipment at Greg’s facilities (the “Fixed Assets”), and its inventory (the “Inventory”), are subject. Notwithstanding the above statement, in the Ordinary Course of Business, there are Utah lien laws which may routinely result in the filing of liens at the project level. 
 

 

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 (q)
 Financial Statements.
 (i)
 The unaudited financial statements of and its Subsidiaries as of and for the two years ended December 31, 2012, together with the related notes and schedules (the “GREG Unaudited Financials”), attached hereto as Exhibit 4(q) shall be: (A) in accordance with the books of account and records of GREG; (B) which present fairly, and are true, correct and complete statements of the financial condition and the results of operations of GREG as, at and for the periods therein specified, and (C) do not include or omit to state any fact which renders the GREG Unaudited Financials materially misleading. Buyer shall pay for the audit of the GREG Unaudited Financials using its auditors, but the officers and directors of GREG shall be responsible for working with the Buyer’s accounting team and auditors to insure the accuracy of the resulting audited financials and they shall be responsible for signing appropriate representations regarding the audited financial statements. The Parties understand that if audited financials for GREG and other financial information regarding the Merger are required to be filed with the SEC within 75 days of the Closing Date all Parties agree to perform all required tasks to complete those financial statements in a timely fashion. 
 (ii)
 The GREG Stockholders shall deliver to Buyer and BBLU pursuant to Section 11(c) below, prior to the Closing Date, the unaudited consolidated balance sheet of GREG as of the Balance Sheet Date and the consolidated income statement for the period ended at the Balance Sheet Date (the “GREG Interim Statements”).  The GREG Interim Statements give a true and fair view, in all significant aspects, of the consolidated balance sheet position of GREG at the Balance Sheet Date, and its consolidated results, and the GREG Stockholders shall use their best efforts to have them contain sufficient and appropriate information for their adequate interpretation and comprehension according to U.S. GAAP. Buyer and GREG Stockholders recognize that the records as delivered to Buyer may require adjustments to be in accordance with U.S. GAAP. Buyer shall work with the GREG Stockholders to make said adjustments using the information provided by Stockholders and GREG. The GREG Stockholders as officers of GREG shall sign applicable representations relating to the audited financial statements once they are prepared.
 (iii)
 No Unknown Liabilities, Etc.  As of the Balance Sheet Date, GREG had no liability or obligation of any nature (absolute, accrued, contingent or otherwise) not otherwise disclosed herein which is not fully reflected or reserved against in the GREG Interim Statements, which, in accordance with U.S. GAAP, should have been shown or reflected in the GREG Interim Statements. There has been no material change in the assets (other than cash) or liabilities (other than Tax liabilities calculated in accordance with U.S. GAAP) of GREG since the Balance Sheet Date. 
 

 

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 (iv)
 Except as and to the extent shown or provided for in the GREG Unaudited Financials or the notes and schedules thereto or as disclosed in any of the Schedules to this Agreement or such current liabilities as may have been incurred since December 31, 2012 in the Ordinary Course of Business, GREG has no liabilities or obligations (whether accrued, absolute, contingent or otherwise) which might be or become a charge against the assets or liabilities of GREG; as of the Balance Sheet Date, there was no asset used by GREG in its operations that has not been reflected in the GREG Unaudited Financials and, except as set forth in the GREG Interim Statements, no assets have been acquired by GREG since such date except in the Ordinary Course of Business.
 (v)
 Except as disclosed in the GREG Unaudited Financials and the information provided by GREG and its Stockholders, there has been no decrease in stockholders’ equity as compared with the amount shown for such stockholders’ equity as at the Balance Sheet Date, and no Material Adverse Changes in the financial position of GREG since the Balance Sheet Date.
 (r)
 Tax Matters.  
 (i)
 As of the Closing Date, GREG has filed all federal, state and local income Tax Returns and has filed with all other appropriate governmental agencies all sales, ad valorem, franchise and other Tax (including any real estate, personal property, or any other Tax that may be due in connection with the Fixed Assets), license, gross receipts and other similar returns and reports required to be filed by GREG. GREG has reported all taxable income and losses on those returns on which such information is required to be reported and paid or provided for the payment of all Taxes due and payable by GREG on said returns or Taxes due pursuant to any assessment received by it, including without limitation, any Taxes required by law to be withheld and/or paid in connection with any officer’s or employee’s compensation or due pursuant to any assessment received by it. 
 (ii)
 The GREG Stockholders have made available to the Buyer and BBLU for inspection copies of income Tax Returns that are true and complete copies of the federal and applicable state, local or other income Tax Returns filed by GREG for the taxable years ended December 31, 2010, 2011, and 2012, and any other open tax periods. GREG shall bear all expenses and responsibilities for the filing of federal and applicable state, local or other income Tax Returns and reports of GREG for the taxable year ended December 31, 2012, but BBLU and GREG hereby covenant and agree that GREG will not file any amended income Tax Returns for any period without first notifying the GREG Stockholders. 
 

 

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 (iii)
 All tax liabilities of GREG arising through the end of the taxable year ended December 31, 2012 and that are currently due have been paid. All tax liabilities of GREG arising after December 31, 2012, and that are currently due have been paid or adequately disclosed and the properly reserved for on the books and records and financial statements of GREG. The GREG Stockholders are responsible for the payment of all of their own Taxes for all periods through the Closing Date. No federal or applicable state, local or other Tax Return of the GREG Stockholders or GREG for any period has been or is currently under audit by the Internal Revenue Service or any state, local or other tax authorities. No claim has been made by federal, state, local or other authorities relating to any such returns or any audit. 
 (iv)
 The GREG Stockholders and GREG are not aware of any facts which they believe would constitute the basis for the proposal of any Tax deficiencies for any unexamined year. All Taxes which GREG is required by law to withhold and collect have been duly withheld and collected, and have been timely paid over to the proper authorities to the extent due and payable or they have been fully disclosed to the Buyer.
 (s)
 Accounts Receivable and Inventory.
 (i)
 Accounts Receivable.  The accounts receivable of GREG reflected in the GREG Interim Statements as at the Balance Sheet Date, and the accounts receivable acquired by GREG since such date are valid subsisting claims for the aggregate amounts thereof reflected in the GREG Interim Statements net of the reserves or allowances for doubtful receivables reflected in the GREG Interim Statements or thereafter in GREG’s books and records uniformly maintained in accordance with the financial statements, accounted for in accordance with generally accepted accounting principles, and the GREG Stockholders know of no reason that would make such accounts receivable, net of such amounts as GREG has reserved on its books as of the Balance Sheet Date, taken as a whole not collectible.
 (ii)
 Inventory.  The Inventory of GREG reflected in the GREG Unaudited Financials as at December 31, 2012 and the Inventory acquired by GREG since such date (a) has been purchased in the Ordinary Course of Business, (b) has been fully paid for unless otherwise reflected in the GREG Interim Statements, (c) is marketable or adequate provision for obsolescence has been provided and (d) GREG Stockholders know of no reason that would make such Inventory, net of such amounts as GREG has reserved on its books as of December 31, 2012, taken as a whole, not marketable.
 (t)
 Title and Condition of Properties.  
 

 

 

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 (i)
 GREG does not own any real property, except as may be reflected in the financial information provided. GREG has good, marketable title to all properties and assets, real and personal, tangible and intangible, reflected in the GREG Unaudited Financials and all properties acquired subsequent to the Balance Sheet Date, which have not been disposed of in the Ordinary Course of Business. Said property is subject to no mortgage, lien, deed of trust, claim, security interest, liability, conditional sales agreement, easement, right-of-way or any other Encumbrance except as may be filed in the Ordinary Course of Business.  
 (ii)
 Schedule 4(t) of this Agreement contains an accurate list of all leases and other agreements under which GREG is lessee of any real or personal property. Each of the real property and personal property leases and agreements is in full force and effect and constitutes the legal, valid and binding obligation of the parties thereto. 
 (iii)
 All personal property, machinery and equipment which are material to the business, operations or condition (financial or otherwise) of GREG is in operating condition and, subject to routine maintenance and ordinary wear and tear, have been maintained in accordance with reasonable industry standards and is suitable for the purpose for which it is used. To the best of their Knowledge, neither the GREG Stockholders nor GREG is aware of or have received notice of, the violation of any applicable zoning regulation, ordinance or other law, Order, regulation or requirement in force on the date hereof relating to GREG’s business or its owned or leased real or personal properties, with which GREG has not complied or is in the process of complying as may be appropriate.
 (u)
 Description of Material Contracts.  
 (i)
 Schedule 4(u) of this Agreement contains a complete and correct list as of the date hereof of certain Contracts, which are representative of the Contracts entered into by GREG and its customers. Other agreements, Contracts and commitments, obligations and understanding are set forth in other Schedules delivered hereunder, of the following types written or oral to which GREG is a party, under which it has any rights or by which it or any of its properties is bound, as of the date hereof: (a) mortgages, indentures, security agreements and other agreements and instruments relating to the borrowing of money or extension of credit; (b) employment and consulting agreements with annual compensation in excess of $50,000; (c) collective bargaining agreements; (d) bonus, profit-sharing, compensation, stock option, pension, retirement, deferred compensation or other plans, agreements, trusts, funds or arrangements for the benefit of employees (whether or not legally binding); (e) sales agency, manufacturer’s representative or distributorship agreements; (f) agreements, orders or commitments for the purchase by GREG of materials, supplies or finished products exceeding $25,000 in the aggregate from any one Person; (g) agreements, orders or commitments for the sale by GREG of its products or services exceeding $25,000; (h) agreements or commitments for capital expenditures in excess of $25,000 for any single project (it being warranted that the commitment for all undisclosed Contracts for such agreements or commitments 
 

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 does not exceed $25,000 in the aggregate); (i) agreements relating to research; (j) agreements relating to the payment of royalties; (k) brokerage or finder’s agreements; (l) joint venture agreements; and (m) other agreements, Contracts and commitments which individually or in the aggregate for any one party involve any expenditure by GREG of more than $25,000.
 (ii)
 GREG has made available to the Buyer and BBLU copies of all written agreements, Contracts, commitments, obligations and undertakings, together with all amendments thereto that are in its possession, listed on the Schedules hereto. All such agreements, Contracts, commitments, obligations and undertakings are in full force and effect and, all parties to, or otherwise bound by, such agreements, Contracts, commitments, obligations and undertakings have performed all obligations required to be performed by them to date and GREG is not in default and no event, occurrence, condition or act exists which gives rise to (or which with notice or the lapse of time, or both, could result in) a default or right of cancellation, acceleration or loss of contractual benefits under, any such Contract, agreement, commitment, obligation or undertaking. There have been no threatened cancellations thereof, and there are no outstanding disputes, other than in the Ordinary Course of Business for a service business serving a large customer base under any such Contract, agreement, commitment, obligation or undertaking. 
 (iii)
 To the GREG Stockholders’ Best Knowledge, no consent of any party is required under any such Contract, agreement, commitment, obligation or undertaking, which would make such agreements not binding and in full force and effect as of the Closing Date. Any Contracts, agreements, leases or commitments held in the name of any of the GREG Stockholders and set forth in the Schedules hereto shall be assigned to either the Buyer or GREG prior to the Closing Date.
 (iv)
 To the GREG Stockholders’ Best Knowledge, each Contract, lease, instrument and commitment required to be described in the Schedules hereto is, on the date hereof, and will be at the Closing, in full force and effect and is and will constitute a valid and binding obligation of GREG and the respective parties to such agreements, and there is not, under any such Contract, lease, instrument or commitment, any existing default by GREG or such other parties or any event that, with notice, lapse of time or both, would constitute a default by GREG or such other parties in respect of which adequate steps have not been taken to cure such default or to prevent a default from occurring or continuing.  Any Contracts, leases or commitments held in the names of any of the Stockholders and listed on the Schedules shall be assigned either to the Buyer or GREG prior to the Closing Date. 
 (v)
 To the GREG Stockholders’ Best Knowledge, the material suppliers, customers and clients of GREG will continue to supply and purchase from GREG after the Closing, except as may change in the Ordinary Course of Business.
 

 

 

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 (v)
 Proprietary Rights. 
 (i)
 To the GREG Stockholders’ Best Knowledge, GREG owns all right, title and interest in and to, or otherwise possesses legally enforceable rights, or is licensed to use, all patents, copyrights, technology, software, software tools, know-how, processes, trade secrets, trademarks, service marks, trade names, Internet domain names and other proprietary rights used in or necessary for the conduct of GREG’s business as conducted to the date of this Agreement, including, without limitation, the technology, information, databases, data lists, data compilations, and all proprietary rights developed or discovered or used in connection with or contained in all versions and implementations of GREG's World Wide Web sites or any product or service which has been or is being distributed or sold by GREG or currently is under development by GREG or has previously been under development by GREG (collectively, including such Web site, the "GREG Products"), free and clear of all liens, claims and Encumbrances (including without limitation linking, licensing and distribution rights) (all of which are referred to as "GREG Proprietary Rights").  
 (ii)
 GREG is not aware of any legal restrictions or impediments that would prevent GREG from conducting its business as proposed to be conducted.  Schedule 4(v) of this Agreement contains an accurate and complete in all material respects (1) description of all patents, trademarks (with separate listings of registered and unregistered trademarks), trade names, Internet domain names and registered copyrights in or related to GREG Products or otherwise included in GREG Proprietary Rights and all applications and registration statements therefor, including the jurisdictions in which each such GREG Proprietary Right has been issued or registered or in which any such application of such issuance and registration has been filed, (2) list of all licenses and other agreements with third parties (the "Third Party Licenses") relating to any material patents, copyrights, trade secrets, software, inventions, technology, know-how, processes or other proprietary rights that GREG is licensed or otherwise authorized by such third parties to use, market, distribute or incorporate in GREG Products (such patents, copyrights, trade secrets, software, inventions, technology, know-how, processes or other proprietary rights are collectively referred to as the "Third Party Technology"), and (3) list of all licenses and other agreements with third parties relating to any material information,  compilations, data lists or databases that GREG is licensed or otherwise authorized by such third parties to use, market, disseminate, distribute or incorporate in Company Products.  
 (iii)
 To the GREG Stockholders’ Best Knowledge, all of GREG's patents, copyrights, trademark, trade name or Internet domain name registrations related to or in GREG Products are valid and in full force and effect; and consummation of the Merger contemplated by this Agreement will not alter or impair any such rights.  
 

 

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 (iv)
 To the GREGG Stockholders’ Best Knowledge, no claims have been asserted or threatened against GREG (and GREG is not aware of any claims which are likely to be asserted or threatened against GREG or which have been asserted or threatened against others relating to Company Proprietary Rights or GREG Products) by any Person challenging GREG's use, possession, manufacture, sale or distribution of GREG Products under any GREG Proprietary Rights (including, without limitation, the Third Party Technology) or challenging or questioning the validity or effectiveness of any material license or agreement relating thereto (including, without limitation, the Third Party Licenses) or alleging a violation of any Person's or entity's privacy, personal or confidentiality rights.  
 (v)
 To the GREG Stockholders’ Best Knowledge, there is no valid basis for any claim of the type specified in the immediately preceding sentence which could in any material way relate to or interfere with the continued enhancement and exploitation by GREG of any of the GREG Products.  
 (vi)
 To the GREG Stockholders’ Best Knowledge, none of the GREG Products nor the use or exploitation of any GREG Proprietary Rights in its current business infringes on the rights of or constitutes misappropriation of any proprietary information or intangible property right of any third person or entity, including without limitation any patent, trade secret, copyright, trademark or trade name and GREG has not been sued in any suit, action or proceeding which involves a claim of such infringement, misappropriation or unfair competition. 
 (vii)
 To the GREG Stockholders’ Best Knowledge, GREG has not granted any third party any right to manufacture, reproduce, distribute, market or exploit any of the GREG Products or any adaptations, translations, or derivative works based on the GREG Products or any portion thereof. GREG has not knowingly granted any third party any right to allow users of GREG's World Wide Web site to link to other World Wide Web or Internet sites. Except with respect to the rights of third parties to the Third Party Technology, no third party has any express right to manufacture, reproduce, distribute, market or exploit any works or materials of which any of the GREG Products are a "derivative work" as that term is defined in the Copyright Act.
 (viii)
 GREG has at all times used commercially reasonable efforts customary in its industry to treat the GREG Proprietary Rights related to GREG Products and GREG Components as containing trade secrets and has not disclosed or otherwise dealt with such items in such a manner as intended or reasonably likely to cause the loss of such trade secrets by release into the public domain.
 (ix)
 To GREG's Knowledge, no employee, contractor or consultant of GREG is in violation in any material respect of any term of any written employment Contract, patent disclosure agreement or any other written Contract or agreement relating to the relationship of any such employee, consultant or contractor with GREG or, to GREG's Knowledge, any other party because of the nature of the business conducted by GREG.  
 

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 (x)
 To the GREG Stockholders’ Best Knowledge, each Person presently employed by GREG (including independent contractors, if any) with access authorized by GREG to confidential information has executed a confidentiality and non-disclosure agreement pursuant to the form of agreement previously provided to Buyer or its representatives.
 (xi)
 No material product liability or warranty claims have been communicated in writing to or to the best of Stockholders’ Knowledge, threatened against GREG.
 (xii)
 To GREG's Knowledge, there is no material unauthorized use, disclosure, infringement or misappropriation of any GREG Proprietary Rights, or any Third Party Technology to the extent licensed by or through GREG, by any third party, including any employee or former employee of GREG. GREG has not entered into any agreement to indemnify any other Person against any charge of infringement of any GREG Proprietary Rights, other than indemnification provisions contained in purchase orders arising in the Ordinary Course of Business.
 (xiii)
 GREG has taken all steps customary and reasonable in the industry to protect and preserve the confidentiality and proprietary nature of all Intellectual Property and other Confidential Information not otherwise protected by patents, patent applications or copyright.  
 (w)
 Default; Violations or Restrictions.  The execution, delivery and performance of this Agreement and of any agreement to be executed and delivered by GREG in connection with the Merger contemplated hereby will not (or with the giving of notice or the lapse of time or both would) result in the breach of any term or provision of the Articles of Incorporation or Bylaws of GREG or violate any provision of or result in the breach of, modification of, acceleration of the maturity of obligations under, or constitute a default, or give rise to any right of termination, cancellation, acceleration or otherwise be in conflict with or result in a loss of contractual benefits to GREG, under any law, Order, writ, injunction, decree, statute, rule or regulation of any court, governmental agency or arbitration tribunal or any of the terms, conditions or provisions of any Contract, lease, note, bond, mortgage, deed of trust, indenture, license, security agreement, agreement or other instrument or obligation by which GREG or the GREG Stockholders is a party or by which either of them may be bound, or require any consent, approval or notice under any law, rule or decree or any such document or instrument; or result in the creation or imposition of any lien, claim, restriction, charge or Encumbrance upon GREG’s assets or interfere with or otherwise adversely affect the ability to carry on the business of GREG after the Closing Date on substantially the same basis as it is now conducted by GREG. 
 (x)
 Court Orders and Decrees.  GREG has not received written or oral notice that there is outstanding, pending or threatened any Order, writ, injunction or decree of any court, governmental agency or arbitration tribunal against or affecting GREG, the GREG Shares or any of GREG’s assets. GREG is in compliance in all material respects with all applicable Federal, state, county, municipal (or of any subdivision thereof) laws, regulations and administrative Orders in force at any applicable time to which GREG may be subject.
 

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 (y)
 Books and Records.  The books and records of GREG are, in all material respects, complete and correct.  True and complete copies known to GREG Stockholders of the Articles of Incorporation and Bylaws of GREG and all amendments thereto and true and complete copies of all minutes, resolutions, stock certificates and stock transfer records of GREG are contained in the minute books and stock transfer books that have been made available to the Buyer and BBLU for inspection and will be delivered to the Buyer prior to or at the Closing. The minute books, stock certificate books, stock transfer records and such other books and records as may be requested by the Buyer, as exhibited to the Buyer, BBLU, and their representatives, are complete and correct in all material respects.
 (z)
 Pension and Welfare Plans.
 (1)
 Pension and Profit Sharing Plans.  Except as disclosed in Schedule 4(z) of this Agreement, GREG does not have in effect any pension, profit sharing or other employee benefit plan described under Section 3(2)(A) of ERISA. All benefits payable under any terminated employee pension benefit plan (as such term is defined in Section 3(2)(A) of ERISA) previously maintained by GREG or to which it has previously contributed have been paid in full and/or that GREG does not have any unfunded liability in respect of any such plan to the Pension Benefit Guaranty Corporation or to the participants in such plan or to the beneficiaries of such participants. Each such terminated plan was terminated substantially in accordance with the applicable provisions of law or any agreement or Contract relating to any such plan and has been terminated without liability to GREG.
 (2)
 Welfare Plans.  For each plan, fund, or arrangement of GREG which is a Welfare Plan (within the meaning of ERISA Section 3(1)), the following is true:
 (3)
 each such Welfare Plan intended to meet the requirements for tax-favored treatment under Subchapter B of Chapter 1 of the Code meets such requirements;
 (4)
 there is no voluntary employees’ beneficiary association (within the meaning of Section 501(c)(9) of the Code) maintained with respect to any such Welfare Plan;
 (5)
 there is no disqualified benefit (as such term is defined in Code Section 4976(b)) which would subject GREG or the Buyer to a Tax under Code Section 4976(a);
 (6)
 each such Welfare Plan which is a group health plan complies and has complied with the applicable requirements of Code Section 4980B. and would comply with Sections 9801 through 9806 if such provisions were now in effect, Title XXII of the Public Health Service Act, and the applicable provisions of the Social Security Act and is not and has not been a nonconforming group health plan under Section 5000(c) of the Code;
 

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 (7)
 each such Welfare Plan may be amended or terminated by GREG or the Buyer, on or at any time after, the Closing Date and after any advance notice to participants or similar measures required by law which are non-waivable under the Welfare Plan;
 (8)
 no such Welfare Plan provides for continuing benefits or coverage for any participant (including past, present or future retirees) or such participant’s beneficiary after termination of employment except as required by COBRA or any other state or Federal law; and
 (9)
 no claims have been made and no other events have occurred that might form the basis of a claim which has substantially increased or based on customary insurance industry practice might substantially increase, the premiums or other charges of GREG under any Welfare Plan.
 (aa)
 Insurance.  Schedule 4(aa) of this Agreement contains a correct and complete description of all policies of insurance by or on behalf of GREG in which GREG is named as an insured party, beneficiary or loss payable payee.  GREG has at all times prior to the date hereof maintained and will at all times prior to the Closing Date maintain insurance coverage with respect to its properties, in respect of liabilities and risks prudently insured against.  The policies described in Schedule 4(aa) of this Agreement are outstanding and in force as of the date hereof.
 (bb)
 Rights of Third Parties.  Other than as disclosed in Schedule 4(bb) of this Agreement attached, or specifically provided for in this Agreement, GREG has not entered into any material leases, licenses, easements or other agreements, recorded or unrecorded, granting rights to third parties in any real or personal property of GREG, and no Person or other corporation has any right to possession, use or occupancy of any of the property of GREG, except in the Ordinary Course of Business.
 (cc)
 Powers of Attorney.  To the GREG Stockholders’ Best Knowledge, there are no Persons, firms, associations, corporations or business organizations holding general or special powers of attorney from GREG.
 (dd)
 Labor Matters.  GREG is not a party to any collective bargaining agreement with any labor union or association. There are no discussions, negotiations, demands or proposals that are pending or have been conducted or made with or by any labor union or association, and there are not pending or to the GREG Stockholders’ Best Knowledge, threatened any labor disputes, strikes or work stoppages that may have a material adverse effect upon the continued business or operation of GREG. To the GREG Stockholders’ Best Knowledge, GREG (i) is in compliance with all federal and state laws respecting employment and employment practices, terms and conditions of employment and wages and hours, and (ii) is not engaged in any unfair labor practices.
 

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 (ee)
 Relationships with Vendors and Customers.  To the GREG Stockholders’ Best Knowledge, GREG and the GREG Stockholders have no Knowledge of any present or future conditions or state of facts or circumstances, which would materially adversely affect GREG after the Closing Date.  To the best of GREG Stockholders’ Knowledge, GREG’s relationships with its customers, clients and vendors are satisfactory, and GREG and the GREG Stockholders have no Knowledge of any facts or circumstances which might materially alter, negate, impair or in any way materially adversely affect the continuity of any such relationships including, but not limited to, the effect that such customer will stop, materially decrease the rate of, or materially change the terms (whether related to payment, price or otherwise) with respect to, buying materials, products or services from GREG or its Subsidiaries, or Buyer (whether as a result of the consummation of the Merger contemplated hereby or otherwise).  Except as set forth on Schedule 4(ee) of this Agreement, to the best of GREG Stockholders’ Knowledge, neither GREG nor any of its Subsidiaries have received any indication from any material supplier of GREG or its Subsidiaries to the effect that such supplier (i) is planning to implement any material price changes other than in the Ordinary Course of Business or will stop or (ii) is terminating, canceling or threatening to terminate or cancel any commitments, Contracts or arrangements with GREG, and there are no disputes with any material supplier of GREG or its Subsidiaries. GREG and the GREG Stockholders have no Knowledge of any material outstanding claims of any of its customers or clients presently outstanding, pending or threatened against GREG, except for aged accounts payables claims. GREG and the GREG Stockholders have no Knowledge of any present or future condition or state of facts or circumstances which would prevent the business of GREG from being carried on by GREG after the Closing Date in essentially the same manner as it is presently being carried on.
 (ff)
 Approvals and Authorizations.  GREG has obtained all necessary consents, approvals and authorizations in connection with the Merger contemplated hereby which are required by law or otherwise in order for GREG to continue all of its present business following the Closing Date.
 (gg)
 Compensation Plans. Schedule 4(gg) of this Agreement contains a correct and complete description of all material compensation plans and arrangements: bonus and incentive plans and arrangements; deferred compensation plans and arrangements; stock purchase and stock option plans and arrangements: hospitalization and other life. health or disability insurance or reimbursement programs: holiday, sick leave, severance, vacation, tuition reimbursement, personal loan and product purchase discount policies and arrangements, policy manuals and any other plans or arrangements providing for benefits for employees of GREG.
 (hh)
 Governmental Licenses.  Schedule 4(hh) of this Agreement contains a correct and complete list of all material governmental and administrative consents, permits, appointments, approvals, licenses, certificates and franchises which are (i) necessary for the operation of GREG, including, but not limited to, those necessary for the Initial Projects, and (ii) required in connection with GREG Stockholders’ execution, delivery or performance of this Agreement, all of which have been obtained by GREG and are in full force and effect.
 

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 (ii)
 Brokers.  No agent, broker, investment banker, Person, or firm acting on behalf of any of the GREG Stockholders, GREG or any firm or corporation affiliated with any of them, or under its authority other than Jones, is or will be entitled to a financial advisory fee, brokerage commission, finder’s fee or other like payment in connection with the Merger contemplated hereby.
 (jj)
 Compliance With Laws.
 (i)
 To the GREG Stockholders’ Best Knowledge, the operations and activities of GREG have previously and continue to comply with all applicable Laws, as in effect on or before the date of this Agreement, including, without limitation, all Laws relating to seed labeling and all rules and regulations of the OSHA. To the GREG Stockholders’ Best Knowledge, neither the ownership of GREG nor the conduct of the business of GREG as presently conducted conflicts with the rights of any other Person, firm or corporation or violates, or with or without the giving of notice or the passage of time, or both, will violate, conflict with or result in a default right to accelerate or loss of rights under, any terms or provisions of its Articles of Incorporation or By-laws as presently in effect, or any lien, Encumbrance, mortgage, deed of trust, lease, license, agreement, understanding, or Laws to which GREG is a party or by which it may be bound or affected. GREG has received no written notice or communication from any third party asserting a failure to comply with any Laws, nor has GREG received any written notice that any authority or third party intends to seek enforcement against GREG to compel compliance with any such Laws.
 (ii)
 There are no existing claims or to the best of GREG Stockholders’ Knowledge, threatened claims against GREG, for, with respect to, or as direct or indirect result of, the presence on or under, or the escape, seepage, leakage, spillage, discharge, or emission discharging, from the real property of GREG of any “Hazardous Material,” including, without limitation. any losses, liabilities, damages, injuries, costs, expenses, reasonable fees of counsel or claims asserted or arising under CERCLA, any so-called “Super Fund” or “Super Lien” law or any other applicable federal, state or local statute, law, ordinance, code, rule, regulation, Order or decree now or at any time hereafter in effect, regulating, relating to or imposing liability or standards of conduct concerning any Hazardous Material.
 (iii)
 To the GREG Stockholders’ Best Knowledge, since the date first acquired or leased by GREG, the Stockholders and GREG have not placed any “Hazardous Material” on or under the real property owned or leased by GREG and, to the best of GREG Stockholders’ Knowledge, there has been no “Hazardous Material” on or under the real property owned or leased by GREG.
 

 

 

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 (iv)
 Neither GREG nor to the GREG Stockholders’ Best Knowledge, any officer, employee or agent of GREG acting on its behalf, nor any other Person acting on its behalf, has, directly or indirectly, within the past three years given or received or agreed to give or receive any gift or similar benefit to any customer, supplier, governmental employee or other Person who is or may be in a position to help or hinder GREG (or assist GREG in connection with any actual or proposed acquisition) which (i) might subject GREG to any damage or penalty in any civil, criminal or governmental litigation or proceeding, (ii) if not given or received in the past might have had an adverse effect on the assets, business or operation of GREG, or (iii) if not continued in the future, might adversely affect the assets, the business or the operations or prospects of GREG, or which might subject GREG to suit or penalty in any private or governmental litigation or proceeding.
 (kk)
 No Additional Agreements.  Except as set forth on Schedule 4(kk) of the Agreement, GREG does not have any agreement or understanding with any Stockholders with respect to the Merger contemplated by this Agreement other than as specified in this Agreement.
 (ll)
 Disclosure.  GREG confirms that neither it nor any Person acting on its behalf has provided any GREG Stockholders or its respective agents or counsel with any information that GREG believes constitutes material, non-public information except insofar as the existence and terms of the proposed Merger hereunder may constitute such information and except for information that will be disclosed by BBLU under a current report on Form 8-K.  GREG understands and confirms that BBLU and Buyer will rely on the foregoing representations and covenants in effecting the Merger.  All disclosure provided to BBLU and Buyer regarding GREG, its business and the Merger contemplated hereby, furnished by or on behalf of GREG (including GREG’s representations and warranties set forth in this Agreement) are true and correct in all material respects and do not contain any untrue statements of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.
 (mm)
 Relationships With Related Persons.  Except as set forth in Schedule 4(mm) of this Agreement, and except through or related to its ownership of GREG Shares, neither the GREG Stockholders nor any Affiliate of the Stockholders has any outstanding Contract with GREG or its Subsidiaries. 
 (nn)
 Guarantees.  The GREG Stockholders have not personally guaranteed any of the obligations of the business of GREG.
 (oo)
 Benefits.  All information on accrued holiday, vacation, sick or other compensation or benefits to which employees of GREG are entitled to receive from GREG have been provided by GREG, so they can be set forth on the Unaudited Financials to the extent such accruals are required to be accrued in accordance with U.S. GAAP.  
 (pp)
 Schedules.  The GREG Stockholders and GREG have delivered the Schedules to the Buyer and BBLU and to the GREG Stockholders’ Best Knowledge, the same are complete and correct in all material respects in form and substance reasonably acceptable to the Buyer and BBLU, as of the date of this Agreement.
 

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 (qq)
 No Legal or Tax Advice.  GREG Stockholders are not relying on any legal or tax advice from BBLU or the Buyer in connection with the Merger contemplated by this Agreement.
 (rr)
 Accuracy. To the GREG Stockholders’ Best Knowledge, no representation, warranty, covenant or statement by the GREG Stockholders or GREG in this Agreement, including the Schedules and Exhibits attached hereto and the certificates furnished or to be furnished to the Buyer and BBLU pursuant hereto, contains or will contain any untrue statement of a material fact, or omits or will omit to state a material fact required to be stated herein or therein or necessary to make the statements contained herein or therein in light of the circumstances under which they were made, not false or materially misleading.
 Section 5.
 Representations and Warranties of the Buyer and BBLU.  Each of Buyer and BBLU jointly and severally warrants and represents to the Stockholders as follows: 
 (a)
 Capacity.  Each of the Buyer and BBLU has full right, power and capacity to execute, deliver and perform its obligations under this Agreement and the other documents required to be executed by the Buyer or BBLU in connection herewith and to consummate the Merger contemplated hereby. The execution and delivery of this Agreement does not, and the consummation of the Merger contemplated by this Agreement will not, constitute a breach of any term or provision of the Articles of Incorporation or By-laws of the Buyer or BBLU or constitute a default under any material law, rule, regulation, indenture, instrument, mortgage, deed of trust, or other agreement or instrument to which the Buyer or BBLU is a party or by which either is bound.
 (b)
 Organization.
 (i)
 The Buyer is a corporation duly organized, validly existing and in good standing under the laws of the State of Utah, and the Buyer has corporate power and authority to carry on its business as now conducted and to own, lease or operate the properties and assets now used by it in connection therewith. The Buyer is duly qualified and in good standing to do business in each jurisdiction in which the nature of its business or the ownership or leasing of its properties make such qualification necessary.
 (ii)
 BBLU is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada, and has corporate power and authority to carry on its business as now conducted and to own, lease or operate the properties and assets now used by it in connection therewith. BBLU is duly qualified and in good standing to do business in each jurisdiction in which the nature of its business or the ownership or leasing of its properties make such qualification necessary.
 (c)
 Authority; No Conflict.
 

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 (i)
 This Agreement constitutes the legal, valid and binding obligation of Buyer and BBLU, enforceable against each of them in accordance with its terms, except as may be limited by bankruptcy, moratorium and insolvency laws and other laws affecting the rights of creditors generally and except as may be limited by general principles of equity.  The execution and delivery by the Buyer and BBLU of this Agreement and the consummation by the Buyer and BBLU of the Merger have been duly authorized and approved by the Board of Directors of the Buyer and BBLU and no other corporate proceedings on the part of the Buyer and BBLU are necessary to authorize this Agreement and the Merger.  Upon the execution and delivery by each of BBLU and Buyer of the Other Agreements to which each of them is a party and the execution and delivery thereof by each other party thereto, such Other Agreements will constitute the legal, valid and binding obligations of each of BBLU and Buyer, enforceable in accordance with their respective terms, except as may be limited by bankruptcy, moratorium and insolvency laws and other laws affecting the rights of creditors generally and except as may be limited by general principles of equity.  BBLU and Buyer each has the power, authority and capacity to execute and deliver this Agreement and the Other Agreements to which it is a party and to perform its respective obligations under this Agreement and such Other Agreements.
 (ii)
 Neither the execution and delivery of this Agreement or any of the Other Agreements, nor the consummation or performance of the Merger will, directly or indirectly (with or without notice or lapse of time):
 (1)
 contravene, conflict with or result in a violation of any Legal Requirement or any Order to which either BBLU or Buyer is subject; or
 (2)
 (A) conflict with or result in a violation or breach of, or (B) constitute (with or without notice or passage of time) a default under, or (C) result in or give any Person the right of termination, cancellation, acceleration or modification in or with respect to, or (D) result in or give to any Person any additional rights under, or (E) result in the creation or imposition of an Encumbrance upon the assets of the Buyer or BBLU under, any agreement or other arrangement to which it is a party or is bound; or
 (3)
 contravene, conflict with or result in a violation of any of the terms or requirements of, or give any Governmental Body the right to revoke, withdraw, suspend, cancel, terminate or modify, any Governmental Authorization that is held by BBLU or Buyer.
 (iii)
 Each of Buyer and BBLU is not and will not be required to give any notice to, or obtain any Consent from, any Person in connection with the execution and delivery of this Agreement or any of the Other Agreements or the consummation or performance of the Merger.
 

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 (d)
 Capital Structure.  As of the Closing Date the authorized capital stock of BBLU shall consist of 100,000,000 shares of Common Stock, par value $.001 per share, and 25,000,000 shares of preferred stock, par value $.001 per share.  As of June 26, 2013 (i) 25,795,857 shares of BBLU’s Common Stock were issued and outstanding, and the number of options, warrants and shares of Preferred Stock are set forth on Schedule 5(d) attached hereto.  Except as set forth above, no shares of capital stock or other voting securities of BBLU were issued, reserved for issuance or outstanding.  All outstanding shares of the capital stock of BBLU are, and all such shares that may be issued prior to the date hereof will be when issued, duly authorized, validly issued, fully paid and non-assessable and not subject to or issued in violation of any purchase option, call option, right of first refusal, preemptive right, subscription right or any similar right under any provision of the NRS, BBLU’s Articles of Incorporation, BBLU’s By-laws or any Contract to which BBLU or Buyer is a party or otherwise bound.  There are no other commitments, Contracts, arrangements or undertakings of any kind to which BBLU or Buyer is a party or by which any of them is bound (i) obligating BBLU or Buyer to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock or other equity interests in, or any security convertible or exercisable for or exchangeable into any capital stock of or other equity interest in, Buyer, (ii) obligating BBLU or Buyer to issue, grant, extend or enter into any such option, warrant, call, right, security, commitment, Contract, arrangement or undertaking or (iii) that give any Person the right to receive any economic benefit or right similar to or derived from the economic benefits and rights occurring to holders of the capital stock of BBLU. As of the date of this Agreement, there are not any outstanding contractual obligations of BBLU to repurchase, redeem or otherwise acquire any shares of capital stock of BBLU.  BBLU is not a party to any agreement granting any security holder of BBLU the right to cause the Buyer to register shares of the capital stock or other securities of BBLU held by such security holder under the Securities Act, other than the pending preferred share offering.  The BBLU Shares to be issued pursuant to this Agreement as well as under the BBLU 2009 Equity Incentive Plan will, when issued, be duly authorized, validly issued, fully paid and non-assessable. 
 (e)
 Consents and Approvals. No governmental license, permit or authorization, and no registration or filing with any court, governmental authority or regulatory agency, is required in connection with the execution, delivery or performance of this Agreement by the Buyer or BBLU. Each of the Buyer and BBLU shall execute, deliver and perform its obligations under this Agreement, and no consent or other approval of any other party is required to be obtained by the Buyer or BBLU in connection with the Mergers contemplated hereby.
 (f)
 Binding Obligation.  This Agreement has been duly executed and delivered by the Buyer and BBLU and constitutes the legal, valid and binding obligation of the Buyer and BBLU, enforceable against the Buyer and BBLU in accordance with its terms, except to the extent that such enforceability may be limited by general principles of equity or bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’ rights generally. All action of the Boards of Directors of the Buyer and BBLU and all other corporate action necessary to authorize the execution, delivery and performance of this Agreement and the consummation of the Mergers contemplated hereby has been duly and validly taken.
 

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 (g)
 Brokers: Finders.  No agent, broker, investment banker, Person or firm acting on behalf of the Buyer or BBLU or any firm or corporation affiliated with the Buyer or BBLU or under the authority of either the Buyer or BBLU is or will be entitled to any brokers’ or finders’ fee or any other commission or similar fee in connection with the Merger contemplated hereby.
 (h)
 Accuracy.  No representation, warranty, covenant or statement by the Buyer or BBLU in this Agreement, including the Schedules and Exhibits attached hereto and the certificates furnished or to be furnished to the Stockholders pursuant hereto, contains or will contain any untrue statement of a material fact, or omits or will omit to state a material fact required to be stated herein or therein or necessary to make the statements contained herein or therein in light of the circumstances under which they were made, not false or materially misleading.
 (i)
 SEC Documents; Undisclosed Liabilities.
 (i)
 BBLU has filed all reports, schedules, forms, statements and other documents required to be filed by BBLU with the SEC since October 30, 2009, pursuant to Sections 12(g), 13(a), 14 (a) and 15(d) of the Exchange Act (the "BBLU SEC Documents").
 (ii)
 As of its respective filing date, each BBLU SEC Document complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder applicable to such BBLU SEC Documents, and did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. Except to the extent that information contained in any BBLU SEC Documents has been revised or superseded by later filed BBLU SEC Documents, none of the BBLU SEC Documents contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The consolidated financial statements of BBLU for the years ended December 31, 2011 and 2012 included in the BBLU SEC Documents comply as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, have been prepared in accordance with U.S. GAAP (except, in the case of unaudited statements, as permitted by the rules and regulations of the SEC) applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto) and fairly present the consolidated financial position of BBLU and its consolidated subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods shown (subject, in the case of unaudited statements, to normal year-end audit adjustments).
 (iii)
 Except as set forth in the BBLU SEC Documents, BBLU has no liabilities or obligations of any nature (whether accrued, absolute, contingent or otherwise) required by U.S. GAAP to be set forth on a balance sheet of BBLU or in the notes thereto. 
 

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 (j)
 Absence of Certain Changes or Events. Except as disclosed in the BBLU SEC Documents, from the date of the most recent audited financial statements included in the BBLU SEC Documents to the date of this Agreement, Buyer has conducted its business only in the ordinary course.
 (k)
 Litigation.  Except as disclosed in the BBLU SEC Documents, there is no suit, action or proceeding pending or, to the knowledge of BBLU or Buyer, threatened against or affecting BBLU or Buyer (and BBLU and Buyer are not aware of any basis for any such suit, action or proceeding) that, individually or in the aggregate, has had or would reasonably be expected to have a BBLU or Buyer Material Adverse Effect, nor is there any Judgment outstanding against BBLU or Buyer that has had or would reasonably be expected to have a Material Adverse Effect on BBLU or Buyer.
 (l)
 Compliance with Applicable Laws.  Except as disclosed in the BBLU SEC Documents, BBLU and Buyer is in compliance with all applicable Laws, including those relating to occupational health and safety and the environment, except for instances of noncompliance that, individually and in the aggregate, have not had and would not reasonably be expected to have a BBLU Material Adverse Effect. Except as set forth in the BBLU SEC Documents, BBLU or Buyer have not received any written communication during the past two years from a Governmental Entity that alleges that BBLU or Buyer is not in compliance in any material respect with any applicable Law.
 (m)
 Listing and Maintenance Requirements.  BBLU’s Shares are listed for trading on the OTC QB maintained by the Financial Industry Regulatory Authority, Inc. (“FINRA”).  BBLU has no reason to believe that it will not in the foreseeable future continue to be, in compliance with the listing and maintenance requirements for continued listing of the Buyer’s Shares on the OTC QB and/or the OTC Markets.
 (n)
 Reorganization.
 (i)
 Buyer is a newly formed Utah corporation that was organized by BBLU solely to engage in the Merger.  Buyer does not have any assets or any liabilities and has not engaged in any business or activity.
 (ii)
 Buyer is, and immediately prior to the Merger will be, a wholly owned subsidiary of BBLU.
 (iii)
 Buyer has no plan, intention or commitment to issue or sell (a) any of its capital stock, (b) any security of Buyer treated as equity for federal income tax purposes, (c) any security that is convertible or exchangeable into any of the foregoing, or (d) any right to subscribe for or acquire any of the foregoing, and no such securities or rights outstanding other than the common stock of Buyer that is owned by BBLU.
 (iv)
 Neither BBLU nor Buyer has any plan or intention to cause the Surviving Corporation to issue additional shares of its stock or any other security of Surviving Corporation that would result in BBLU losing control of the Surviving Corporation within the meaning of Section 368(c) of the Code prior to or immediately after the Merger.
 

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 (v)
 Prior to the Merger, BBLU has acquired no common stock of BBLU (and no related Person to BBLU within the meaning of Treasury Regulations Section 1.368-1(e)(3) has acquired any stock of BBLU), either directly or through any transaction, agreement or arrangement with another Person.  BBLU has no plan or intention to acquire or redeem (and no related Person to BBLU within the meaning of Treasury Regulations Section 1.368-1(e)(3) has any plan or intention to acquire) any of the BBLU Shares issued in the Merger, other than pursuant to the terms of this Agreement, either directly or through any transaction agreement or arrangement with another Person.
 (vi)
 BBLU has no plan or intention to (a) liquidate the Surviving Corporation (including any transaction that would be treated as a liquidation for federal income tax purposes), (b) merge the Surviving Corporation with or into another corporation (including any entity treated as a corporation for federal income tax purposes), (c) sell or otherwise dispose of the stock of the Surviving Corporation, except for transfers of stock to corporations controlled by BBLU in accordance with Section 368(a)(2)(C) of the Code, or (d) cause the Surviving corporation to sell or otherwise dispose of any of its Assets or any of the assets acquired from Buyer, except for dispositions made in the Ordinary Course of Business or transfers of Assets to a corporation controlled by the Surviving corporation in accordance with Section 368(a)(2)(C) of the Code.
 (vii)
 Buyer has no liabilities assumed by the Surviving Corporation in the Merger, and will not transfer any assets to the Surviving Corporation in the Merger subject to any liabilities.
 (viii)
 Following the Merger, BBLU will cause the Surviving Corporation to continue IPS’s historic Business or use a significant portion of its historic business Assets in a business, in each case within the meaning of Treasury Regulations Section 1.368-1(d).
 (ix)
 BBLU and Buyer will each pay their respective expenses, if any, incurred in connection with the transaction contemplated by this Agreement.
 (x)
 BBLU is not an investment company within the meaning of Section 368(a)(2)(F)(iii) and (iv) of the Code.
 Section 6.
 Survival of Representations and Warranties; Indemnification.
 (a)
 Survival of Representations and Warranties.  All representations and warranties made by the Stockholders, IPS, GREG, the Buyer and BBLU in this Agreement, including without limitation all representations and warranties made in any Exhibit or Schedule hereto or certificate delivered hereunder, shall survive the Closing until the first anniversary of the Closing Date (the “Survival Date”); provided, however, that all representations and warranties made by IPS or the IPS Stockholders, as applicable, in Sections 3(q), 3(r), 3(z) and 3(jj) hereof and by GREG or the GREG Stockholders, as applicable, in Sections 4(q), 4(r), 4(z) and 4(jj) hereof shall survive the Closing until and through one (1) month after the expiration of 
 

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 the applicable statute of limitations (the “Extended Survival Date”); provided, however , that representations which are the basis for claims asserted under this Agreement prior to the expiration of such applicable time periods shall also survive until the final resolution of those claims. Covenants and other executory obligations contained in this Agreement shall survive the Closing. The right to indemnification, payment of damages and other remedies based on representations, warranties, covenants and obligations in this Agreement shall not be affected by any investigation conducted or any knowledge acquired (or capable of being acquired) at any time, whether before or after the Closing Date, with respect to the accuracy or inaccuracy of or compliance with any such representation, warranty, covenant or obligation.
 (b)
 Indemnity by Stockholders.  Provided that the Merger contemplated by this Agreement is closed, the Stockholders hereby agree, severally and not jointly, to indemnify, defend and hold harmless the Buyer and BBLU and their respective Affiliates, stockholders, partners, directors, officers, employees and other agents and representatives from and against all liabilities, losses, costs or damages whatsoever (including expenses and reasonable fees of legal counsel) (“Claims”) arising out of or relating to Claims made prior to the Survival Date or the Extended Survival Date, if applicable, in the event that it is determined that such Claims arise out of or from or are based upon (i) the inaccuracy in any material respect of any representation or warranty contained (in the case of the IPS Stockholders) in Section 3 or (in the case of the GREG Stockholders) in Section 4, (ii) the non-performance by the Stockholders in any material respect of any covenant, agreement or obligation to be performed by the Stockholders under this Agreement; provided, however, that IPS Stockholders shall not be responsible for any non-performance by GREG Stockholders and GREG Stockholders shall not be responsible for any non-performance by IPS Stockholders; or (iii) the assessment of any material federal, state local or other tax liabilities due and payable by IPS (as to the IPS Stockholders) or GREG (as to the GREG Stockholders) for all periods through December 31, 2012.
 (c)
 Indemnification by Buyer and BBLU.  Provided that the Merger contemplated by this Agreement is closed, the Buyer and BBLU hereby agrees to indemnify, defend and hold harmless the Stockholders, IPS and GREG from and against all Claims arising out of or from or based upon (i) the inaccuracy in any material respect of any representation or warranty contained in Section 5 by the Buyer and BBLU; (ii) the non-performance by the Buyer and BBLU in any material respect of any covenant, agreement or obligation to be performed by the Buyer and BBLU under this Agreement; and (iii) any liabilities arising out of the operation of the business of IPS by BBLU after the Closing Date.
 (d)
 Defense of Claims.  
 (i)
 Whenever any Claim shall arise for indemnification hereunder, the party entitled to indemnification (the “Indemnitee”) shall notify the indemnifying party (the “Indemnitor”) in writing within 30 days after the Indemnitee has actual knowledge that it is entitled to indemnification of such Claim constituting the basis for such Claim (the “Notice of Claim”). The Notice of Claim shall specify all facts known to the Indemnitee giving rise to such indemnification claim and the amount or an estimate of the amount of the liability arising therefrom.
 

 

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 (ii)
 If the facts giving rise to any such indemnification shall involve any actual, threatened or possible claim or demand by any Person against the Indemnitee, the Indemnitor shall be entitled (without prejudice to the right of the Indemnitee to participate at its expense through co-counsel of its own choosing) to contest or defend such claim at his expense and through counsel of his own choosing if he gives written notice of his intention to do so to the Indemnitee within 10 days after receipt of the Notice of Claim; provided that Indemnitor diligently prosecutes or defends such claim.
 (iii)
 The Indemnitee shall not settle any claim that would give rise to liability on the part of the Indemnitor under the indemnity contained in this Section without the written consent of the Indemnitor, which consent shall not unreasonably be withheld. If a firm offer is made to settle a claim or litigation defended by the Indemnitee and the Indemnitor refuses to accept such offer within 20 days after receipt of written notice from the Indemnitee of the terms of such offer, then, in such event, the Indemnitee shall continue to contest or defend such claim and shall be indemnified pursuant to the terms hereof. Provided, however, that in the event the Indemnitor refuses to accept such offer to settle a claim as described above and the Indemnitee continues to contest or defend such claim, the indemnification provided for herein shall be deemed to include the value of management’s time spent in connection with the defense of such claim. If a firm offer is made to settle a claim or litigation and the Indemnitor notifies the Indemnitee in writing that the Indemnitor desires to accept and agree to such settlement, but the Indemnitee elects not to accept or agree to it, the Indemnitee may continue to contest or defend such claim or litigation and. in such event, the total maximum liability of the Indemnitor to indemnify or otherwise reimburse the Indemnitee hereunder with respect to such claim or litigation shall be limited to and shall not exceed the amount of such settlement offer, plus reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements) to the date of notice that the Indemnitor desires to accept such settlement.
 (iv)
 Notwithstanding any provision of this Agreement to the contrary, neither the Stockholders’ nor the Buyer’s or BBLU’s maximum liability for indemnification shall exceed the Merger Consideration nor shall any Stockholder’s maximum liability for indemnification exceed the number of shares issued to the Stockholder as Merger Consideration multiplied by $1.18 per share.
 (v)
 Notwithstanding any provision of this Agreement to the contrary, no claim for indemnification pursuant to this Section 6 by an Indemnitee shall be asserted or claimed except for the amount of such Claim in excess of the aggregate, the sum of $25,000 (the “Stockholders’ Basket”).  Any Loss suffered by Buyer for payment of any insurance deductible in connection with any proceedings shall be excluded from the Stockholders’ Basket.
 (vi)
 All claims for indemnification against the Stockholders shall be satisfied by the Stockholders severally and not jointly, at their option, either in cash or in BBLU Shares at their then Market Price, up to the maximum described above.
 

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 (e)
 Notwithstanding any provisions of this Agreement to the contrary, the remedies available to Buyer under this Section 6 shall be the sole and exclusive remedies of Buyer as between Buyer and Stockholders in relation to this Agreement, but this Section 6 shall not affect any legal or equitable rights, if any, that the Stockholders or any of them may have to seek indemnification or contribution among the Stockholders or any of them.
 Section 7.
 Covenants of the Stockholders, IPS and GREG.  The Stockholders, IPS and GREG hereby covenant and agree as follows:
 (a)
 Further Assurances.  The Stockholders, from time to time at the reasonable request of the Buyer and without further consideration, shall execute and deliver such additional instruments and take such other action as the Buyer or BBLU may reasonably require to convey, assign, transfer and deliver the IPS Shares and the GREG Shares and otherwise to carry out the terms of this Agreement.
 (b)
 Public Announcements. BBLU may issue a press release or other announcement of this Agreement, the Other Documents and the Merger contemplated hereby and thereby in such form as shall be determined by BBLU and Buyer in their sole discretion,  provided that Buyer and/or BBLU shall provide the Stockholders and counsel for IPS with the contents of any such press release and a reasonable opportunity to comment thereon prior to its public release, except to the extent that a requirement of any Applicable Law renders it impracticable to consult with the Stockholders in advance of such release. None of IPS, GREG, their Subsidiaries, the Stockholders or their respective Affiliates, officers, stockholders, employees or agents shall issue or cause the issuance or the publication of any press release or any other public statement or announcement with respect to this Agreement, the Other Documents or the Merger contemplated hereby or thereby, without the prior review and written consent of Buyer and or BBLU in each specific instance, which consent shall not be unreasonably withheld.
 (c)
 Affiliate Transactions.  On or prior to the Closing Date, all Indebtedness and other amounts owing under Contracts (other than documents related to the Merger and employment, restrictive covenant, confidentiality and similar agreements with employees of the company and its Subsidiaries) between the Company, any Affiliate of the Company, or any officer, director, manager, or spouses, parents, children or siblings of any director, or officer or member of the Company or Affiliate of any of the foregoing (other than the Company or any Subsidiary thereof), on the one hand, and the Company or any of its Subsidiaries, on the other hand, will be paid in full, and the Company will terminate and will cause any such Affiliate of the Company, or officer, director, manager, or spouses, parents, children or siblings of any director, officer or member of the Company or Affiliate of any of the foregoing to terminate, each such Contract with the Company or any Subsidiary thereof, including, but not limited to any management services agreements, between any such Person and the Company, without any obligation thereunder surviving such termination. Prior to the Closing, except as expressly contemplated by this Agreement or any other document related to the Merger, neither the Company nor any Subsidiary thereof will enter into any Contract or amend or modify in any material respect any existing Contract, or engage in any transaction outside the Ordinary Course of Business consistent with past practice or not on an arm’s-length basis, with the Company or any such Affiliate of the Company, or officer, director, manager, or spouses, parents, children or siblings of any director, officer or member of the Company or Affiliate of any of the foregoing.
 

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 (d)
 Notice and Cure.  If the Company obtains knowledge of any event, transaction or circumstance occurring after the date of this Agreement that causes or will cause any condition set forth in Section 9 to be incapable of ever being satisfied, it will notify Buyer promptly in writing of, and contemporaneously will provide Buyer with true and complete copies of any and all information or documents relating to such event, transaction or circumstance.  No notice given pursuant to this Section 7(d) shall have any effect on the representations, warranties, covenants or agreements contained in this Agreement for purposes of determining satisfaction of any condition contained herein or in any way limit the remedies available to the Buyer hereunder. 
 (e)
 Stockholder Release. Except as set forth on Schedule 7(e) of this Agreement, effective as of the Closing, each Stockholder on behalf of itself and each of its Affiliates hereby releases and forever discharges IPS, GREG, and each of their respective Subsidiaries and their respective officers, directors, shareholders and Affiliates, from any and all actions, causes of action, suits, debts, accounts, claims, Contracts, demands, agreements, controversies, judgments, obligations, damages and liabilities of any nature whatsoever in law or in equity, whether currently known or unknown, suspected or claimed, whether pursuant to Contract, statute or otherwise, in each case, arising out of events occurring on or prior to the Closing.
 Section 8.
 Covenants of the Buyer and BBLU.  The Buyer and BBLU hereby covenant and warrant as follows:
 (a)
 Closing Documents.  The Buyer and BBLU shall execute and deliver all instruments and documents required as a condition precedent to Closing and take all actions required to carry out the terms of this Agreement and to consummate the Merger contemplated hereby.
 (b)
 Noninterference.  The Buyer and BBLU shall, not take or omit to take any action that (i) if taken or omitted on or before the date of this Agreement, would make untrue any of the representations and warranties contained in Section 5 of this Agreement, or (ii) would interfere with the Buyer’s or BBLU’s ability to perform or would prevent performance of any of its obligations under this Agreement or any of the other agreements or instruments provided for herein.
 (c)
 Fulfillment of Conditions. Each of BBLU and Buyer shall take all commercially reasonable steps necessary or desirable and proceed diligently and in good faith to satisfy each of the conditions to the obligations to the other parties in this Agreement.
 Section 9.
 Conditions Precedent to the Obligations of the Buyer and BBLU.  The obligations of the Buyer and BBLU under this Agreement are subject to the following conditions:
 (a)
 There shall not have been any breach of the representations, warranties, covenants and agreements of the Stockholders, IPS or GREG contained in this Agreement or the Schedules and Exhibits hereto, and all such representations and warranties shall be true at all times on and before the Closing.
 

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 (b)
 The Stockholders, IPS and GREG shall have performed and complied with all covenants, agreements and conditions required by this Agreement to be performed or complied with by them prior to or at the Closing Date. All documents and instruments required in connection with this Agreement shall be reasonably satisfactory in form and substance to the Buyer and BBLU.
 (c)
 There shall have been no Material Adverse Change in the condition (financial or otherwise), business, Assets, liabilities, properties, results of operations, or earnings of IPS or GREG since the Balance Sheet Date.
 (d)
 There shall be no outstanding actions or threats of action by any party that may materially adversely affect the condition (financial or otherwise), business, Assets, liabilities, properties, results of operations, or earnings of IPS or GREG.
 (e)
 The Buyer and BBLU shall have received certificates dated the Closing Date and signed by the Stockholders, IPS and GREG, certifying that the conditions specified in subsections (a), (b), (c) and (d) above have been fulfilled except to the extent that any non-fulfillment was disclosed in writing to the Buyer prior to the Closing Date.
 (f)
 IPS, GREG and the Stockholders shall have obtained and delivered to the Buyer and BBLU any required consents or approvals of any third parties whose consent is required to the Merger contemplated hereunder.
 (g)
 The Buyer and BBLU shall have received originals or certified copies, reasonably satisfactory in form and substance to the Buyer and BBLU, of all such corporate documents of IPS and GREG as the Buyer or BBLU shall reasonably require, including without limitation the following:
 (i)
 the Articles of Incorporation of IPS and GREG and all amendments thereto and restatements thereof certified as of a recent date by Division of Corporations of Utah and the Secretary of State of Nevada, respectively;
 (ii)
 the Bylaws of IPS and GREG and all amendments thereto and restatements thereof certified as of the Closing Date by an officer of each company;
 (iii)
 certificates of existence of the Division of Corporations of Utah and the Secretary of State of Nevada, certifying as of a recent date that IPS and GREG, respectively, are duly organized, validly existing and in good standing under the laws of those states;
 (iv)
 copies of the minutes and resolutions of the Board of Directors and Stockholders of IPS and GREG showing the authorization and approval by such Boards of Directors and Stockholders of the execution and delivery by each of IPS and GREG to the Buyer of this Agreement and of the agreements and instruments provided for herein and of the performance of the obligations of IPS and GREG, as the case may be, under this Agreement and such other instruments and agreements, certified as of a recent date by the Secretary or another officer of IPS and GREG; and
 

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 (v)
 a certificate of incumbency identifying the officers and directors of IPS and GREG immediately before Closing.
 (h)
 Buyer shall have received evidence that all authorized signatories on accounts, safe deposit boxes, lockboxes and other depositories of funds of IPS and its Subsidiaries at its bank, are only Persons designated by Buyer.
 (i)
 IPS, GREG and the Stockholders shall have executed and delivered to the Buyer and BBLU an assignment or consent to all of the leases described in Schedules 3(t) and 4(t) of this Agreement. 
 (j)
 IPS and GREG shall have executed and delivered to the Buyer and BBLU the assignment or endorsement in favor of the Buyer and BBLU of coverage under the insurance policies maintained by IPS and GREG covering each of them and described to in Schedules 3(aa) and 4(aa) of this Agreement. 
 (k)
 The Buyer shall have entered into an employment agreement with Robert Potts, Ray Lundberg and Brett Woodard in the form of Exhibit 2(b)(i) and made arrangements that they deem satisfactory with such “key personnel” of IPS as Buyer and BBLU deem necessary.
 (l)
 IPS and GREG each shall have delivered to Buyer evidence, in form and substance reasonably satisfactory to Buyer, of the termination and release of all recorded outstanding Liens and financing statements on the Assets and properties of IPS or GREG, as applicable, or any of its Subsidiaries, other than those associated with any agreement listed in the disclosure schedules or listed in this Agreement.
 (m)
 Each of the Stockholders and key employees shall have delivered to the Buyer a Lock-Up Agreement substantially in the form attached hereto as Exhibit 2(a).
 (n)
 IPS shall have obtained and delivered to Buyer any and all required waivers of default and/or consent to assumption of debt by IPS’s lenders and/or Buyer shall have entered into replacement borrowing facilities on terms reasonably acceptable to Buyer.
 (o)
 All key employees and providers of contract services as of April 30, 2013, shall have continued under their existing Contracts through the Closing Date.
 (p)
 Stockholders shall have delivered to the Buyer the Certificates evidencing the IPS and GREG Shares.
 Section 10.
 Conditions Precedent to the Stockholders, IPS and GREG’s Obligations.  The obligations of the Stockholders, IPS and GREG under this Agreement are subject to the following conditions:
 (a)
 There shall not have been any breach of the representations, warranties, covenants and agreements of the Buyer or BBLU contained in this Agreement, and all such representations and warranties shall be true at all times at and before the Closing.
 

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 (b)
 The Buyer and BBLU shall have performed and complied with all agreements and conditions required by this Agreement to be performed or complied with by them. All documents and instruments required in connection with this Agreement shall be reasonably satisfactory in form and substance to the Stockholders.
 (c)
 The Stockholders shall have received a certificate dated the Closing Date signed by each of the Buyer and BBLU, certifying that the conditions specified in Sections 10(a) and 9(b) above have been fulfilled.
 (d)
 The Stockholders shall have received originals or certified copies, reasonably satisfactory in form and substance to the Stockholders, of the following corporate documents of the Buyer and BBLU:
 (i)
 a certificate of existence certifying as of a recent date that each of the Buyer and BBLU is a corporation in good standing under the laws of Utah and Nevada, respectively;
 (ii)
 copies of the minutes and resolutions of the Board of Directors of each of the Buyer and BBLU showing the authorization and approval by such Board of the execution and delivery by the Buyer and BBLU of this Agreement and the agreements and instruments provided for herein and of the performance of the obligations of the Buyer and BBLU under this Agreement and such other instruments and agreements, certified as of a recent date by the Secretary or another officer of the Buyer and BBLU; and
 (iii)
 a certificate of incumbency identifying the officers and directors of the Buyer and BBLU immediately before Closing.
 (e)
 BBLU shall have delivered to the Stockholders (or the escrow agent under the Escrow Agreement, as applicable) certificates of BBLU Shares evidencing the Merger Consideration as set forth in Section 1(b) above.
 (f)
 BBLU shall have funded IPS or will fund IPS simultaneous with the Closing at least $1,000,000 to be used for the acquisition of permits necessary for the construction of the first four Initial Projects.
 Section 11.
 Conditions Precedent to Obligations of the Stockholders, IPS, GREG, the Buyer and BBLU.  The obligations of the Stockholders, IPS, GREG, the Buyer and BBLU to complete this Merger shall be subject to the fulfillment at or prior to the Closing Date of the following conditions:
 (a)
 Due Diligence.  The Stockholders, the Buyer and BBLU shall have been afforded the opportunity to complete their due diligence and conduct a review of the business, the Fixed Assets, and prospects of the other, and shall be reasonably satisfied as to such business and prospects.
 

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 (b)
 No Injunctions.  No action or proceeding shall have been instituted or threatened by any public authority or private person prior to the Closing before any court or administrative body to restrain, enjoin or otherwise prevent the consummation of this Merger or to recover any damages or obtain other relief as a result of this Merger.
 (c)
 Consents.  Any consent to the Merger considered by the Stockholders, the Buyer or BBLU to be necessary or advisable under any agreement or Contract, the withholding of which might have, in the judgment of the Stockholders, the Buyer or BBLU, a material adverse effect on the financial condition of the other party shall have been obtained.
 (d)
 Corporate Proceedings.  All corporate and other proceedings in connection with the Merger contemplated by this Agreement, and all documents and instruments incident thereto, shall be reasonably satisfactory in substance and form to the Stockholders, the Buyer, BBLU and their counsel, and the Stockholders, the Buyer, BBLU and their counsel shall have received all certificates, documents and instruments, or copies thereof, certified if requested, as may be reasonably requested.
 Section 12.
 Deliveries.
 (a)
 Deliveries of the Stockholders.  At the Closing, Stockholders shall deliver:
 (i)
 this Agreement executed by IPS, GREG and the Stockholders.
 (ii)
 a copy of the Confidential Purchaser Questionnaire signed by the Stockholders with respect to the BBLU Shares; 
 (iii)
 Certificates with accompanying executed stock powers representing all of the IPS and GREG Shares owned by the Stockholders; and
 (iv)
 A copy of the Smith Purchase Agreement, and certificates with accompanying executed stock powers representing all of the Smith Shares.
 (b)
 Deliveries of the Buyer.  At the Closing the Buyer shall deliver:
 (i)
 to IPS, a certificate in the form of Exhibit 12(b), from the Buyer, signed by its Secretary or Assistant Secretary certifying that the Buyer’s Articles of Incorporation, By-laws as filed with the SEC and the attached resolutions of the Board of Directors of the Buyer, approving the Merger are all true, complete and correct and remain in full force and effect;
 (ii)
 to IPS, evidence of the Board of Directors of BBLU’s election of Robert Potts, Ray Lundberg and Brett Woodard as officers of IPS and BBLU, following the Closing;
 (iii)
 to the Stockholders and Smith, certificates representing the new BBLU Shares issued to such Stockholders as set forth in Schedule D; and
 

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 (iv)
 to each of the Stockholders an original copy of the countersigned Lock-Up Agreement in the form set forth as Exhibit 2(a).
 (c)
 Deliveries of IPS and GREG.  At the Closing, IPS and GREG shall deliver to the Buyer:
 (i)
 This Agreement executed by each of IPS, GREG and the Stockholders; and 
 (ii)
 a certificate from each of IPS and GREG, signed by its secretary, or similar authorized officer, certifying that the attached copies of such corporation’s constituent instruments and resolutions of their respective Boards of Directors approving the Agreement and the Merger are all true, complete and correct and remain in full force and effect; and 
 (iii)
 the minute books, stock transfer ledger, corporate seals, and financial books and records of IPS and GREG.
 IPS will continue to deliver financial information as requested and necessary for the Buyer’s auditor to prepare audited and unaudited financial statements as required for filing as a public company, which shall be prepared in accordance with U.S. GAAP. The Stockholders as officers of IPS and GREG continue to have an ongoing obligation to sign applicable representations relating to the financial statements of their respective corporations.  
 Section 13.
 Subsequent Events.
 (a)
 Access to Books and Records of the Surviving Corporation.  After the Closing, BBLU hereby agrees to provide, and to cause the Surviving Corporation to provide the Stockholders and their accountants and representatives with full and free access to the books and records of the Surviving Corporation and to cooperate fully with all such accountants and representatives of the Stockholders (i) so that a closing balance sheet may be prepared on a timely basis, (ii) so that the Stockholders and/or the Buyer and BBLU and their accountants and representatives may prepare a statement of profit and loss and balance sheet of IPS as of and at the Balance Sheet Date.
 (b)
 Tax Matters.
 (i)
 The Stockholders shall (at the expense of IPS and/or GREG, as applicable) prepare or cause to be prepared and file or cause to be filed on a timely basis all income and franchise Tax Returns with respect to IPS and GREG for taxable periods ending on or prior to the Closing Date, and the Surviving Corporation authorizes the IPS Stockholders to do so on its behalf.  Such Tax Returns shall be prepared on a basis consistent with the similar Tax returns for the preceding periods and shall not make, amend, revoke or terminate any election or change any tax accounting methods, practice or procedure without BBLU’s consent.  The Stockholders shall give a copy of each such Tax Return to BBLU prior to filing for its review, comment and approval, which shall not be unreasonably withheld or delayed.  The Stockholders shall timely pay the Taxes shown to be due and owing by IPS and GREG, as applicable, on such Tax Returns.
 

 57
 

 
 

 (ii)
 BBLU shall include the Surviving Corporation or cause Surviving Corporation to be included in its consolidated federal income Tax Return for the period that includes the day after the Closing Date.
 (iii)
 BBLU shall not file, or cause or permit the Surviving Corporation or any of its Affiliates to file, a Tax Return of IPS or an amendment to any Tax Return of IPS with respect to any period ending on or prior to the Closing Date without the consent of the IPS Stockholders, which consent shall not unreasonably be withheld or delayed.
 Section 14.
 The Buyer’s Obligations at Closing.  At the Closing, in addition to fulfilling the conditions to closing appearing in this Agreement, the Buyer shall deliver to the Stockholders the Merger Consideration as more specifically described in Section 1 hereof, together with all other documents and agreements required to be delivered by it hereunder.
 Section 15.
 The Stockholders’ Obligations at Closing.  At the Closing, in addition to fulfilling the conditions to closing appearing herein, the Stockholders shall deliver to the Buyer the Certificates representing the IPS and GREG Shares free of all liens, claims and Encumbrances properly transmitted, and with any and all transfer, stamp or similar Taxes upon the transfer of such shares to the Buyer paid in full by the Stockholders.  The Escrow Agent has the power to release said shares to Buyer when payment of the Merger Consideration is made in full as contemplated by this Agreement.
 Section 16.
 Parties in Interest.  This Agreement shall be binding upon and shall inure to the benefit of the parties and their successors and assigns. Nothing herein expressed or implied is intended or shall be construed to confer upon or to give any Person, firm, or corporation other than the parties hereto any rights or remedies under or by reason hereof.
 Section 17.
 Entire Agreement.  This Agreement, including the Schedules and Exhibits hereto, contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof and shall not be modified or affected by any offer, proposal, statement or representation, oral or written, made by or for any party in connection with the negotiation of the terms hereof.  All references herein to this Agreement shall specifically include, incorporate and refer to the Schedules and Exhibits attached hereto which are hereby made a part hereof.  There are no representations, promises, warranties, covenants, undertakings or assurances (express or implied) other than those expressly set forth or provided for herein and in the other documents referred to herein. This Agreement may not be modified or amended orally, but only by a writing signed by all the parties hereto. This Definitive Agreement supersedes the Binding LOA that was entered into on April 11, 2013 between the Parties.
 Section 18.
 Governing Law. This Agreement and all rights and obligations hereunder shall be governed by, and construed in accordance with, the laws of the State of Utah, applicable to agreements made and to be performed wholly within said state, without regard to the conflicts of laws principles of such state.
 Section 19.
 Expenses.  The Buyer, BBLU, IPS, GREG, and the Stockholders shall each pay their own expenses incidental to the preparation of this Agreement, the carrying out of the provisions of this Agreement and the consummation of the Merger contemplated hereby.
 

 58
 

 
 

 Section 20.
 Consent to Jurisdiction.  Subject to the provisions of Section 21 below, as to any dispute, claim, or litigation arising out of or relating in any way to this Agreement or the transaction at issue in this Agreement, the Parties hereby agree and consent to be subject to the exclusive jurisdiction of the United States District Court for Nevada in Las Vegas, Nevada.  If jurisdiction is not present in federal court, then the Parties hereby agree and consent to the exclusive jurisdiction of the state courts of Nevada.  Each Party hereby irrevocably waives, to the fullest extent permitted by Law, (a) any objection that it may now or hereafter have to laying venue of any suit, action or proceeding brought in such court, (b) any claim that any suit, action or proceeding brought in such court has been brought in an inconvenient forum, and (c) any defense that it may now or hereafter have based on lack of personal jurisdiction in such forum.
 Section 21.
 Arbitration.  Notwithstanding any other provision in this Agreement to the contrary, controversies between BBLU, Buyer, IPS, GREG and Stockholders shall be resolved, to the extent possible, by informal meetings and discussions in good faith between the Parties. Any dispute with respect to this Agreement which absent, fraud or a misrepresentation of a material fact, cannot be made acceptable to the parties by an adjustment of the terms of this Agreement shall be resolved by mediation within 60 days of the mediation request and, if mediation is not successful, then by arbitration as provided herein.
 (a)
 The Parties agree first to endeavor to settle the dispute in an amicable manner by mediation administered by the American Arbitration Association (the “AAA”) or such other mediation service as is mutually agreeable to the parties to the dispute under either the AAA’s Commercial Mediation Rules or such other commercial mediation rules as is mutually agreeable to the parties to the dispute.  The mediation shall take place in Las Vegas, Nevada, with representatives of the Parties present with full authority to negotiate a settlement.  The Parties must participate in the mediation process with a neutral mediator for at least 10 hours over at least two days prior to commencement of any arbitration.  If a Party to the dispute refuses to participate in the mediation, the Party demanding mediation may either compel mediation by seeking an appropriate Order from a court of competent jurisdiction or proceed immediately to arbitration.  Thereafter, any unresolved dispute shall be settled by arbitration administered by the AAA or such other arbitration service as is mutually agreeable to the parties to the dispute in accordance with the AAA’s Commercial Arbitration Rules or such other commercial arbitration rules as is mutually agreeable to the parties to the dispute.  Judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof, and the resolution of the disputed matter as determined by the arbitrator(s) shall be binding on the parties.  Any such mediation or arbitration shall be conducted in Las Vegas, Nevada, applying Utah law. The Parties hereby consent to the personal jurisdiction of the courts in Nevada for purposes of enforcing the provisions of this Agreement.
 (b)
 Any Party may, without inconsistency with this Agreement, seek from a court any interim or provisional relief that may be necessary to protect the rights or property of that Party pending the establishment of the arbitral tribunal, or pending the arbitral tribunal’s determination of the merits of the controversy.
 

 59
 

 
 
 (c)
 The arbitrator(s) may award costs and fees to the prevailing Party if, in his/her (their) discretion, the non-prevailing Party did not prosecute the arbitration or settlement of the dispute in good faith.  “Costs and fees” for this purpose shall mean reasonable pre-award expenses of the arbitration, including fees for the arbitrator(s), administrative fees, travel expenses, out-of-pocket expenses such as copying and telephone, court costs, witness fees and attorneys’ fees.  Except as otherwise awarded by the arbitrator(s), all costs and fees shall be borne by the party incurring such costs and fees.
 (d)
 The award shall be in writing and shall be signed by the arbitrator(s) and shall include a statement regarding the disposition of any statutory claim.
 Section 22.
 Severability.  If any part of this Agreement is held to be unenforceable or invalid under, or in conflict with, the applicable law of any jurisdiction, the unenforceable, invalid or conflicting part shall, to the extent permitted by applicable law, be narrowed or replaced, to the extent possible, with a judicial construction in such jurisdiction that effectuates the intent of the parties regarding this Agreement and such unenforceable, invalid or conflicting part. To the extent permitted by applicable law, notwithstanding the unenforceability, invalidity or conflict with applicable law of any part of this Agreement, the remaining parts shall be valid, enforceable and binding on the parties.
 Section 23.
 Notices.
 (a)
 All notices, requests, consents and demands by the parties hereunder shall be delivered by hand, by recognized national overnight courier or by deposit in the United States mail, postage prepaid, by registered or certified mail, return receipt requested, addressed to the party to be notified at the addresses set forth below:
 if to the Surviving Corporation to:
 IPS Power Engineering, Inc.
 4778 North 300 West, #230
 Provo, UT  84604
 Attn: Robert Potts
 Telecopier No. (801) 607-1159
 

 if to GREG or the GREG Stockholders to:
 

 Mr. Edward Francis Panos
 20533 Biscayne Blvd., Suite 4 Unit 321
 Miami, FL 33180
 

 if to IPS or the IPS Stockholders to:
 

 Mr. Robert Potts
 c/o IPS Power Engineering, Inc.
 4778 North 300 West, #230 Provo, UT  84604
 Telecopier No. (801) 607-1159
 

 with a copy (which shall not constitute notice hereunder) to:
 

 60
 

 
 

 

 Durham, Jones & Pinegar, P.C.
 Attention: Kevin R. Pinegar, Esq.
 111 East Broadway, Suite 900
 Salt Lake City, UT 84111
 Telecopier No. (801) 415-3500
 

 if to the Buyer or BBLU to:
 Blue Earth, Inc.
 2298 Horizon Ridge Parkway, Suite 205
 Henderson, NV 89052
 Attention: Johnny R. Thomas, CEO 
 Telecopier No. (702) 263-1823
 

 with a copy (which shall not constitute notice hereunder) to:
 

 Davidoff, Hutcher &Citron LLP
 605 Third Avenue
 New York, NY 10158 
 Attention: Elliot H. Lutzker, Esq. 
 Telecopier No.: (212) 286-1884
 

 (b)
 Notices given by mail shall be deemed effective on the earlier of the date shown on the proof of receipt of such mail or unless the recipient proves that the notice was received later or not received, three (3) days after the date of mailing thereof. Other notices shall be deemed given on the date of receipt. Any Party hereto may change the address specified herein by written notice to the other Parties hereto.
 Section 24.
 Non-Waivers.  Neither any failure nor any delay on the part of any Party to this Agreement in exercising any right, power or privilege hereunder shall operate as a waiver of any rights of such Party, unless such waiver is made by a writing executed by the Party and delivered to the other Parties hereto; nor shall a single or partial exercise of any right preclude any other or further exercise of any other right, power or privilege accorded to any Party hereto.
 Section 25.
 Assignment.  This Agreement may not be assigned by any Party without the prior written consent of the other Parties.
 Section 26.
 Disclosure.  From and after the date of this Agreement until the Closing or the termination of this Agreement.  The Stockholders will not (i) solicit or encourage inquiries or proposals with respect to or furnish any information relating to, or participate in any negotiations or discussions concerning the sale of the IPS Shares or the GREG Shares or the sale of all or a substantial portion of the Assets of IPS with anyone other than the Buyer; or (ii) discuss the sale of the IPS Shares or the GREG Shares with anyone other than the Buyer and other officers, directors and shareholders of IPS and the Stockholders’ advisors and (iii) unless otherwise required by law or the requirements of any applicable stock exchange, make any public announcement without prior approval of the language of such announcement by the Buyer.
 

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 Section 27.
 Definitions.  For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:
 (a)
 The term “Affiliate” has the meaning prescribed by Rule 12b-2 of the regulations promulgated pursuant to the Exchange Act.
 (b)
 “Applicable Contract” means any Contract (i) under which IPS or GREG has any rights, (ii) under which IPS or GREG has or is subject to any obligation or liability or (iii) by which IPS or GREG or any of their respective Assets are bound, including each amendment, supplement and modification (whether oral or written) in respect of any of the foregoing.
 (c)
 “Assets” means all of the assets, property, goodwill and business of every kind, nature and description, real, personal or mixed, tangible or intangible, wherever situated, whether or not reflected on the Interim Statements, owned or leased by IPS or GREG and their respective Subsidiaries, including, without limitation, all of the IPS and GREG Intellectual Property Assets and all rights under Applicable Contracts constituting or held or used or useful in connection with, or related to, the Business.
 (d)
 “Best Knowledge” shall mean as follows: (i) an individual will be deemed to have “Knowledge” of a particular fact or other matter if: (A) such individual is actually aware of such fact or other matter without conducting an investigation concerning the existence of such fact or other matter. (ii) a Person (other than an individual) will be deemed to have “Knowledge” of a particular fact or other matter if any individual who is serving as a director, officer, partner, executor or trustee of such Person (or in any similar capacity) has, or at any time had, Knowledge of such fact or other matter.  
 (e)
  “Business” shall mean the business conducted by IPS and its Subsidiaries as of the date hereof.
 (f)
 “Code” means the Internal Revenue Code of 1986, as amended, and any successor thereto.
 (g)
 “Contract” means any agreement, contract, lease, license, sublicense, or other undertaking (whether written or oral and whether express or implied) that is legally binding.
 (h)
 “Encumbrance” means any charge, claim, community property interest, condition, equitable interest, mortgage, lien, option, pledge, security interest, right of first refusal, whether arising by law, by agreement or otherwise.
 (i)
 “GAAP” means generally accepted accounting principles as from time to time in effect.
 (j)
 “Governmental Authorization” means any approval, consent, license, permit, Order, consent Order, consent decree, waiver or other authorization issued, granted, given or otherwise made available or applied for by or under the authority of any Governmental Body or pursuant to any Legal Requirement.
 

 62
 

 
 
 (k)
 “Governmental Body” means any (i) nation, state, county, city, town, village, district or other jurisdiction of any nature, (ii) federal, state, local, municipal, foreign or other government, (iii) governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official or entity and any court or other tribunal), (iv) multi-national organization or body or (v) federal, state, local, municipal, foreign or other body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power of any nature.
 (l)
 “Legal Requirement” means any federal, state, local, municipal, foreign, international, multinational or other administrative order, consent order, judgment, injunction, constitution, law, ordinance, regulation, policy, statute or treaty.
 (m)
 “Market Price” means the average of the closing prices of BBLU Shares as quoted on the OTC Bulletin Board or such national securities exchange which the BBLU Shares may then be quoted for the preceding 10 trading days.
 (n)
 “Material Adverse Change” means any occurrence, circumstance or condition (excluding general economic trends or conditions and trends or conditions affecting the industry in which the entity operates) which individually or in the aggregate, together with all other occurrences, circumstances and conditions, has resulted in, or is reasonably likely to result in, a Material Adverse Change in the results of operations, financial condition or prospects of the entity and its Subsidiaries taken as a whole.
 (o)
 “Material Contracts” means the Contracts identified or required to be identified on Schedules 3(u) and 4(u) of this Agreement.
 (p)
 “Order” means any award, decision, decree, injunction, judgment, order, consent order, ruling, or verdict entered, issued, made or rendered by any court, administrative agency or other Governmental Body.
 (q)
 “Ordinary Course of Business” means an action taken by a Person only if such action is taken in the ordinary course of the normal operations of such Person consistent with the past practices of such Person.
 (r)
 “Organizational Documents” means each of the following as currently in effect, as applicable:  (i) the charter, memorandum, articles or certificate of incorporation and the by-laws of a corporation, (ii) the partnership agreement and any statement of partnership of a general partnership, (iii) the limited partnership agreement and the certificate of limited partnership or formation of a limited partnership, (iv) the certificate of formation or articles of organization and operating agreement of a limited liability company, (v) any similar document adopted or filed in connection with the creation, formation or organization of a Person and (vi) any amendment to any of the foregoing.
 

 

 63
 

 
 

 (s)
 “Permitted Encumbrances” means (i) matters disclosed in the Unaudited Financial Statements set forth in Exhibits 3(q) and 4(q); (ii) liens for Taxes, assessments and other governmental charges not yet due and payable or, if due, (A) not delinquent or (B) being contested in good faith by appropriate proceedings; (iii) mechanics’, workmen’s, repairmen’s, warehousemen’s, carriers’ or other like liens arising or incurred in the Ordinary Course of Business if the underlying obligations are not more than 30 days past due or are being contested in good faith; and (iv) liens or title-retention arrangements arising under original conditional sales Contracts and equipment leases with third parties entered into in the Ordinary Course of Business.
 (t)
 “Person” means any individual, corporation (including any non-profit corporation), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, labor union or other entity or Governmental Body.
 (u)
 “Subsidiary” means, as to any Person, (i) any corporation more than 50% of whose stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person and/or one or more Subsidiaries of such Person and (ii) any partnership, limited liability company, association, joint venture or other entity in which such Person and/or one or more Subsidiaries of such Person has more than a 50% equity interest at the time.
 (v)
 “Tax” means all forms of taxation wherever created or imposed, whether any federal, state, local or foreign income tax; gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental (including taxes under Code Sec. 59A), customs duties, capital stock, franchise, profits, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer, registration, value-added, alternative or add-on minimum or estimated tax; or other tax of any kind whatsoever, including any interest, penalty or addition thereto, whether disputed or not.
 (w)
 “Tax Return” means any return (including any information or amended return), report, statement, schedule, notice, form or other document or information filed with, delivered or submitted to, or required to be filed with, delivered or submitted to, any Governmental Body or Person in connection with the determination, assessment, collection or payment of any Tax or in connection with the administration, implementation or enforcement of or compliance with any Legal Requirement relating to any Tax.
 (x)
 “Unknown Liabilities” means each and every liability or obligation of the Company and its Subsidiaries (whether accrued or contingent) arising out of any event, occurrence or condition prior to the Closing, but only to the extent such liability or obligation (A) is attributable to the period prior to the Closing Date and (B) is not disclosed in the representations and warranties of a Party or in the Schedules attached hereto.
 

 64
 

 
 

 Section 28.
 Further Assurances.  Each of the Parties hereto shall use its best efforts to take or cause to be taken, and to cooperate with the other party hereto to the extent necessary with respect to, all action, and to do, or cause to be done, consistent with applicable law, all things necessary, proper or advisable to consummate and make effective the Merger contemplated by this Agreement. Without limiting the generality of the foregoing, the Stockholders and Buyer shall cooperate with and provide assistance to the other in connection with the preparation and filing of all federal, state, local and foreign income Tax Returns which relate to IPS and GREG and relate to pre-Closing periods but which are not required to be filed until after the Closing, and shall also cooperate with and provide assistance to the other or IPS and GREG with respect to any audit of any Tax Returns filed prior to the Closing; provided, however, that the Buyer, IPS and GREG hereby covenant and agree that neither IPS nor GREG will file any amended income Tax Return for any period before December 31, 2012 without first notifying the Stockholders.
 Section 29.
 Headings. The headings contained herein are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.
 Section 30.
 Counterparts.  This Agreement may be executed and delivered in multiple counterpart copies, each of which shall be an original and all of which shall constitute one and the same agreement.
 

 [SIGNATURE PAGE IS THE FOLLOWING PAGE]
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 65
 

 
 

 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement on the date first above written.
 

 STOCKHOLDERS OF IPS
 STOCKHOLDERS OF GREG
 

 

 /s/Robert Potts
 /s/ Brian Feingold
 Robert Potts
 Brian Feingold
 

 /s/ Ray Lundberg
 /s/ Beatrix Beke
 Ray Lundberg
 Beatrix Beke
 

 /s/ Brett Woodard
 Broadway Family Group, LLC,
 Brett Woodard
 By Its Manager:
 

 By: /s/ Allison Pano
 

 Name:  Allison Panos, Sole Manager
 
 
 GLOBAL RENEWABLE 
 ENERGY GROUP, INC.
 IPS ACQUISITION CORP.
 

 By:  /s/Edward Panos
  
 By:  /s/Johnny R. Thomas
         Name:  Edward Panos
 Name:  Johnny R. Thomas
         Title:  President
 Title:  President/CEO   
 

 

 IPS POWER ENGINEERING, INC.
 BLUE EARTH, INC.
 

 

 By:  /s/ Robert Potts
 /s/ Johnny R. Thomas
         Name  Robert Potts:
 Name:  Johnny R. Thomas
         Title:  President
 Title:    CEO
 
 
  
 
 
 662013.06.30 EX 10.1 EquityIncentivePlan

Exhibit 10.1

CYS INVESTMENTS, INC.

2013 EQUITY INCENTIVE PLAN

TABLE OF CONTENTS
Section    Page

		
	Article I DEFINITIONS......................................................................................................
	1

1.01.    Affiliate........................................................................................................    1
1.02.    Agreement....................................................................................................    1
1.03.    Board............................................................................................................    1
1.04.    Change in Control........................................................................................    1
1.05.    Code.............................................................................................................    2
1.06.    Committee....................................................................................................    2
1.07.    Common Stock............................................................................................    2
1.08.    Company......................................................................................................    3
1.09.    Control Change Date....................................................................................    3
1.10.    Corresponding SAR.....................................................................................    3
1.11.    Dividend Equivalent Right..........................................................................    3
1.12.    Exchange Act...............................................................................................    3
1.13.    Fair Market Value........................................................................................    3
1.14.    Incentive Award...........................................................................................    4
1.15.    Initial Value..................................................................................................    4
1.16.    Option..........................................................................................................    4
1.17.    Other Equity-Based Award..........................................................................    4
1.18.    Participant....................................................................................................    4
1.19.    Performance Goal........................................................................................    5
1.20.    Performance Units.......................................................................................    5
1.21.    Person...........................................................................................................    5
1.22.    Plan..............................................................................................................    6
1.23.    SAR..............................................................................................................    6
1.24.    Stock Award.................................................................................................    6
1.25.    Ten Percent Stockholder..............................................................................    6
		
	Article II PURPOSES..........................................................................................................
	6

		
	Article III ADMINISTRATION..........................................................................................
	7

		
	Article IV ELIGIBILITY.....................................................................................................
	8

		
	Article V COMMON STOCK SUBJECT TO PLAN..........................................................
	8

5.01.    Common Stock Issued.................................................................................    8
5.02.    Aggregate Limit...........................................................................................    8
5.03.    Individual Grant Limit.................................................................................    9
5.04.    Reallocation of Shares.................................................................................    9
		
	Article VI OPTIONS.........................................................................................................
	10

ii

6.01.    Award.........................................................................................................    10
6.02.    Option Price...............................................................................................    10
6.03.    Maximum Option Period...........................................................................    10
6.04.    Nontransferability......................................................................................    10
6.05.    Transferable Options..................................................................................    11
6.06.    Employee Status.........................................................................................    11
6.07.    Exercise......................................................................................................    11
6.08.    Payment......................................................................................................    11
6.09.    Stockholder Rights.....................................................................................    12
6.10.    Disposition of Shares.................................................................................    12
		
	Article VII SARS...............................................................................................................
	12

7.01.    Award.........................................................................................................    12
7.02.    Maximum SAR Period...............................................................................    12
7.03.    Nontransferability......................................................................................    13
7.04.    Transferable SARs.....................................................................................    13
7.05.    Exercise......................................................................................................    13
7.06.    Employee Status.........................................................................................    14
7.07.    Settlement..................................................................................................    14
7.08.    Stockholder Rights.....................................................................................    14
7.09.    No Reduction of Initial Value....................................................................    14
		
	Article VIII STOCK AWARDS.........................................................................................
	14

8.01.    Award.........................................................................................................    14
8.02.    Vesting........................................................................................................    14
8.03.    Employee Status.........................................................................................    15
8.04.    Stockholder Rights.....................................................................................    15
		
	Article IX PERFORMANCE UNIT AWARDS.................................................................
	16

9.01.    Award.........................................................................................................    16
9.02.    Earning the Award......................................................................................    16
9.03.    Payment......................................................................................................    16
9.04.    Stockholder Rights.....................................................................................    16
9.05.    Nontransferability......................................................................................    17
9.06.    Transferable Performance Units................................................................    17
9.07.    Employee Status.........................................................................................    17
		
	Article X OTHER EQUITY–BASED AWARDS..............................................................
	17

10.01.    Award.........................................................................................................    17
10.02.    Terms and Conditions................................................................................    17
10.03.    Payment or Settlement...............................................................................    18
10.04.    Employee Status.........................................................................................    18
10.05.    Stockholder Rights.....................................................................................    18
		
	Article XI INCENTIVE AWARDS...................................................................................
	18

11.01.    Award.........................................................................................................    18

iii

11.02.    Terms and Conditions................................................................................    19
11.03.    Nontransferability......................................................................................    19
11.04.    Employee Status.........................................................................................    19
11.05.    Settlement..................................................................................................    19
11.06.    Stockholder Rights.....................................................................................    19
		
	Article XII ADJUSTMENT UPON CHANGE IN COMMON STOCK...........................
	20

Article XIII COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES.................................................................................................    20
		
	Article XIV GENERAL PROVISIONS............................................................................
	21

14.01.    Effect on Employment and Service...........................................................    21
14.02.    Unfunded Plan...........................................................................................    21
14.03.    Rules of Construction................................................................................    21
14.04.    Withholding Taxes.....................................................................................    22
14.05.    Return of Awards; Repayment...................................................................    23
14.06.    REIT Status................................................................................................    23
		
	Article XV CHANGE IN CONTROL...............................................................................
	23

15.01.    Impact of Change in Control......................................................................    23
15.02.    Assumption Upon Change in Control........................................................    23
15.03.    Cash-Out Upon Change in Control............................................................    24
15.04.    Limitation of Benefits................................................................................    24
		
	Article XVI AMENDMENT..............................................................................................
	26

		
	Article XVII DURATION OF PLAN................................................................................
	26

		
	Article XVIII EFFECTIVE DATE OF PLAN...................................................................
	26

iv

        

Article I 
DEFINITIONS
		
	1.01.
	Affiliate

Affiliate means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with, the Company (including, but not limited to, joint ventures, limited liability companies and partnerships).  For this purpose, the term “control” shall mean ownership of 50% or more of the total combined voting power or value of all classes of shares or interests in the entity, or the power to direct the management and policies of the entity, by contract or otherwise.

		
	1.02.
	Agreement

Agreement means a written agreement (including any amendment or supplement thereto) between the Company and a Participant specifying the terms and conditions of a Stock Award, an Incentive Award, an award of Performance Units, an Option, SAR or Other Equity-Based Award granted to such Participant.
		
	1.03.
	Board

Board means the Board of Directors of the Company.
		
	1.04.
	Change in Control

“Change in Control” shall mean a change in control of the Company which will be deemed to have occurred after the date hereof if: 
 
Notwithstanding the foregoing, if an award under this Plan constitutes “deferred compensation” under Section 409A of the Code, no payment shall be made under such award on account of a Change in Control unless the occurrence of one or more of the preceding events also constitutes a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the Company’s assets, all as determined in accordance with the regulations under Section 409A of the Code.
		
	1.05.
	Code

Code means the Internal Revenue Code of 1986, and any amendments thereto.
		
	1.06.
	Committee

Committee means the Compensation Committee of the Board; provided, however, that if there is no Compensation Committee, then “Committee” means the Board; and provided, further that with respect to awards made to a member of the Board who is not an employee of the Company or an Affiliate, “Committee” means the Board.
		
	1.07.
	Common Stock

Common Stock means common stock of the Company.
		
	1.08.
	Company

Company means CYS Investments, Inc., a Maryland corporation.
		
	1.09.
	Control Change Date

Control Change Date means the date on which a Change in Control occurs.  If a Change in Control occurs on account of a series of transactions, the “Control Change Date” is the date of the last of such transactions.

1

        

		
	1.10.
	Corresponding SAR

Corresponding SAR means an SAR that is granted in relation to a particular Option and that can be exercised only upon the surrender to the Company, unexercised, of that portion of the Option to which the SAR relates.
		
	1.11.
	Dividend Equivalent Right

Dividend Equivalent Right means the right, subject to the terms and conditions prescribed by the Committee, of a Participant to receive (or have credited) cash, stock or other property in amounts equivalent to the cash, stock or other property dividends declared on Common Stock with respect to specified Performance Units or shares of Common Stock subject to an Other Equity-Based Award, as determined by the Committee, in its sole discretion.  The Committee shall provide that Dividend Equivalent Rights (if any) payable with respect to any award that does not vest or become exercisable solely on account of continued employment or service shall be distributed only when, and to the extent that, the underlying award is vested or exercisable and also may provide that Dividend Equivalent Rights (if any) shall be deemed to have been reinvested in additional shares of Common Stock or otherwise reinvested.
		
	1.12.
	Exchange Act

Exchange Act means the Securities Exchange Act of 1934, as amended.
		
	1.13.
	Fair Market Value

Fair Market Value means, on any given date, the reported “closing” price of a share of Common Stock as reported on the composite tape of the principal national securities exchange on which the Common Stock is listed or admitted to trading.  If, on any given date, the Common Stock is not listed or admitted to trading on a national securities exchange, then Fair Market Value shall be the “closing” price of a share of Common Stock on such other exchange on which the Common Stock is listed or admitted to trading or, if the Common Stock is not listed or admitted on any exchange, the amount determined by the Committee using any reasonable method in good faith and in accordance with the regulations under Section 409A of the Code.  If the Common Stock is listed or admitted to trading but there is no reported sale of Common Stock on such day, then Fair Market Value shall be determined on the immediately preceding day on which sales of Common Stock are reported.
		
	1.14.
	Incentive Award

Incentive Award means an award under Article XI which, subject to the terms and conditions prescribed by the Committee, entitles the Participant to receive a payment from the Company or an Affiliate.
		
	1.15.
	Initial Value

Initial Value means, with respect to a Corresponding SAR, the option price per share of the related Option and, with respect to an SAR granted independently of an Option, the price per share of Common Stock as determined by the Committee on the date of grant; provided, however, that the price shall not be less than the Fair Market Value on the date of grant.
		
	1.16.
	Option

Option means an option that entitles the holder to purchase from the Company a stated number of shares of Common Stock at the price set forth in an Agreement.  
		
	1.17.
	Other Equity-Based Award

Other Equity-Based Award means any award other than an Option, SAR, a Performance Unit award or a Stock Award which, subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to 

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receive Common Stock or rights or units valued in whole or in part by reference to, or otherwise based on, Common Stock (including securities convertible into Common Stock).  
		
	1.18.
	Participant

Participant means an employee or officer of the Company or an Affiliate, a member of the Board, or an individual who provides bona fide services to the Company or an Affiliate and who satisfies the requirements of Article IV and is selected by the Committee to receive an award of Performance Units, a Stock Award, an Incentive Award, Option, SAR, Other Equity-Based Award or a combination thereof.
		
	1.19.
	Performance Goal

Performance Goal means a performance objective that is stated with respect or relating to one or more of the following, alone or in combination: (i) consolidated earnings before or after taxes (including earnings before interest, taxes, depreciation and amortization); (ii) net income; (iii) operating income; (iv) earnings per share of Common Stock; (v) book value per share of Common Stock; (vi) return on stockholders’ equity; (vii) expense management; (viii) return on investments; (ix) improvements in capital structure; (x) profitability of an identifiable business unit or product; (xi) maintenance or improvement of profit margins; (xii) Fair Market Value; (xiii) dividends per share of Common Stock; (xiv) revenues; (xv) costs; (xvi) cash flow; (xvii) total stockholder return and (xviii) return on assets or net assets.  
A Performance Goal may be expressed on an absolute basis or relative to the performance of one or more similarly situated companies or a published index.  When establishing Performance Goals, the Committee may exclude any or all special, unusual or extraordinary items as determined under U.S. generally accepted accounting principles, including, without limitation, the charges or costs associated with restructurings of the Company, discontinued operations, other unusual or non-recurring items and the cumulative effects of accounting changes.  To the extent permitted under Section 162(m) of the Code (for any award that is intended to constitute “performance based compensation” under Section 162(m) of the Code), the Committee may also adjust the Performance Goals as it deems equitable in recognition of unusual or non-recurring events affecting the Company, changes in applicable tax laws or accounting principles or such other factors as the Committee may determine.
		
	1.20.
	Performance Units

Performance Units means an award, in the amount determined by the Committee, stated with reference to a specified or determinable number of shares of Common Stock or other securities or property, that in accordance with the terms of an Agreement entitles the holder to receive a payment for each specified unit equal to the value of the Performance Unit on the date of payment. 
		
	1.21.
	Person

“Person” means any human being, firm, corporation, partnership, or other entity.  “Person” also includes any human being, firm, corporation, partnership, or other entity as defined in sections 13(d)(3) and 14(d)(2) of the Exchange Act.  Notwithstanding the preceding sentence, the term “Person” does not include (i) the Company or any of its subsidiaries, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Affiliate, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the Common Shares or (v) any person or group as used in Rule 13d-1(b) under the Exchange Act.

		
	1.22.
	Plan

Plan means this CYS Investments, Inc. 2013 Equity Incentive Plan.

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	1.23.
	SAR

SAR means a stock appreciation right that in accordance with the terms of an Agreement entitles the holder to receive, with respect to each share of Common Stock encompassed by the exercise of the SAR, the excess, if any, of the Fair Market Value at the time of exercise over the Initial Value.  References to “SARs” include both Corresponding SARs and SARs granted independently of Options, unless the context requires otherwise.
		
	1.24.
	Stock Award

Stock Award means shares of Common Stock awarded to a Participant under Article VIII.
		
	1.25.
	Ten Percent Stockholder

Ten Percent Stockholder means any individual owning more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of a “parent corporation” or “subsidiary corporation” (as such terms are defined in Section 424 of the Code) of the Company.  An individual shall be considered to own any shares of voting stock owned (directly or indirectly) by or for his or her brothers, sisters, spouse, ancestors or lineal descendants and shall be considered to own proportionately any shares of voting stock owned (directly or indirectly) by or for a corporation, partnership, estate or trust of which such individual is a stockholder, partner or beneficiary.
ARTICLE II     
PURPOSES
The Plan is intended to assist the Company and its Affiliates in recruiting and retaining individuals and other service providers with ability and initiative by enabling such persons or entities to participate in the future success of the Company and its Affiliates and to associate their interests with those of the Company and its stockholders.  The Plan is intended to permit the grant of both Options qualifying under Section 422 of the Code (“incentive stock options”) and Options not so qualifying, and the grant of SARs, Stock Awards, Incentive Awards, Performance Units, and Other Equity-Based Awards in accordance with the Plan and any procedures that may be established by the Committee.  No Option that is intended to be an incentive stock option shall be invalid for failure to qualify as an incentive stock option.  The proceeds received by the Company from the sale of Common Stock pursuant to this Plan shall be used for general corporate purposes.
ARTICLE III     
ADMINISTRATION
The Plan shall be administered by the Committee.  The Committee shall have authority to grant SARs, Stock Awards, Incentive Awards, Performance Units, Options and Other Equity-Based Awards upon such terms (not inconsistent with the provisions of this Plan), as the Committee may consider appropriate.  Such terms may include conditions (in addition to those contained in this Plan), on the exercisability of all or any part of an Option or SAR or on the transferability or forfeitability of a Stock Award, an Incentive Award, an award of Performance Units or an Other Equity-Based Award.  Notwithstanding any such conditions, the Committee may, in its discretion, accelerate the time at which any Option or SAR may be exercised, or the time at which a Stock Award, an Incentive Award or Other Equity-Based Award may become transferable or nonforfeitable or the time at which an Other Equity-Based Award, an Incentive Award or an award of Performance Units may be settled.  In addition, the Committee shall have complete authority to interpret all provisions of this Plan; to prescribe the form of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the administration of the Plan (including rules and regulations that require or allow Participants to defer the payment of benefits under the Plan); and to make all other determinations necessary or advisable for the administration of this Plan.  The Committee’s determinations under the Plan (including without limitation, determinations of the individuals to receive awards under the Plan, the form, amount and timing of such awards, the terms and provisions of such awards and the Agreements) need not be uniform and may be made by the Committee selectively among individuals who receive, or are eligible to receive, awards under the Plan, whether or not such persons are similarly situated.  The express grant in the Plan of any specific power to the Committee shall not be construed as limiting any power or authority of the Committee.  Any decision made, or action taken, by the Committee in connection 

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with the administration of this Plan shall be final and conclusive.  The members of the Committee shall not be liable for any act done in good faith with respect to this Plan or any Agreement, Option, SAR, Stock Award, Incentive Award, Other Equity-Based Award or award of Performance Units.  All expenses of administering this Plan shall be borne by the Company.

The Committee, in its discretion, may delegate to the Company’s Chief Executive Officer all or part of the Committee’s authority and duties with respect to grants and awards to individuals who are not subject to the reporting and other provisions of Section 16 of the Exchange Act.  The Committee may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Committee’s delegate that were consistent with the terms of the Plan and the Committee’s prior delegation.  References to the “Committee” in the Plan include the Committee’s delegate to the extent consistent with the Committee’s delegation.

ARTICLE IV     
ELIGIBILITY
Any employee of the Company or an Affiliate (including a trade or business that becomes an Affiliate after the adoption of this Plan) and any member of the Board is eligible to participate in this Plan.  In addition, any other individual who provides significant services to the Company or an Affiliate is eligible to participate in this Plan if the Committee, in its sole discretion, determines that the participation of such individual is in the best interest of the Company.  The Committee may also grant Options, SARs, Stock Awards, Incentive Awards, Performance Units and Other Equity-Based Awards to an individual as an inducement to such individual becoming eligible to participate in the Plan and prior to the date that the individual first performs services for the Company or an Affiliate, provided that such awards will not become vested or exercisable, and no shares shall be issued or other payment made to such individual with respect to such awards prior to the date the individual first performs services for the Company or an Affiliate.

ARTICLE V     
COMMON STOCK SUBJECT TO PLAN
		
	5.01.
	Common Stock Issued

Upon the award of shares of Common Stock pursuant to a Stock Award, an Other Equity-Based Award or in settlement of an award of Performance Units or Incentive Award, the Company may deliver to the Participant shares of Common Stock from its treasury shares or authorized but unissued Common Stock.  Upon the exercise of any Option, SAR or Other Equity-Based Award denominated in Common Stock, the Company may deliver to the Participant (or the Participant’s broker if the Participant so directs), shares of Common Stock from its treasury shares or authorized but unissued Common Stock.
		
	5.02.
	Aggregate Limit

(a)    The maximum aggregate number of shares of Common Stock that may be issued under this Plan pursuant to the exercise of Options and SARs, the grant of Stock Awards or Other Equity-Based Awards and the settlement of Performance Units and Incentive Awards is 8,500,000 shares.  

(b)    The maximum number of shares of Common Stock that may be issued under this Plan in accordance with Section 5.02(a) shall be subject to adjustment as provided in Article XII.

(c)    The maximum number of shares of Common Stock that may be issued upon the exercise of Options that are incentive stock options or Corresponding SARs that are related to incentive stock options shall be determined in accordance with Sections 5.02(a) and 5.02(b).

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	5.03.
	Individual Grant Limit

The maximum number of Options, SARs, Stock Awards, Performance Units or Other Equity-Based Awards that may be granted to an individual in any calendar year shall be (i) 20,000 shares of Common Stock (in the case of a Participant who is a member of the Board but who is not an employee of the Company or an Affiliate) and (ii) 500,000 shares of Common Stock in the case of other Participants.  For purposes of this Section 5.03, an Option and Corresponding SAR shall be treated as a single award.  The maximum number of shares of Common Stock for which a Participant may be granted Options, SARs, Stock Awards, Performance Units and Other Equity-Based Awards in any calendar year shall be subject to adjustment as provided in Article XII.  
		
	5.04.
	Reallocation of Shares

If any award or grant under the Plan expires, is forfeited or is terminated without having been exercised or is paid in cash without delivery of shares of Common Stock or if, after May 10, 2013, any award or grant under the Cypress Sharpridge Investments, Inc. 2006 Stock Incentive Plan expires, is forfeited or is terminated without having been exercised or is paid in cash without delivery of shares of Common Stock, then any shares of Common Stock covered by such lapsed, cancelled, expired, unexercised or cash-settled portion of such award or grant shall be available for the grant of other Options, SARs, Stock Awards, Other Equity-Based Awards and settlement of Performance Units and Incentive Awards under this Plan.  Any shares of Common Stock tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any award granted under the Plan shall increase the number of shares of Common Stock available for future grants or awards.  If an SAR is settled with shares of Common Stock, the number of shares of Common Stock authorized for issuance under the Plan shall be reduced by the number of SARs exercised (rather than the number of shares of Common Stock issued upon exercise of the SAR).
ARTICLE VI     
OPTIONS
		
	6.01.
	Award

In accordance with the provisions of Article IV, the Committee will designate each individual to whom an Option is to be granted and, subject to Section 5.03, will specify the number of shares of Common Stock covered by such awards.  
		
	6.02.
	Option Price

The price per share of Common Stock purchased on the exercise of an Option shall be determined by the Committee on the date of grant, but shall not be less than the Fair Market Value on the date the Option is granted.  Notwithstanding the preceding sentence, the price per share of Common Stock purchased on the exercise of any Option that is an incentive stock option granted to an individual who is a Ten Percent Stockholder on the date such option is granted, shall not be less than one hundred ten percent (110%) of the Fair Market Value on the date the Option is granted.  Except as provided in Article XII, the price per share of an outstanding Option may not be reduced (by amendment, cancellation and new grant or otherwise) without the approval of stockholders.  In addition, no payment shall be made in cancellation of an Option without the approval of stockholders if, on the date of cancellation, the option price per share exceeds Fair Market Value.
		
	6.03.
	Maximum Option Period

The maximum period in which an Option may be exercised shall be determined by the Committee on the date of grant except that no Option shall be exercisable after the expiration of ten years from the date such Option was granted.  In the case of an incentive stock option granted to a Participant who is a Ten Percent Stockholder on the date of grant, such Option shall not be exercisable after the expiration of five years from the date of grant.  The terms of any Option may provide that it is exercisable for a period less than such maximum period.

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	6.04.
	Nontransferability

Except as provided in Section 6.05, each Option granted under this Plan shall be nontransferable except by will or by the laws of descent and distribution.  In the event of any transfer of an Option (by the Participant or his transferee), the Option and any Corresponding SAR that relates to such Option must be transferred to the same person or persons or entity or entities.  Except as provided in Section 6.05, during the lifetime of the Participant to whom the Option is granted, the Option may be exercised only by the Participant.  No right or interest of a Participant in any Option shall be liable for, or subject to, any lien, obligation, or liability of such Participant.
		
	6.05.
	Transferable Options

Section 6.04 to the contrary notwithstanding, if the Agreement provides, an Option that is not an incentive stock option may be transferred by a Participant to the Participant’s children, grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership in which such family members are the only partners, on such terms and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in effect from time to time.  The holder of an Option transferred pursuant to this Section shall be bound by the same terms and conditions that governed the Option during the period that it was held by the Participant; provided, however, that such transferee may not transfer the Option except by will or the laws of descent and distribution.  In the event of any transfer of an Option (by the Participant or his transferee), the Option and any Corresponding SAR that relates to such Option must be transferred to the same person or persons or entity or entities.
		
	6.06.
	Employee Status

For purposes of determining the applicability of Section 422 of the Code (relating to incentive stock options), or in the event that the terms of any Option provide that it may be exercised only during employment or continued service or within a specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment or service.
		
	6.07.
	Exercise

Subject to the provisions of this Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Committee shall determine; provided, however, that incentive stock options (granted under the Plan and all plans of the Company and its Affiliates) may not be first exercisable in a calendar year for Common Shares having a Fair Market Value (determined as of the date an Option is granted) exceeding $100,000.  An Option granted under this Plan may be exercised with respect to any number of whole shares less than the full number for which the Option could be exercised.  A partial exercise of an Option shall not affect the right to exercise the Option from time to time in accordance with this Plan and the applicable Agreement with respect to the remaining shares subject to the Option.  The exercise of an Option shall result in the termination of any Corresponding SAR to the extent of the number of shares with respect to which the Option is exercised.
		
	6.08.
	Payment

Subject to rules established by the Committee and as provided in an Agreement, payment of all or part of the Option price may be made in cash, certified check, by tendering shares of Common Stock or by attestation of ownership of shares of Common Stock, by a broker-assisted cashless exercise or by a “net settlement” of the Option exercise, i.e., by issuance of the number of shares of Common Stock for which the Option is exercised minus the number of shares with a Fair Market Value (determined as of the date of exercise) equal to the aggregate option price or the aggregate option price plus the amount of the income and employment taxes required to be withheld.  If Common Stock is used to pay all or part of the Option price, the sum of the cash and cash equivalent and the Fair Market Value (determined as of the date of exercise) of the shares surrendered must not be less than the Option price of the shares for which the Option is being exercised.   

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	6.09.
	Stockholder Rights

No Participant shall have any rights as a stockholder with respect to Common Shares subject to an Option until the date of exercise of such Option.  
		
	6.10.
	Disposition of Shares

A Participant shall notify the Company of any sale or other disposition of shares of Common Stock acquired pursuant to an Option that was an incentive stock option if such sale or disposition occurs (i) within two years of the grant of an Option or (ii) within one year of the issuance of the Common Stock to the Participant.  Such notice shall be in writing and directed to the Secretary of the Company.
ARTICLE VII     
SARS
		
	7.01.
	Award

In accordance with the provisions of Article IV, the Committee will designate each individual to whom SARs are to be granted and will, subject to Section 5.03, specify the number of shares of Common Stock covered by such awards.  No Participant may be granted Corresponding SARs (under the Plan and all plans of the Company and its Affiliates) that are related to incentive stock options which are first exercisable in any calendar year for shares of Common Stock having an aggregate Fair Market Value (determined as of the date the related Option is granted) that exceeds $100,000.  
		
	7.02.
	Maximum SAR Period

The term of each SAR shall be determined by the Committee on the date of grant, except that no SAR shall have a term of more than ten years from the date of grant.  In the case of a Corresponding SAR that is related to an incentive stock option granted to a Participant who is a Ten Percent Stockholder on the date of grant, such Corresponding SAR shall not be exercisable after the expiration of five years from the date of grant. The terms of any SAR may provide that it has a term that is less than such maximum period.
		
	7.03.
	Nontransferability

Except as provided in Section 7.04, each SAR granted under this Plan shall be nontransferable except by will or by the laws of descent and distribution.  In the event of any such transfer, a Corresponding SAR and the related Option must be transferred to the same person or persons or entity or entities.  Except as provided in Section 7.04, during the lifetime of the Participant to whom the SAR is granted, the SAR may be exercised only by the Participant.  No right or interest of a Participant in any SAR shall be liable for, or subject to, any lien, obligation, or liability of such Participant.
		
	7.04.
	Transferable SARs

Section 7.03 to the contrary notwithstanding, if the Agreement provides, an SAR, other than a Corresponding SAR that is related to an incentive stock option, may be transferred by a Participant to the Participant’s children, grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership in which such family members are the only partners, on such terms and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in effect from time to time.  The holder of an SAR transferred pursuant to this Section shall be bound by the same terms and conditions that governed the SAR during the period that it was held by the Participant; provided, however, that such transferee may not transfer the SAR except by will or the laws of descent and distribution.  In the event of any transfer of a Corresponding SAR (by the Participant or his transferee), the Corresponding SAR and the related Option must be transferred to the same person or person or entity or entities.

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	7.05.
	Exercise

Subject to the provisions of this Plan and the applicable Agreement, an SAR may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Committee shall determine; provided, however, that a Corresponding SAR that is related to an incentive stock option may be exercised only to the extent that the related Option is exercisable and only when the Fair Market Value exceeds the option price of the related Option.  An SAR granted under this Plan may be exercised with respect to any number of whole shares less than the full number for which the SAR could be exercised.  A partial exercise of an SAR shall not affect the right to exercise the SAR from time to time in accordance with this Plan and the applicable Agreement with respect to the remaining shares subject to the SAR.  The exercise of a Corresponding SAR shall result in the termination of the related Option to the extent of the number of shares with respect to which the SAR is exercised.
		
	7.06.
	Employee Status

If the terms of any SAR provide that it may be exercised only during employment or continued service or within a specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service.
		
	7.07.
	Settlement

At the Committee’s discretion, the amount payable as a result of the exercise of an SAR may be settled in cash, Common Stock, or a combination of cash and Common Stock.  No fractional share will be deliverable upon the exercise of an SAR but a cash payment will be made in lieu thereof.  
		
	7.08.
	Stockholder Rights

No Participant shall, as a result of receiving an SAR, have any rights as a stockholder of the Company or any Affiliate until the date that the SAR is exercised and then only to the extent that the SAR is settled by the issuance of shares of Common Stock.  
		
	7.09.
	No Reduction of Initial Value

Except as provided in Article XII, the Initial Value of an outstanding SAR may not be reduced (by amendment, cancellation and new grant or otherwise) without the approval of stockholders.  In addition, no payment shall be made in cancellation of a SAR without the approval of stockholders if, on the date of cancellation, the Initial Value exceeds Fair Market Value.
ARTICLE VIII     
STOCK AWARDS
		
	8.01.
	Award

In accordance with the provisions of Article IV, the Committee will designate each individual to whom a Stock Award is to be made and will, subject to Section 5.03, specify the number of shares of Common Stock covered by such awards. 
		
	8.02.
	Vesting

The Committee, on the date of the award, may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted for a period of time or subject to such conditions as may be set forth in the Agreement.  By way of example and not of limitation, the Committee may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted subject to the attainment of objectives stated with reference to the Company’s, 

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an Affiliate’s or a business unit’s attainment of objectives stated with respect to performance criteria established by the Committee, including the attainment of objectives stated with respect to one or more Performance Goals.  
		
	8.03.
	Employee Status

In the event that the terms of any Stock Award provide that shares may become transferable and nonforfeitable thereunder only after completion of a specified period of employment or continuous service, the Committee may decide in each case to what extent leaves of absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment or service.
		
	8.04.
	Stockholder Rights

Unless otherwise specified in accordance with the applicable Agreement, while the shares of Common Stock granted pursuant to the Stock Award may be forfeited or are nontransferable, a Participant will have all rights of a stockholder with respect to a Stock Award, including the right to receive dividends and vote the shares; provided, however, that dividends payable on shares of Common Stock subject to a Stock Award that does not become nonforfeitable and transferable solely on account of continued employment or service, such dividends shall be distributed only when, and to the extent that, the underlying Stock Award is nonforfeitable and transferable and the Committee may provide that such dividends shall be deemed to have been reinvested in additional shares of Common Stock.  During the period that the shares of Common Stock granted pursuant to the Stock Award may be forfeited or are nontransferable (i) a Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares granted pursuant to a Stock Award, (ii) the Company shall retain custody of any certificates evidencing shares granted pursuant to a Stock Award, and (iii) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to each Stock Award.  The limitations set forth in the preceding sentence shall not apply after the shares granted under the Stock Award are transferable and are no longer forfeitable.
ARTICLE IX     
PERFORMANCE UNIT AWARDS
		
	9.01.
	Award

In accordance with the provisions of Article IV, the Committee will designate each individual to whom an award of Performance Units is to be made and will, subject to Section 5.03, specify the number of shares of Common Stock or other securities or property covered by such awards or the formula by which the number of shares of Common Stock or other securities or property covered by such awards will be determined.  The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Performance Units.
		
	9.02.
	Earning the Award

The Committee, on the date of the grant of an award, may prescribe that a Participant’s rights in the Performance Units shall be forfeitable or otherwise restricted for a period of time or subject to such conditions as may be set forth in the Agreement.  By way of example and not of limitation, the Committee may prescribe that the Performance Units will be earned, and the Participant will be entitled to receive payment pursuant to the award of Performance Units, only upon the satisfaction of performance objectives and such other criteria as may be prescribed by the Committee, including the attainment of objectives stated with respect to one or more Performance Goals.  
		
	9.03.
	Payment

In the discretion of the Committee, the amount payable when an award of Performance Units is earned may be settled in cash, by the issuance of Common Stock, by the delivery of other securities or property or a combination thereof.  A fractional share of Common Stock shall not be deliverable when an award of Performance Units is earned, but a cash payment will be made in lieu thereof.  The amount payable when an award of Performance Units is earned shall be paid in a lump sum.  

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	9.04.
	Stockholder Rights

A Participant, as a result of receiving an award of Performance Units, shall not have any rights as a stockholder until, and then only to the extent that, the award of Performance Units is earned and settled in shares of Common Stock.  After an award of Performance Units is earned and settled in shares of Common Stock, a Participant will have all the rights of a stockholder as described in Section 8.04.   
		
	9.05.
	Nontransferability

Except as provided in Section 9.06, Performance Units granted under this Plan shall be nontransferable except by will or by the laws of descent and distribution.  No right or interest of a Participant in any Performance Units shall be liable for, or subject to, any lien, obligation, or liability of such Participant.
		
	9.06.
	Transferable Performance Units

Section 9.05 to the contrary notwithstanding, if the Agreement provides, an award of Performance Units may be transferred by a Participant to the Participant’s children, grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership in which such family members are the only partners, on such terms and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in effect from time to time.  The holder of Performance Units transferred pursuant to this Section shall be bound by the same terms and conditions that governed the Performance Units during the period that they were held by the Participant; provided, however that such transferee may not transfer Performance Units except by will or the laws of descent and distribution.
		
	9.07.
	Employee Status

In the event that the terms of any Performance Unit award provide that no payment will be made unless the Participant completes a stated period of employment or continued service, the Committee may decide to what extent leaves of absence for government or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment or service.
ARTICLE X     
OTHER EQUITY–BASED AWARDS
		
	10.01.
	Award

In accordance with the provisions of Article IV, the Committee will designate each individual to whom an Other Equity-Based Award is to be made and will, subject to Section 5.03, specify the number of shares of Common Stock or other equity interests covered by such awards.  The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Other Equity-Based Award.
		
	10.02.
	Terms and Conditions

The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and conditions which govern the award.  The terms and conditions of an Other Equity-Based Award may prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable, nontransferable or otherwise restricted for a period of time or subject to such other conditions as may be determined by the Committee, in its discretion and set forth in the Agreement, including the attainment of objectives stated with respect to one or more Performance Goals.  Other Equity-Based Awards may be granted to Participants, either alone or in addition to other awards granted under the Plan, and Other Equity-Based Awards may be granted in the settlement of other Awards granted under the Plan.  
		
	10.03.
	Payment or Settlement

Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, shall be payable or settled in shares of Common Stock, cash or a combination of Common Stock and cash, as determined 

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by the Committee in its discretion.  Other Equity-Based Awards denominated as equity interests other than Common Stock may be paid or settled in shares or units of such equity interests or cash or a combination of both as determined by the Committee in its discretion.  
		
	10.04.
	Employee Status

If the terms of any Other Equity-Based Award provides that it may be earned or exercised only during employment or continued service or within a specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service.
		
	10.05.
	Stockholder Rights

A Participant, as a result of receiving an Other Equity-Based Award, shall not have any rights as a stockholder until, and then only to the extent that, the Other Equity-Based Award is earned and settled in Common Shares.
ARTICLE XI     
INCENTIVE AWARDS
		
	11.01.
	Award

In accordance with the provisions of Article IV, the Committee will designate each individual to whom an Incentive Award is to be made.  The amount payable under all Incentive Awards shall be finally determined by the Committee; provided, however, that the maximum amount payable to an individual under all Incentive Awards granted in the same calendar year is $10,000,000.
		
	11.02.
	Terms and Conditions

The Committee, at the time an Incentive Award is made, shall specify the terms and conditions that govern the award.  Such terms and conditions may prescribe that the Incentive Award shall be earned only to the extent that the Participant, the Company or an Affiliate, during a performance period of at least one year, achieves objectives stated with reference to one or more performance measures or criteria prescribed by the Committee, including the attainment of objectives stated with respect to one or more Performance Goals.  Such terms and conditions also may include other limitations on the payment of Incentive Awards including, by way of example and not of limitation, requirements that the Participant complete a specified period of employment or service with the Company or an Affiliate or that the Company, an Affiliate, or the Participant attain stated objectives or goals (in addition to those prescribed in accordance with the preceding sentence) as a prerequisite to payment under an Incentive Award.
		
	11.03.
	Nontransferability

Incentive Awards granted under this Plan shall be nontransferable except by will or by the laws of descent and distribution.  No right or interest of a Participant in an Incentive Award shall be liable for, or subject to, any lien, obligation, or liability of such Participant.

		
	11.04.
	Employee Status

If the terms of an Incentive Award provide that a payment will be made thereunder only if the Participant completes a stated period of employment or continued service the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service.

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	11.05.
	Settlement

An Incentive Award that is earned shall be settled with a single lump sum payment which may be in cash, shares of Common Stock or a combination of cash and Common Stock, as determined by the Committee.
		
	11.06.
	Stockholder Rights

No participant shall, as a result of receiving an Incentive Award, have any rights as a stockholder of the Company or an Affiliate until the date that the Incentive Award is settled and then only to the extent that the Incentive Award is settled by the issuance of shares of Common Stock.
ARTICLE XII     
ADJUSTMENT UPON CHANGE IN COMMON STOCK
The maximum number of shares of Common Stock as to which Options, SARs, Performance Units, Stock Awards and Other Equity-Based Awards may be granted, the individual grant limit in Section 5.03 and the terms of outstanding Stock Awards, Options, SARs, Incentive Awards, Performance Units and Other Equity-Based Awards shall be adjusted as determined by the Board in the event that (i) the Company (a) effects one or more nonreciprocal transactions between the Company and its stockholders such as a share dividend, extra-ordinary cash dividend, share split-up, subdivision or consolidation of shares that affects the number of shares or kind of Common Stock (or other securities of the Company) or the Fair Market Value (or the value of other Company securities) and causes a change in the Fair Market Value of the Common Stock subject to outstanding awards or (b) engages in a transaction to which Section 424 of the Code applies or (ii) there occurs any other event which, in the judgment of the Board necessitates such action.  Any determination made under this Article XII by the Board shall be final and conclusive.
The issuance by the Company of shares of any class, or securities convertible into shares of any class, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the maximum number of shares as to which Options, SARs, Performance Units, Stock Awards and Other Equity-Based Awards may be granted, the individual grant limit in Section 5.03 or the terms of outstanding Stock Awards, Options, SARs, Incentive Awards, Performance Units or Other Equity-Based Awards.
The Committee may make Stock Awards and may grant Options, SARs, Performance Units or Other Equity-Based Awards in substitution for performance shares, phantom shares, stock awards, stock options, stock appreciation rights, or similar awards held by an individual who becomes an employee of the Company or an Affiliate in connection with a transaction described in the first paragraph of this Article XII.  Notwithstanding any provision of the Plan (other than the limitation of Section 5.02), the terms of such substituted Stock Awards, SARs, Other Equity-Based Awards, Options or Performance Units shall be as the Committee, in its discretion, determines is appropriate.

ARTICLE XIII     
COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES
No Option or SAR shall be exercisable, no shares of Common Stock shall be issued, no certificates for shares of Common Stock shall be delivered, and no payment shall be made under this Plan except in compliance with all applicable federal and state laws and regulations (including, without limitation, withholding tax requirements), any listing agreement to which the Company is a party, and the rules of all domestic stock exchanges on which the Company’s shares may be listed.  The Company shall have the right to rely on an opinion of its counsel as to such compliance.  Any certificate issued to evidence shares of Common Stock when a Stock Award is granted, a Performance Unit, Incentive Award or Other Equity-Based Award is settled or for which an Option or SAR is exercised may bear such legends and statements as the Committee may deem advisable to assure compliance with federal and state laws and regulations.  No Option or SAR shall be exercisable, no Stock Award or Performance Unit shall be granted, no Common Shares shall be issued, no certificate for Common Stock shall be delivered, and no payment shall be made under this 

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Plan until the Company has obtained such consent or approval as the Committee may deem advisable from regulatory bodies having jurisdiction over such matters.
ARTICLE XIV     
GENERAL PROVISIONS
		
	14.01.
	Effect on Employment and Service

Neither the adoption of this Plan, its operation, nor any documents describing or referring to this Plan (or any part thereof), shall confer upon any individual or entity any right to continue in the employ or service of the Company or an Affiliate or in any way affect any right and power of the Company or an Affiliate to terminate the employment or service of any individual or entity at any time with or without assigning a reason therefor.
		
	14.02.
	Unfunded Plan

This Plan, insofar as it provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at any time be represented by grants under this Plan.  Any liability of the Company to any person with respect to any grant under this Plan shall be based solely upon any contractual obligations that may be created pursuant to this Plan.  No such obligation of the Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company.
		
	14.03.
	Rules of Construction

Headings are given to the articles and sections of this Plan solely as a convenience to facilitate reference.  The reference to any statute, regulation, or other provision of law shall be construed to refer to any amendment to or successor of such provision of law.
All awards made under this Plan are intended to comply with, or otherwise be exempt from, Section 409A of the Code (“Section 409A”), after giving effect to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b)(12).  This Plan and all Agreements shall be administered, interpreted and construed in a manner consistent with Section 409A.  If any provision of this Plan or any Agreement is found not to comply with, or otherwise not be exempt from, the provisions of Section 409A, it shall be modified and given effect, in the sole discretion of the Committee and without requiring the Participant’s consent, in such manner as the Committee determines to be necessary or appropriate to comply with, or effectuate an exemption from, Section 409A.  Each payment under an award granted under this Plan shall be treated as a separate identified payment for purposes of Section 409A.
If a payment obligation under an award or an Agreement arises on account of the Participant’s termination of employment and such payment obligation constitutes “deferred compensation” (as defined under Treasury Regulation section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b)(12)), it shall be payable only after the Participant’s “separation from service” (as defined under Treasury Regulation section 1.409A-1(h)); provided, however, that if the Participant is a “specified employee” (as defined under Treasury Regulation section 1.409A-1(i)), any such payment that is scheduled to be paid within six months after such separation from service shall accrue without interest and shall be paid on the first day of the seventh month beginning after the date of the Participant’s separation from service or, if earlier, within fifteen days after the appointment of the personal representative or executor of the Participant’s estate following the Participant’s death.
		
	14.04.
	Withholding Taxes

Each Participant shall be responsible for satisfying any income and employment tax withholding obligations attributable to participation in the Plan.  Unless otherwise provided by the Agreement, any such withholding tax obligations may be satisfied in cash (including from any cash payable in settlement of an award of Performance Units, SARs, Incentive Awards or Other Equity-Based Award) or a cash equivalent acceptable to the Committee.  Any minimum statutory federal, state, district or city withholding tax obligations also may be satisfied (a) by surrendering to the Company shares of Common Stock previously acquired by the Participant; (b) by authorizing the Company to withhold 

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or reduce the number of shares of Common Stock otherwise issuable to the Participant upon the exercise of an Option or SAR, the settlement of a Performance Unit award, Incentive Award or an Other Equity-Based Award (if applicable) or the grant or vesting of a Stock Award; or (c) by any other method as may be approved by the Committee.  If shares of Common Stock are used to pay all or part of such withholding tax obligation, the Fair Market Value of the shares surrendered, withheld or reduced shall be determined as of the day the tax liability arises.
		
	14.05.
	Return of Awards; Repayment

Each Stock Award, Option, SAR, Performance Unit award, Incentive Award and Other Equity-Based Award granted under the Plan, as amended and restated herein, is subject to the condition that the Company may require that such award be returned and that any payment made with respect to such award must be repaid if such action is required under the terms of any Company “clawback” policy as in effect on the date that the payment was made, on the date the award was granted or, as applicable, the date the Option or SAR was exercised or the date the Stock Award, Performance Unit award or Other Equity-Based Award is vested or earned.
		
	14.06.
	REIT Status

The Plan shall be interpreted and construed in a manner consistent with the Company’s status as a REIT.  No award shall be granted or awarded, and with respect to any award granted under the Plan, such award shall not vest, be exercisable or be settled (i) to the extent that the grant, vesting, exercise or settlement could cause the Participant or any other person to be in violation of the common stock ownership limit or aggregate stock ownership limit prescribed by the Company’s Articles of Incorporation or Charter, as amended from time to time or (ii) if, in the discretion of the Committee, the grant, vesting, exercise or settlement of the award could impair the Company’s status as a REIT.
ARTICLE XV     
CHANGE IN CONTROL
		
	15.01.
	Impact of Change in Control

Upon a Change in Control, the Committee is authorized to cause (i) outstanding Options and SARs to become exercisable with respect to some or all of the shares of Common Stock covered by the awards, (ii) outstanding Stock Awards to become transferable and nonforfeitable with respect to some or all of the shares of Common Stock covered by the awards and (iii) outstanding Performance Units, Incentive Awards and Other Equity-Based Awards to become earned and nonforfeitable in whole or in part.
		
	15.02.
	Assumption Upon Change in Control

In the event of a Change in Control, the Committee, in its discretion and without the need for a Participant’s consent, may provide that an outstanding Option, SAR, Incentive Award, Stock Award, Performance Unit or Other Equity-Based Award shall be assumed by, or a substitute award granted by, the surviving entity in the Change in Control.  Such assumed or substituted award shall be of the same type of award as the original Option, SAR, Incentive Award, Stock Award, Performance Unit or Other Equity-Based Award being assumed or substituted.  The assumed or substituted award shall have an intrinsic value, as of the Control Change Date, that is substantially equal to the intrinsic value of the original award (or the difference between the Fair Market Value and the option price or Initial Value in the case of Options and SARs) as the Committee determines is equitably required and such other terms and conditions as may be prescribed by the Committee.
		
	15.03.
	Cash-Out Upon Change in Control

In the event of a Change in Control, the Committee, in its discretion and without the need of a Participant’s consent, may provide that each Option, SAR, Incentive Award, Stock Award and Performance Unit and Other Equity-Based Award shall be cancelled, in whole or in part, in exchange for a payment.  The payment may be in cash, shares of Common Stock or other securities or consideration received by stockholders in the Change in Control transaction.  The amount of the cancellation payment shall be an amount that is substantially equal to (i) the amount by which the 

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price per share received by stockholders in the Change in Control exceeds the option price or Initial Value in the case of an Option and SAR, or (ii) the price per share received by stockholders for each share of Common Stock subject to a Stock Award, Performance Unit or Other Equity-Based Award, (iii) the value of the other securities or property in which the Performance Unit or Other Equity-Based award is denominated or (iv) the amount payable under an Incentive Award on account of meeting all Performance Goals or other performance objectives.  If the option price or Initial Value exceeds the price per share received by stockholders in the Change in Control transaction, the Option or SAR may be cancelled under this Section 15.03 without any payment to the Participant.
		
	15.04.
	Limitation of Benefits

The benefits that a Participant may be entitled to receive under this Plan and other benefits that a Participant is entitled to receive under other plans, agreements and arrangements (which, together with the benefits provided under this Plan, are referred to as “Payments”), may constitute Parachute Payments that are subject to Code Sections 280G and 4999.  As provided in this Section 15.04, the Parachute Payments will be reduced if, and only to the extent that, a reduction will allow a Participant to receive a greater Net After Tax Amount than a Participant would receive absent a reduction.
The Accounting Firm will first determine the amount of any Parachute Payments that are payable to a Participant.  The Accounting Firm also will determine the Net After Tax Amount attributable to the Participant’s total Parachute Payments.
The Accounting Firm will next determine the largest amount of Payments that may be made to the Participant without subjecting the Participant to tax under Code Section 4999 (the “Capped Payments”).  Thereafter, the Accounting Firm will determine the Net After Tax Amount attributable to the Capped Payments.
The Participant will receive the total Parachute Payments or the Capped Payments, whichever provides the Participant with the higher Net After Tax Amount.  If the Participant will receive the Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount of any noncash benefits under this Plan or any other plan, agreement or arrangement (with the source of the reduction to be directed by the Participant) and then by reducing the amount of any cash benefits under this Plan or any other plan, agreement or arrangement (with the source of the reduction to be directed by the Participant).  The Accounting Firm will notify the Participant and the Company if it determines that the Parachute Payments must be reduced to the Capped Payments and will send the Participant and the Company a copy of its detailed calculations supporting that determination.
As a result of the uncertainty in the application of Code Sections 280G and 4999 at the time that the Accounting Firm makes its determinations under this Section 15.04, it is possible that amounts will have been paid or distributed to the Participant that should not have been paid or distributed under this Section 15.04 (“Overpayments”), or that additional amounts should be paid or distributed to the Participant under this Section 15.04 (“Underpayments”).  If the Accounting Firm determines, based on either the assertion of a deficiency by the Internal Revenue Service against the Company or the Participant, which assertion the Accounting Firm believes has a high probability of success or controlling precedent or substantial authority, that an Overpayment has been made, the Participant must repay to the Company, without interest; provided, however, that no loan will be deemed to have been made and no amount will be payable by the Participant to the Company unless, and then only to the extent that, the deemed loan and payment would either reduce the amount on which the Participant is subject to tax under Code Section 4999 or generate a refund of tax imposed under Code Section 4999.  If the Accounting Firm determines, based upon controlling precedent or substantial authority, that an Underpayment has occurred, the Accounting Firm will notify the Participant and the Company of that determination and the amount of that Underpayment will be paid to the Participant promptly by the Company.
For purposes of this Section 15.04, the term “Accounting Firm” means the independent accounting firm engaged by the Company immediately before the Control Change Date.  For purposes of this Section 15.04, the term “Net After Tax Amount” means the amount of any Parachute Payments or Capped Payments, as applicable, net of taxes imposed under Code Sections 1, 3101(b) and 4999 and any State or local income taxes applicable to the Participant on the date of payment.  The determination of the Net After Tax Amount shall be made using the highest combined effective rate imposed by the foregoing taxes on income of the same character as the Parachute Payments or Capped Payments, 

16

        

as applicable, in effect on the date of payment.  For purposes of this Section 15.04, the term “Parachute Payment” means a payment that is described in Code Section 280G(b)(2), determined in accordance with Code Section 280G and the regulations promulgated or proposed thereunder.
ARTICLE XVI     
AMENDMENT
The Board may amend or terminate this Plan at any time; provided, however, that no amendment may adversely impair the rights of a Participant with respect to outstanding awards without the Participant’s consent.  In addition, an amendment will be contingent on approval of the Company’s stockholders if such approval is required by law or the rules of any exchange on which the Common Stock is listed or if the amendment would materially increase the benefits accruing to Participants under the Plan, materially increase the aggregate number of shares of Common Stock that may be issued under the Plan or materially modify the requirements as to eligibility for participation in the Plan.
ARTICLE XVII     
DURATION OF PLAN
No Stock Award, Performance Unit Award, Incentive Award, Option, SAR or Other Equity-Based Award may be granted under this Plan after May 10, 2023.  Stock Awards, Performance Unit awards, Incentive Awards, Options, SARs and Other Equity-Based Awards granted before such date shall remain valid in accordance with their terms.
ARTICLE XVIII     
EFFECTIVE DATE OF PLAN
Options, Stock Awards, Performance Units, Incentive Awards and Other Equity-Based Awards may be granted under this Plan, as amended and restated herein, on and after the date that the Plan, as amended and restated herein, is adopted by the Board, provided that, this Plan, as amended and restated herein, shall not be effective unless the votes cast in favor of the approval of the amended and restated Plan by the stockholders of the Company exceed the votes cast opposing such proposal at a duly constituted meeting of the stockholders of the Company; provided that the total votes cast on the proposal with respect to the Plan represents more than 50% in interest of all shares entitled to vote on such proposal. 

17

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