Document:

EXHIBIT 10.25

CANCELLATION
AGREEMENT

 

This
Cancellation Agreement (this "Cancellation Agreement") is made as of January 21, 2016
by and between Star Vending Services Corp., f/k/a,
ANDES 6 Inc., a Delaware Corporation ("Star Vending"), Star Vending Acquisition Corp., a Nevada Corporation ("Star
Vending AQC ") and Robert Thadeus Management Corp., a Nevada Corporation ("RTM") and The Wiebort Living Trust.

 

R E C I T A
L S

 

A.
As of January 21, 2016, the parties to this Agreement entered into an Agreement and Plan of Merger which provided for the merger
of Star Vending AQC, as a wholly-owned subsidiary of Star Vending, into RTM, by which RTM becomes a wholly-owned subsidiary of
Star Vending and issues shares to The Wiebort Living Trust in exchange for all of its shares in RTM. This Agreement provides for
the cancellation of all of the shares of The Wiebort Living Trust in Star Vending to enable the completion of merger transaction
by the issuance of newly issued shares to The Wiebort Living Trust in exchange for its shares in RTM.

 

B.
Star Vending was incorporated in Delaware on January 29, 2015 as ANDES 6 Inc. Its current authorized capital stock consists of:
(1) 100,000,000 shares of Common Stock, 0.0001 par value ("Star Vending, Common Stock"), of which 10,000,000 shares are
issued and outstanding; and (2) 5,000,000 shares of Preferred Stock, 0.0001 par value ("Star Vending Preferred Stock"),
none of which is outstanding. All issued and outstanding shares of Star Vending owned by The Wiebort Living Trust (99.5%) and Richard
Chiang (0.05%). The shares owned by The Wiebort Living Trust are being cancelled and reissued in conjunction with the merger provided
for in this Agreement.

 

C.
Star Vending AQC was incorporated in Nevada on January 13, 2016. Its authorized capital stock consists of: (1) 10 shares of Common
Stock, ("Star Vending AQC Common Stock"), of which 10 shares are issued and outstanding; with (2) no shares of Preferred
Stock or any other class of stock. All issued and outstanding shares of Star Vending AQC are owned by Star Vending.

D. RTM was
incorporated in Nevada on February 13, 2013. Its authorized capital stock consists of: (1) 10 shares of Common Stock, par value
$.01 dollars per share ("RTM Common Stock"), of which 10 shares are issued and outstanding; with (2) no shares of Preferred
Stock or any other class of stock. All issued and outstanding shares of RTM are owned by The Wiebort Living Trust.

 

E. The
respective Boards of Directors of Star Vending, Star Vending AQC, and RTM have each determined that it is advisable and in
the best interests of their respective stockholders that Star Vending AQC merge with and into RTM upon the terms and subject
to the conditions set forth in this Merger Agreement for the purpose of effecting a merger between Star Vending AQC with and
into RTM so that RTM becomes a wholly owned subsidiary of Star Vending.

 

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	F.  The Board of Directors of each of the Constituent Corporations has approved the Merger Agreement. 
	 

G. For
United States federal income tax purposes, it is intended that the Merger shall qualify as a “reorganization” within
the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and that this Agreement
shall be, and is hereby, adopted as a “plan of reorganization” for purposes of Section 368(a) of the Code.

 

H.
The Parties desire in this Agreement to make certain representations, warranties, covenants, and agreements in connection with,
and establish certain conditions precedent to, the Merger.

 

              
NOW, THEREFORE, the parties do hereby agree that Star Vending AQC shall merge with and into RTM on the following terms, conditions
and other provisions:

THE MERGER

1.
MERGER AND EFFECTIVE TIME. At the Effective Time (as defined below), Star Vending AQC shall be merged with and into RTM (the "Merger"),
and RTM shall be the surviving Corporation of the Merger (the "Surviving Corporation"). The Merger shall become effective
upon the close of business on the date when a duly executed copy of this Merger Agreement, along with all required officers' certificates,
is filed with the Secretary of State of the State of Nevada (the "Effective Time").

2. SHARE
CANCELLATION. Immediately prior to the Effective Time, and contingent upon the consummation of the Merger, all of the 9,950,000
shares of common stock of The Wiebort Living Trust in Star Vending shall be cancelled in exchange for and in consideration of the
rights acquired by The Wiebort Living Trust in the Agreement and Plan of Merger through this Agreement, and such shares shall be
of no further force and effect.

 

3.
STOCK CERTIFICATES. At and after the Effective Time, all of the outstanding certificates owned by The Wiebort Living Trust, that,
prior to that date; represented shares of Star Vending Stock shall, until such certificate(s) shall have been surrendered, be entitled
to exercise any voting and other rights with respect to, and to receive any dividend and other distributions upon, the shares of
RTM Common Stock evidenced by such outstanding certificate(s) as above provided.

 

4.
TAX-FREE REORGANIZATION. The Merger is intended to be a tax-free plan of reorganization within the meaning of Section 368(a)(1)(F)
of the Code.

 

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5.
GOVERNING LAW. This Agreement shall be governed by and construed under the laws of the State of Delaware.

 

IN WITNESS WHEREOF,
this Cancellation Agreement is hereby executed on behalf of each of the Constituent Corporations and attested by their respective
officers hereunto duly

authorized.

 

 

ROBERT THADEUS MANAGEMENT CORP.

a Nevada Corporation

 

By: _/s/_Robert Wiebort

Robert Wiebort

President and Chief Executive Officer

 

By: _/s/_Robert Wiebort

Robert Wiebort

VP Secretary

 

STAR VENDING SERVICES
CORP., fka, ANDES 6 Inc.

a Delaware Corporation

 

By: _/s/_Robert Wiebort

Robert Wiebort

President and Chief Executive Officer

By: _/s/_Patrick_Paggi

Patrick Paggi

Chief Financial Officer

 

By: _/s/_Sandra Wiebort

Sandra Wiebort

VP Secretary

 

 

The Wiebort Living Trust

 

By: _/s/_Robert Wiebort

Robert Wiebort, Trustee

 

 

 

    	3ex4-1.htm

 

EXECUTION VERSION

UTI WORLDWIDE INC.,

 

AS ISSUER,

 

TO

 

WELLS FARGO BANK, NATIONALASSOCIATION,

 

AS TRUSTEE

___________________________

 

FIRST SUPPLEMENTAL INDENTURE

 

DATED AS OF JANUARY 22, 2016

 

SUPPLEMENTING AND AMENDING THE INDENTURE

DATED AS OF MARCH 4, 2014

 

(4.50% Convertible Senior Notes due 2019)

  

  

  

THIS FIRST SUPPLEMENTAL INDENTURE, dated as of January 22, 2016, (hereinafter called the “Supplemental Indenture”), is by and among UTI WORLDWIDE INC., a business company incorporated under the laws of the British Virgin Islands (hereinafter called the “Company”), and WELLS FARGO BANK, NATIONALASSOCIATION, a national banking association, as Trustee hereunder (hereinafter called the “Trustee”).

 

WHEREAS, the Company and the Trustee are parties to an Indenture, dated as of March 4, 2014 (the “Original Indenture”), relating to the issuance by the Company of 4.50% Convertible Senior Notes due 2019 (the “2019 Notes”);

 

WHEREAS, the Company is a party to that certain Merger Agreement (including a form of plan of merger and articles of merger) among DSV A/S (“DSV”) and Louvre Acquisitionco, Inc. (“Merger Sub”), dated as of October 9, 2015 (the “Merger Agreement”), whereby, at the effective time of the transactions contemplated therein (the “Effective Time”), Merger Sub will be merged with and into the Company, and each ordinary share of the Company, no par value, will be converted into the right to receive $7.10 in cash, without interest, (the “Ordinary Share Merger Consideration”) with the Company surviving the merger as an indirect wholly-owned subsidiary of DSV (collectively referred to herein as the “Merger”) with the Merger constituting a Merger Event under the Original Indenture;

 

WHEREAS, the Company has duly authorized the execution and delivery of this Supplemental Indenture;

 

WHEREAS, Section 14.07 of the Original Indenture provides that in the event of a Merger Event, then prior to or at the effective time of such Merger Event the Company shall execute with the Trustee a supplemental indenture permitted under Section 10.01(h) of the Original Indenture;

 

WHEREAS, the Company has furnished the Trustee with an Officers’ Certificate and an Opinion of Counsel complying with the requirements of Article 10 of the Original Indenture, stating that the execution of this Supplemental Indenture is permitted or authorized by the Original Indenture, and that this Supplemental Indenture is the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms;

 

WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company and the Trustee and a valid amendment of, and supplement to, the Original Indenture have been done.  The entry into this Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the Original Indenture;

 

NOW THEREFORE:

 

It is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the 2019 Notes, as follows:

 

ARTICLE I

  

  

  

RELATION TO ORIGINAL INDENTURE;

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1         Definitions. For all purposes of the Original Indenture and this Supplemental Indenture as they relate to the 2019 Notes, except as otherwise expressly provided or unless the context otherwise requires:

 

	
  

	
(a)

	
capitalized terms used but not defined herein are used as they are defined in the Original Indenture;

 

	
  

	
(b)

	
the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision.

 

ARTICLE II

 

CONVERSION INTO ORDINARY SHARE MERGER CONSIDERATION

 

Section 2.1         Effect of Merger.  In accordance with Section 14.07 of the Original Indenture, from and after the Effective Time of the Merger, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the Ordinary Share Merger Consideration which such Holder would have received upon consummation of the Merger if such Holder had converted such $1,000 principal amount of Notes into Ordinary Shares (as defined in the Original Indenture) immediately before the Effective Time of the Merger.

 

Section 2.2         Adjustments to Conversion Price.  As and to the extent required by Section 14.07 of the Original Indenture, any Ordinary Shares that the Company would have been required to deliver upon conversion of the Notes in accordance with Section 14.02 shall instead be deliverable in the Ordinary Share Merger Consideration that number of Ordinary Shares would have been entitled to receive as a result of the Merger.

 

ARTICLE III

 

MISCELLANEOUS

 

Section 3.1         Concerning the Trustee; Force Majeure.  The Trustee assumes no duties, responsibilities or liabilities by reason of this Supplemental Indenture other than as set forth in the Original Indenture.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company.

 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are

 

  

  

  

consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 3.2         Supplemental Indenture Controls.  In the event of a conflict or inconsistency between the Original Indenture and this Supplemental Indenture, the provisions of this Supplemental Indenture shall control.

 

Section 3.3         Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 3.4         Multiple Originals.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  One originally signed copy is enough to prove this Supplemental Indenture.

 

Section 3.5         Confirmation of Indenture.  The Original Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed by the Company and the Trustee.

 

Section 3.6         Headings and Table of Contents.  The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

  

  

  

IN WITNESS WHEREOF, the undersigned, being duly authorized, have executed this Supplemental Indenture on behalf of the respective parties hereto as of the date first above written.

 

	  	  	
UTI WORLDWIDE INC.

	  	  	  
	  	  	  	  
	  	
By:   

	
/s/Lance E. D’Amico

	  	  	
Name:   

	
Lance E. D’Amico

	  	  	
Title:

	
Chief Administrative Officer

	  	  	  	  
	  	  	  	  
	  	
Attest:

	  	  	  	  
	  	  	  	  
	  	  	
/s/ Richard Rodick

	  	  	
Name:

	
Richard Rodick

	  	  	
Title:

	
Chief Financial Officer

 

UTi Signature Page

First Supplemental Indenture for 2019 Notes

  

  

  

	  	  	
WELLS FARGO BANK, NATIONAL ASSOCIATION

	  	  	  
	  	  	  	  
	  	
By:   

	
/s/Michael Tu

	  	  	
Name:   

	
Michael Tu

	  	  	
Title:

	
Assistant Vice President

Trustee Signature Page

First Supplemental Indenture for 2019 Notes

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