Document:

I-Web
Media, Inc.

     

    
      
        

      

    

    

    SERIES
A CONVERTIBLE PREFERRED

    STOCK
PURCHASE AGREEMENT

    

    
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SERIES
A CONVERTIBLE PREFERRED STOCK

    PURCHASE
AGREEMENT

    

    This
Series A Preferred Stock Purchase Agreement (this “Agreement”) is made and
entered into effective as of the 4th day of November, 2010 (the “Effective
Date”) by and between I-Web Media, Inc., a Delaware corporation (the “Company”),
and Rockland Group, LLC, a Texas limited liability company
(“Purchaser”).  The Company and Purchaser shall each be referred to as
a “Party” and collectively as the “Parties.”

     

    The
Parties hereby agree as follows:

     

    
      	
              1.

            	
              PURCHASE
      OF SERIES A PREFERRED STOCK.

            

    

     

    (a)           Creation of Series A Preferred
Stock.  Within sixty (60) days of the Closing Date, the Company
hereby agrees to create a new series of convertible preferred stock entitled
“Series A Convertible Preferred Stock,” with Two Million (2,000,000) shares
authorized and the following rights: (i) dividend rights equal to the dividend
rights of the Company’s common stock; (ii) liquidation preference over the
Company’s common stock; (iii) each share of Series A Convertible Preferred Stock
will be convertible into one share of the Company’s common stock; (iv) no
redemption rights; (v) no call rights by the Company; (vi) each share of Series
A Convertible Preferred stock will have twenty five (25) votes on all matters
validly brought to the Company’s common stockholders; and (vii) mandatory
approval by a majority of the Series A Convertible Preferred stockholders for
certain change of control transactions.  With the other rights and
preferences to be determined by the Company’s Board of Directors.

     

    (b)           Purchase of Series A Preferred
Stock.  Subject to the terms of this Agreement, the Purchaser
agrees to purchase from the Company, and the Company agrees to sell to the
Purchaser, Two Million (2,000,000) shares (each a “Share” and collectively the
“Shares”) of Series A Convertible Preferred Stock, at a purchase price of $0.05
per Share, for a total purchase price of One Hundred Thousand Dollars ($100,000)
(the “Purchase Price”).

     

    
      	
              2.

            	
              THE CLOSING; DELIVERY OF
      SHARES.

            

    

     

    (a)           Closing Date.  The
closing of the purchase and sale of the Shares (the “Closing”) shall be
the date on which this Agreement is executed by the Parties and the Purchase
Price is received by the Company, unless otherwise mutually agreed by the
Company and the Purchaser (the “Closing Date”).

     

    (b)           Delivery of Stock
Certificate.  Within five (5) business days after the creation
of the class of Series A Convertible Preferred Stock by the Company, which shall
be not later than sixty (60) days after the Closing Date, the Company shall
issue and deliver to Purchaser a stock certificate evidencing the
Shares.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
      	
              3.

            	
              REPRESENTATIONS,
      WARRANTIES AND COVENANTS OF THE
COMPANY

            

    

     

    The
Company hereby represents and warrants to Purchaser as follows:

     

    (a)           Corporate
Power.  The Company has and will have, at the Closing Date, all
requisite corporate power to execute and deliver this Agreement and to carry out
and perform its obligations under the terms of this Agreement.

     

    (b)           Authorization.  All
corporate action on the part of the Company, its directors and its stockholders
necessary for the authorization, execution, delivery and performance of this
Agreement by the Company and the performance of the Company’s obligations
hereunder, including the execution of this Agreement, the creation of the class
of the Series A Convertible Preferred Stock, and the issuance and delivery of
the Shares, has been taken or will be taken prior to the issuance of such equity
securities.  This Agreement and the Shares, when executed and
delivered by the Company, shall constitute valid and binding obligations of the
Company enforceable in accordance with their terms, subject to laws of general
application relating to bankruptcy, insolvency, the relief of debtors and, with
respect to rights to indemnity, subject to federal and state securities
laws.  The Purchaser’s Series A Preferred Stock of the Company, when
issued in compliance with the provisions of this Agreement will be validly
issued, fully paid and nonassessable and free of any liens or
encumbrances.  The issuance of the Shares pursuant to the provisions
of this Agreement will not violate any preemptive rights, rights of first
refusal, or any other rights granted by the Company, and the Shares will be
issued in compliance with all applicable federal and state securities laws, and
will be free of any liens or encumbrances, other than any liens or encumbrances
created by or imposed upon the holders thereof through no action of the Company;
provided, however, that the Shares may be subject to restrictions on transfer
under state and/or federal securities laws as set forth herein or as otherwise
required by such laws at the time the transfer is proposed.

     

    (c)           Governmental
Consents.  All consents, approvals, orders, or authorizations
of, or registrations, qualifications, designations, declarations, or filings
with, any governmental authority, required on the part of the Company in
connection with the valid execution and delivery of this Agreement, the offer,
sale or issuance of the Shares, or the consummation of any other transaction
contemplated hereby shall have been obtained and will be effective at the
Closing, except for notices required or permitted to be filed with certain state
and federal securities commissions, which notices will be filed on a timely
basis.

     

    (d)           Offering.  Assuming
the accuracy of the representations and warranties of Purchaser contained in
Section 4 hereof, the offer, issue, and sale of the Shares are and will be
exempt from the registration and prospectus delivery requirements of the
Securities Act of 1933, as amended (the “Act”), and have been registered or
qualified (or are exempt from registration and qualification) under the
registration, permit, or qualification requirements of all applicable state
securities laws.

     

    
      	
              4.

            	
              REPRESENTATIONS
      AND WARRANTIES OF THE PURCHASER

            

    

     

    (a)           Purchase for Own
Account.  Purchaser represents that it is acquiring the Shares
solely for its own account and beneficial interest for investment and not for
sale or with a view to distribution of the Securities or any part thereof, has
no present intention of selling (in connection with a distribution or
otherwise), granting any participation in, or otherwise distributing the same,
and does not presently have reason to anticipate a change in such
intention.

    
      
         

      

      
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    (b)           Ability to Bear Economic
Risk.  Purchaser acknowledges that investment in the Securities
involves a high degree of risk, and represents that he is able, without
materially impairing his financial condition, to hold the Securities for an
indefinite period of time and to suffer a complete loss of his
investment.

     

    (c)           Further Limitations on
Disposition.  Purchaser further acknowledges that the
Securities are restricted securities under Rule 144 of the Act, and, therefore,
when issued by the Company to the Purchaser will contain a restrictive legend
substantially similar to the following:

     

    THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”).  THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE
SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED.

     

    Without
in any way limiting the representations set forth above, Purchaser further
agrees not to make any disposition of all or any portion of the Securities
unless and until:

     

    (i)           There
is then in effect a Registration Statement under the Act covering such proposed
disposition and such disposition is made in accordance with such Registration
Statement; or

     

    (ii)           Purchaser
shall have notified the Company of the proposed disposition and shall have
furnished the Company with a detailed statement of the circumstances surrounding
the proposed disposition, and if reasonably requested by the Company, Purchaser
shall have furnished the Company with an opinion of counsel, reasonably
satisfactory to the Company, that such disposition will not require registration
under the Act or any applicable state securities laws.

     

    Notwithstanding
the provisions of subparagraphs (i) and (ii) above, no such registration
statement or opinion of counsel shall be necessary for a transfer by such
Purchaser to a partner (or retired partner) of Purchaser, or transfers by gift,
will or intestate succession to any spouse or lineal descendants or ancestors,
if all transferees agree in writing to be subject to the terms hereof (including
the Investor Rights Agreement and Registration Rights Agreement) to the same
extent as if they were Purchasers hereunder.

     

    (d)           Purchaser
Authorization.  The Purchaser, if not an individual, is
empowered and duly authorized to enter into this Agreement under any governing
document, partnership agreement, trust instrument, pension plan, charter,
certificate of incorporation, bylaw provision or the like; this Agreement
constitutes a valid and binding agreement of the Purchaser enforceable against
the Purchaser in accordance with its terms; and the person signing this
Agreement on behalf of the Purchaser is empowered and duly authorized to do so
by the governing document or trust instrument, pension plan, charter,
certificate of incorporation, bylaw provision, board of directors or stockholder
resolution, or the like.

    
      
         

      

      
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    (e)           Certificate of
Designation.  Purchaser will be provided with a copy of the
Certificate of Designation for the Series A Convertible Preferred Stock, a copy
of which will be attached hereto as Exhibit A (the
“Certificate of Designation”), which will set forth all of the rights,
privileges, and preferences with respect to the Series A Convertible Preferred
Stock.

    

    
      	
              5.

            	
              INDEMNIFICATION

            

    

     

    The Purchaser hereby agrees to
indemnify and defend the Company and its directors and officers and hold them
harmless from and against any and all liability, damage, cost or expense
incurred on account of or arising out of:

    

    (a)           Any
breach of or inaccuracy in the Purchaser’s representations, warranties or
agreements herein;

    

    (b)           Any
disposition of any Shares contrary to any of the Purchaser’s representations,
warranties or agreements herein;

    

    (c)           Any
action, suit or proceeding based on (i) a claim that any of said
representations, warranties or agreements were inaccurate or misleading or
otherwise cause for obtaining damages or redress from the Company or any
director or officer of the Company under the Act, or (ii) any disposition of any
Shares.

    

    
      	
              6.

            	
              MISCELLANEOUS

            

    

     

    (a)           Binding
Agreement.  The terms and conditions of this Agreement shall
inure to the benefit of and be binding upon the respective successors and
assigns of the Parties.  Nothing in this Agreement, expressed or
implied, is intended to confer upon any third party any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as
expressly provided in this Agreement.

     

    (b)           Governing Law;
Venue.  This Agreement shall be governed by and construed under
the laws of the State of Texas as applied to agreements among Texas residents,
made and to be performed entirely within the State of Texas.  The
Parties agree that any action brought to enforce the terms of this Agreement
will be brought in the appropriate federal or state court having jurisdiction
over Fort Bend County, Texas.

     

    (c)           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

     

    (d)           Titles and
Subtitles.  The titles and subtitles used in this Agreement are
used for convenience only and are not to be considered in construing or
interpreting this Agreement.

    
      
         

      

      
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    (e)           Notices. All notices required
or permitted hereunder shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the Party to be notified, (b) when sent by
confirmed facsimile if sent during normal business hours of the recipient, if
not, then on the next business day, or (c) one (1) day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with
written verification of receipt.  All communications shall be sent as
follows:

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	 	
                                            If
      to the Company:

                                          	
                                            I-Web
      Media, Inc.

                                          	 
	 	 
      	
                                            706
      Hillcrest Drive

                                          	 
	 	 
      	
                                            Richmond,
      TX 77469

                                          	 
	 	 
      	
                                            Attn:  President

                                          	 
	 	 
      	
                                            Facsimile
      No.: 

                                          	
                                              

                                          	 
	 	 
      	 
      	 
	 	
                                            If
      to Purchaser:

                                          	
                                            Rockland
      Group, LLC

                                          	 
	 	 
      	
                                            706
      Hillcrest Dr.

                                          	 
	 	 
      	
                                            Richmond,
      TX 77469

                                          	 
	 	 
      	
                                            Attn:
      Manager

                                          	 
	 	 
      	
                                            Facsimile
      No.: 

                                          	
                                              

                                          	 

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

     or
at such other address as the Company or Purchaser may designate by ten (10) days
advance written notice to the other Party hereto.

     

    (f)           Modification;
Waiver.  No modification or waiver of any provision of this
Agreement or consent to departure therefrom shall be effective unless in writing
and approved by the Company and the Purchaser.

     

    (g)           Entire
Agreement.  This Agreement and the Exhibits hereto constitute
the full and entire understanding and agreement between the Parties with regard
to the subjects hereof and no Party shall be liable or bound to the other Party
in any manner by any representations, warranties, covenants and agreements
except as specifically set forth herein.

     

    (h)           Expenses.  Each
Party shall pay their own expenses in connection with this Agreement and the
Shares.  In addition, should either Party commence any action, suit or
proceeding to enforce this Agreement or any term or provision hereof, then in
addition to any other damages or awards that may be granted to the prevailing
Party, the prevailing Party shall be entitled to have and recover from the other
Party such prevailing Party’s reasonable attorneys’ fees and costs incurred in
connection therewith.

     

    [signature
page follows]

    
      
         

      

      
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    IN
WITNESS WHEREOF, the Parties have
executed this Series A Convertible Preferred Stock Purchase Agreement as of the date first
written above.

     

    
      
        
          
            
              	
                      “Company”

                    	 	
                      “Purchaser”

                    
	 
      	 	 
      
	
                      I-Web
      Media, Inc.,

                    	 	
                      Rockland
      Group, LLC,

                    
	
                      a
      Delaware corporation

                    	 	
                      a
      Texas limited liability company

                    
	 
      	 
      	 	 
      	 
      
	 
      	
                      /s/ James Groelinger

                    	 	 
      	
                      /s/ Harry Pond

                    
	
                      By:

                    	
                      James Groelinger

                    	 	
                      By:

                    	
                      Harry Pond

                    
	
                      Its:

                    	
                      Chief Executive Officer

                    	 	
                      Its:

                    	
                      Manager

                    

            

          

        

      

    

    
      
         

      

      
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    EXHIBIT
A

    

    Certificate
of DesignationUnassociated Document

    Exhibit
10.1

    AGREE
LIMITED PARTNERSHIP

    31850
Northwestern Highway

    Farmington
Hills, MI 48334

    (248)
737-4190

    

    July 5,
2010

    

    

    Re:           Letter Agreement of At-Will Employment for Alan
Maximiuk

    

    Dear Mr.
Maximiuk:

    

    This letter agreement sets forth all of
the terms and conditions by which Agree Limited Partnership (“AGREE”) retains
your services.

    

    1.           Title.  Your
title will be Vice President, and you shall report directly to the Chief
Financial Officer.

    

    2.           Compensation.  Your
annual compensation will be One Hundred Sixty-Seven Thousand and Five Hundred
($167,500.00) per year, which compensation will be paid in accordance with the
regular payroll practices of AGREE, including subject to legally required or
authorized payroll deductions and applicable tax withholdings.  Your
compensation will be reviewed on an annual basis by the Compensation Committee
of the Board of Directors (the “Committee”). Additionally, you will be eligible
to receive an annual cash bonus, as determined by the Committee.

    

    3.           Health
Benefits.  You shall be eligible to receive, subject to any
prequalification or ongoing requirements of the group plan, Blue Cross Health
Insurance consistent with that supplied to other AGREE officers and/or such
substitute plan as may hereafter be maintained by AGREE.

    

    4.           Equity
Incentive.  Upon commencement of your employment, you shall
receive Two Thousand Five Hundred (2,500) shares of Agree Realty Corporation
restricted common stock (“Stock”). Furthermore, subject to the following
paragraph, on an annual basis at the conclusion of each calendar year, provided
you are employed with the Company at such yearend, you shall be eligible to
receive Seven Thousand (7,000) shares of Stock, as determined by the Committee.
The calendar 2010 yearend restricted Stock grant will be prorated based on the
portion of the year 2010 elapsed at the time your employment commences. Thus,
your 2010 yearend restricted Stock grant will be Three Thousand Five Hundred
(3,500) shares of Stock.

    

    The initial and year end Stock shall be
restricted as of the date of issuance and may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of, which restrictions
shall expire with respect to one-fifth (1/5) of total number of restricted
shares on each of the first, second, third, fourth, and fifth anniversary dates
of issuance, provided you are then employed with the Company.

    

    The Stock grants shall be governed by
and issued pursuant to the Agree Realty Corporation 2005 Equity Incentive Plan
and/or such substitute plan as may hereafter be maintained by AGREE and the form
of restricted stock established by the Committee for grants under such plan
agreement and to be executed by you simultaneously with the issuance of the
Stock.

    

    5.           Job Duties. You will
have such authority and responsibilities and perform such duties for AGREE as
will be determined by the Chief Financial Officer, the President or the Chief
Executive Officer. AGREE has the sole and exclusive discretion to change, extend
or curtail the precise services and duties you are to perform
(“Duties”).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      Alan
Maximiuk

      July 5,
2010

      Page
2

       

    

    6.           Best
Efforts.  All Duties rendered by you for and on behalf of AGREE
shall be of the highest professional standards.  You shall devote your
full time, energies and talents to the success of AGREE.  You shall
use your best efforts to promote and shall during and after the expiration of
this Agreement, do nothing to reduce or injure the reputation of
AGREE.

    

    7.           Employment Period.
 Your employment
shall be At
Will and may be terminated by you or AGREE at any time, with or without
cause or good reason, with or without prior notice, and whereby the nature of
your employment relationship with AGREE cannot be modified, except in writing,
signed by the President or Chief Executive Officer.

    

    8.           Arbitration.  The
parties shall arbitrate any and all disputes relative to the employment
relationship and/or termination from AGREE which dispute would be resolved by
judicial or administrative proceeding or in any way relating to any alleged
wrongful acts on the part of AGREE whether such disputes are based on alleged
statutory violations or otherwise (i.e., age, race, gender, religion or any
other form of protected class discrimination or harassment), contractual
breaches, retaliatory discharge or otherwise, exclusively through the Procedures
and Policies of the American Arbitration Association, unless other procedures
are agreed upon in writing between the parties.  Venue for any such
hearings shall be Oakland County, Michigan.  The determination of the
arbitrator shall be binding and final upon all parties.  The award of
the arbitrator may be filed with the Clerk of the Circuit Court for the County
of Oakland, Michigan, and judgment may be rendered by the Court upon the
arbitration award and execution may be issued upon the judgment.  The
cost for arbitration shall be split equally between AGREE and the
Employee.

    

    9.           Limitations.  Any
arbitration or judicial proceeding arising out of a dispute relative to your
employment, shall not be brought by you unless the same is commenced
within  One Hundred Eighty (180) days following the incident giving
rise to such dispute.  If you fail to commence such a proceeding
within the One Hundred Eighty (180) day period, any rights you may have to
prosecute such a claim shall be extinguished and terminated.  In the
event a court of competent jurisdiction determines this provision is overly
restrictive, then the court having jurisdiction may alter such provision to that
deemed reasonable under state law.

    

    10.           Entire
Agreement.  This letter agreement represents the entire
agreement between you and AGREE and supersedes and cancels any prior or
contemporaneous arrangements, understandings or agreements, whether written or
oral, by and between you and AGREE relative to the subject matter
hereof.  Any amendments hereto shall be in writing and executed by
both parties.

    

    11.           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the United States of America and the State of
Michigan.

    

    12.           Commencement of
Employment. It is anticipated that your employment with AGREE will
commence on or before July 19th,
2010.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      Alan
Maximiuk

      July 5,
2010

      Page
3

       

    

    Alan, if you agree with the terms and
conditions contained herein, please sign and return a copy of this Agreement to
the undersigned.

    

    Very
truly yours,

    

    AGREE
LIMITED PARTNERSHIP

    

    

    /s/ Joel N.
Agree

    Joel N.
Agree, President

    AGREED TO
AND ACCEPTED BY:

    

    Alan
Maximiuk

    

    

    /s/ Alan
Maximiuk

    (Employee
Signature)

    

    Date:   July
8, 2010

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