Document:

Separation Agreement and General Release

 

 
 Exhibit 10.1 
 May 22, 2009 
 Mr. Edmond Routhier 
 525 Michael Drive 
 Sonoma, CA 95476 
 Re:     Separation Agreement and General Release 
 This Separation
Agreement and General Release (the "Agreement") is made between Edmond Routhier (“Employee”) and Purple Communications, Inc., formerly known as GoAmerica, Inc. (the "Company"). 
 1.    SEPARATION. Employee’s employment with the Company
terminated effective May 22, 2009 (the “Termination Date”). As of the Termination Date, Employee shall not be entitled to receive any further benefits, compensation or consideration pursuant to either Employee’s Executive
Employment Agreement dated March 20, 2008 or otherwise, except as specifically identified in this Separation Agreement and a consulting agreement to be entered into by the parties (the “Consulting Agreement”). Employee’s
Executive Employment Agreement will be of no further force and effect as of the Termination Date; provided, however, that the obligations under Sections 8 through 11 of that Agreement shall survive. Employee’s obligations under the Employee
Invention Assignment & Confidentiality Agreement shall also survive. 
 2.    ACCRUED COMPENSATION. Other than any outstanding business expenses as referenced in Paragraph 3 below, Employee represents that he
has received all compensation owed to him by the Company through his Termination Date, including any and all wages, commissions, bonuses, incentives, stock, stock options, earned but unused vacation, and any other payments, benefits or other
compensation of any kind to which he was or may have been entitled from the Company. 
 3.    EXPENSE REIMBURSEMENTS. Within twenty (20) days of the Termination Date, Employee agrees to submit his final expense
reimbursement request, including all supporting receipts and documentation, reflecting all outstanding business expenses, if any, incurred through the Termination Date. The Company will provide reimbursement for these expenses pursuant to its
regular reimbursement policies and practices. 
 4.    RETURN OF
COMPANY PROPERTY. No later than June 8, 2009, Employee agrees to return to the Company all Company documents (and all copies or reproductions thereof in whatever form) and
other Company property which he has in his possession, including but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial information, specifications, computer-recorded information, personal computers,
blackberries, telephones, credit cards, entry cards, identification badges, and any 

  

 Page 1 of 6 

 

 
 keys, other Company equipment, tangible property, and any other material of the Company which he currently has in his
possession, custody or control. Company and Employee will agree on which equipment or support may be necessary to support his consulting services to the Company as provided for in the Consulting Agreement. 
 5.    CONSULTING ARRANGEMENT & BOARD
OBSERVANCE. Following the Termination Date, Employee agrees to serve as a consultant for the Company providing various consulting services as directed by the CEO pursuant to the terms and
conditions of the Consulting Agreement, which will provide that Employee will provide fifteen approximately (15) hours a week of consulting services for a period of twelve (12) months commencing on May 23, 2009 through May 22,
2010, unless terminated sooner by the Company. Employee hereby accepts such consulting engagement, and understands he shall operate strictly as an independent contractor and not as an employee or agent of the Company when rendering all consulting
services under this Agreement. Employee will be permitted the right to observe regular Board of Directors meetings for a period of twelve (12) months from the Termination Date, as may limited by the Company in its reasonable discretion, and
Employee observance rights shall not extend to committee meetings or executive sessions of the Board of Directors meetings. 
 6.    SEPARATION, CONSULTING AND RELEASE CONSIDERATION. 
   (a)    Severance Payment. In reliance on Employee’s agreements and releases in this Agreement and in
the Consulting Agreement attached hereto as Exhibit “A”, eight (8) days after the Company’s receipt of this executed Agreement and Consulting Agreement, and provided Employee does not revoke this Agreement pursuant to Paragraph
8(b) below, and as long as Employee is providing services to the Company as a consultant under the Consulting Agreement, the Company will pay Employee salary continuation at his current gross bi-weekly rate of Ten Thousand Five Hundred Seventy Six
and Ninety Tow cents ($10,576.92), less standard withholdings, payable on the Company’s regularly scheduled payroll dates for a period of twelve (12) months from May 23, 2009 through May 22, 2010 (the “Severance
Period”). 
   (b)    Stock Option. The parties acknowledge that Employee currently has
141,667 fully vested options to purchase shares of the Company’s common stock, which options are exercisable at the price of Six Dollars and Fifty Seven cents ($6.57) per share. Employee understands that all stock option vesting ceased
effective as of his Termination Date. Employee will be provided with one hundred and eighty (180) days from the Termination Date in which to exercise any or all of his vested options as long as Employee is providing services to the Company as a
consultant during this period. If Employee is not serving as a consultant, Employee will have ninety (90) days from the Termination Date in which to exercise such options. To the extent Employee exercises any options more than ninety
(90) days after the Termination Date, such options will be deemed non-qualified and not incentive option shares for tax purposes. 
  

 Page 2 of 6 

 

 
   (c)    Medical Benefits. The Company will pay the COBRA health
insurance premiums for Employee and all currently insured dependents for up to a twelve (12) month period commencing on June 1, 2009 and ending on May 31, 2010, provided that (1) Employee has made a timely election to continue
such coverage under COBRA, and (2) Employee is continuing to provide services to the Company as a consultant during this period. In the event Employee obtains other employment during this twelve month period pursuant to which he becomes
eligible for substantially similar or improved health insurance benefits, Employee understands and agrees that the Company shall no longer be required to make COBRA premium payments on behalf of Employee and his dependents. Employee must provide the
Company with written notice of his eligibility for such other health insurance coverage within ten days. 
   (d)    For each of the above subsections (a) – (c), it is agreed that if Employee’s consulting services are terminated by the Company without a material breach by Employee, as will be defined
in the Consulting Agreement, Employee will continue to receive payments, option exercisability, and COBRA payments, under such subsections for the respective periods thereunder, as if Employee was still providing consulting services to the Company.

 7.    COOPERATION WITH INQUIRIES AND
INVESTIGATIONS. In exchange for the consideration herein, Employee agrees to cooperate in good faith with and provide transition and other assistance to the Company upon request, including regarding any
government inquiry, investigation, or third party litigation involving the Company or any of its affiliates or personnel. Such cooperation shall include, without limitation, providing responsive documents and information which in any way may assist
or advance the prosecution or defense of claims or inquiries involving the Company. If requested to do so, Employee will also provide a truthful declaration or affidavit regarding his knowledge concerning any such claims, inquiries or
investigations. Company will reimburse Employee for all reasonable, out-of-pocket and direct costs associated with adherence to this section, provided that they are approved in advance by the Company and are in consistent with the indemnification
agreement entered into between the Company and Executive. 
 8.    GENERAL
RELEASE. 
   (a)    GENERAL
RELEASE. In exchange for the consideration described herein, which Employee would not otherwise be entitled to receive, Employee does hereby forever irrevocably and unconditionally fully release and discharge Purple
Communications, Inc. and its predecessors, successors, subsidiaries, and their past and current officers, directors, agents, employees, partners, shareholders, affiliates and assigns (collectively referred to hereafter as “Released
Parties”) from any and all causes of action, claims, suits, demands or other obligations or liabilities of every kind and nature (including without limitation attorneys’ fees and costs), whether known or unknown, that Employee ever had,
now has, or may in the future have that arose on or before the date Employee 
  

 Page 3 of 6 

 

 
 executes this General Release, including but not limited to all claims regarding any aspect of his employment with any of the
Released Parties, compensation, claims for wages, commissions, stock options, bonuses, severance, vacation pay, expense reimbursements, or any other form of compensation, the cessation of his employment, Title VII of the Civil Rights Act of 1964,
the Americans with Disabilities Act, the California Fair Employment and Housing, the Age Discrimination in Employment Act, 42 U.S.C. § 1981, the Fair Labor Standards Act, all provisions of the California Labor Code, the Employee Retirement
Income Security Act, any other federal, state or local law, regulation or ordinance or public policy, contract, tort, or property law theory, or any other cause of action whatsoever (collectively referred to hereafter as the “Claims”).
Employee agrees not to sue or otherwise institute or cause to be instituted or in any way participate in (except at the request of the Company) legal or administrative proceedings against any of the Released Parties with respect to any Claims.
Employee understands and agrees that in the event Employee breaches any provision of this General Release, in addition to any other damages or relief to which the Released Parties may be entitled, the benefits described herein may be withheld,
rescinded, and/or recovered. 
 It is further understood and agreed that as a condition of this Agreement, all rights under Section 1542
of the Civil Code of the State of California are expressly waived by Employee. Such Section reads as follows: 
 “A general release does
not extend to claims which the creditor 
 does not know or suspect to exist in his or her favor at the time of 
 executing the release, which if known by him or her must have 
 materially affected his or her settlement with the debtor.” 
 Thus, for the purpose of implementing a
full and complete release and discharge of the Released Parties, Employee expressly acknowledges that this Agreement is intended to include and does include in its effect, without limitation, all claims which Employee does not know or suspect to
exist in his favor against the Released Parties at the time of execution hereof, and that this Agreement expressly contemplates the extinguishment of all such claims. 
   (b)    OLDER WORKERS’ BENEFIT PROTECTION ACT RELEASE. The general release in this
Agreement includes, but is not limited to, claims arising under federal, state or local law for age, race, sex or other forms of employment discrimination and retaliation. In accordance with the Older Workers Benefit Protection Act, Employee hereby
knowingly and voluntarily waives and releases all rights and claims, known or unknown, arising under the Age Discrimination in Employment Act of 1967, as amended, which he might otherwise have had against the Released Parties. Employee is hereby
advised that he should consult with an attorney before signing this Agreement and that he has 21 days in which to consider and accept this Agreement by signing and returning this Agreement to Tanya Fournier, the Company’s Human Resources
Manager. In addition, Employee has a period of seven days following his execution of this Agreement in which he may revoke the Agreement. If Employee does not advise Tanya Fournier by a writing 

  

 Page 4 of 6 

 

 
 received by her within such seven day period of Employee’s intent to revoke the Agreement, the Agreement will become
effective and enforceable upon the expiration of the seven days. 
   (c)    The parties specifically
understand and agree that the release provisions contained in Paragraphs 8(a) and (b) above are not intended to and do not waive any rights to statutory indemnification under California Labor Code section 2802 or to contractual indemnification
under Employee’s GoAmerica Indemnification Agreement to which Employee would otherwise have been entitled. 
 9.    PROTECTION OF CONFIDENTIAL INFORMATION & RELATED OBLIGATIONS. Employee
acknowledges that both during his employment and consulting relationship with the Company, he had and will continue to have access to and become acquainted with trade secrets and confidential and proprietary information related to the Company, its
past and present customers, partners, employees and business contacts, including without limitation, business methodologies, product information, customer lists and data, marketing and distribution strategies, financial data and plans, and other
intellectual property. Employee agrees that he will not now or any time in the future disclose or use, either directly or indirectly, any of such trade secrets or confidential, proprietary information of the Company. Employee acknowledges that this
Paragraph supplements and does not supersede Employee’s pre-existing and continuing obligations under Sections 8 through 11 of his Employment Agreement and under his Employee Invention Assignment & Confidentiality Agreement, which
remain in full force and effect. 
 10.    AGREEMENT & RESTRICTIVE
COVENANTS. Notwithstanding anything herein to the contrary, Employee acknowledges that this Agreement does not supersede Employee’s pre-existing and continuing obligations under Sections 8
through 11 of his Employment Agreement, which remain in full force and effect, except that with respect to the non-competition provision in Section 8(a) of the Agreement, the definition of ‘Restricted Period’ shall be amended to read
as follows: “Restricted Period” means the period beginning on the Employment Commencement Date and continuing until the 1st (first) anniversary date of the later of (a) Executive/Employee’s termination date of the Consulting
Agreement between the parties referenced in Paragraph 5 above, or (b) termination date by either the Company or by the Employee of his observance rights referenced in Paragraph 5 above. 
 11.    NONDISPARAGEMENT & CONDUCT. Employee
further agrees that in the future he will not libel, slander or disparage (which shall not be inclusive of constructive criticism and/or advice provided in good faith by Employee to the Board of Directors or executive management members in
connection with consultancy services or Board observance rights under Section 5 hereof) other the business or personal reputation of the Company, its products or services, or any of its current or former officers, directors, employees,
shareholders, agents, or other Released Parties . Employee further agrees that while conducting consulting services on behalf of the Company, Employee will abide by all 

  

 Page 5 of 6 

 

 
 Company rules and guidelines, including without limitation the Company’s Code of Ethics, and shall at all times conduct
himself in a manner that does not harm the business or personal reputation of the Company, its products or services, or any of its current or former officers, directors, employees, shareholders, agents, or other Released Parties. 
 12.    NON-ADMISSION OF
LIABILITY. This Separation Agreement and General Release shall not be construed as an admission by the Company of any improper, wrongful, or unlawful actions, or any other wrongdoing against
Employee, and the Company specifically disclaims any liability to or wrongful acts against Employee on the part of itself, its employees and its agents. 
 13.    MISCELLANEOUS. This Agreement, Sections 8 through 11 of Employee’s March 20, 2008 Employment Agreement, and the Employee Invention
Assignment & Confidentiality Agreement executed by Employee, together constitute the complete, final and exclusive embodiment of the entire agreement between the parties with regard to this subject matter, provided however that the
contractual indemnification under Employee’s GoAmerica Indemnification Agreement to shall survive and remain effective as provided for therein. This Agreement is entered into without reliance on any promise or representation, written, oral, or
implied, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations. The paragraph and subparagraph headings contained herein are for the purpose of convenience only and are not intended to
define, limit or affect and shall not be considered in connection with the interpretation of any of the terms or provisions of this Agreement. This Agreement may not be modified or amended except in a writing signed by Employee and the CEO of the
Company. This Agreement shall bind the heirs, personal representatives, successors and assigns of both Employee and the Company, and inure to the benefit of both Employee and the Company, their heirs, successors and assigns. If any provision of this
Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question shall be modified by the court so as to be rendered enforceable.

 IN WITNESS WHEREOF, the parties have entered into this Agreement as of this 22nd day of May, 2009. 

							
	  
 PURPLE COMMUNICATIONS, INC.
	 		  	EMPLOYEE	  	
				
	  
	 		  	  
	  	
	Daniel R. Luis, CEO	 		  	Edmond Routhier	  	

  

 Page 6 of 6Sino Green Land Corporation: Exhibit 4.1 - Prepared by TNT Filings Inc.

  

Exhibit 4.1

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY STATE SECURITIES LAWS AND NEITHER SUCH SHARES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN OPINION OF COUNSEL SHALL BE DELIVERED TO THE COMPANY, IN A FORM REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT THE SHARES TO BE SOLD OR TRANSFERRED MAY BE SOLD OR TRANSFERRED PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION.

IN ADDITION, A PREFERRED STOCK PURCHASE AGREEMENT DATED AS OF AUGUST 7, 2009 (THE “PURCHASE AGREEMENT”), A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICE, CONTAINS CERTAIN ADDITIONAL AGREEMENTS BETWEEN THE PARTIES WITH RESPECT TO THIS WARRANT.

---------------------------------------

SERIES A WARRANT TO PURCHASE

COMMON STOCK

OF

SINO GREEN LAND CORPORATION

Expires August 7, 2014

          Number of Shares: [________]

No.: W-A-09-___

Date of Issuance: August 7, 2009

 

FOR VALUE RECEIVED, the undersigned, Sino Green Land Corporation, a corporation organized and existing under the laws of the State of Nevada (the “Company”), hereby certifies that, [_________], or its registered assigns (the “Holder”), is entitled, subject to the provisions and upon the terms and conditions set forth below, to subscribe for and purchase from the Company up to [________] ([________]) shares (subject to adjustment as hereinafter provided) (the “Warrant Shares”) of common stock, par value $0.001 per share, of the Company (“Common Stock”) at a per share exercise price equal to the Exercise Price then in effect, at any time and from time to time during the Term.  “Exercise Price” initially means fourteen cents ($0.14), as such price may be adjusted from time to time as shall result from the adjustments specified in this Warrant.  The term of this Warrant shall commence on August 7, 2009 (the “Issuance Date”) and shall expire at 5:00 p.m., New York City time, on August 7, 2014 (the “Expiration Date”) (such period being the “Term”).

SERIES A WARRANT OF SINO GREEN LAND CORPORATION 

PAGE 1 OF 10 

1.

Registration of Warrant.  The Company shall register this Warrant upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the Holder hereof from time to time.  The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

2.

Investment Representation.  The Holder, by acceptance hereof, acknowledges that this Warrant and the Warrant Shares are being acquired solely for the Holder's own account and not as a nominee for any other party, and for investment, and that the Holder will not offer, sell or otherwise dispose of this Warrant or any Warrant Shares except pursuant to an effective registration statement, or an exemption from registration, under the Securities Act of 1933, as amended, and any applicable state securities laws.  The Holder represents to the Company that it is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Warrants and the Warrant Shares.  In no event may the Holder exercise this Warrant in whole or in part unless the Holder is an “accredited investor” as defined in Regulation D under the 1933 Act.

3.

Validity of Warrant and Issue of Shares.  Assuming the accuracy and completeness of the representations and warranties of the Holder set forth in the Purchase Agreement, the Company represents, warrants, covenants and agrees that all Warrant Shares which may be issued upon the exercise of this Warrant or otherwise hereunder will, when issued in accordance with the terms of this Warrant, be duly authorized and validly issued, fully paid and non-assessable and free from all taxes, liens and charges created by or through the Company.  The Company further covenants and agrees that during the period within which this Warrant may be exercised, the Company will at all times have authorized and reserved a sufficient number of Common Stock to provide for the exercise of the rights represented by this Warrant.

4.

Registration of Transfers and Exchange of Warrants.  Subject to Section 2 hereof, this Warrant may be transferred by a Holder, in whole or in part, without the consent of the Company.  If transferred pursuant to this paragraph, this Warrant may be transferred on the books of the Company by the Holder hereof in person or by duly authorized attorney, upon surrender of this Warrant at such location as agreed upon by the Company and the Holder, properly endorsed (by the Holder executing an assignment in the form attached hereto) and upon payment of any necessary transfer tax or other governmental charge imposed upon such transfer.  This Warrant is exchangeable at such location as agreed upon by the Company and the Holder for Warrants to purchase the same aggregate number of shares of Warrant Stock, each new Warrant (“New Warrant”) to represent the right to purchase such number of shares of Warrant Stock as the Holder hereof shall designate at the time of such exchange.  All New Warrants issued on transfers or exchanges shall be dated the Issuance Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.  If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be registered pursuant to an effective registration statement under the 1933 Act and under applicable state securities, the Company may require, as a condition of allowing such transfer (i) that the transferee represent in writing the matters set forth in Section 2 hereof and (ii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated under the 1933 Act or a qualified institutional buyer as defined in Rule 144A(a) under the 1933 Act.

SERIES A WARRANT OF SINO GREEN LAND CORPORATION 

PAGE 2 OF 10 

5.

Exercise of Warrants.

a.

The Holder may exercise this Warrant, in whole or in part, at any time and from time to time during the Term for such number of Warrant Shares as is indicated in the attached Warrant Exercise Form by the surrender of this Warrant (with the Warrant Exercise Form attached hereto duly completed and duly signed) to the Company, at its address set forth in Section 12, and upon payment and delivery to the Company of an amount of consideration equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares which is then being exercised, payable (in lawful money of the United States of America) in cash, by certified or official bank check or by wire transfer to an account designated by the Company.  The Company shall promptly (but in no event later than 7 business days after the Date of Exercise (as defined herein)) issue or cause to be issued  and cause to be delivered to the Holder a certificate for the number of Warrant Shares issuable upon such exercise, with such restrictive legend as required by the 1933 Act.  

b.

A “Date of Exercise” means the date on which the Company shall have received (i) this Warrant (or any New Warrant, as applicable), with the Warrant Exercise Form attached hereto (or attached to such New Warrant) duly completed and duly signed, and (ii) payment of the Exercise Price for the number of Warrant Shares so indicated by the Holder to be purchased.

c.

If less than all of the Warrant Shares which may be purchased under this Warrant are exercised at any time, the Company shall issue or cause to be issued, at its expense, a New Warrant evidencing the right to purchase the remaining number of Warrant Shares for which no exercise has been evidenced by this Warrant.

d.

Subject to the limitations set forth in Section 6 herein, upon the request of the Company, the Holder shall promptly exercise this Warrant for the number of Warrant Shares as the Company shall designate, provided that (i) such Warrant Shares are then registered pursuant to the 1933 Act and (ii) the Per Share Market Value of the Common Stock was twenty-eight cents ($0.28) or greater for each of the thirty (30) trading trays prior to the Company’s request.  “Per Share Market Value” means on any particular date (a) the last closing price per share of the Common Stock on such date on the OTC Bulletin Board or a registered national stock exchange on which the Common Stock is then listed, or if there is no such price on such date, then the closing price on such exchange or quotation system on the date nearest preceding such date, or (b) if the Common Stock is not listed then on the OTC Bulletin Board or any registered national stock exchange, the last closing price for a share of Common Stock in the over-the-counter market, as reported by the OTC Bulletin Board or in the National Quotation Bureau Incorporated (or similar organization or agency succeeding to its functions of reporting prices) at the close of business on such date, or (c) if the Common Stock is not then reported by the OTC Bulletin Board or the National Quotation Bureau Incorporated (or similar organization or agency succeeding to its functions of reporting prices), then the "Pink Sheet" quotes for the applicable trading days preceding such date of determination, or (d) if the Common Stock is not then publicly traded, the fair market value of a share of Common Stock as determined in good faith by the Board; provided, however, that all determinations of the Per Share Market Value shall be appropriately adjusted for any stock dividends, stock splits or other similar transactions during such period.  

SERIES A WARRANT OF SINO GREEN LAND CORPORATION 

PAGE 3 OF 10 

6.

Maximum Exercise.  Notwithstanding anything to the contrary set forth in this Warrant, at no time may a Holder of this Warrant exercise any portion of this Warrant if the number of shares of Common Stock to be issued pursuant to such exercise would exceed, when aggregated with all other shares of Common Stock beneficially owned by such Holder and its affiliates at such time, the number of shares of Common Stock which would result in such Holder and its affiliates beneficially owning (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules thereunder) in excess of 9.99% of the then issued and outstanding shares of Common Stock.

7.

Adjustment of Exercise Price and Number of Shares.  The character of the shares of stock or other securities at the time issuable upon exercise of this Warrant and the Exercise Price therefor, are subject to adjustment upon the occurrence of the following events, and all such adjustments shall be cumulative:

a.

Adjustment for Stock Splits, Stock Dividends, Recapitalizations, Etc.  The Exercise Price of this Warrant and the number of shares of Common Stock or other securities at the time issuable upon exercise of this Warrant shall be appropriately adjusted to reflect any stock dividend, stock split, combination of shares, reclassification, recapitalization or other similar event affecting the number of outstanding shares of stock or securities.

b.

Adjustment for Reorganization, Consolidation, Merger, Etc.  In case of any consolidation or merger of the Company with or into any other corporation, entity or person, or any other corporate reorganization, in which the Company shall not be the continuing or surviving entity of such consolidation, merger or reorganization (except pursuant to a migratory merger for purposes of reincorporation in another state) (any such transaction being hereinafter referred to as a "Reorganization"), then, in each case, the holder of this Warrant, on exercise hereof at any time after the consummation or effective date of such Reorganization (the "Effective Date"), shall receive, in lieu of the shares of stock or other securities at any time issuable upon the exercise of the Warrant issuable on such exercise prior to the Effective Date, the stock and other securities and property (including cash) to which such holder would have been entitled upon the Effective Date if such holder had exercised this Warrant immediately prior thereto (all subject to further adjustment as provided in this Warrant).

c.

Certificate as to Adjustments.  In case of any adjustment or readjustment in the price or kind of securities issuable on the exercise of this Warrant, the Company will promptly give written notice thereof to the holder of this Warrant in the form of a certificate, certified and confirmed by the Board of Directors of the Company, setting forth such adjustment or readjustment and showing in reasonable detail the facts upon which such adjustment or readjustment is based.

SERIES A WARRANT OF SINO GREEN LAND CORPORATION 

PAGE 4 OF 10 

d.

Price Adjustment Based on Earnings Per Share.  (i)     In the event that the Company’s Net Income for the year ended December 31, 2009 is less than $0.045 per share on a fully-diluted basis, then the Exercise Price shall be reduced by the percentage shortfall, up to a maximum of 40%. Thus, if Net Income per share for the year ended December 31, 2009 is $0.027 per share on a fully-diluted basis, the Exercise Price shall be reduced by 40%. Such reduction shall be made at the time the Company files its Form 10-K for the year ended December 31, 2009, and shall apply to all Warrant Shares which are outstanding on the date of such filing. For purposes of this Section, Net Income shall be based on net income plus any charges relating to the transaction contemplated by the Purchase Agreement. 

(ii)     For purpose of determining Net Income per share on a fully-diluted basis, all shares of Common Stock issued by the Company (i) at a price per share of $0.15 or more, (ii) in connection with the issuance of Option Shares (as defined in the Purchase Agreement) upon the exercise of the Investor Option (as defined in the Purchase Agreement) or (iii) upon the exercise by the Holder of this Warrant or any other warrant issued to the Holder pursuant to the Purchase Agreement, shall not be deemed to be outstanding.  For purpose of determining Net Income per share on a fully-diluted basis, 13,612,120 shares of Common Stock issuable upon the exercise of warrants issued to certain investors pursuant to a purchase agreement effective as of August 3, 2009, as disclosed on the Company’s Current Report on Form 8-K dated August 4, 2009, as amended on the Company’s Current Report on Form 8-K dated August 7, 2009, shall be deemed to be outstanding. The per share amounts set forth in this Section 7(d) shall be adjusted to reflect any stock dividend, split, distribution, reverse split or combination of shares or other recapitalization.

e.

If on or after the Issuance Date, until the date that is twenty four (24) months after the Issuance Date, the Company issues or sells any shares of Common Stock (other than Excluded Securities) for a consideration per share less than the Exercise Price in effect immediately prior to such issuance or sale, then immediately after such issuance or sale the Exercise Price then in effect shall be reduced to an amount equal to such consideration per share.  “Excluded Securities” means (i) securities issued in connection with a merger, acquisition, or consolidation, (ii) securities issued pursuant to the conversion or exercise of convertible or exercisable securities issued or outstanding on or prior to the date of the Purchase Agreement or issued pursuant to the Purchase Agreement, (iii) securities issued pursuant to the exercise of Warrant Shares, (iv) securities issued in connection with bona fide strategic license agreements or other partnering arrangements so long as such issuances are not for the primary purpose of raising capital and (v) Common Stock issued or the issuance or grants of options to purchase Common Stock to service providers or pursuant to the Issuer’s existing stock option plans and employee stock purchase plans approved by the board of directors of the Company.

8.

Fractional Shares.  The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of this Warrant.  If any fraction of a Warrant Share would, except for the provisions of this Section 8, be issuable on the exercise of this Warrant, the Company shall, at its option, (i) pay an amount in cash equal to the Exercise Price multiplied by such fraction or (ii) round the number of Warrant Shares issuable, up to the next whole number.

SERIES A WARRANT OF SINO GREEN LAND CORPORATION 

PAGE 5 OF 10 

9.

Sale or Merger of the Company.  Upon a Change in Control, the restriction contained in Section 6 shall immediately be released and the Holder will have the right to exercise this Warrant concurrently with such Change in Control event.  For purposes of this Warrant, the term “Change in Control” shall mean a consolidation or merger of the Company with or into another company or entity in which the Company is not the surviving entity (except pursuant to a migratory merger for purposes of reincorporation in another state) or the sale of all or substantially all of the assets of the Company to another company or entity not controlled by the then existing stockholders of the Company in a transaction or series of transactions.

10.

Notice of Intent to Sell or Merge the Company.  The Company will give Warrant Holder ten (10) business days notice before the event of a sale of all or substantially all of the assets of the Company or the merger or consolidation of the Company in a transaction in which the Company is not the surviving entity.

11.

Issuance of Substitute Warrant. In the event of a merger, consolidation, recapitalization or reorganization of the Company or a reclassification of Company shares of stock, which results in an adjustment to the number of shares subject to this Warrant and/or the Exercise Price hereunder, the Company agrees to issue to the Holder a substitute Warrant reflecting the adjusted number of shares and/or Exercise Price upon the surrender of this Warrant to the Company.

12.

Notice.  All notices and other communications hereunder shall be in writing and shall be deemed to have been given (i) on the date they are delivered if delivered in person; (ii) on the date initially received if delivered by facsimile transmission followed by registered or certified mail confirmation; (iii) on the date delivered by an overnight courier service; or (iv) on the third business day after it is mailed by registered or certified mail, return receipt requested with postage and other fees prepaid as follows:

If to the Company:

Sino Green Land Corporation

6F No. 947 Qiao Xing Road

Shi Qiao Town Pan Yu District

Guangzhou, China 511400

Attn: Anson Fong

With a copy to:

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

Facsimile No.: (212) 715-9100

Attn:  Bill Huo, Esq.

SERIES A WARRANT OF SINO GREEN LAND CORPORATION 

PAGE 6 OF 10 

If to the Holder:

T Squared Investments LLC

c/o T Squared Capital LLC

1325 Sixth Avenue, Floor 28

New York, New York 10019

Attn: Thomas M. Sauve

13.

Miscellaneous.

a.

This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  This Warrant may be amended only by a writing signed by the Company and the Holder.

b.

Nothing in this Warrant shall be construed to give to any person or corporation other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant; this Warrant shall be for the sole and exclusive benefit of the Company and the Holder.

c.

This Warrant shall be governed by, 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.

d.

The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof.

e.

In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceablilty of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonably substitute therefore, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

f.

The Holder shall not, by virtue hereof, be entitled to any voting or other rights of a shareholder of the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant.

[SIGNATURES ON FOLLOWING PAGE]

 

SERIES A WARRANT OF SINO GREEN LAND CORPORATION 

PAGE 7 OF 10 

IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by the authorized officer as of the date first above stated.

SINO GREEN LAND CORPORATION

(a Nevada corporation)

By:  __________________________________________

         Name:  

         Title:  

 

 

 

SERIES A WARRANT OF SINO GREEN LAND CORPORATION 

PAGE 8 OF 10 

WARRANT EXERCISE FORM

SINO GREEN LAND CORPORATION

The undersigned _______________, pursuant to the provisions of the within Warrant, hereby elects to purchase _____ shares of Common Stock of Sino Green Land Corporation covered by the within Warrant.

	
Dated: _________________	

Signature

__________________________________

    
	 	 
	 	

Address 

__________________________________

__________________________________

    

Number of shares of Common Stock beneficially owned or deemed beneficially owned by the Holder on the date of Exercise: _________________________

The undersigned is an “accredited investor” as defined in Regulation D under the Securities Act of 1933, as amended.

The undersigned shall pay the sum of $________ by certified or official bank check (or via wire transfer) to the Issuer in accordance with the terms of the Warrant.   

ASSIGNMENT

FOR VALUE RECEIVED, _________________ hereby sells, assigns and transfers unto __________________ the within Warrant and all rights evidenced thereby and does irrevocably constitute and appoint _____________, attorney, to transfer the said Warrant on the books of the within named corporation.

	
Dated: _________________	

Signature

__________________________________

    
	 	 
	 	

Address 

__________________________________

__________________________________

    

PARTIAL ASSIGNMENT

FOR VALUE RECEIVED, _________________ hereby sells, assigns and transfers unto __________________ the right to purchase _________ shares of Warrant Stock evidenced by the within Warrant together with all rights therein, and does irrevocably constitute and appoint ___________________, attorney, to transfer that part of the said Warrant on the books of the within named corporation.

	
Dated: _________________	

Signature

__________________________________

    
	 	 
	 	

Address 

__________________________________

__________________________________

    

SERIES A WARRANT OF SINO GREEN LAND CORPORATION 

PAGE 9 OF 10 

FOR USE BY THE ISSUER ONLY:

This Warrant No. W-___ canceled (or transferred or exchanged) this _____ day of ___________, _____, shares of Common Stock issued therefor in the name of _______________, Warrant No. W-_____ issued for ____ shares of Common Stock in the name of _______________.

 

 

 

 

SERIES A WARRANT OF SINO GREEN LAND CORPORATION 

PAGE 10 OF 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}]]