Document:

exh10-1.htm

 

  

Pan Pacific Group International Ltd

 

North, Central & South America, Asia, Africa, Middle East, Eastern &Western Europe, and the Caribbean

 

 

Exhibit 10.1

 

March 20th, 2012

LETTER OF AGREEMENT

Monar International Inc

1103 United Success Commercial Center

508 Jaffee Road, Causeway Bay

Hong Kong, China

Attn:         Mr. Robert Clarke

    Director

Dear Sir:

Re:  OFFER TO PROVIDE SERVICES FOR MONAR INTERNATIONAL INC.’S SURINAME TIMBER AND LUMBER BUSINESS

Subject to and in accordance with the terms and conditions contained herein, this letter of agreement (the “Letter  Agreement”) will set forth the basic understandings, terms and conditions relating to the  services to be provided to Monar International Inc. (“Monar”), a company  organized under the laws of Nevada, United States of America, for Monar’s Suriname Timber and Lumber Business (the “Transaction”)  by the Pan Pacific Group International Ltd. (“PPGI”), a company organized under the laws of Trinidad & Tobago.

Monar and PPGI also acknowledge that they intend to enter into an additional service agreement by way of a more formal agreement (the “Formal Agreement”) and other documents that more fully delineate and formalize the terms outlined in this Letter Agreement, failing which the following terms will apply:

	
1.  

	
Form of Transaction.

PPGI and Monar have agreed to the terms as follows:

	
a.     

	
PPGI will be paid a 10% fee on amounts for negotiating logging contracts in the Republic of Suriname as per the attached schedule (“Schedule A”) to be completed over a 4-year period from commencement of the final agreement.

	
b.     

	
PPGI will be paidUS$5.00 per cubic metre for Asia and European export logs payable FOB Suriname.

  

43B Country Road, Orange Grove, Trincity, Trinidad & Tobago Phone: (597) 880 - 1771

Email: panpacificgrp@gmail.com Website: panpacificgrp.com

  

  

  

	
c.     

	
PPGI will be responsible for supervision of logging operations and all local administrative and support activities to facilitate the export of logs and lumber and the sale of domestic logs and lumber.

	
d.     

	
PPGI is to receive a setup fee of USD20,000 payable upon signing of the formal agreement and a monthly administration fee to cover expected costs, such fee to be determined as part of the final agreement effective 30 days after commencement of operations.

	
e.     

	
PPGI is to receive 10% of net profits on the Domestic log and lumber sales.

 

	
f.     

	
PPGI will receive 500,000 restricted shares of Monar to be earned over four years as per the performance schedule specified in the formal agreement and based on production of domestic and export logs.

2.     Formal Agreement.

Additional terms, conditions and provisions may be contained in a Formal Agreement, which will be prepared and executed in form and substance satisfactory to Monar and PPGI and their respective legal counsel within 30 days of this agreement.

3.     Due Diligence.

The parties’ obligations under this Letter Agreement shall be subject to the following conditions:

  (a)  Monar shall complete due diligence to its  satisfaction  and that of its counsel, as to corporate status, compliance with applicable laws, assets, liabilities, business relationship, employees and consultants available and business abilities of PPGI within Thirty (30) days after entering into this Letter Agreement.

  (b)  PPGI will provide Monar and its respective representatives, agents and advisers with reasonable access to, and copies of, all books, records, files and documents in PPGI as may be reasonably requested by Monar. in order that Monar may satisfy itself as to all matters relating to the business, ownership, assets, operations and liabilities of PPGI.

4.     Representations and Warranties.

The Formal Agreement shall contain usual and customary representations and warranties by all of the parties in this agreement including but not limited to:

(i)    due incorporation and good standing;

(ii)   due authorization of the transactions and agreements relating thereto;

(iii)  title of each such corporation to its assets;

(iv)  correctness of financial statements;

 

43B Country Road, Orange Grove, Trincity, Trinidad & Tobago Phone: (597) 880 - 1771

Email: panpacificgrp@gmail.com Website: panpacificgrp.com

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(v)   condition of properties, equipment and other material assets;

(vi)  absence of undisclosed or contingent liabilities;

(vii) absence  of any  material adverse change  since the date of its most recent  financial  statements  in the  financial condition, results or prospects of such corporation;

(viii)absence of tax liabilities other than on a current basis;

(ix)  absence of any threatened or pending litigation; and

(x)   continuing validity of contracts, licenses and permits;

5.     Indemnification.

All parties to this agreement shall agree to indemnify the other against any loss, damage, expense, judgment or payment (including expenses of investigation, attorney’s fees and litigation expenses) resulting from the inaccuracy of any representation or warranty made by such party in the Formal Agreement.

6.     Consents.

All parties to this agreement will cooperate with one another and proceed, as promptly as is reasonably practicable to seek to obtain all necessary consents and approvals, and to endeavor to comply with all other legal or contractual requirements for or preconditions to the execution and consummation of the Formal Agreement.

7.     Confidentiality.

All parties agree to treat all information (including but not limited to any  information  identified  as “confidential”  in writing and any such information which by its content or from the  manner  in  which  it  is  provided  could reasonably  be  deemed  to  be confidential)  concerning  the other  furnished,  or to be  furnished,  by or on behalf  of the  other  in  accordance  with  the  provisions  of this  paragraph(collectively,  the “Information”),  and to take, or abstain from taking,  other actions set forth herein. The Information will be used solely for the purpose of evaluating  the proposed  transactions,  and will be kept  confidential  by each corporation and its officers, directors, employees, representatives, agents, and advisors;  provided that (i) any of such  Information may be disclosed by either corporation to its officers, directors, employees, representatives,  agents, and advisors who need to know such  information  for the purpose of  evaluating  the proposed  transactions,  (ii) any disclosure of such  information may be made to which each  corporation  consents  in  writing,  (iii) such  information  may be disclosed  if so required  by law and (iv) such  obligation  of  confidentiality shall expire upon such confidential  information  becoming public by means other than a breach of this paragraph. If the proposed Transaction is not consummated all parties will promptly return all documents, contracts, records, or properties to the other.  The provisions of this paragraph shall survive the termination of this Letter Agreement.

8.     Public Disclosure.

  

43B Country Road, Orange Grove, Trincity, Trinidad & Tobago Phone: (597) 880 - 1771

Email: panpacificgrp@gmail.com Website: panpacificgrp.com

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Before the closing of the proposed Transaction, neither party shall make any public release of information regarding the matters contemplated  herein except (i) that press releases shall be issued by PPGI as promptly as is practicable after the execution of this Letter Agreement, that PPGI may each continue such communications with employees, customers, suppliers, franchisees, lenders, leasers, shareholders, and other particular groups as may be legally required or necessary or appropriate and not inconsistent with the best interests of the other party or the prompt consummation of the transactions contemplated by this Letter Agreement, and (iii) as required by law.

9.     Reasonable Commercial Efforts.

All parties will negotiate in good faith and use its reasonably commercial efforts to arrive at a mutually acceptable Formal Agreement for approval, execution, and delivery on the earliest reasonably practicable date. PPGI will pursue its due diligence investigation of the business, financial condition and in good faith and with reasonable dispatch. Each party hereto will also use it reasonable  commercial  efforts (subject to all the terms and conditions  here of and the Formal  Agreement)  to effect  the  closing  of the  Transaction  and to proceed with the  transactions  contemplated  in this Letter  Agreement  and the Formal Agreement as promptly as is reasonably practicable.

10.   Costs.

Monar and PPGI will each be solely responsible for and bear all of its own respective expenses, including, without limitation, expenses of legal counsel ,accountants,  financial  and other  advisors,  incurred at any time in connection  with pursuing  or  consummating the  Formal Agreement  and  the transactions contemplated herein.

11.   Execution in Counterparts.

This  Letter  Agreement  may be  executed  in original or  counterpart  form,  delivered by facsimile or  otherwise,  and when executed  by the  parties  as  aforesaid,  shall be  deemed  to  constitute  one agreement and shall take effect as such.

12.   Governing Law.

The situs of this Letter  Agreement is  the State of Nevada, USA and  for  all  purposes  this  Letter  Agreement  will  be  governed exclusively by and construed and enforced in accordance with the laws and Courts of the State of Nevada, USA.

13.   Expiration Date.

In the event that the formal agreement cannot be finalized between the two parties by April 30, 2012, then this Letter of Agreement will expire without liability to either party.

If the parties wish to accept the terms and conditions set forth above, please execute this Letter Agreement and return an originally signed copy to the undersigned.  Upon

  

43B Country Road, Orange Grove, Trincity, Trinidad & Tobago Phone: (597) 880 - 1771

Email: panpacificgrp@gmail.com Website: panpacificgrp.com

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such execution and return, this Letter of Agreement shall constitute a binding agreement upon the parties.

	
Monar International Ltd

	
Per:

	  	
Dated: April 10, 2012

	  	  	  
	  	  	  
	
ROBERT CLARKE

	  	  
	
Mr. Robert Clarke

	  	
Authorized Signatory

	
President & CEO

	  	  
	  	  	  
	  	  	  
	  	  	  
	
Pan Pacific Group International Ltd

	
Per:

	  	
Dated: March 20, 2012

	  	  	  
	  	  	  
	
JOHN E. VAN DYKE

	  	  
	
Mr. John E. Van Dyke

	  	
Authorized Signatory

	
Managing Director

	  	  

  

43B Country Road, Orange Grove, Trincity, Trinidad & Tobago Phone: (597) 880 - 1771

Email: panpacificgrp@gmail.com Website: panpacificgrp.com

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Schedule A

Terms and Conditions

Monar agrees to retain PPGI as an agent/consultant to develop logging and lumber business based on Suriname timber resources aimed primarily at exports to China.  Monar will provide capital at its discretion and as it deem appropriate as well as its contacts in the Chinese and other markets and PPGI will provide local services in Suriname as well as its knowledge of the market and economic conditions in Suriname.

In addition, PPGI will seek opportunities where Monar can obtain or rented timber concessions in Suriname whereby Monar will assist with financial and export arrangements, as well as securing foreign buyers.

The basic terms and conditions governing the business relationship between PPGI and Monar are:

	
a.     

	
PPGI will be paid a 10% fee of the value of logging contracts negotiated in the Republic of Suriname as further detailed below.  All logging contracts are to be at market prices, or lower if obtainable

	
b.     

	
Term of the agreement is 4 years from the date of this Letter Agreement

	
c.     

	
PPGI will be paid a commission of USD5.00 per cubic meter for logs exported to Asia and Europe.  This commission to be payable when the logs are FOB Suriname.

	
d.     

	
PPGI to provide supervision of Suriname logging operations and all local administrative and support activities in Suriname for the export of logs and lumber and the sale of domestic logs and lumber.

	
e.     

	
Monar will play PPGI a one-time set-up fee of USD 20,000 upon signing of the Formal Agreement and a monthly administration fee as defined in the Formal Agreement, such fee to be payable 30 days after commencement of operations.

	
f.     

	
PPGI is to receive 10% of net profits on the domestic log and lumber sales, as defined in the Formal Agreement.

	
g.     

	
Monar will reserve 500,000 restricted shares for PPGI will receive 500,000 restricted shares, to be earned over four years as per the performance schedule specified in the Formal Agreement and based on production of domestic and export logs.

  

43B Country Road, Orange Grove, Trincity, Trinidad & Tobago Phone: (597) 880 - 1771

Email: panpacificgrp@gmail.com Website: panpacificgrp.com

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Log/Lumber Contracts

First year 100,000 cu. m.

Second year 150,000 cu. m.

Third year 200,000 cu. m.

Fourth year 250,000 cu. m.

Monar Shares Escrowed Arrangement:

Shares to be released as follows:

	
Share Release:

	  	  	
Required

	  
	  	
Domestic

	
Export

	  	
Domestic

	
Export

	  
	
Year 1

	
62,500

	
62,500

	  	
75,000

	
25,000

	  
	
Year 2

	
62,500

	
62,500

	  	
100,000

	
50,000

	  
	
Year 3

	
62,500

	
62,500

	  	
125,000

	
75,000

	  
	
Year 4

	
62,500

	
62,500

	  	
150,000

	
100,000

	  

Deduct 50% of all prior net amounts paid from Share market values to a maximum of 50% of share values.

  

43B Country Road, Orange Grove, Trincity, Trinidad & Tobago Phone: (597) 880 - 1771

Email: panpacificgrp@gmail.com Website: panpacificgrp.com

Page 7Unassociated Document

Exhibit 10.1

 

ASSET PURCHASE AGREEMENT

This Asset Purchase Agreement (this “Agreement”) made as of April 4, 2012, by and among Vanity Events Holding, Inc., a Delaware corporation (“Buyer”) and Aegis Worldwide, LLC, a New York limited liability company (“Seller”).

WHEREAS, subject to the terms and conditions hereof, Seller desires to sell, transfer and assign to Buyer, and Buyer desires to purchase from Seller, all right, title and interest and goodwill in or associated with the domain names set forth on Schedule 1.1 hereto that Seller has adopted, used and registered with GoDaddy.com and NetworkSolutions.com (the “Domain Names”).

NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows:

SECTION 1.                                PURCHASE AND SALE OF ASSETS.

1.1           Sale of Assets.  Subject to the terms and conditions of this Agreement, the Buyer agrees to purchase from the Seller, and the Seller agrees to sell, transfer, convey, and deliver to the Buyer, all of Seller’s right, title and interest and goodwill in or associated with the Domain Names along set forth on Schedule 1.1 hereto along with any information or materials proprietary to the Seller that relate to the  business or affairs associated with the Domain Names which is of a confidential nature, including, but not limited to, trade secrets, information or materials relating to existing or proposed products (in all and various stages of development), “know-how”, marketing techniques and materials, marketing and development plans and pricing policies (collectively, “Proprietary Information”) but excluding the Excluded Assets (the “Assets”) free and clear of all, claims, liens, mortgages, pledges, contractual restrictions, security interests and encumbrances of any nature, kind or description whatsoever (collectively “Encumbrances”).

1.2           Excluded Assets.  There shall be excluded from the Assets and retained by Seller, the following assets (the “Excluded Assets”):

(a)           All other assets of Seller which are not identified on Schedule 1.1 or otherwise necessary to the operation of the Domain Names;

(b)           all cash, cash equivalents and short-term investments, and accounts receivables;

(c)           all books of account, records (including, without limitation, financial records and employment records), files, telephone numbers, facsimile numbers, internet addresses, web pages, e-mail accounts, any similar data and intellectual property, except to the extent directly associated with or included in the Assets;

(d)           Seller’s corporate minute book, stock records, warrant records, stock option grant records and corporate seal; and

(e)           any receivables of the Seller, as of the Closing Date.

1.3           Excluded Liabilities. Buyer does not assume or take or shall become subject to any claims, debts, commitments, liabilities or obligations of Seller whatsoever whether arising prior to, on or after the Closing Date, which are not expressly assumed pursuant to Section 1.4 and which shall remain the sole obligation of Seller. Without limiting the generality of the foregoing, “Excluded Liabilities” includes, but not limited to: (a) all taxes, including those arising in connection with the purchase and sale of the Assets, (b) accounts payable, (c) accrued expenses, including employment termination expenses, severance obligations and accrued vacation pay, (d) any liabilities arising from environmental matters, (f) indemnification obligations, (g) any liabilities, fines or penalties for violations of laws, (h) costs and expenses associated with the negotiation and consummation of the transactions contemplated herein, (i) claims relating to the Excluded Assets, (j) loans payable, (k) any  indebtedness, and (l) broker’s fees.

 

 

 

  

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1.4           Purchase Price; Closing.

(a) Purchase Price.  In consideration of the sale by Seller to Buyer of the Assets, and satisfaction of the conditions contained herein, Buyer shall issue the Seller 1,000,000 shares of the Buyer’s common stock, par value $0.001 per share (the “Shares”).

(b) Closing. The consummation of the transactions contemplated in this Agreement (the “Closing”) shall take place at the offices of the Company, at 10:00 a.m. EST on April 5, 2012, or such earlier date and at such other time as the parties mutually agree in writing (the “Closing Date”).

1.5           Effectuate Transfer.  Assignor agrees to cooperate with Assignee and to follow Assignee’s instructions in order to effectuate the transfer of the Domain Name registration in a timely manner, including the payment of any fees associated with such transfer.  Specifically, Transferor agrees to prepare to transmit the necessary GoDaddy and Network Solutions registration deletion templates and/or correspond with the above to authorize transfer of the Domain Names.

1.6           Further Assurances.  Seller shall, from time to time after the consummation of the transactions contemplated herein, at the request of Buyer and without further consideration, execute and deliver further instruments of transfer and assignment and take such other action as Buyer may reasonably require to more effectively transfer and assign to, and vest in, Buyer the Assets free and clear of all Encumbrances.

1.7           Transfer of Subject Assets.  Seller shall deliver or cause to be delivered to Buyer good and sufficient instruments of transfer transferring to Buyer title to all of the Assets, together with all required consents.  Such instruments of transfer (a) shall contain appropriate warranties and covenants which are usual and customary for transferring the type of property involved under the laws of the jurisdictions applicable to such transfers, (b) shall be in form and substance reasonably satisfactory to Buyer and its counsel, (c) shall effectively vest in Buyer good and marketable title to all of the Assets free and clear of all Encumbrances, and (d) where applicable, shall be accompanied by evidence of the discharge of all Encumbrances against the Assets.  Buyer agrees and acknowledges that the form of instrument of transfer attached hereto as Exhibit 1.7 is acceptable form of Bill of Sale.

SECTION 2.                                REPRESENTATIONS AND WARRANTIES OF SELLER.  In order to induce Buyer to enter into this Agreement, Seller, hereby represents and warrants to Buyer as follows:

2.1           Organization.  Seller is a limited liability company duly organized, validly existing and in good standing under the laws of the State of New York, with full corporate power and authority to own or lease its properties and to conduct its business in the manner and in the places where such properties are owned or leased or such business is currently conducted or proposed to be conducted.

2.2           Required Action.  All actions and proceedings necessary to be taken by or on the part of Seller in connection with the transactions contemplated by this Agreement have been duly and validly taken, and this Agreement and each other agreement, document and instrument to be executed and delivered by or on behalf of Seller pursuant to, or as contemplated by, this Agreement (collectively, the "Seller Documents”) has been duly and validly authorized, executed and delivered by Seller and no other action on the part of Seller or is required in connection therewith.  Seller has full right, authority, power and capacity to execute and deliver this Agreement and each other Seller Document and to carry out the transactions contemplated hereby and thereby.  This Agreement and each other Seller Document constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of Seller, enforceable in accordance with its respective terms.

2.3           No Conflicts.  The execution, delivery and performance by Seller of this Agreement and each other Seller Document does not and will not (i) violate any provision of the certificate of formation and the operating agreement of Seller, in each case as amended to date, (ii) constitute a violation of, or conflict with or result in any breach of, acceleration of any obligation under, right of termination under, or default under, any agreement or instrument to which Seller is a party or by which Seller or the Assets is bound, (iii) violate any judgment, decree, order, statute, rule or regulation applicable to Seller or the Assets, (iv) require Seller to obtain any approval, consent or waiver of, or to make any filing with, any person or entity (governmental or otherwise) that has not been obtained or made or (v) result in the creation or imposition of any Encumbrance on any of the Assets.

 2.4           Compliance with Laws.  Seller’s operation of the Assets is in compliance in all material respects with all applicable statutes, ordinances, orders, rules and regulations promulgated by any federal, state, municipal or other governmental authority, and Seller has not received notice of a violation or alleged violation of any such statute, ordinance, order, rule or regulation.

2.5           Title.  Seller has good and marketable title to all of the Assets free and clear of all Encumbrances.  Upon the sale, assignment, transfer and delivery of the Assets to Buyer hereunder and under the Seller Documents, there will be vested in Buyer good, marketable and indefeasible title to the Assets, free and clear of all Encumbrances.  The Assets include all of the assets and properties necessary for Buyer to operate the Assets in the same manner as such is currently operated by Seller.

2.6           Brokers.  Seller has not retained any broker or finder or other person who would have any valid claim against any of the parties to this Agreement for a commission or brokerage fee in connection with this Agreement or the transactions contemplated hereby.

2.7           Disclosure.  The representations, warranties and statements contained in this Agreement and in the certificates, exhibits and schedules delivered by Seller to Buyer pursuant to this Agreement do not contain any untrue statement of a material fact, and, when taken together, do not omit to state a material fact required to be stated therein or necessary in order to make such representations, warranties or statements not misleading in light of the circumstances under which they were made.  There are no facts known to Seller which presently or may in the future have a material adverse affect on Seller’s business, properties, assets, prospects, operations or (financial or other) condition related to the Business of Seller which has not been specifically disclosed herein or in a Schedule furnished herewith, other than general economic conditions affecting the Internet services industry generally.

2.8           Investment Representation.  In connection with the receipt of the Shares, Seller hereby represents and warrants:

(a)           No Registration

.  Seller understands that the Shares has not been and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”) and shall be issued by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of Seller’s representations as expressed herein or otherwise made pursuant hereto.

(b)           Investment Intent.  Seller is acquiring the Shares for investment for its own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof, and Seller has no present intention of selling, granting any participation in, or otherwise distributing the same.  Seller further represents that it does not have any contract, undertaking, agreement or arrangement with any person or entity to sell, transfer or grant participation to such person or entity or to any third person or entity with respect to the Shares.

 

 

  

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(c)        Speculative Nature of Investment

.  Seller understands that an investment in Buyer is highly speculative and involves substantial risks.  Seller can bear the economic risk of acquiring and holding the Shares and is able to hold the Shares for an indefinite period of time and to suffer a complete loss on such Shares.

(d)           Legends

.  Seller understands and agrees that the certificates evidencing the Shares shall bear a legend substantially similar to the following (in addition to any legend required under applicable state securities laws):

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.”

SECTION 3.                                REPRESENTATIONS AND WARRANTIES OF BUYER.  As a material inducement to Seller entering into this Agreement, Buyer hereby represents and warrants to Seller as follows:

3.1           Organization.  Buyer is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.  Buyer has all requisite power and authority to conduct its business as it is now conducted and to own, lease and operate its properties and assets.

3.2           Required Action.  All actions and proceedings necessary to be taken by or on the part of Buyer in connection with the transactions contemplated by this Agreement have been duly and validly taken, and this Agreement and each other agreement, document and instrument to be executed and delivered by or on behalf of Buyer pursuant to, or as contemplated by, this Agreement (collectively, the “Buyer Documents”) has been duly and validly authorized, executed and delivered by Buyer.  Buyer has full right, authority, power and capacity to execute and deliver this Agreement and each other Buyer Document and to carry out the transactions contemplated hereby and thereby.  This Agreement and each other Buyer Document constitutes, or when executed and delivered will constitute, the legal, valid and binding obligations of Buyer enforceable in accordance with its respective terms.

3.3           No Conflicts.  The execution, delivery and performance by Buyer of this Agreement and each other Buyer Document does not and will not (a) violate any provision of the Certification of Incorporation or By-laws of Buyer, as amended to date, (b) constitute a violation of, or conflict with or result in any breach of, acceleration of any obligation under, right of termination under, or default under, any agreement or instrument to which Buyer is a party or by which it is bound, (c) violate any judgment, decree, order, statute, rule or regulation applicable to Buyer, or (d) require Buyer to obtain any approval, consent or waiver of, or to make any filing with, any person or entity (governmental or otherwise) that has not been obtained or made.  The officers who execute this Agreement and the other Buyer Documents contemplated hereby on behalf of Buyer have and shall have all requisite power to do so in the name of and on behalf of Buyer.

3.4           Brokers.  Buyer has not retained any broker or finder or other person who would have any valid claim against any of the parties to this Agreement for a commission or brokerage fee in connection with this Agreement or the transactions contemplated hereby.

SECTION 4.                                POST-CLOSING COVENANTS; SURVIVAL.

4.1           Option Agreement.  Simultaneously with the execution of this Agreement, the parties will enter into an option agreement, substantially in the form annexed hereto as Exhibit A, wherein Seller shall have the option to purchase the Assets and any invention, modification, discovery, design, development, improvement, process, software program, work of authorship, documentation, formula, data, technique, know-how, trade secret or intellectual property right whatsoever or any interest therein (whether or not patentable or registrable under copyright, trademark or similar statutes or subject to analogous protection) (collectively , the “Developments”)  that results from the Assets on or after the Closing Date from Buyer in consideration for (i) an amount in cash equal to the net proceeds used by the Company for the enhancement of the Assets and the Developments on or after the Closing Date and (ii) the cancellation of the Shares, beginning on Closing Date and terminating on the 24 month anniversary of the Closing Date.

4.2           No Encumbrances.   Buyer hereby agrees that until the one year anniversary of the Closing Date, it shall not take any action which would result in the creation or imposition of any Encumbrance on the Shares.

4.3           Survival.  All representations, warranties, covenants, agreements and indemnities contained in this Agreement, or in any schedule, exhibit, certificate, agreement, document or statement delivered pursuant hereto, are material, shall be deemed to have been relied upon by the parties and, shall survive the consummation of the transactions contemplated herein for a period of two (2) years regardless of any investigation conducted by or knowledge of any party hereto.

 

 

SECTION 5.  INDEMNIFICATION.

Seller hereby agrees to indemnify and hold harmless Buyer, its affiliates and its and their respective directors, officers, partners, members, managers, employees, and agents, against and in respect of all losses, liabilities, obligations, damages, deficiencies, actions, suits, proceedings, demands, assessments, orders, judgments, costs and expenses (including the reasonable fees, disbursements and expenses of attorneys and consultants) of any kind or nature whatsoever, but net of the proceeds from any insurance policies or other third party reimbursement for such loss, to the extent sustained, suffered or incurred by or made against Buyer, to the extent based upon, arising out of or in connection with:  (a) any breach of any representation or warranty made by Seller in this Agreement or in any schedule, exhibit, certificate, agreement or other instrument delivered pursuant to this Agreement; (b) any breach of any covenant or agreement made by Seller in this Agreement or in any schedule, exhibit, certificate, financial statement, agreement or other instrument delivered pursuant to this Agreement; (c) any claim made by any person or entity which relates to the operation of the Assets which arises in connection with or on the basis of events, acts, omissions, conditions or any other state of facts occurring on or existing before the date hereof; and (d) any claim which arises in connection with any liability or obligation of Seller.

  

3

  

SECTION 6.  MISCELLANEOUS.

6.1           Notices.  All notices and other communications required or permitted to be given or made pursuant to this Agreement shall be in writing signed by the sender and shall be deemed duly given (a) on the date delivered, if personally delivered, (b) on the date sent by telecopier with automatic confirmation by the transmitting machine showing the proper number of pages were transmitted without error, (c) on the Business Day after being sent by Federal Express or another recognized overnight mail service which utilizes a written form of receipt for next day or next business day delivery or (d) two (2) Business Days after mailing, if mailed by U.S. postage-prepaid certified or registered mail, return receipt requested, in each case addressed to the applicable party at the address set forth below; provided that a party may change its address for receiving notice by the proper giving of notice hereunder:

 

if to Seller, to:

Aegis Worldwide LLC

30 Waterside Plaza, #36K

New York, NY 10010

Attn:  Greg Pippo

if to Buyer, to:

Vanity Events Holding, Inc.

1111 Kane Concourse, Suite 306

Bay Harbor Islands, FL  33154

Attn: Lloyd Lapidus, Interim CEO

6.2           Assignability; Binding Effect.  This Agreement shall not be assignable by Seller except with the written consent of Buyer.  This Agreement shall be binding upon and shall inure to the benefit of, the parties hereto and their respective successors and assigns.

6.3           Headings.  The subject headings used in this Agreement are included for purposes of convenience only and shall not affect the construction or interpretation of any of its provisions.

6.4           Amendments; Waivers.  This Agreement may not be amended or modified, nor may compliance with any condition or covenant set forth herein be waived, except by a writing duly and validly executed by Buyer and Seller or, in the case of a waiver, the party waiving compliance.  No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege, or any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof or the exercise of any other such right, power or privilege.

6.5           Entire Agreement.  This Agreement, together with the schedules and exhibits hereto, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and cancels any and all prior or contemporaneous arrangements, understandings and agreements between them relating to the subject matter hereof.

6.6           Severability.  In the event that any provision or any portion of any provision of this Agreement shall be held to be void or unenforceable, then the remaining provisions of this Agreement (and the remaining portion of any provision held to be void or unenforceable in part only) shall continue in full force and effect.

6.7           Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in New York County, New York for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery). Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If either party shall commence an action or proceeding to enforce any provisions of the documents contemplated herein, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

6.8           Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise this Agreement and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments thereto.

6.9           Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which shall constitute the same instrument.

6.10           Expenses.  Each party shall pay its own expenses incident to the negotiation, preparation and performance of this Agreement and the transactions contemplated hereby, including all fees and expenses of its counsel and accountants for all activities of such counsel and accountants undertaken pursuant to this Agreement, whether or not the transactions contemplated hereby are consummated.

[Remainder of page intentionally left blank]

 

 

 

  

4

  

 

IN WITNESS WHEREOF, Seller and Buyer have caused this Asset Purchase Agreement to be executed as of the date first above written.

 

 

	 	SELLER:	 
	 	 	 
	 	 	 
	 	

AEGIS WORLDWIDE LLC

	 
	 	 	 	 
	
 

	
By: 

	/s/ Greg Pippo	 
	 	 	Name:  Greg Pippo	 
	 	 	Title:  Manage	 
	 	 	 	 

	 	BUYER:	 
	 	 	 
	 	

VANITY EVENTS HOLDING, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Scott Weiselberg	 
	 	 	Name:  Scott Weiselberg	 
	 	 	Title:  Director	 
	 	 	 	 

 

  

5

  

Schedule 1.1

watchlender.com

watchlender.net

sneakerlender.com

sneakerlender.net

electronicslender.com

electronicslender.net

shoelender.com

shoelender.net

toyslender.com

toyslender.net

couturelender.com

couturelender.net

 

 

 

 

  

6

  

 

 

 

 

 

 

Exhibit 1.7

Bill of Sale

 

 

 

 

  

7

  

 

BILL OF SALE

 

This BILL OF SALE (the “Bill of Sale”), dated as of the ____ day of April, 2012, is made and delivered by AEGIS WORLDWIDE, LLC, a New York limited liability company (“Seller”), to VANITY EVENTS HOLDING, INC., a Delaware corporation (“Buyer”), pursuant to, and subject to the terms of, the Asset Purchase Agreement (the “Asset Purchase Agreement”) dated as of the date hereof by and among Seller and Buyer. The terms of the Asset Purchase Agreement are incorporated herein by reference and capitalized terms used herein and not otherwise defined shall have the meaning ascribed thereto in the Asset Purchase Agreement.

 

NOW, THEREFORE, subject to and in accordance with the terms and conditions of the Asset Purchase Agreement and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer hereby each agree as follows:

 

Seller hereby irrevocably and unconditionally sells, conveys, assigns, grants, transfers and delivers to Buyer and its successors and assigns, to its and their own use and benefit forever, and Buyer hereby purchases, acquires and accepts, all of Seller’s right, title and interest in and to all of the Assets, free and clear of any liens, charges or other encumbrances.

 

Seller hereby agrees, at any time and from time to time after the date hereof, promptly upon the written request of the Buyer, it will do, execute, acknowledge, and deliver, or cause to be done, executed, acknowledged, and delivered, each and all of such further acts, deeds, assignments, transfers, conveyances, powers of attorney, and assurances as may reasonably be required by the Buyer in order to assign, transfer, set over, convey, assure, and confirm unto and vest in the Buyer, its successors, and assigns the Assets and title thereto and to put the Buyer in possession and operating control of the Assets.

 

All of the terms and provisions of this Bill of Sale shall be binding upon Seller and its successors and assigns, and shall inure to the benefit of Buyer and its successors and assigns.

 

This Bill of Sale is intended only to document the sale and assignment of Assets to Buyer, and that the Asset Purchase Agreement is the exclusive source of the agreement and understanding between Seller and Buyer respecting the Assets. Nothing in this Bill of Sale shall limit, expand or otherwise affect any of the representations, warranties or covenants contained in the Asset Purchase Agreement. To the extent any term or provision herein is inconsistent with the Asset Purchase Agreement, the terms and provisions of the Asset Purchase Agreement shall control.

 

This Bill of Sale may be executed in facsimile and in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute a single instrument.

 

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8

  

 

IN WITNESS WHEREOF, the undersigned have executed this Bill of Sale as of the date first set forth above.

 

	 	 	 
	 	 	 
	 	 	 
	 	
AEGIS WORLDWIDE, LLC

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name:  Greg Pippo	 
	 	 	Title:  Manage	 
	 	 	 	 

	 	BUYER:	 
	 	 	 
	 	
 
VANITY EVENTS HOLDING, INC.

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name:  Scott Weiselberg	 
	 	 	Title:  Director	 
	 	 	 	 

 

9

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