Document:

Exhibit 10.67

 

ASTORIA BANK

AMENDED AND RESTATED

SEVERANCE COMPENSATION PLAN

AND SUMMARY PLAN DESCRIPTION

(Including amendments through February 22, 2017)

 

PLAN PURPOSE

 

The purpose of the Astoria Bank Amended
and Restated Severance Compensation Plan is to assure for Astoria Bank (the “Bank”) the services of Officers of the
Bank in the event of a Change in Control (capitalized terms are defined in Section 2.1) of Astoria Financial Corporation (“AFC”)
or the Bank. The benefits contemplated by the Plan recognize the value to the Bank of the services and contributions of the officers
of the Bank and the effect upon the Bank resulting from the uncertainties of continued employment, reduced employee benefits, management
changes and relocations that may arise in the event of a Change in Control of the Bank or its holding company, AFC. The Bank’s
and AFC’s Boards of Directors believe that it is in the best interests of the Bank and AFC to provide Officers of the Bank
with such benefits in order to defray the costs and changes in employee status that could follow a Change in Control. The Board
of Directors believes that the Plan will also aid the Bank in attracting and retaining highly qualified individuals who are essential
to its success and the Plan’s assurance of fair treatment of the Bank’s Officers will reduce the distractions and other
adverse effects on Officers’ performance in the event of a Change in Control. This document is a combined plan document and
summary plan description.

 

Article
I

ESTABLISHMENT OF PLAN

 

Section 1.1           Establishment
of Plan.

 

As of the Effective Date of the Plan as
defined herein, the Bank hereby establishes a severance compensation plan to be known as the “Astoria Bank Amended and Restated
Severance Compensation Plan.” The purposes of the Plan are as set forth above.

 

Section 1.2           Applicability
of Plan.

 

The benefits provided by this Plan shall
be available to all Officers of the Bank, who, at or after the Effective Date, meet the eligibility requirements of Article III,
except for those executive officers who have entered into, or who enter into in the future, and continue to be subject to an employment
or change in control agreement with the Employer.

 

Section 1.3           Contractual
Right to Benefits.

 

This Plan establishes and vests in each
Participant a contractual right to the benefits to which each Participant is entitled hereunder, enforceable by the Participant
against the Employer, Bank, or both except as may be modified or terminated pursuant to the provisions of Article VIII of
the Plan.

 

    	 	1	 

     

    

 

Article
II

DEFINITIONS AND CONSTRUCTION

 

Section 2.1           Definitions.

 

Whenever used in the Plan, the following
terms shall have the meanings set forth below.

 

(a)          “Additional
Benefits” means the additional benefits set forth in Section 4.5.

 

(b)          “Annual
Compensation” of a Participant means and includes base pay only, if any, paid (including accrued amounts) by an Employer
as consideration for the Participant’s service during the 12 months ended the date as of which Annual Compensation is determined
pursuant to Article IV of the Plan, and expressly excludes all other remuneration paid (if any) to the Participant regardless
of whether such amounts are includible in the gross income of the Participant, including, but not limited to, bonuses and other
forms of incentive compensation, commissions, payment for services on the basis of a percentage of profits, fringe benefits, expense
allowances, amounts received by a Participant pursuant to a nonqualified unfunded deferred compensation plan, amounts received
as a result of the exercise of one or more options to acquire Astoria Financial Corporation common stock granted to the Participant,
the vesting or settlement of other stock-based awards and/or the disposition of shares of Astoria Financial Corporation common
stock acquired pursuant thereto and amounts includible in gross income as a result of the receipt of shares distributed pursuant
to an award under the Bank’s 2017 Retention Plan.

 

If a Participant entitled to payments pursuant
to the terms of the Plan has less than 12 months of service with an Employer as of the date as of which Annual Compensation is
to be determined pursuant to Article IV of the Plan, then “Annual Compensation” as to such Participant shall be
a fraction, the numerator of which shall be the base pay paid during the actual period of service by the Participant (excluding
all amounts described in the first sentence of this subsection (a)) over the denominator which shall be the annualized amount equal
to the amount that would have been paid to Participant over a 12 month period of service by the Participant.

 

(c)          “Bank”
means Astoria Bank or any successor as provided for in Article VII hereof.

 

(d)          “Change
in Control” means any of the following events:

 

		1.	the consummation of a transaction that results in the
reorganization, merger or consolidation of AFC with one or more other persons, other than a transaction following which:

 

		a.	at least 51% of the equity ownership interests of the
entity resulting from such transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) in substantially the same relative proportions by persons who, immediately prior to such transaction, beneficially owned
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the outstanding equity ownership interests
in AFC; and

 

    	 	2	 

     

    

 

		b.	at least 51% of the securities entitled to vote generally
in the election of directors of the entity resulting from such transaction are beneficially owned (within the meaning of Rule
13d-3 promulgated under the Exchange Act) in substantially the same relative proportions by persons who, immediately prior to
such transaction, beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the
securities entitled to vote generally in the election of directors of AFC;

 

		2.	the acquisition of all or substantially all of the assets
of AFC or beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of the outstanding
securities of AFC entitled to vote generally in the election of directors by any person or by any persons acting in concert;

 

		3.	a complete liquidation or dissolution of AFC, or approval
by the stockholders of AFC of a plan for such liquidation or dissolution;

 

		4.	the occurrence of any event if, immediately following such
event, at least 50% of the members of the Board of Directors of AFC do not belong to any of the following groups:

 

		a.	individuals who were members of the Board of Directors
of AFC on the Effective Date; or

 

		b.	individuals who first became members of the Board of Directors
of AFC after the Effective Date either:

 

		(i)	upon election to serve as a member of the Board of Directors
of AFC by affirmative vote of two-thirds of the members of such board in office at the time of such first election; or

 

		(ii)	upon election by the stockholders of AFC to serve as a
member of the Board of Directors of AFC, but only if nominated for election by affirmative vote of either two-thirds of the members
of the Board of Directors of AFC or of a nominating committee thereof in office at the time of such first nomination;

 

    	 	3	 

     

    

 

provided, however, that such individual’s
election or nomination under (i) or (ii) above did not result from an actual or threatened election contest (within the meaning
of Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents
(within the meaning of Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) other than by or on behalf of the Board
of Directors of AFC; or

 

		5.	any event which would be described in this Section 2.1(c)(1),
(2), (3) or (4) if the term “Bank” were substituted for the term “AFC” therein.

 

In no event, however, shall a Change in
Control be deemed to have occurred as a result of any acquisition of securities or assets of AFC, the Bank, or a subsidiary of
either of them, by AFC, the Bank, or a subsidiary of either of them, or by any employee benefit plan maintained by any of them,
or by any underwriter temporarily holding securities pursuant to an offering of such securities. For purposes of this Section 2.1(c),
the term “person” shall have the meaning assigned to it under Sections 13(d)(3) or 14(d)(2) of the Exchange Act.

 

(e)          “Effective
Date” means the date the Plan is approved by the Board of Directors of the Bank, or such other date as the Board shall designate
in its resolution approving the Plan.

 

(f)          “Employer”
means the Bank or a subsidiary of the Bank or a parent of the Bank which has adopted the Plan pursuant to Article VI hereof.

 

(g)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(h)          “Just
Cause” with respect to termination of employment means an act or acts of personal dishonesty, incompetence, willful misconduct,
any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any
law, rule, or regulation (other than traffic violations or similar offenses) or final cease-and-desist order. In determining incompetence,
the acts or omissions shall be measured against standards generally prevailing in the savings institution industry.

 

(i)          “Officer”
means an officer employed by the Employer on a full-time basis, and having an officer’s title as determined by the Board
of Directors; provided, however, that any officer who is covered or hereinafter becomes covered by an employment contract or a
change in control agreement with the Employer shall not be considered to be an Officer for purposes of this Plan.

 

(j)          “Outplacement
Services” means outplacement services provided through a third-party service provider selected by the Employer prior to the
occurrence of a Change in Control.

 

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(k)          “Payment”
means the payment of severance compensation as provided in Article IV hereof.

 

(l)          “Participant”
means an Officer who meets the eligibility requirements of Article III.

 

(m)          “Plan”
means the Astoria Bank Amended and Restated Severance Compensation Plan. The Plan replaces the Astoria Bank Severance Compensation
Plan.

 

(n)          “Plan
Administrator” means the Bank or such other person or committee appointed from time to time by the Company to administrate
the Plan.

 

Section 2.2           Applicable
Law.

 

The laws of the State of New York shall
be the controlling law in all matters relating to the Plan to the extent not preempted by Federal law.

 

Section 2.3           Severability.

 

If a provision of this Plan shall be held
illegal or invalid, the illegality or invalidity shall not affect the remaining parts of the Plan and the Plan shall be construed
and enforced as if the i illegal or invalid provision had not been included.

 

Article
III

ELIGIBILITY

 

Section 3.1           Participation.

 

The term Participant shall include
all Officers at the time of any termination pursuant to Section 4.2 herein. Notwithstanding the foregoing, persons who have
entered into and continue to be covered by an employment contract or change in control agreement with the Employer shall not be
entitled to participate in this Plan.

 

Section 3.2           Duration
of Participation.

 

A Participant shall cease to be a Participant
in the Plan when the Participant ceases to be an Officer of an Employer, unless such Participant is entitled to a Payment as provided
in the Plan. A Participant entitled to receipt of a Payment shall remain a Participant in this Plan until the full amount of such
Payment has been paid to the Participant.

 

Article
IV

PAYMENTS

 

Section 4.1           Right
to Payment.

 

A Participant shall be entitled to receive
from its respective Employer a Payment in the amount provided in Section 4.3 and the Additional Benefits and the Outplacement
Services if there has been a Change in Control of the Bank or the AFC and if, within one (1) year thereafter, the Participant’s
employment by an Employer shall terminate for any reason specified in Section 4.2, whether the termination is voluntary or
involuntary. A Participant shall not be entitled to a Payment if termination occurs by reason of death, voluntary retirement, voluntary
termination other than for reasons specified in Section 4.2, total and permanent disability, or for Just Cause.

 

    	 	5	 

     

    

 

Section 4.2           Reasons
for Termination.

 

Following a Change in Control, a Participant
shall be entitled to a Payment and the Additional Benefits and the Outplacement Services if employment by an Employer is terminated,
voluntarily or involuntarily, for any one or more of the following reasons:

 

(a)          The
Employer reduces the Participant’s base salary or rate of compensation as in effect immediately prior to the Change in Control,
or as the same may have been increased thereafter.

 

(b)          The
Employer materially changes Participant’s function, duties or responsibilities which would cause Participant’s position
to be one of lesser responsibility, importance or scope with the Employer than immediately prior to the Change in Control.

 

(c)          The
Employer requires the Participant to change the location of the Participant’s job or office, so that such Participant will
be based at a location more than thirty (30) miles from the location of the Participant’s job or office immediately prior
to the Change in Control provided that such new location is not closer to Participant’s home.

 

(d)          The
Employer materially reduces the benefits and perquisites available to the Participant immediately prior to the Change in Control,
provided, however, that a material reduction in benefits and perquisites generally provided to all employees of the Bank on a nondiscriminatory
basis would not trigger a payment pursuant to this Plan.

 

(e)          A
successor Bank or company fails or refuses to assume the Bank’s obligations under this Plan, as required by Article VII.

 

(f)          The Bank or any successor company breaches any other provisions of the Plan.

 

(g)          The
Employer terminates the employment of a Participant at or after a Change in Control other than for Just Cause.

 

Section 4.3           Amount
of Payment.

 

Each Participant entitled to a Payment under
this Plan shall receive from the Bank a lump sum cash payment, in an amount determined as follows:

 

(a)          ●
Each Officer with the title of Senior Vice President or above with the Bank shall receive a payment equal to two hundred percent
(200%) of such Officer’s Annual Compensation determined as of the date of termination pursuant to Section 4.2.

 

    	 	6	 

     

    

 

● Each Officer with the title of First
Vice President with the Bank shall receive a payment equal to one hundred fifty percent (150%) of such Officer’s Annual Compensation
determined as of the date of termination pursuant to Section 4.2.

 

● Each Officer with the title of Vice
President with the Bank shall receive a payment equal to one hundred percent (100%) of such Officer’s Annual Compensation
determined as of the date of termination pursuant to Section 4.2.

 

● Each Officer with the title of First
Assistant Vice President with the Bank shall receive a payment equal to eighty percent (80%) of such Officer’s Annual Compensation
determined as of the date of termination pursuant to Section 4.2.

 

● Each Officer with the title of Assistant
Vice President and three years of service with the Bank shall receive a payment equal to sixty percent (60%) of such Officer’s
Annual Compensation determined as of the date of termination pursuant to Section 4.2.

 

● Each Officer with the title of Assistant
Treasurer or Assistant Secretary and three years of service with the Bank shall receive a payment equal to forty percent (40%)
of such Officer’s Annual Compensation determined as of the date of termination pursuant to Section 4.2.

 

(b)          The
Payment for each Participant shall also include an amount equal to any accrued and unused vacation time allocated to the Participant
as of the date of the Participant’s termination of employment unless such vacation time has been paid under another program
of the Bank or AFC.

 

(c)          Notwithstanding
the provisions of (a) and (b) above, if a Payment to a Participant who is a Disqualified Individual shall be in an amount which
includes an Excess Parachute Payment, the Payment hereunder to that Participant shall be reduced to the maximum amount which does
not include an Excess Parachute Payment. The terms “Disqualified Individual” and “Excess Parachute Payment”
shall have the same meaning as defined in Section 280G of the Internal Revenue Code of 1986, as amended, or any successor
section of similar import.

 

(d)          The
Participant shall not be required to mitigate damages on the amount of the Payment by seeking other employment or otherwise, nor
shall the amount of such Payment be reduced by any compensation earned by the Participant as a result of employment after termination
of employment hereunder.

 

(e)          An
Officer will not be eligible to receive severance benefits under this Plan unless he or she executes a release in substantially
the form attached hereto as Exhibit A.

 

Section 4.4           Time
of Payment.

 

Subject to the effectiveness of the release
and Section 11.6, the Payment to which a Participant is entitled shall be paid to the Participant by the Employer or the successor
to the Employer, in cash and in full, not later than twenty (20) Business days after the termination of the Participant’s
employment. If any Participant should die after termination of the employment but before all amounts have been paid, such unpaid
amounts shall be paid to the Participant’s named beneficiary, if living, otherwise to the personal representative on behalf
of or for the benefit of the Participant’s estate.

 

    	 	7	 

     

    

 

Section 4.5           Additional
Benefits.

 

A Participant who receives a Payment shall
be eligible to continue to participate in the Company’s Medical, Dental and Life Insurance benefits plans on the same basis
as active employees during the period beginning on the date of his termination of employment and ending on the following date:

 

	
        First Assistant Vice President, Assistant Vice
President, Assistant Treasurer and Assistant Secretary
	3 months after the month in which the Participant’s employment terminated.
	 	 
	Vice President and Above	
        4 months after the month in which the Participant’s
employment terminated. 

 

At the end of the extended coverage period,
the Participant will be entitled to elect continuation of the group health coverage in accordance with the requirements of the
Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) at the Participant’s expense.

 

In addition, a Participant who receives
a Payment shall receive (a) payment of any accrued and unused vacation time allocated to such Participant as of the date of
such Participant’s termination of employment within 30 days following such Participant’s termination of employment
and unless such vacation time has been paid under another program of the Bank or AFC and (b) the Outplacement Services.

 

Section 4.6           Suspension
of Payment.

 

Notwithstanding the foregoing, no payments
or portions thereof shall be made under this Plan, if such payment or portion would result in the Bank failing to meet its minimum
regulatory capital requirements as required by 12 C.P.R. § 567.2 of the Office of Thrift Supervision Regulations. Any payments
or portions thereof not paid shall be suspended until such time as their payment would not result in a failure to meet the Bank’s
minimum regulatory capital requirements. Any portion of benefit payments which have not been suspended will be paid on an equitable
basis, pro rata based upon amounts due each Participant, among all eligible Participants.

 

Article
V

OTHER RIGHTS AND BENEFITS NOT AFFECTED

 

Section 5.1           Other
Benefits.

 

Neither the provisions of this Plan nor
the Payment provided for hereunder shall reduce any amounts otherwise payable, or in any way diminish the Participant’s rights
as an Officer of an Employer, whether existing now or hereafter, under any benefit, incentive, retirement, stock option, stock
bonus, stock ownership or any employment agreement or other plan or arrangement.

 

    	 	8	 

     

    

 

Section 5.2           Employment
Status.

 

This Plan does not constitute a contract
of employment or impose on the Participant or the Participant’s Employer any obligation to retain the Participant as an Officer,
to change the status of the Participant’s employment, or to change the Employer’s policies regarding termination of
employment.

 

Article
VI

PARTICIPATING EMPLOYERS

 

Upon approval by the Board of Directors
of the Bank, this Plan may be adopted by any Subsidiary or Parent of the Bank. Upon such adoption, the Subsidiary or Parent shall
become an Employer hereunder and the provisions of the Plan shall be fully applicable to the Officers of that Subsidiary or Parent.
The term “Subsidiary” means any corporation in which the Bank, directly or indirectly, holds a majority of the voting
power of its outstanding shares of capital stock. The term “Parent” means any corporation which holds a majority of
the voting power of the Bank’s outstanding shares of capital stock.

 

Article
VII

SUCCESSOR TO THE BANK

 

Section 7.1           The
Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all
or substantially all the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank’s
obligations under this plan, in the same manner and to the same extent that the Bank would be required to perform if no such succession
or assignment had taken place.

 

Article
VIII

AMENDMENT AND TERMINATION

 

Section 8.1           Amendment
and Termination.

 

The Plan may be terminated or amended in
any respect by resolution adopted by a majority of the Board of Directors of the Bank, unless a Change in Control has previously
occurred. If a Change in Control occurs, the Plan no longer shall be subject to amendment, change, substitution, deletion, revocation
or termination in any respect whatsoever, until such date as all Participants who become entitled to Payments hereunder shall have
received such Payments in full.

 

    	 	9	 

     

    

 

Section 8.2           Form
of Amendment.

 

The form of any proper amendment or termination
of the Plan shall be a written instrument signed by a duly authorized officer or officers of the Bank, certifying that the amendment
or termination has been approved by the Board of Directors. A proper amendment of the Plan automatically shall effect a corresponding
amendment to each Participant’s rights hereunder. A proper termination of the Plan automatically shall effect a termination
of all Participants’ rights and benefits hereunder.

 

Article
IX

ARBITRATION

 

Section 9.1           To
the extent not inconsistent with the claims procedures herein, any dispute or controversy arising under or in connection with the
Plan shall be settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in a location selected
by the Participant within fifty (50) miles from the location of the Bank, in accordance with rules of the American Arbitration
Bank then in effect. Judgment may be entered on the award of the arbitrator in any court having jurisdiction.

 

Article
X

LEGAL FEES AND EXPENSES

 

Section 10.1         Subject
to the notice provision in Section 10.2 hereof, all reasonable legal fees and other expenses paid or incurred by Participant
pursuant to any dispute or question of interpretation relating to this Plan shall be paid or reimbursed by the Bank, if Participant
is successful pursuant to a legal judgment, arbitration or settlement.

 

Section 10.2         A
Participant must provide the Bank with 10 (ten) business days’ notice of a complaint of entitlement under this Plan before
the Bank shall be liable for the payment of any legal fees or other expenses referred to in Section 10.1 hereof.

 

Article
XI

REQUIRED PROVISIONS

 

Section 11.1         The
Bank may terminate the Officer’s employment at any time, but any termination by the Bank, other than termination for Just
Cause, shall not prejudice Officer’s right to compensation or other benefits under this Plan. Officer shall not have the
right to receive compensation or other benefits for any period after termination for Just Cause as defined in Section 2.1
herein above.

 

Section 11.2         If
the Officer is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs
by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1),
the Bank’s obligations under this Plan shall be suspended as of the date of service, unless stayed by appropriate proceedings.
If the charges in the notice arc dismissed, the Bank may in its discretion (i) pay the Officer all or part of the compensation
withheld while their contract obligations were suspended and (ii) reinstate (in whole or in part) any of the obligations which
were suspended.

 

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Section 11.3         If
the Officer is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order
issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(l ), all obligations
of the Bank under this Plan shall terminate as of the effective date of the order, but vested rights of the contracting parties
shall not be affected.

 

Section 11.4         If
the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)( I), all
obligations of the Bank under this contract shall terminate as of the date of default, but this paragraph shall not affect any
vested rights of the Participants.

 

Section 11.5         All
obligations of the Bank under this Plan shall be terminated, except to the extent determined that continuation of the Plan is necessary
for the continued operation of the institution, (i) by the Comptroller of the Currency (or his designee) or the Federal Deposit
Insurance Corporation (“FDIC”), at the time FDIC enters into an agreement to provide assistance to or on behalf of
the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C § I 823(c); or
(ii) by the Comptroller of the Currency(or his designee) at the time the Comptroller of the Currency (or his designee) approves
a supervisory merger to resolve problems related to the operations of the Bank or when the Bank is determined by the Comptroller
of the Currency to be in an unsafe or unsound condition. Any rights of the Participants that have already vested, however, shall
not be affected by such action.

 

Section 11.6         Compliance
with Internal Revenue Code Section 409A.

 

(a)          Benefit
payments shall not be payable prior to, and shall be deferred, without interest, if and to the extent necessary, until the Participant
experiences a “separation from service” within the meaning of Treasury Regulation Section 1.409A-l(h). Benefit
payments that have been deferred shall commence upon the Participant’s separation from service.

 

(b)          In
the case of an Participant who is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-l(i),
benefit payments at his separation from service shall not be payable prior to, and shall be deferred until, the first day of the
seventh month following the Participant’s separation from service. Benefit payments that have been deferred shall be paid
in a single lump sum, without interest, on the first day of the seventh month following the Participant’s separation from
service. With respect to any benefits under this Plan that constitute deferred compensation within the meaning of Section 409A
of the Code, if the period of consideration of the release commences in one calendar year and ends in a subsequent calendar year,
then payment of such benefits shall be made in the subsequent calendar year.

 

(c)          This
Plan shall be construed, administered and enforced as a non-qualified deferred compensation plan that is subject to Section 409A
of the Internal Revenue Code of 1986 (the “Code”). The Plan may be amended, either retroactively or prospectively,
and including but not limited to amendments that adversely affect the rights of Participants under the Plan, by the Company in
such manner as it may determine to be necessary or appropriate to effect compliance with Section 409A of the Code.

 

    	 	11	 

     

    

 

Article
XII

ADMINISTRATION OF THE PLAN

 

The Plan Administrator shall have sole authority
and discretion to administer and construe the terms of this Plan, subject to applicable requirements of law. Without limiting the
generality of the foregoing, the Plan Administrator shall have the following powers and duties:

 

(a)          To
make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of the Plan;

 

(b)          To
interpret the Plan, its interpretation thereof in good faith to be final and conclusive on all persons claiming benefits under
the Plan;

 

(c)          To
decide all questions concerning the Plan and the eligibility of any person to participate in the Plan; and

 

(d)          To
appoint such agents, counsel, accountants, consultants and other persons as may be required to assist in administering the Plan.

 

Article
XIII

CLAIMS PROCEDURE

 

The Plan Administrator reviews and authorizes
payment of benefits allowance for those Participants who qualify under the provisions of the Plan. No claim forms need be submitted.
Questions regarding payment of the severance benefit should be directed to the Plan Administrator.

 

If a Participant feels he or she is not
receiving benefits which are due, the Participant should file a written claim for the benefits with the Plan Administrator. A decision
on whether to grant or deny the claim will be made within 90 days following receipt of the claim. If more than 90 days is required
to render a decision, the Participant will be notified in writing of the reasons for delay. In any event, however, a decision to
grant or deny a claim will be made by not later than 180 days following the initial receipt of the claim.

 

If the claim is denied in whole or in part,
the Participant will receive a written explanation of the specific reasons for the denial, including a reference to the Plan provisions
on which the denial is based.

 

If the Participant wishes to appeal this
denial, the Participant may write the Plan Administrator within 60 days after receipt of the notification of denial. The claim
will then be reviewed and the Participant will receive written notice of the final decision within 60 days after the request for
review. If more than 60 days is required to render a decision, the Participant will be notified in writing of the reasons for delay.
In any event, however, the Participant will receive a written notice of the final decision within 120 days after the request for
review.

 

    	 	12	 

     

    

 

STATEMENT OF ERISA RIGHTS

 

A participant in this Plan is entitled to
certain rights and protections under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). ERISA
provides that all plan participants shall be entitled to:

 

Receive Information About the Plan
and a Participant’s Benefits

 

		•	Examine, without charge, at the Plan Administrator’s office and at other specified locations, all documents governing
the Plan, and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and available
to the Public Disclosure Room of the Pension and Welfare Benefit Administration.

 

		•	Upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, and copies of the
latest annual report (Form 5500 Series) and updated summary plan description. The Plan Administrator may make a reasonable charge
for the copies.

 

		•	Receive a summary of the plan’s annual financial report. The Plan Administrator is required by law to furnish each participant
with a copy of this summary annual report.

 

Prudent Action by Plan Fiduciaries

 

In addition to creating rights for plan
participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people
who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of Plan
participants and beneficiaries. No one, including the Bank or any other person, may fire an employee or otherwise discriminate
against an employee in any way to prevent the Participant from obtaining a welfare benefit or exercising rights under ERISA.

 

Enforce Rights

 

If a claim for a welfare benefit is denied
or ignored in whole or in part, the Participant has a right to know why this was done, to obtain copies of documents relating to
the decision without charge, and to appeal any denial, all within certain time schedules.

 

Under ERISA, there are steps an employee
can take to enforce the above rights. For instance, if an employee a copy of plan documents or the latest annual report from the
plan and does not receive them within 30 days, the employee may file suit in a federal court. In such a case, the court may require
the Plan Administrator to provide the materials and pay the employee up to $110 a day until the employee receives the materials,
unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If the employee has a claim
for benefits which is denied or ignored, in whole or in part, the employee may file suit in a state or federal court. If an employee
is discriminated against for asserting his or her rights, the employee may seek assistance from the U.S. Department of Labor or
may file suit in a federal court. The court will decide who should pay court costs and legal fees. If an employee is successful,
the court may order the person the employee has sued to pay these costs and fees. If the employee loses, the court may order the
employee to pay these costs and fees, for example, if it finds the claim is frivolous.

 

    	 	13	 

     

    

 

Assistance with Questions

 

If the employee has any questions about
the Plan, the employee should contact the Plan Administrator. If the employee has any questions about this statement or about the
employee’s rights under ERISA, or if the employee needs assistance in obtaining documents from the Plan Administrator, the
employee should contact the nearest office of the employee Benefits Security Administration, U.S. Department of Labor, listed in
the telephone directory or the Division of Technical Assistance and Inquiries, employee Benefits Security Administration, U.S.
Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. The employee may also obtain certain publications about
his or her rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

 

ADDITIONAL INFORMATION

 

	
        

        Plan Sponsor:
	
        Astoria Bank

        1 Astoria Bank Plaza

        Lake Success, NY 11042-1085

        (516) 327-7611

	 	 
	Employer Identification Number (EIN):	11-0494055 
	 	 
	Plan Name:	
        Astoria Bank Amended and Restated Severance Compensation
Plan 

	 	 
	Type of Plan:	Severance Compensation Plan 
	 	 
	Plan Year:	Calendar Year 
	 	 
	Plan Number:	520 
	 	 
	Plan Administrator:	
        Astoria Bank

        1 Astoria Bank Plaza

        Lake Success, NY 11042-1085

        Attention: Director of Human Resources

        (516)
        327-7715 

	 	 
	Agent for Service of Legal Process:	
        Plan Administrator 

  

    	 	14	 

     

    

 

This Plan, as amended and restated, is executed by its duly
authorized officers this 22nd day of February, 2017.

 

	Astoria Bank	 	Astoria Financial Corporation
	Alan P. Eggleston	 	Alan P. Eggleston
	Senior Executive Vice President,	 	Senior Executive Vice President,
	Assistant Secretary and	 	Assistant Secretary and
	Chief Risk Officer	 	Chief Risk Officer

 

    	 	15	 

     

    

 

EXHIBIT A

 

AGREEMENT AND GENERAL RELEASE

 

Astoria Financial Corporation,
One Astoria Federal Plaza, Lake Success, New York 11042-1085 (“Astoria”), and «Name», who currently resides
at «Street_1» «Street_2», «City», «State», <<Zip>> for yourself
and your present or former heirs, executors, administrators, successors, and assigns (collectively referred to throughout this
Agreement as “You” or “you”), agree that:

 

1.          Last
Day of Employment. Your last day of employment with Astoria is ____________ (“Termination Date”). You
will be paid through your Termination Date, together with your accrued but unused vacation, all subject to lawful deductions.

 

2.          Eligibility
Requirements. In order to receive the benefits as set forth in this Agreement and General Release (“Agreement”),
your employment with Astoria must have terminated under circumstances that entitle to you severance under the Astoria Bank Amended
and Restated Severance Compensation Plan (the “Plan”).

 

3.          Consideration.
Provided you execute this Agreement and do not revoke your acceptance of this Agreement as described in Paragraph 22 below, Astoria
will provide you with severance benefits pursuant to the Plan (a copy of which is attached hereto as Exhibit A). A summary
of the benefits to which you will be entitled (provided you comply with the terms of this Agreement) is attached hereto as Exhibit
B.

 

4.          No
Consideration Absent Execution of this Agreement. You understand and agree that you would not receive the monies and/or
benefits specified in Paragraph 3 above, except for your execution of this Agreement and the fulfillment of the promises contained
herein.

 

5.          General
Release of Claims. Except as otherwise provided in this Agreement, you knowingly and voluntarily release and forever discharge
Astoria and all present and former parent corporations, affiliates, subsidiaries, divisions, successors and assigns and the current
and former employees, officers, directors and agents thereof and all otherwise related or affiliated persons or entities (collectively
referred to throughout the remainder of this Agreement as “Employer”), of and from any and all claims, known and unknown,
you have or may have against Employer as of the date of execution of this Agreement, including, but not limited to, any alleged
violation of:

 

		·	The National Labor Relations Act;

 

		·	Title VII of the Civil Rights Act of 1964;

 

		·	The Civil Rights Act of 1991;

 

    	 	A-1	 

     

    

 

		·	Sections 1981 through 1988 of Title 42 of the United States Code;

 

		·	The Employee Retirement Income Security Act of 1974;

 

		·	The Immigration Reform and Control Act;

 

		·	The Age Discrimination in Employment Act;

 

		·	The Americans with Disabilities Act of 1990;

 

		·	The Workers Adjustment and Retraining Notification Act;

 

		·	The Occupational Safety and Health Act;

 

		·	The Sarbanes-Oxley Act of 2002;

 

		·	The Family and Medical Leave Act;

 

		·	The Equal Pay Act;

 

		·	The New York State Executive Law (including its Human Rights Law);

 

		·	The New York City Administrative Code (including its Human Rights Law);

 

		·	The New York Labor Law;

 

		·	All Nassau and Suffolk County laws and requirements;

 

		·	The New York wage and wage–hour laws;

 

		·	The New York State Worker Adjustment and Retraining Notification Act;

 

		·	Any other federal, state or local civil, human rights, bias, discrimination, retaliation, compensation,
employment, labor or other local, state or federal law, regulation or ordinance;

 

		·	Any amendments to the foregoing statutes;

 

		·	Any benefit, payroll or other plan, policy or program;

 

		·	Any public policy, contract, tort, third-party beneficiary or common law claim; or

 

		·	Any claim for costs, fees, or other expenses including attorneys’ fees.

 

    	 	A-2	 

     

    

 

6.          Affirmations.
You affirm that you have not filed, caused to be filed, or presently are a party to any claim, complaint, or action against Employer
in any forum or form. Nothing herein shall preclude you from filing a complaint and/or charge with any appropriate federal, state
or local government agency and/or cooperating with said agency in its investigation. However, you will not be entitled to receive
any monetary relief or recovery, including attorneys’ fees and costs, in connection with any complaint and/or charge brought
against the Employer arising out of your employment by or the termination of your employment with Astoria, regardless as to who
brought or brings any such complaint or charge, whether in the nature of an individual action, class action, or otherwise. Other
than the payments provided for in Paragraphs 1 and 3 of this Agreement, continued health and welfare benefits in accordance with
the terms of the applicable plans, and your vested retirement benefits, you further affirm that you have been paid and/or have
received all leave (paid or unpaid), compensation, wages, bonuses, commissions, and/or benefits to which you may be entitled and
that no other leave (paid or unpaid), compensation, wages, bonuses, commissions, other monies and/or benefits are due to you, except
as provided in this Agreement. You furthermore affirm that you have no known workplace injuries or occupational diseases, have
been provided and/or have not been denied any leave requested under the Family and Medical Leave Act and that you have no claims
of any kind remaining thereunder.

 

7.          Non-Disparagement. You
covenant and agree that you shall not hereafter engage in conduct that involves the making or publishing of written or oral statements
or remarks, (including, without limitation, the repetition or distribution of derogatory rumors, allegations, negative reports
or comments) which are disparaging, deleterious or damaging to the integrity, reputation or good will of Employer. In addition,
you agree not to disrupt or interfere with Astoria’s business in any way by engaging in, contributing to or supporting the
unauthorized use of, access to or destruction of Astoria’s premises, records, properties, computer, telephone or security
systems. Notwithstanding any provision of this Agreement to the contrary, nothing contained herein is intended to, or shall be
interpreted in a manner that does, limit or restrict you from exercising any legally protected whistleblower rights (including
pursuant to Rule 21F under the Securities Exchange Act of 1934).

 

8.          Confidentiality.
Except if required to do so by any regulatory body or agencies, or pursuant to administrative or judicial subpoena, directly or
indirectly, you agree not to disclose any information regarding the existence or substance of this Agreement, except to your spouse,
tax advisor, and an attorney with whom you choose to consult regarding your consideration of this Agreement.

 

9.          [Applicable
Data. Attached as Exhibit C is a list of the job titles and ages of all individuals eligible for benefits in connection
with the recent employment terminations at Astoria.]1

 

 

1
Delete for under 40.

 

    	 	A-3	 

     

    

 

10.         Governing
Law and Interpretation.

 

(a)          This
Agreement shall be governed and conformed in accordance with the laws of the State of New York without regard to its conflict or
choice of law provisions. In the event that you or Astoria breaches any provision of this Agreement, you and Astoria each affirm
that either may institute an action to specifically enforce any term or terms of this Agreement.

 

(b)          If
any provision of this Agreement is declared illegal or unenforceable by any court of competent jurisdiction, the parties agree
the court shall have the authority to interpret, modify, alter or change the provision(s) in question to make the Agreement legal
and enforceable. If this Agreement cannot be modified to be enforceable, excluding the general release language, such provision
shall immediately become null and void, leaving the remainder of this Agreement in full force and effect. However, if the general
release language is found to be illegal or unenforceable, you agree to execute a binding replacement release or, if requested by
the Employer, to return the monies paid pursuant to this Agreement.

 

11.         Amendment.
Except as otherwise provided in the preceding paragraph, this Agreement may not be modified, altered or changed except upon express
written consent of both parties wherein specific reference is made to this Agreement.

 

12.         Resolution
of Disputes. Any controversy or claim arising out of this Agreement, or the breach thereof, shall be submitted for resolution
to either the U.S. District Court for the Eastern District of New York or the New York State Supreme Court in and for Nassau County,
and all such claims shall be adjudicated by a judge sitting without a jury.

 

13.         Nonadmission
of Wrongdoing. The parties agree that neither this Agreement nor the furnishing of the consideration for this Release shall
be deemed or construed at any time for any purpose as an admission by Employer of any liability or unlawful conduct of any kind.

 

14.         Section
Headings. Section headings are used herein for convenience of reference only and shall not affect the meaning of any provision
of this Agreement.

 

15.         Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original and each of which shall together constitute
one and the same agreement. This Agreement shall not be enforceable until executed by Employer.

 

16.         Legal
Fees. Each party will be responsible for its own legal fees or costs, if any, incurred in connection with the negotiation
and settlement of this Agreement and in any proceeding between the parties unless a statute provides that the prevailing party
may recover its legal fees.

 

17.         Return
Of Records And Property. You represent that you have returned all Employer property, documents and/or any confidential
information and further promise, if all such property, documents and/or confidential information have not been returned, to deliver
contemporaneous herewith to Astoria all property belonging to Astoria then in your possession or control. You also represent that
you are in possession of all of the personal property which you had at Astoria’s premises and that Astoria is not in possession
of any of your personal property.

 

    	 	A-4	 

     

    

 

18.         Exclusions
from this Agreement. Nothing in this Agreement shall affect or impair (a) any claims for retirement benefits, (b) the obligations
under and your right to enforce this Agreement, (c) any claim you may have as the holder or beneficial owners of securities (or
other rights relating to securities) of Astoria or its successor entities, (d) any indemnification or similar rights you have as
a current or former officer, director or employee of Astoria and its subsidiaries and affiliates, including any and all rights
thereto under applicable law, Astoria’s bylaws or other governance documents, or any rights with respect to coverage under
any directors’ and officers’ insurance policies and/or indemnification agreements, or (e) any claims that may arise
in the future from events or actions occurring after the date of termination of employment or that you may not by law release through
an agreement such as this.

 

19.         Waiver.
If in one or more instances either party fails to insist that the other party perform any of this Agreement’s terms,
this failure shall not be construed as a waiver by the party of any past, present, or future right granted under this Agreement
and the obligations of both parties under this Agreement shall continue in full force and effect.

 

20.         Competence
to Waive Claims. At the time of considering or executing this Agreement, you are not affected or impaired by illness, use
of alcohol, drugs or other substances or otherwise impaired. You are competent to execute this Agreement and knowingly and voluntarily
to waive any and all claims you may have against Employer. You certify that you are not a party to any bankruptcy, lien, creditor-debtor
or other proceedings which would impair your right or ability to waive all claims you may have against Employer.

 

21.         Execution.
If you choose to execute this Agreement, you must submit the executed document to Astoria no sooner than your Termination Date
and no later than _____________. It must be personally delivered to ________, or his or her designee, or mailed to _____________,
Astoria Federal Savings and Loan Association, One Astoria Federal Plaza, Lake Success, New York 11042. If mailed, it must be postmarked
no later than ____________. You may not execute this Agreement before your Termination Date; if executed before your Termination
Date, it shall be null and void.

 

22.         [Revocation.
You may revoke this Agreement for a period of seven (7) calendar days following the day you execute this Agreement (“revocation
period”). Any revocation within this period must be submitted, in writing, to _____________, and state, "I hereby revoke
my acceptance of our Agreement and General Release." The revocation must be personally delivered to _____________or his her
designee, or mailed to _______________, Astoria Federal Savings and Loan Association, One Astoria Federal Plaza, Lake Success,
New York 11042-1085 and postmarked within seven (7) calendar days of execution of this Agreement. This Agreement shall not become
effective or enforceable until the revocation period has expired. If the last day of the revocation period is a Saturday, Sunday,
or legal holiday in the State of New York, then the revocation period shall not expire until the next following day which is not
a Saturday, Sunday, or legal holiday.]2

 

 

2
Delete for under 40.

 

    	 	A-5	 

     

    

 

23.         Entire
Agreement. This Agreement sets forth the entire agreement between the parties hereto, and fully supersedes any prior agreements
or understandings between the parties, other than any agreement(s) or covenant(s) previously executed by you to preserve the confidentiality
of the Employer’s data, documents, transactions or other information or to prohibit unfair competition by you. You acknowledge
that you have not relied on any representations, promises, or agreements of any kind in connection with the decision to sign this
Agreement, except for those set forth in this Agreement.

 

YOU HAVE BEEN ADVISED
THAT YOU HAVE [TWENTY-ONE (21)/FORTY-FIVE (45)] CALENDAR DAYS TO REVIEW THIS AGREEMENT AND HAVE BEEN ADVISED IN WRITING TO CONSULT
WITH AN ATTORNEY PRIOR TO EXECUTION OF THIS AGREEMENT. 

 

YOU AGREE THAT ANY
MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL [TWENTY-ONE (21)/FORTY-FIVE
(45)] CALENDAR DAY CONSIDERATION PERIOD. 

 

HAVING ELECTED TO
EXECUTE THIS AGREEMENT, TO FULFILL THE PROMISES AND TO RECEIVE THE SUMS AND BENEFITS IN PARAGRAPH 3 ABOVE, YOU FREELY AND KNOWINGLY,
AND AFTER DUE CONSIDERATION, ENTER INTO THIS AGREEMENT INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS YOU HAVE OR MIGHT HAVE
AGAINST EMPLOYER.

 

IN WITNESS WHEREOF, the
parties hereto knowingly and voluntarily executed this Agreement and General Release as of the date set forth below:

 

	 	 	 	ASTORIA FINANCIAL CORPORATION
	 	 	 	 
	 	 	 	 	 
	«Name»	 	 	By:	 
	 	 	 	 	 
	Date:	 	 	Date:	 

 

    	 	A-6acmb_ex101.htm

EXHIBIT 10.1

 

SHARE EXCHANGE AGREEMENT

 

THIS SHARE EXCHANGE AGREEMENT (this “Agreement”), dated as of the 31st day of December 2015 (this “Agreement”) is entered into by and among, AGRO CAPITAL MANAGEMENT CORP., a Nevada corporation registered with the U.S. Securities Exchange Commission and traded on OTC Markets/Pink Sheets (“AGRO”); CAPITAL EPITOME SDN BHD, a private Malaysian corporation (“CE”) and DATO MOHD NASIR BIN BABA, a Malaysian citizen (“DATO MOHD NASIR”) (each of CE and DATO MOHD NASIR are referred to herein as an “OWNER” and collectively, the “OWNERS”). AGRO and OWNERS are referred to singularly as a “Party” and collectively as the “Parties.”

 

WITNESSETH:

 

WHEREAS, OWNERS own 100% of the issued and outstanding shares of AGRO CAPITAL MANAGEMENT BERHAD, a Malaysian corporation (“Target”);

 

WHEREAS, Target is in the business of aquaculture development in Malaysia. 

 

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

 

WHEREAS, AGRO and OWNERS propose to enter into this Agreement which provides, among other things, that OWNERS will deliver the Target Shares to AGRO in exchange for an aggregate total of 30,000,000 shares of AGRO's common stock (the “Share Exchange”), on the terms and conditions set forth herein and such additional items as more fully described in this Agreement.

 

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

 

ARTICLE I

DEFINITIONS

 

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

 

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

	
 
	
 
	
 

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

	
 
	
 
	
 

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

	
 
	
 
	
 

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

	
 
	
 
	
 

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

  

	 
	1
	

 
	 

 

	
“Exchange Act”
	
 
	
the US Securities Exchange Act of 1934

	
 
	
 
	
 

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

	
 
	
 
	
 

	
“Securities Act”
	
 
	
the US Securities Act of 1933;

	
 
	
 
	
 

	
“SEC”
	
 
	
the US Securities and Exchange Commission;

	
 
	
 
	
 

	
“US”
	
 
	
United States of America;

	
 
	
 
	
 

	
“United States Dollars” or “US$”
	
 
	
United States dollars;

  

Section 1.02. Rules of Construction. 

 

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

 

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

 

ARTICLE II

THE SHARE EXCHANGE

 

Section 2.01. Share Exchange.

 

(a) Subject to and upon the terms and conditions of this Agreement, on the Closing Date (as defined hereafter), AGRO shall acquire all of the Target Shares with all of such interests acquired being free from all Encumbrances together with all rights now or hereafter attaching thereto. AGRO shall be sole owner of Target and Target shall continue to operate in its normal course of business, as a wholly-owned subsidiary of AGRO.

 

(b) In exchange for the delivery of the Target Shares, AGRO shall provide the following to OWNERS at the closing, an aggregate total of 30,000,000 shares of AGRO's common stock (the “Exchange Shares”). The Exchange Shares will be allocated to the OWNERS as follows:

  

	
DATO MOHD NASIR
	
17,00,000 shares

	
 
	
 

	
CE
	
13,000,000 shares

 

	 
	2
	

 
	 

 

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

 

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

 

Section 2.03. OWNERS’s Closing Documents. At the Closing, OWNERS shall tender to AGRO:

 

(a) Copies of a certificate(s) representing all of the Target Shares, duly endorsed for transfer by the applicable OWNER of such shares, which shall either be validly notarized or the signature thereon otherwise guaranteed and such certificates shall be marked as “cancelled”;

 

(b) One (1) new certificate issued by the Target in the name of AGRO representing the Target Shares;

 

(c) Certified copies of resolutions of the Board of Directors (or similar governing body) of each OWNER in a form satisfactory to AGRO, acting reasonably, authorizing:

 

(i) the execution and delivery of the agreement by each OWNER; and

 

(ii) the transfer of the Target shares to AGRO.

 

(d) A certified copy of the register of shareholders of Target showing AGRO as the registered owner of the Target Shares; and

 

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

 

Section 2.04. AGRO’s Closing Documents. At the Closing, AGRO will tender to OWNERS: 

 

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

 

(i) the execution and delivery of this Agreement by AGRO; and

 

(ii) the issuance of the Exchange Shares to OWNERS.

 

(b) Share certificates, registered in the name of OWNERS as set forth above or in such parties' names as directed by the OWNERS, representing the Exchange Shares; and

 

(c) A certificate executed by a duly appointed officer of AGRO certifying that the conditions in Section 9.0l(b) have been satisfied.

 

	 
	3
	

 
	 

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

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

 

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

 

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

 

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

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF AGRO

 

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

 

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

 

Section 4.03. Capitalization. AGRO's authorized capital stock, as of the Closing Date prior the issuance of the Exchange Shares, shall consist of 300,000,000 authorized shares of common stock, of which 72.5 million common shares are issued and outstanding. All of such issued and outstanding shares of AGRO's common stock are duly authorized, validly issued, fully paid and non-assessable. There are no outstanding options, warrants, agreements or rights to subscribe for or to purchase, or commitments to issue, shares of AGRO's common stock or any other security of AGRO or any plan for any of the foregoing. AGRO is not obligated to register the resale of any of its common stock on behalf of any shareholder of AGRO under the Securities Act.

 

Section 4.04. Subsidiaries. Prior to the Closing, AGRO does not have any subsidiaries.

 

Section 4.05. Articles of Incorporation and Bylaws. AGRO has heretofore delivered, or prior to Closing AGRO shall deliver, to OWNERS true, correct and complete copies of its Articles of Incorporation and Bylaws or comparable instruments, certified by AGRO's corporate secretary.

 

	 
	4
	

 
	 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 4.10. Contracts. 

 

(a) Excluding any obligation referenced in this Agreement, AGRO is not a party to

 

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

 

	 
	5
	

 
	 

 

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

 

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

 

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

 

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

 

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

 

(vii) joint venture contracts or agreements;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	 
	6
	

 
	 

 

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

 

Section 4.11. Material Information. This Agreement and all other information provided, in writing, by AGRO or representatives thereof to OWNERS, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make any statement contained herein or therein not misleading. There are no facts or conditions which have not been disclosed to OWNERS in writing which, individually or in the aggregate, could have a material adverse effect on AGRO or a material adverse effect on the ability of AGRO to perform any of its obligations pursuant to this Agreement.

 

Section 4.12. Brokerage. No broker or finder has acted, directly or indirectly, for AGRO nor did AGRO incur any finder's fee or other commission, in connection with the transactions contemplated by this Agreement.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF THE OWNERS

 

The OWNERS represent and warrant to AGRO as follows:

 

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

 

Section 5.02. Authorization. The execution, delivery and performance by OWNERS of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary actions, as the case may be, on the part of OWNERS. OWNERS have duly executed and delivered this Agreement and this Agreement constitutes a valid and binding agreement of OWNERS.

 

Section 5.03. Capitalization.

 

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

 

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

 

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

 

	 
	7
	

 
	 

 

Section 5.04. Subsidiaries. Target does not have any subsidiaries.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	 
	8
	

 
	 

 

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

 

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

 

Section 5.11. Articles of Incorporation and Bylaws. 

 

(a) OWNERS have heretofore delivered to AGRO true, correct and complete copies of Target's Articles of Incorporation and Bylaws or comparable instruments, certified by the corporate secretary thereof.

 

(b) The minute books of Target accurately reflect all actions taken at all meetings and consents in lieu of meetings of its respective members or owners, and all actions taken at all meetings and consents in lieu of meetings of its managing members from the date of incorporation to the date hereof.

 

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

 

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

 

Section 5.14. Actions and Proceedings. There are no outstanding orders, judgments, injunctions, awards or decrees of any court, governmental or regulatory body or arbitration tribunal against or involving Target or any OWNER. There are no actions, suits or claims or legal, regulatory, administrative or arbitration proceedings pending or, to the knowledge of OWNERS, threatened against or involving any OWNER, Target or the Target Shares.

 

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

 

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

 

	 
	9
	

 
	 

 

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

 

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

 

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

 

ARTICLE VI

COVENANTS AND AGREEMENTS OF OWNERS

 

Section 6.01. Conduct of Businesses in the Ordinary Course. From the date of this Agreement to the Closing Date, OWNERS shall cause Target to conduct its business substantially and the businesses of its subsidiaries in the manner in which it is currently conducted.

 

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

 

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

 

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

 

ARTICLE VII

COVENANTS AND AGREEMENTS OF AGRO

 

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

 

	 
	10
	

 
	 

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VIII

CONDITIONS PRECEDENT TO THE OBLIGATION OF AGRO TO CLOSE

 

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

 

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

 

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

 

	 
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Section 8.02. Governmental Permits and Approvals.

 

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

 

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

 

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

 

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

 

Section 8.05. Due Diligence Review. AGRO must have received results satisfactory to it, in its sole discretion, from its due diligence review of Target and its operations.

 

Section 8.06. Closing Documents. The OWNERS shall have executed and delivered the documents described in Section 2.03 above.

 

ARTICLE IX

CONDITIONS PRECEDENT TO THE OBLIGATION OF THE OWNERS TO CLOSE

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE X

TERMINATION

 

Section 10.01. Termination.

 

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

 

(i) by mutual written consent of OWNERS and AGRO;

 

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

 

(iii) by AGRO (a) if AGRO is not then in material breach of this Agreement and if there shall have been any breach by OWNERS (which has not been waived) of one or more of its representations or warranties, covenants or agreements set forth in this Agreement, which breach or breaches (A) would give rise to the failure of a condition set forth in Article VIII, and (B) shall not have been cured within thirty (30) days following receipt by OWNERS of written notice of such breach, or such longer period in the event that such breach cannot reasonably be expected to be cured within such 30-day period and OWNERS is diligently pursuing such cure, or (b) if AGRO has not received results satisfactory to it, in its sole discretion, from its due diligence review of Target and its operations; or

 

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

 

	 
	13
	

 
	 

 

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

 

Section 10.02. Effect of Termination. If this Agreement is terminated and the transactions contemplated hereby are abandoned as described in Section 10.0 I, this Agreement shall become null and void and of no further force and effect, except for the provisions of (i) Section I 0.0 I and this Section 10.02; and (ii) Section 11.01 relating to publicity. Nothing in this Section 10.02 shall be deemed to release any Party from any liability for any breach by such Party of the terms, conditions, covenants and other provisions of this Agreement or to impair the right of any Party to compel specific performance by any other Party of its obligations under this Agreement.

 

ARTICLE XI

POST-CLOSING COVENANTS

 

Section 11.01. OWNERS’ Covenants. The OWNERS hereby covenant with AGRO and promise as follows:

 

	
 
	(a)	To maintain the books, records, accounting and financial statements of Target and all operations related to its current business, in accordance with applicable accounting principles and practices.
	
 
	
 
	
 

	
 
	(b)	To maintain all of the legal requirements that permit Target to operate its current business under the federal and provincial laws and regulations of Singapore and comply with all other federal and provincial laws and regulations of Singapore.
	
 
	
 
	
 

	
 
	(c)	Not to incur any debt by Target in any event whatsoever, except with the prior written consent of the Board of Directors of AGRO.

 

ARTICLE 

MISCELLANEOUS

 

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

 

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

 

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

 

 

if to OWNERS, at:

 

Agro Capital Management Berhad

Block J, Level 7, Unit 13, Solaris Mount Kiara,

No 2, Jalan Solaris, 50480, Kuala Lumpur,

Malaysia

 

	 
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if to AGRO, at:

 

Agro Capital Management Corp c/o W. Scott Lawler, Esq.

Booth Udall Fuller PLC

1255 W Rio Salado Pkwy #215

Tempe, AZ 85281

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

AGRO INTERNATIONAL INC.,

a Nevada corporation 

 

By: ________________________

Name: Christopher Xavier Dorairaj

Title: CEO

 

CAPITAL EPITOME SDN BHD

a private Malaysian corporation

 

By: ________________________

Name: Mohammad Harez Danial

Title: Director

 

___________________________

DATO MOHD NASIR BIN BABA

 

	 
	16
	

 
	 

 

EXHIBIT A

 

Non-U.S. Person Certificate

 

	
Agro Capital Management Corp. c/o W. Scott Lawler, Esq.

Booth Udall Fuller, PLC

1255 W. Rio Salado Parkway

Suite 2l5

Tempe, AZ 85281
	
 December 31,2015

 

Defined terms used but not defined herein shall have the meaning ascribed to such terms in the Share Exchange Agreement (the “Share Agreement”) dated December 31, 2015, between AGRO CAPITAL MANAGEMENT CORP., a Nevada corporation (the “Company”); and CAPITAL EPITOME SDN BHD, a private Malaysian corporation (“CE”) and DATO MOHD NASIR BIN BABA (“Dato Mohd Nasir; Dato Mohd Nasir and CE are each an “Owner” and collectively, the “OWNERS”), whereby OWNERS are acquiring shares of the Company's common stock (the “Shares”).

  

	
1.
	
EACH OF THE UNDERSIGNED HEREBY REPRESENTS, WARRANTS AND CERTIFIES THAT:

	
 
	
 

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

 

Rule 902 under the U.S. Securities Act, defines a “U.S. Person” as: 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(H) Any partnership or corporation if:

 

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

 

(2) Formed by a U.S. Person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 50l(a) under the Securities Act) who are not natural person, estates or trusts.

 

	 
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The following are not “U.S. Persons:

 

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

 

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

 

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

 

(2) The estate is governed by foreign Law;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

	 
	18
	

 
	 

  

	
2.
	
THE UNDERSIGNED HEREBY COVENANTS THAT:

	
 
	
 

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

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

  

	
 
	(i)	The sale is to the Company;
	
 
	
 
	
 

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

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

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

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

  

	
3.
	
THE UNDERSIGNED ACKNOWLEDGES AND AGREES THAT:

	
 
	
 

	(a)	The Shares are and will be “restricted securities” as that term is defined in Rule 144 under the U.S. Securities Act, and the certificates representing the Shares, as well as all certificates issued in exchange for or in substitution of the foregoing, until such time as is no longer required under the applicable requirements of the U.S. Securities Act or applicable state securities laws, will be subject to the terms of and bear, on the face of such certificate, a legend in substantially the following for:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “U.S. SECURITIES ACT”) OR ANY STATE SECURITIES LAWS, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT. THESE SECURITIES ARE RESTRICTED SECURITIES (AS DEFINED UNDER RULE 144 UNDER THE U.S. SECURITIES ACT) AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF FOR VALUE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATIONS PROMULGATED UNDER THE U.S. SECURITIES ACT, PURSUANT TO REGISTRATION UNDER THE U.S. SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION THEREUNDER.

 

	 
	19
	

 
	 

 

DURING THE RESTRICTED PERIOD, WHICH DOES NOT END UNTIL ONE (1) FROM THE DATE THAT THE ISSUER OF THESE SECURITIES IS DEEMED NOT TO BE A “SHELL” COMPANY, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY WITHIN THE UNITED STATES, TO A U.S. PERSON (AS DEFINIED IN REGULATIONS UNDER THE U.S. SECURITIES ACT), OR FOR THE ACOUNT OR BENEFIT OF A U.S. PERSON, EXCEPT PURSUANT TO REGISTRATION UNDER THE U.S. SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION THEREUNDER. DURING THE RESTRICTED PERIOD HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS SUCH TRANSACTIONS ARE MADE IN COMPLIANCE WITH THE U.S. SECURITES ACT. THIS PARAGRAPH SHALL HAVE NO FURTHER EFFECT SUBSEQUENT TO THE EXPIRATION OF THE RESTRICTED PERIOD AND THEREAFTER MAY BE REMOVED.

 

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

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

 

 

December 21,2015

  

CAPITAL EPITOME SDN BHD,

a private Malaysian corporation

 

 

By: _____________________________

Name: 

Title:

 

________________________________

Name: DATO MOHD NASIR BIN BABA

 

 

	
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