Document:

enhanceskinexh10_3.htm

Exhibit 10.3

 

 

STOCK PURCHASE AGREEMENT

This Stock Purchase Agreement (the "Agreement") is dated as of this 29th  day of July, 2010 (the “Effective Date”), by and between Enhance Skin Products Inc., a Nevada corporation ("Seller"),  and Crisnic Fund SA (“Purchaser”).

RECITALS:

 

WHEREAS, Seller proposes to sell and deliver to Purchaser 750,000 shares of common stock of Seller (the “Shares”) as set forth herein; and

 

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

 

1.           Sale of Shares.  Seller hereby sells to Purchaser, and Purchaser hereby purchases from Seller, 750,000 Shares of Common Stock (the “Shares”) in consideration for a purchase price of $.04 per share or an aggregate total of $30,000 in immediately available funds (the “Purchase Price”).  Closing of the transaction shall be completed immediately upon receipt of the Shares in certificate form from Seller by delivery of the Purchase Price by wire transfer.

 

2.           Representations of Seller.  Seller represents and warrants to Purchaser as follows:

 

(a)     Seller has full legal power to execute and deliver this Agreement and to perform its obligations hereunder.  All acts required to be taken by Seller to enter into this Agreement and to carry out the transactions contemplated hereby have been properly taken; and this Agreement constitutes a legal, valid and binding obligation of Seller, enforceable in accordance with its terms.  The execution, delivery and performance of this Agreement by Seller in accordance with its terms will not, with or without the giving of notice or the passage of time, or both, conflict with, result in a default, right to accelerate or loss of rights under, or result in the creation of any encumbrance pursuant to, or require the consent of any third party or governmental authority pursuant to any franchise, mortgage, indenture or deed of trust or any material lease, license or other agreement or any law, regulation, order, judgment or decree to which Seller is a party or by which Seller (or any of its assets, properties, operations or businesses) may be bound, subject to or affected.

 

3.           Representations of Purchaser.  Purchaser hereby represents and warrants to Seller as follows:

 

(a)     Purchaser has full legal power to execute and deliver this Agreement and to perform its obligations hereunder.  All acts required to be taken by Purchaser to enter into this Agreement and to carry out the transactions contemplated hereby and thereby have been properly taken; and this Agreement constitutes a legal, valid and binding obligation of Purchaser enforceable in accordance with its terms.  The execution, delivery and performance of this Agreement by Purchaser in accordance with its terms will not, with or without the giving of notice or the passage of time, or both, conflict with, result in a default, right to accelerate or loss of rights under, or result in the creation of any encumbrance pursuant to, or require the consent of any third party or governmental authority.

 

 

  

  

  

 

 

(b)     Purchaser is an “accredited investor” in accordance with Rule 504 of Regulation D of the Securities Exchange Act of 1934, as amended.

 

(c)     The Purchaser understands and agrees that the Shares cannot be transferred or assigned and that there is and will be no public market therefore, and, accordingly, that it may not be possible for the Purchaser readily, if at all, to liquidate this investment in the Shares in case of an emergency or otherwise and that the stock certificate(s) issued to the Purchaser in addition to any other legends that may be imposed thereon, will contain the following legend:   “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY OTHER APPLICABLE STATE SECURITIES ACT.  THE SECURITIES MAY NOT BE PLEDGED, SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACTS COVERING THE SECURITIES OR AN OPINION OF QUALIFIED COUNSEL OR OTHER EVIDENCE SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.”

 

4.           Piggyback Registration Rights.  If  at  any  time  or  from  time to time Seller shall propose to file on its behalf or on behalf of any of its security holders  a  registration statement under the Securities Act on Form S-1, S-2 or S-3  (or  on  any  other  form  for the general registration of securities), including without limitation that registration statement which is contemplated to register shares on behalf of Seller under that certain Indirect Primary Offering Agreement of even date herewith, Seller shall include in  such registration (and any related qualification under blue sky or other state securities laws or other compliance) all the Shares.  Such registration shall be at the full cost and expense of Seller.

 

5.           Governing Law; Venue.  This Agreement is governed and constructed under and in accordance with the laws of the State of New York without giving effect to principles of conflicts of law.  For purposes of any action or proceeding involving the Escrow Agreement each of the Parties to this Agreement expressly submits to the jurisdiction of the federal and state courts located in the State of New York and consents to the service of any process or paper by registered mail or by personal service within or without the State of New York in accordance with applicable law, provided a reasonable time for appearance is allowed.

 

6.           Headings.  The headings of the sections and subsections contained in this Agreement are inserted for convenience only and do not form a part or affect the meaning, construction or scope thereof.

 

7.           Entire Agreement; Amendment.  This Agreement, along with any other agreement executed on the date hereof between the parties to this Agreement, contains the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior oral or written agreements, commitments or understandings with respect to such matters.  This Agreement may not be changed orally, but only by an instrument in writing signed by the party against whom enforcement of any waiver, change, modification, extension or discharge.

  

  

  

 

 

8.           Signature in Counterparts.  This Agreement may be executed in separate counterparts, none of which need contain the signature of all parties, each of which shall be deemed to be an original and all of which taken together constitute one and the same instrument.  It is not necessary in making proof of this Agreement to produce or account for more than the number of counterparts containing the respective signatures of, or on behalf of, all of the Parties to this Agreement is sought.

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

SELLER:

Enhance Skin Products Inc.

By:____________________________________

Samuel Asculai, Ph.D.

President, Chief Executive Officer

PURCHASER:

Crisnic Fund SA

By:  _________________________________________

Tony Gentile

Portfolio ManagerWebFilings | EDGAR view

 

Exhibit 10.2
 
INDEPENDENT CONTRACTOR AGREEMENT
 
 THIS AGREEMENT made this 3rd day of May, 2010 by and between Black Hills Corporation Inc, a South Dakota corporation, (hereinafter “Company”), and Lone Mountain Investments, Inc., a Texas corporation (hereinafter “Contractor”).
 
RECITALS
 
WHEREAS, Company is a holding company for diversified energy business, one of which is its indirect subsidiary, Black Hills Exploration and Production, Inc. (hereinafter “BHEP”), an oil and gas exploration and development company headquartered in Denver, Colorado; in the conduct of that business, Company desires to engage Contractor to evaluate the performance, operations, assets, leadership requirements, and strategic potential of BHEP; 
 
WHEREAS, Contractor engages in the business of evaluating oil and gas development companies, and their operating assets; 
 
WHEREAS, John B. Vering, (hereinafter “Vering”) currently an independent member of the Board of Directors of Company, is the Managing Director of Contractor; and 
 
WHEREAS, Contractor agrees to perform services for Company under the terms and conditions set forth in this contract.
 
NOW, THEREFORE, in consideration of the following mutual promises, it is agreed by and between Company and Contractor as follows:
 
AGREEMENT
 
ARTICLE 1. SCOPE OF WORK
 
The Contractor, in consideration of Company's promises hereinafter made, promises to perform services on behalf of Company and BHEP: to review and recommend improvements to the strategic plan for BHEP to maximize the business' contribution to shareholder value; while doing so, Contractor will recommend and begin implementation of improved processes for development of the assets, operations and performance of BHEP, and to assess and recommend the long-term leadership requirements of the business unit. Contractor shall provide consultation services customarily performed in the oil and gas exploration and development industry for undertakings of similar character, scope and magnitude (“Services”). In the performance of Services, the location, nature of work and the hours Contractor expends or devotes on any given day will be entirely within Contractor's control. In order for Contractor to have requisite access to the assets, operations, personnel and strategic or other business information of BHEP, the following shall occur for the term of this Agreement:

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a. 
Interim President and General Manager: Currently, the principal operating leadership position of BHEP is vacant. John B. Vering, Managing Director of Contractor shall be named and assume responsibilities as the Interim President and General Manager of BHEP. In this capacity, among other responsibilities, Contractor shall assume acting and interim responsibility and authority for leading the day-to-day operations of BHEP, and shall report directly to David R. Emery, the Chairman and Chief Executive Officer of Company. In so serving, Vering shall not be considered an employee of Company, or accorded any benefits as such, including but not limited to workers compensation benefits. Among other duties stated herein, Contractor shall provide its recommendations relating to the experience and skills required on the part of any business unit leader hired as a full-time replacement to fill the current leadership vacancy. 

 
b. 
Board of Director Status:  Vering shall remain a member of the Board of Directors of Company, but shall resign from membership on Board Committees during the term of this Agreement. In addition, Vering shall not attend or participate in executive sessions of independent directors, or engage in other activities reserved for independent directors under the Governance Guidelines of Company, under applicable laws or regulations, or under Listing Standards of the New York Stock Exchange. Vering shall not receive cash compensation as a Director of Company, but does qualify and shall continue to receive compensation pursuant to the Outside Director Stock-Based Compensation Plan of the Company.

 
c. 
Company Policies and Applicable Law: All work performed by or on behalf of Contractor shall comply with Company's policies, including but not limited to its Code of Business Conduct, as well as with applicable state or federal laws or regulations. 

 
ARTICLE 2. COMPENSATION
 
 In consideration for the performance of the Services, Company agrees to pay to Contractor the following: 
 
a. 
The sum of Forty-Two Thousand Dollars ($42,000.00) per month, payable on the first day on each month in which Services are performed.

b. 
Company agrees to pay Contractor's reasonable costs and expenses, including but not limited to temporary living arrangements, necessary business or travel expenses, and other expenses customarily incurred by Contractor, its agents or employees. Contractor shall submit its invoice for reimbursable expenses on the first day of each month. Company agrees to pay approved expenses within ten (10) days of receipt of the invoice. 

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c. 
Upon the termination of this Agreement, and in the sole discretion of Company's Independent Board of Directors, Contractor shall be eligible to receive a project completion bonus in an amount not to exceed One Hundred Fifty Thousand Dollars ($150,000.00), based upon achievement of predetermined contract performance objectives.

d. 
Contractor shall be responsible for payment of all state and federal income tax or other taxes applicable to sums paid to Contractor pursuant to this Agreement.

 
ARTICLE 3. AGREEMENT EXPIRATION
 
 The parties contemplate that performance of Services under this Agreement could require approximately fifteen (15) months to complete. Accordingly, unless sooner terminated, this Agreement shall expire on July 31, 2011, unless the parties agree in writing to extend the term of this Agreement for the sole purpose of completing interim Services. 
 
ARTICLE 4. TERMINATION OF AGREEMENT
 
 This Agreement may be terminated by either party at any time, for any reason, or for no reason. In the event of termination without breach by either party, Company shall pay Contractor all monthly compensation and reimbursable expenses incurred through the date of termination. Contractor shall thereafter resume his status as an independent director of Company.
 
 Any breach of the terms and conditions of this Agreement by the Contractor shall, unless waived by the Company in writing, constitute a default by the Contractor and the Company shall thereafter have no obligation to the Contractor. In such event, Company may cancel any previous award of restricted stock units to Contractor made pursuant to this Agreement, and pursue any other legal remedy available to it. The parties agree that in order to maintain effective governance of the Company by its Board of Directors, in the event this Agreement is terminated by Company for cause, including but not limited to a breach of this Agreement by Contractor, all as determined in the sole discretion of Company, Contractor shall immediately resign his position as a director of Company. 
 
ARTICLE 5. CONTRACTOR'S ACCOUNTING RECORDS
 
 Records evidencing Contractor's reimbursable expenses pertaining to this Agreement shall be maintained on a generally recognized accounting basis and shall be available for review and audit by the Company at mutually convenient times and extending to three (3) years after final payment under this Agreement.
 

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ARTICLE 6. ASSIGNMENT OF AGREEMENT NOT PERMITTED
 
 The Contractor may not assign its performance of this Agreement, in whole or in part, without the prior written consent of the Company. Except as expressly provided to the contrary, the provisions of this Agreement are for the benefit of the parties solely and not for the benefit of any other person, persons, or legal entities. 
 
ARTICLE 7. MISCELLANEOUS PROVISIONS
 
A. INDEMNIFICATION. The Contractor shall indemnify and save and hold harmless the Company, its subsidiaries, including BHEP, and their respective officers, employees and agents, against any and all claims including, but not limited to, suits, actions, damages, liability and court awards including costs, expenses and attorneys fees incurred on account of injuries or damages sustained by any person, persons or property caused in whole or in part by the Contractor or his employees, subcontractors, agents or assigns, or as a result of any neglect or misconduct by the Contractor, or its employees or agents.
 
The Company shall indemnify, defend and save and hold harmless the Contractor, its officers, employees and agents, against any and all claims including, but not limited to, suits, actions, damages, liability and court awards including costs, expenses and attorneys fees incurred on account of injuries or damages sustained by any person, persons or property caused in whole or in part by the Company or its employees, subcontractors, agents or assigns, or as a result of any neglect or misconduct by the Company, or its employees or agents. 
 
B. INDEPENDENT CONTRACTOR. THE CONTRACTOR SHALL PERFORM ITS DUTIES HEREUNDER AS AN INDEPENDENT CONTRACTOR AND NOT AS AN EMPLOYEE. CONTRACTOR SHALL PAY WHEN DUE ALL REQUIRED EMPLOYMENT TAXES, FEDERAL OR STATE INCOME TAX, OR OTHER TAX ON ANY MONIES PAID BY THE COMPANY PURSUANT TO THIS AGREEMENT. CONTRACTOR ACKNOWLEDGES THAT THE CONTRACTOR AND ITS EMPLOYEES ARE NOT ENTITLED TO UNEMPLOYMENT INSURANCE BENEFITS OR OTHER BENEFITS CUSTOMARILY PROVIDED BY COMPANY TO ITS EMPLOYEES. CONTRACTOR SHALL HAVE NO AUTHORIZATION, EXPRESS OR IMPLIED, TO BIND THE COMPANY TO ANY AGREEMENTS, LIABILITY, OR UNDERSTANDING, EXCEPT AS EXPRESSLY SET FORTH HEREIN. CONTRACTOR SHALL PROVIDE AND KEEP IN FORCE AUTOMOBILE INSURANCE, WORKERS' COMPENSATION (AND PROVIDE PROOF OF SUCH INSURANCE WHEN REQUESTED BY THE COMPANY) AND UNEMPLOYMENT COMPENSATION INSURANCE IN THE AMOUNTS REQUIRED BY LAW, AND SHALL BE SOLELY RESPONSIBLE FOR THE ACTS OF THE CONTRACTOR, ITS EMPLOYEES AND AGENTS.
 

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C. CONFIDENTIALITY. During the term of this Agreement, Contractor will be utilizing confidential business information and trade secrets of Company, and its subsidiaries, particularly BHEP, including financial information, forecasts, operating and business strategies, and processes, all of a confidential nature, that are Company's property and are used exclusively in the course of Company's business. Contractor will not disclose to anyone, directly or indirectly, either during the term of this Agreement or at any time thereafter, any confidential information or trade secrets, or use them other than in the course of Services provided to Company under this Agreement. All documents that Contractor prepares, or any confidential information that might be given to Contractor in the course of performing Services under this Agreement, are the exclusive property of Company and must remain in or be returned to Company's possession upon termination of this Agreement. Since Contractor will acquire or have access to information that is of a highly confidential and secret nature, in the event Contractor seeks to perform any services for any other person or firm engaged in the same or similar business as that of Company during the term of this Agreement, Contractor shall fully disclose the nature of the work and the identity of the other party or business in advance of performing any such work. 
 
D. GOVERNING LAW. This Agreement and the rights and duties of the parties hereto, shall be construed and determined in accordance with the laws of the State of South Dakota. 
 
E. HEADINGS. Section headings used in this Agreement are for reference only and shall not affect the construction of this Agreement.
F. ENTIRE AGREEMENT. This Agreement constitutes the entire understanding of the parties and any prior or contemporaneous agreements, whether written or oral, are superseded by this Agreement. A waiver, alteration, or modification of any of the provisions of this Agreement will not be binding unless in writing and signed by authorized representatives of the parties. 
IN WITNESS WHEREOF, the parties hereto have executed this Agreement this 3rd day of May, 2010. 
 
COMPANY:  
 
By /s/ David R. Emery
Name: David R. Emery
Title:    Chairman, President and CEO
 
 
CONTRACTOR:
 
 By    /s/ John B. Vering
 Name: John B. Vering
 Title:    Managing Director Lone Mountain Investments, Inc.
 

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