Document:

exhibit10_2.htm

    
      

      

    

    

      FIRST
AMENDMENT TO

      AMENDED
AND RESTATED TRUST AGREEMENT

       

      THIS
FIRST AMENDMENT TO AMENDED AND RESTATED TRUST AGREEMENT (this “Amendment”),
dated as of May 27, 2009, is entered into by and among (i) Vestin Realty
Mortgage II, Inc., a Maryland corporation (including any successors or permitted
assigns, the “Depositor”), (ii) The Bank of New York Mellon Trust Company,
National Association, a national banking association, as successor trustee to
The Bank of New York Trust Company, National Association, as property trustee
(in such capacity, the “Property Trustee”), (iii) Michael V. Shustek, an
individual, Daniel Stubbs, an individual, and Rocio Revollo, an individual, each
of whose address is c/o Vestin Realty Mortgage II, Inc., 6149 S. Rainbow Blvd.,
Las Vegas, Nevada 89118, as administrative trustees (in such capacities, each an
“Administrative Trustee” and, collectively, the “Administrative Trustees” and,
together with the Property Trustee and the Delaware Trustee, the “Trustees”) and
(iv) Taberna Preferred Funding VIII, Ltd. (“TPF VIII”) and Taberna Preferred
Funding IX, Ltd. (“TPF IX”, and together with TPF VIII, the
“Holders”).

       

      Witnesseth

       

      Whereas,
the Depositor and BNY Mellon Trust of Delaware (successor to The Bank of New
York (Delaware) (the “Delaware Trustee”) have heretofore created a Delaware
statutory trust pursuant to the Delaware Statutory Trust Act by entering into a
Trust Agreement, dated as of June 8, 2007 (the “Original Trust
Agreement”);

       

      Whereas,
the Depositor and the Trustees amended and restated the Original Trust Agreement
in its entirety by that certain Amended and Restated Trust Agreement dated as of
June 22, 2007 (as amended, modified, supplemented or restated, the “Trust
Agreement”; capitalized terms used herein without definition have the meanings
assigned thereto in the Trust Agreement) by and among the Depositor, the
Property Trustee, the Delaware Trustee and the Administrative Trustees, to
provide for, among other things, (i) the issuance of the Common Securities by
the Trust to the Depositor, (ii) the issuance and sale of the Preferred
Securities by the Trust pursuant to the Purchase Agreement and (iii) the
acquisition by the Trust from the Depositor of all of the right, title and
interest in and to the Notes;

       

      Whereas,
the Depositor and the Trustees desire to further amend the Trust Agreement as
set forth herein to provide for, among other things, (i) the cancellation of
23,750 of the Preferred Securities, (ii) the cancellation of a pro rata portion of the
Common Securities, and (iii) the requirement that the Depositor pay a $250,000
per annum modification fee, payable quarterly on each Distribution Date until
the Trust Securities are paid in full or otherwise retired; and

       

      Whereas,
the Holders have agreed to waive certain requirements of the Trust Agreement in
connection with the cancellation of securities on the Effective Date (as defined
below);

       

      Now,
Therefore, in consideration of the agreements and obligations set forth herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, each party, for the benefit of the other parties,
hereby agrees as follows:

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      ARTICLE
I

       

      AMENDMENTS

       

      Section
1.01                                Amendment to Section
1.1.  A new definition of “Modification Fee” shall be added to
Section 1.1 of the Trust Agreement in alphabetical order, which shall read in
its entirety as follows:

       

      “Modification Fee” has the
meaning specified in Section 4.1(a)(iii).

       

      Section
1.02                                Amendment to Section
4.1(a).  Section 4.1(a) of the Trust Agreement is hereby
amended and restated to read in its entirety as follows:

       

      “SECTION
4.1                                Distributions/Fees.

       

      (a)           The
Trust Securities represent undivided beneficial interests in the Trust Property,
and Distributions (including any Additional Interest Amounts and Modification
Fees, as defined below) will be made on the Trust Securities at the rate, in the
amount and on the dates that payments of interest (including any Additional
Interest) and fees are made on the Notes.  Accordingly:

       

      (i)           Distributions
on the Trust Securities shall be cumulative, and shall accumulate whether or not
there are funds of the Trust available for the payment of
Distributions.  Each date on which Distributions are payable in
accordance with this Section 4.1(a) is
referred to as a “Distribution Date.”

       

      (ii)           Interest
Distributions shall accumulate from June 22, 2007, and, except as provided in
this clause (a)(ii), shall be payable quarterly in arrears on January 30, April
30, July 30 and October 30 of each year, commencing on July 30,
2007.  Interest Distributions shall accumulate in respect of the Trust
Securities at a fixed rate equal to 8.75% per annum through the Interest Payment
Date in July 2012 (the “Fixed
Rate Period”) and thereafter at a variable rate equal to LIBOR plus 3.50%
per annum of the Liquidation Amount of the Trust Securities, such rate being the
rate of interest payable on the Notes.  LIBOR shall be determined by
the Calculation Agent in accordance with Schedule
A.  During the Fixed Rate Period, the amount of interest
Distributions payable for any period less than a full Distribution period shall
be computed on the basis of a 360-day year of twelve 30-day months and the
amount payable for any partial period shall be computed on the basis of the
number of days elapsed in a 360-day year of twelve 30-day
months.  Upon expiration of the Fixed Rate Period, the amount of
interest payable for any Distribution period will be computed on the basis of a
360-day year and the actual number of days elapsed in the relevant Distribution
period.  The amount of interest Distributions payable for any period
shall include any Additional Interest amounts in respect of principal and
interest for such period.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (iii)           A
$250,000 per annum Modification Fee (the “Modification Fee”) shall accrue from
April 30, 2009, and except as provided in this clause (a)(iii), shall be payable
quarterly in arrears in the amount of $62,500 on January 30, April 30, July 30
and October 30 of each year, commencing on July 30, 2009 to the Holders of the
Preferred Securities on a pro
rata basis based on the aggregate Liquidation Amount of Outstanding
Preferred Securities; provided that no portion of the Modification Fee shall be
payable with respect to Preferred Securities cancelled in connection with the
First Amendment to Amended and Restated Trust Agreement dated as of May 27,
2009.  The Modification Fee payable for any period less than a full
Distribution period shall be computed on the basis of a 360-day year of twelve
30-day months and the actual number of days elapsed in the
period.  The Modification Fee shall be payable until such time as no
Preferred Securities are Outstanding.  The amount of Distributions
payable with respect to the Modification Fee for any period shall include any
Additional Interest amounts in respect of the Modification Fee.

       

      (iv)           If
any date on which a Distribution is otherwise payable on the Trust Securities is
not a Business Day, then the payment of such Distribution shall be made on the
next succeeding Business Day (and no interest or fees shall accrue in respect of
the amounts whose payment is so delayed for the period from and after each such
date until the next succeeding Business Day), except that, if such Business Day
falls in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case, with the same force and effect
as if made on such date.

       

      (v)           Distributions
on the Trust Securities, including the Modification Fee, shall be made by the
Paying Agent from the Payment Account and shall be payable on each Distribution
Date only to the extent that the Trust has funds then on hand and available in
the Payment Account for the payment of such Distributions.”

       

      ARTICLE
II

      CANCELLATION
OF SECURITIES

       

      Section
2.01                                Cancellation of Preferred Securities
Certificate.  Section 4.9(a) of the Trust Agreement provides
that if the Depositor is the Owner or Holder of any Preferred Securities, it
shall have the right to deliver to the Property Trustee all or such portion of
its Preferred Securities as it elects and, subject to compliance with Sections
2.2 and 3.5 of the Indenture, receive, in exchange therefore, a Like Amount of
Notes.  As of the Effective Date, the Depositor is the Owner of 23,750
Preferred Securities with a Liquidation Amount of $23,750,000 (the “Depositor
Preferred Securities”).  On the terms and subject to the conditions
set forth in this Amendment, as of the Effective Date, the Depositor Preferred
Securities will be exchanged for a Like Amount of Notes.  After the
exchange, such Depositor Preferred Securities and a pro rata portion of the
Common Securities (the “Depositor Common Securities” and,

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      together
with the Depositor Preferred Securities, the “Cancelled Securities”) will be
canceled and will no longer be deemed to be Outstanding and all rights of the
Depositor with respect to such Cancelled Securities will
cease.  Furthermore, in lieu of registering such Like Amount of Notes
in the name of the Depositor, the Depositor consents to and does hereby agree
that such Like Amount of Notes shall be immediately cancelled by the Note
Trustee under the Indenture.

       

      

       

      ARTICLE
III

      CONDITIONS
TO EFFECTIVENESS

       

      Section
3.01                                Conditions
Precedent.  This Amendment, including the amendments to the
Trust Agreement effected hereby, shall become effective as of the date (such
date, the “Effective Date”) on which all of the following conditions are
satisfied:

       

      (a)           the
delivery of a counterpart of this Amendment duly executed by the Depositor, the
Property Trustee, each Administrative Trustee, TPF VIII and TPF IX;

       

      (b)           the
delivery of a fully executed counterpart of that certain Second Supplemental
Indenture dated as of even date herewith and evidence satisfactory to the
Property Trustee that all conditions precedent to the effectiveness of such
supplemental indenture have been satisfied; and

       

      (c)           the
Depositor shall have paid the reasonable costs and expenses (including but not
limited to legal fees) of the Property Trustee and the Delaware Trustee in
connection with this Amendment.

       

      Promptly
after the Effective Date, the Depositor shall cancel or caused to be cancelled a
pro rata portion of the Common Securities.

       

      ARTICLE
IV

      WAIVER
OF CERTAIN CONDITIONS

       

      Section
4.01                                Waiver of Certain Requirements in
Connection with Cancellation of Securities.  Each of the
Depositor, the Holders and the Administrative Trustees hereto waive, and do
hereby direct the Trustee to waive, all timing and procedural requirements with
respect to the cancellation of the Cancelled Securities, including those set
forth in Section 4.9(a) of the Trust Agreement.

       

      Section
4.02                                Waiver of Requirement to Deliver Tax
Opinion.  Each of the Depositor, the Holders and the
Administrative Trustees hereby directs the Trustee to enter into this Amendment
and hereby waive the requirement for delivery of the Opinion of Counsel as
described in Section 10.3(b) of the Trust Agreement to the effect that this
Amendment will not cause the Trust to be taxable as a corporation or to be
classified as other than a grantor trust for United States federal income tax
purposes or that would cause the Notes to fail or cease to be treated as
indebtedness of the Depositor for United States federal income tax purposes or
that

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      would
cause the Trust to fail or cease to qualify for the exemption from status (or
from any requirement to register) as an “investment company” under the
Investment Company Act.

       

      ARTICLE
V

      REPRESENTATIONS
AND WARRANTIES

       

      Section
5.01                                Representations and Warranties of the
Holders.  Each of TPF VIII and TPF IX
hereby severally (and not jointly and severally) represents and warrants
that:

       

      (a)           It
owns and is the Holder of $28,125,000 of Preferred Securities; provided subject
only to the satisfaction of the conditions precedent set forth in Article III
and consummation of the release of securities and cash to TPF VIII and TPF IX
pursuant to that certain Joint Written Direction Regarding Custodial Assets
dated as of even date herewith (the “Joint Written Direction”) by and among the
Depositor, TPF VIII and TPF IX, each of TPF VIII and TPF IX shall transfer all
right, title and interest in Preferred Securities with a Liquidation Value of
$10,000,000 to the Depositor; and

       

      (b)           It
(i) consents to the Property Trustee executing and delivering this Amendment,
(ii) directs the Property Trustee to execute and deliver this Amendment and
(iii) agrees to and does hereby release the Property Trustee for any action
taken or to be taken by the Property Trustee in connection with its execution
and delivery of this Amendment and for any liability or responsibility arising
in connection herewith.

       

      Section
5.02                                Representations and Warranties of the
Depositor.  The Depositor hereby represents and warrants
that:

       

      (a)           prior
to the release of securities and cash described in the Joint Written Direction
and the cancellation described in Section 2.01, it owns and is the Holder of
$3,750,000 of Preferred Securities; and

       

      (b)           concurrently
with the Effective Date, it is the beneficial owner of the Cancelled
Securities.

       

      Section
5.03                                Representations and Warranties of
Each Party Hereto.  Each party hereto represents and warrants
that this Amendment has been duly and validly executed and delivered by it and
is legal, valid and binding upon and enforceable against it in accordance with
its terms.

       

      Section
5.04                                Consent and Direction to
Trustee.  By execution of this Amendment, each of the
Depositor, the Trust and the Administrative Trustees (i) consents to the
Property Trustee executing and delivering this Amendment, (ii) directs the
Property Trustee to execute and deliver this Amendment and (iii) agrees to and
does hereby release the Property Trustee for any action taken or to be taken by
the Property Trustee in connection with its execution and delivery of this
Amendment and for any liability or responsibility arising in connection
herewith.

       

      ARTICLE
VI

      MISCELLANEOUS
PROVISIONS

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Section
6.01                                Governing
Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE
HOLDERS, THE TRUST, THE DEPOSITOR AND THE TRUSTEES WITH RESPECT TO THIS TRUST
AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS
CONFLICTS OF LAWS PROVISIONS.

       

      Section
6.02                                No Other
Amendments.  Except as hereby expressly modified, the Trust
Agreement and the Securities issued thereunder are ratified and confirmed and
all the terms, conditions and provisions thereof shall remain in full force and
effect.

       

      Section
6.03                                Headings.  The
Article and Section headings are for convenience only and shall not affect the
construction of this Amendment.

       

      Section
6.04                                Trustee Acceptance. The
Trustee shall not be responsible in any manner whatsoever for the validity or
sufficiency of this Amendment or the due execution hereof by the by any party
hereto other than the Property Trustee or for or in respect of the recitals and
statements contained herein, all of which recitals and statements are made
solely by the Depositor.

       

      Section
6.05                                Counterparts.  This
instrument may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

       

      [REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK]

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties hereto have executed this First Amendment to
Amended and Restated Trust Agreement as of the day and year first above
written.

       

      VESTIN
REALTY MORTGAGE II, INC., as Depositor

       

      

       

      

       

      By:     /s/ Michael
Shustek                                                                

       

        Name:  Michael
Shustek

        Title:  President and
Chief Executive Officer

       

      VESTIN II
CAPITAL TRUST I

       

      

       

      By:     /s/ Michael
Shustek                                                                

               
Name:  Michael Shustek

               
Title:  Administrative Trustee

      

      
        	
                THE
      BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, a national
      banking association, as successor trustee to The Bank of New York Trust
      Company, National Association,

                as
      Property Trustee

              	 
      
	 
      	 
      
	 
      	 
      
	
                By:   /s/ Bill
      Marshall                                                                

              	 
      
	
                Name: Bill
    Marshall

              	 
      
	
                Title: Vice
    President

              	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                    /s/ Michael V.
      Shustek                                                                

              	
                      /s/ Daniel
      Stubbs

              
	
                Administrative
      Trustee

              	
                Administrative
      Trustee

              
	
                Name:  Michael
      V. Shustek

              	
                Name:  Daniel
      Stubbs

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                  /s/ Rocio
      Revollo                                                                

              	 
      
	
                Administrative
      Trustee

              	 
      
	
                Name:  Rocio
      Revollo

              	 
      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      TABERNA
PREFERRED FUNDING VIII, LTD.

      

      

      By:     /s/ Alasdair
Foster                                                                

      Name: Alasdair Foster

      Title:  Director

      

      

      TABERNA
PREFERRED FUNDING IX, LTD.

      

      

      By:     /s/ Alasdair
Foster                                                                

      Name: Alasdair Foster

      Title:  DirectorEXHIBIT 10

PLAN OF EXCHANGE

RDSH/RAL

EXHIBIT 10.1

PLAN OF EXCHANGE

By which

Roadships Holdings, Inc.

(A Delaware corporation)

Shall acquire

Roadships Acquisitions Ltd.

(A corporation organized under the laws of Australia)

1

PLAN OF EXCHANGE

RDSH/RAL

							
	I  RECITALS

	4

	 
	1. The Parties to this Agreement

	4

	 
	 
	(1.1) Roadships Holdings, Inc. (“RDSH”)

	4

	 
	 
	(1.2) Roadships Acquisitions, Ltd.

	4

	 
	2. The Capital of the Parties

	4

	 
	 
	(2.1) The Capital of RDSH

	4

	 
	 
	(2.2) The Capital of RAL

	4

	 
	3. Transactions

	4

	 
	4. SEC Compliance

	5

	 
	5. Delaware Compliance

	5

	 
	6. Audited Financial Statements

	5

	II PLAN OF EXCHANGE

	5

	 
	1. Conditioned Precedent to Closing

	5

	 
	 
	(1.1) Shareholder Approval

	5

	 
	 
	(1.2) Board of Directors

	5

	 
	 
	(1.3) Due Diligence Investigation

	5

	 
	 
	(1.4) The Right of Dissenting Shareholder

	5

	 
	 
	(1.5) All of the Terms, Covenants and Conditions

	6

	 
	 
	(1.6) Delivery of Audited Financial Statements

	6

	 
	2. Conditioned Concurrent and Subsequent to Closing

	6

	 
	 
	(2.1) Delivery of Registered Capital of RAL

	6

	 
	3. Plan on Exchange

	6

	 
	 
	(3.1) Exchange and Reorganization

	6

	 
	 
	(3.2) Issuance of Common Stock

	6

	 
	 
	(3.3) Closing/Effective Date

	6

	 
	 
	(3.4) Surviving Corporations

	6

	 
	 
	(3.5) Rights of Dissenting Shareholder

	6

	 
	 
	(3.6) Service of Process and Address

	6

	 
	 
	(3.7) Surviving Articles of Incorporation

	6

	 
	 
	(3.8) Surviving By-Laws

	6

	 
	 
	(3.9) Further Assistance, Good Faith and Fair Dealing

	7

	 
	 
	(3.10) General Mutual Representations and Warranties

	7

	 
	 
	 
	(3.10.1) Organization and Qualifications

	7

	 
	 
	 
	(3.10.2) Corporate Authority

	7

	 
	 
	 
	(3.10.3) Ownership of Assets and Property

	7

	 
	 
	 
	(3.10.4) Absence of Certain Changes or Events

	7

	 
	 
	 
	 
	(3.10.4-a)

	7

	 
	 
	 
	 
	(3.10.4-b)

	7

	 
	 
	 
	 
	(3.10.4-c)

	7

	 
	 
	 
	 
	(3.10.4-d)

	8

	 
	 
	 
	 
	(3.10.4-e)

	8

	 
	 
	 
	 
	(3.10.4-f)

	8

	 
	 
	 
	(3.10.5) Absence of Undisclosed Liabilities

	8

	 
	 
	 
	(3.10.6) Legal Compliance

	8

	 
	 
	 
	(3.10.7) Legal Proceedings

	8

	 
	 
	 
	(3.10.8) No Breach of Other Agreements

	8

	 
	 
	 
	(3.10.9) Capital Stock

	8

	 
	 
	 
	(3.10.10) SEC Reports

	8

	 
	 
	 
	(3.10.11) Brokers’ or Finder’s Fees

	9

	 
	 
	 
	 

2

PLAN OF EXCHANGE

RDSH/RAL

							
	 
	 
	(3.11) Miscellaneous Provisions

	9

	 
	 
	 
	(3.11.1)

	9

	 
	 
	 
	(3.11.2)

	9

	 
	 
	 
	(3.11.3)

	9

	 
	 
	 
	(3.11.4)

	9

	 
	 
	 
	(3.11.5)

	9

	 
	 
	 
	(3.11.6)

	9

	 
	4. Termination

	9

	 
	5. Closing

	10

	 
	6. Merger Clause

	10

3

PLAN OF EXCHANGE

RDSH/RAL

PLAN OF EXCHANGE

By which

Roadships Holdings, Inc.

(A Delaware corporation)

Shall acquire

Roadships Acquisitions Ltd.

(A corporation organized under the laws of Australia)

This Plan of Exchange (the “Agreement” or “Plan of Exchange”) is made and dated as of this 25th day of May, 2009, and intended to supersede all previous oral or written agreements, if any, between the parties, with respect to its subject matter. This Agreement anticipates that extensive due diligence shall have been performed by both parties. All due diligence shall have been completed by the Parties no later than May 30, 2009.

I.  RECITALS

1. The Parties to this Agreement:

(1.1) Roadships Holdings, Inc. (“RDSH”), a Delaware corporation.

(1.2) Roadships Acquisitions, Ltd., a corporation organized under the laws of Australia (“ral”). RAL’s corporate id number is 135439753. 

2. The Capital of the Parties.

(2.1) The Capital of RDSH consists of 75,000,000 authorized shared of Common Stock, par value $0.001 of which 53,750,000 shares are issued and outstanding.

(2.2) The Capital of RAL consists of 10,000 ordinary shares issued pursuant to Australian law which for the purposes of this agreement shall be referred to as Common Stock.

3. Transaction Descriptive Summary:

RDSH desires to acquire 100% of the issued and outstanding ordinary shares of RAL and the shareholders of RAL (the “RAL shareholders) desire that RAL be acquired by RSDH. Pursuant to this Agreement RDSH shall acquire 10,000 shares of RAL in exchange for a new issuance of 10,000 shares of RDSH to the RAL shareholders which will give RAL an interest in RDSH representing approximately .02% (10,000 shares divided by 53,750,000 shares in RDSH on a fully diluted basis. This transaction will not close immediately but shall be conditioned on approval by the board of RDSH and RAL respectively. The parties intend that the transactions qualify and meet the Internal Revenue Code requirements for a tax free reorganization, in which there is no corporate gain or loss recognized by the parties, with reference to Internal Revenue Code (IRC) sections 354 and 368.

4. SEC Compliance.

RDSH shall cause the filing with the Commission of a Current Report on Form 8-K, within for business days of the date hereof, reporting the execution of this Agreement.

4

PLAN OF EXCHANGE

RDSH/RAL

5. Delaware Compliance.

Articles of Exchange are required to be filed by Delaware law as the last act to make the plan of exchange final and effective under Delaware law.

6. Audited Financial Statements.

Certain filings under the Securities Exchange Act of 1934, suck as a Current Report on Form 8-K, require audited financial statements of RAL to be filed with the SEC within 71 days of the initial Form 8-K filing with respect to this transaction. In connections with RDSH’s filing of the Current Report on Form 8-K/A within 71 days after the closing, as it relates to this transaction, audited financial statements of RAL will be filed with the SEC in accordance with Form 8-K. RAL has agreed to provide audited financial statements prepared in the conformity with U.S. GAAP to RDSH at or prior to the closing. 

II. PLAN OF EXCHANGE

1. Conditiond Precedent to Closing.

The obligation of the parties to consummate the transactions contemplated herein are subject to the fulfillment or waiver prior to the closing of the following conditions precedent:

 (1.1) Shareholder Approval. RAL and RDSH shall have secured their shareholder approvals for this transaction, if required, in accordance with the laws of its place of incorporations and its constituent documents.

(1.2) Board of Directors. The Board of Directors of each of RAL and RDSH shall have approved the transaction and this agreement, in accordance with the laws of its place of incorporation and its constituent documents. 

(1.3) Due Diligence Investigation. Each party shall have furnished to the other party all corporate and financial information which is customary and reasonable, to conduct its respective due diligence, normal for this kind of transaction. If either party determines that there is a reason not to complete the Plan of Exchange as a result of their due diligence examination, then they must give written notice to the other party prior to the expiration of the due diligence examination period. The due diligence period, for purposes of this paragraph, shall have expired on May 30, 2009. The closing Date shall be three days after the satisfaction or waiver of all of the conditions precedent to closing set forth in this Plan of Exchange, unless extended to a later date by mutual agreement of the parties. 

(1.4) The rights of dissenting shareholder, if any, of each pert shall have been satisfied and the Board of Directors of each party shall have determined to proceed with the Plan of Exchange.

(1.5) All of the terms, covenants and conditions of the Plan of Exchange to be complied with or performed by each party before Closing shall have been complied with, performed or waived in writing;

(1.6) Delivery of Audited Financial Statements. RAL shall have delivered to RDSH audited financial statements and an audit report thereon for the year ended December 31, 2008, and intern financials for the period ending March 31, 2008 any required audits shall be prepared by PCAOB member audit firm in accordance with U.S. GAAP at RAL’s expense.

5

PLAN OF EXCHANGE

RDSH/RAL

2. Condition Concurrent and Subsequent to Closing.

(2.1) Delivery of Registered Capital of RAL. Immediately upon the Closing, RDSH shall issue to the RAL Shareholders 10,000,000 new investment shares of Common Stock of RDSH to the RAL Shareholders in exchange for 100% of the capital stock of RAL, which will give RAL an interest in RDSH representing.

3. Plan of Exchange

(3.1) Exchange and Reorganization: RDSH and RAL shall be hereby reorganized, such that RDSG shall acquire 100% the capital stock of RAL, and RAL shall become a wholly-owned subsidiary of RDSH.

(3.2) Issuance of Common Stock: Within 60 days upon the effective date of the Plan of Exchange, RDSH shall issue 10,000,000 new investment shares of Common Stock of RDSH to or for the RAL Shareholder.

(3.3) Closing/Effective Date: The Plan of Exchange shall become effective immediately upon approval and adoption by the parties hereto, in the manner provided by the law of the place of incorporation and constituent corporate documents, and upon compliance with governmental filing requirements, such as, without limitation, filings under the Securities Exchange Act of 1934, and the filing of Articles of Exchange, if applicable under State Las. Closing shall occur upon the approval by the Board of Directors of the parties hereto or are waived by the parties.

(3.4) Surviving Corporations: Both corporations shall survive the exchange and reorganization herein contemplated and shall continue to be governed by the laws of its respective jurisdiction of incorporation.

(3.5) Rights of Dissenting Shareholder: Each Party is the entity responsible for the right of its own dissenting shareholder, if any.

(3.6) Service of Process and Address: Each corporation shall continue to be amendable to service of process in its own jurisdiction, exactly as before this acquisition. The address of RDSH is 1451 West Cypress Creek Road, Suite 300, Fort Lauderdale, Delaware 33309 (USA). The address of RAL is 15/31 Governor Macquarie Drive, Chippind Norton, NSW, Australia 2170.

The address of RAL will be changed, according to the instruction of RDSH.

(3.7) Surviving Articles of Incorporation: The Articles of Incorporation of each Corporation shall remain in full force and effect, unchanged.

(3.8) Surviving By-Laws: The By-Laws of each Corporation shall remain in full force and effect, unchanged.

(3.9) Further Assurance, Good Faith and Fair Dealing: The directors of each Company shall execute and deliver any and all necessary documents, acknowledgements and assurances and do all things proper to confirm or acknowledge any and all right, titles and interest created on confirmed herein; and both companies covenant expressly hereby to deal fairly and in good faith with each other and each others shareholders. In furtherance of the parties desire, as so expressed, and to encourage timely, effective and businesslike resolution the parties agree that any dispute arising between them, capable of 

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resolution by arbitration, shall be submitted to binding arbitration. As a further incentive to private resolution and shall not recover such costs from any other party. 

(3.10) General Mutual Representations and Warranties. The purpose and general import of the Mutual Representations and Warranties, are that each party had made appropriate full disclosure to the others, that no material information has been withheld, and that the information exchanged is accurate, true and correct. These warranties and representation are made by each party to the other, unless otherwise provided in this agreement, and they speak and shall be true immediately before Closing.

(3.10.1) Organization and Qualification. Each corporation has duly organized and in good standing, and is duly qualified to conduct any business it may be conducting, as required by law or local ordinance.

(3.10.2) Corporate Authority. Each corporation has corporate authority, under the laws of its jurisdiction and its constituent documents, to do each and every element of performance to which it has agreed, and which is reasonably necessary, appropriate and lawful, to carry out its Agreement in good faith.

(3.10.3) Ownership of Assets and Property. Each corporation has lawful title and ownership of its property as reported to the other, and as disclosed in its financial statements.

(3.10.4) Absence of Certain Changes or Events. Each corporation has not has any material changes of circumstances or events which have not been fully disclosed to the other party, and which, if different that previously disclosed in writing, have been disclosed in writing as currently as is reasonable practicable. Specifically, and without limitation:

(3.10.4-a) The business of each corporation shall be conducted only in the ordinary and usual coarse and consistent with its past practice, and neither party shall purchase or sell (or enter into agreement to so purchase or sell) any properties or assets or make any other changes in its operations, respectively, taken as a while, or provide for the issuance of, agreements to issue or grant of options to acquire any shares, whether common, redeemable common or convertible preferred, in connections therewith;

(3.10.4-b) Except as set forth in this Plan of Exchange, neither corporation shall (i) amend its Articles of Incorporation or By-Laws, (ii) change the number of authorized or outstanding shares of its capital stock, or (iii) declare, set aside or pay any dividend or other distribution or payment in cash, stock or property to extent that which might contradict or not comply with any clause or condition set forth in this Plan of Exchange.

(3.10.4-c) Neither corporation shall (i) issue, grant or pledge or agree or propose to issue, grant sell or pledge any shares of, or rights of any kind to acquire any shares of, its capital stock, (ii) incur any indebtedness other than in the ordinary course of business, (iii) acquire directly or indirectly by redemption or otherwise any shares of its capital stock of any class or (iv) enter into or modify any contract, agreement, commitment or arrangement with respect to any of the foregoing.

(3.10.4-d) Except in the ordinary course of business, neither party shall (i) increase the compensation payable or to become payable by it to any of its officers or directors; (ii) make any payment or provision with respect to any bonus, profit sharing, stock option, stock perchance, employee stock ownership, pension, retirement, deferred compensation, employment or other payment plan, agreement or arrangement for the benefit of its employees (iii) grant any stock options or stock appreciation rights or permit the exercise of any stock appreciation right where the exercise of such right is subject to its discretion (iv) make any change in the compensation to be received by any of its 

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officers; or adopt, or amend to increase compensation or benefits payable under, any collective bargaining, bonus, profit sharing, compensation, stock option, pension, retirement, deferred compensation, employment, termination or severance or other plan, agreement, trust, fund or arrangement for the benefit of employees, (v) enter into any agreements with respect to the performance or personal services that is not terminable without liability by it on thirty days notice or less, (vi) increase benefits payable under its current severance or termination, pay agreements or policies or (vii) make any loan or advance to, or enter into any written contract, lease, or commitment with, any of its officers or directors.

(3.10.4-e) Neither party shall assume, guarantee, endorse or otherwise become responsible for the obligations of any other individual, firm or corporation or make any loans or advances to any individual, firm or corporation, other than obligations and liabilities expressly assumed by the other that party;

(3.10.3-f) Neither party shall make any investment of a capital nature either by purchase of stock or securities, contributions to capital, property transfers or otherwise, or by the purchase of any property or assets of any other individual, firm or corporation.

(3.10.5) Absence of Undisclosed Liabilities. Each corporation has, and has no reason to anticipate having, any material liabilities which have not been disclosed to the other, in the financial statements or otherwise in writing. 

(3.10.6) Legal Compliance. Each corporation shall comply in all material respects with all Federal, state, local and other governmental (domestic or foreign) laws, statutes, ordinances, rules, regulations (including all applicable securities laws), orders, writs, injunctions, decrees, awards or other requirements of any court or other governmental or other authority applicable to each of them or their respective assets or to the conduct of their respective businesses, and use their best efforts to perform all obligations under all contract, agreements, licenses, permits and undertaking without default.

(3.10.7) Legal Proceedings. Each corporation has no legal proceedings, administrative or regulatory proceeding, pending or suspected, which have not been fully disclosed in writing to the other.

(3.10.8) No Breach of Other Agreements. This Agreements, and the faithful performance of this agreement, will not cause any breach of any other existing agreement, or any covenant, consent decree, or undertaking by either, not disclosed to the other.

(3.10.9) Capital Stock. The issues and outstanding shares and all shared of capital stock of each corporation is as detailed herein, that all such shared are in fact issued and outstanding, duly and validly issued, were issued as and are fully paid and non-assessable shared, and that, other than as represented in writing, there are no other securities, options, warrants or rights outstanding, to acquire further shares of such corporation.

(3.10.10) SEC Reports. RDSH has filed all required registration statements, prospectuses, reports, schedules, forms, statements and other documents required to be filed by it with the SEC, since the date of its registration under to Securities Act of 1933, as amended (collectively, including all exhibits thereto, the “RDSH SEC Reports”). None of the RDSH SEC Reports, as of their respective dates, contained any untrue statements of material fact or failed to contain any statements which were necessary to make the statements made therein, in light of the circumstances, not misleading. All of the RDSH SEC Reports, as of their respective dates (and as of the date of any amendment to the respective RDSH SEC Reports), complied as to form in all material respects with the applicable 

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requirements of the Securities Act and the Exchange Act and the rules and regulations promulgated thereunder.

(3.10.11) Brokers’ or Finder’s Fees. Each corporation is unaware of any claims for brokers’ fees, or finder’s fees, or other commissions or fees, by any person not disclosed to the other, which would become, if valid, an obligation of either company.

(3.11) Miscellaneous Provisions

(3.11.1) Except as required by law, no party shall provide any information concerning any aspect of the transactions contemplated by this Agreement to anyone other than their respective officers, employees and representatives without the prior written consent of the other parties hereto.  The aforesaid obligations shall terminate on the earlier to occur of (a) the Closing, or (b) the date by which any party is required under its articles or bylaws or as required by law, to provide specific disclosure of such transactions to its shareholders, governmental agencies or other third parties. In the event that the transaction does not close, each party shall consult with each other concerning the timing and content of any press release or news release to be issued by any of them.

(3.11.2) This Agreement may be executed simultaneously in two or more counterpart originals. The parties can and may rely upon facsimile signatures as biding under this Agreement, however, the parties agree to forward original signatures to the other parties as soon as practicable after the facsimile signatures have been delivered.

(3.11.3) The Parties to this agreement have no wish to engage in costly or lengthy litigation with each other. Accordingly, any and all disputes which the parties cannot resolve by agreement or mediation shall be submitted to binding arbitration under the rules and auspices of the American Arbitration Association. The venue for arbitration shall be Charlotte North Carolina. As a further incentive to avoid disputes, each party shall bear its own costs, with respect thereto, and with respect to any proceedings in any court brought to enforce or overturn any arbitration award. The provision is expressly intended to discourage litigation and to encourage orderly, timely and economical resolution of any disputes which may occur. 

(3.11.4) If any provision of this Agreement or application thereof to any person or situation shall be held invalid or unenforceable, the remainder of the Agreement and the application of such provision to other persons or situations shall not be effected thereby but shall continue valid and enforceable to the fullest extent permitted by law.

(3.11.5) No waiver by any part of any occurrence or provision hereof shall be deemed a waiver of any other occurrence or provision.

(3.11.6) The parties acknowledge that both they and their counsel have been provided ample opportunity to review and revise this agreement and that the normal rule of construction shall not be applied to cause the resolution of any ambiguities against any party presumptively. The Agreement shall be governed by and constructed in accordance with the laws of the State of Florida. 

4. Termination.

The Plan of Exchange may be terminated by written notice, at any time prior to Closing, (i) by mutual consent, (ii) by either party during the due diligence phase, (iii) by either party, in the event that the transaction represented by the anticipated Plan of Exchange has not been implemented and approved by the proper governmental authorities 60 days from the date of this Agreement, or (iv) by either party in the event that a condition of closing is not met by June 30, 2009. In the event that termination of the Plan of Exchange by either or both, as provided above, the Plan of Exchange shall forthwith become void and there shall be no liability on the part of either party or their respective officers and directors.

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5. Closing.

The parties hereto contemplate that the closing of this Plan of Exchange shall occur no more than three days after all of the conditions precedent have been met or waived. The closing deliveries will be made pursuant to this Agreement. In addition, within 60 days of signing the Plan of Exchange, RDSH shall issue 10,000,000 shares of Common Stock of RDSH pursuant to Regulation S under the Securities Act of 1933, as amended, to the RAL shareholders, and RDSH shall acquire 100% of the capital stock of RAL.

6. Merger Clause.

This Plan of Exchange constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and such document supersedes all prior understanding or agreements between the parties hereto, whether oral or written, with respect to the subject matter hereof, all of which are hereby superseded, merged and rendered null and void.

IN WITNESS WHEREOF, the parties hereto, intending to be bound, hereby sign this Plan of Exchange below as of the date first written above.

ROADSHIPS HOLDINGS, INC.

By: /s/ Robert Smith

Robert Smith, Secretary

ROADSHIPS HOLDINGS, INC.

By: /s/ Micheal Nugent

Michael Nugent, President

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