Document:

ex10-1welwind.htm

     

    
      

      

    

    
      STOCK
        PURCHASE AGREEMENT

      

      THIS
        STOCK PURCHASE AGREEMENT (“Agreement”) is made and entered into in duplicate as
        of this _____ day of January, 2008, by and between Welwind Energy International
        Corporation, a Delaware corporation (the “Company”), and Feng Junyi (the
“Buyer”).

      

      RECITALS

      

      A.  The
        Company is a corporation duly organized, validly existing and in good standing
        pursuant to the laws of the State of Delaware.

      

      B.  The
        Buyer desires to invest the principal amount of Five Hundred Thousand Dollars
        ($500,000) with and in the Company and receive, in exchange therefor, as
        consideration for that investment, ten million (10,000,000) shares of the
        Company’s $.001 par value common stock.  Those shares of that common
        stock shall be referred to in this Agreement as the “Acquired
        Shares”.  All dollar amounts specified in this Agreement shall be, and
        are, in United States Dollars.

      

      C.  The
        Company desires to sell and issue to the Buyer the Acquired Shares, and Buyer
        desires to purchase from the Company the Acquired Shares, on the terms and
        subject to all of the conditions specified in this Agreement.

      

      NOW,
        THEREFORE, IN CONSIDERATION OF THE FOREGOING RECITALS, PREMISES, MUTUAL
        PROMISES, AGREEMENTS, REPRESENTATIONS AND WARRANTIES HEREIN SPECIFIED, FOR
        GOOD
        AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY
        ACKNOWLEDGED, WITH THE INTENT TO BE OBLIGATED LEGALLY AND EQUITABLY, THE
        PARTIES
        AGREE WITH EACH OTHER AS FOLLOWS:

      

      1.
        Incorporation of
        Recitals.  The recitals of this Agreement, as specified above,
        by this reference, are made a part of this Agreement proper, as specified
        completely and specifically at length in this Agreement proper.

      

      2.
        Subject Matter of and Consideration for Issue and Sale of Acquired
        Shares.

      

      2.1
        Issue and Sale of the Acquired
        Shares. On the Closing Date, the Company shall issue, sell, assign,
        transfer, convey, set over, and deliver to the Buyer, and the Buyer shall
        purchase from the Company, all of the Acquired Shares, by delivering or causing
        to be delivered to the Buyer at the Closing certificates evidencing and
        representing the Acquired Shares.

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      2.2  Consideration
        for the
        Acquired Shares.  On the Closing Date, the Buyer shall pay or
        cause to be paid to the Company at the Closing the principal amount of Five
        Hundred Thousand Dollars ($500,000.00).

      

      3.  Closing
        and Closing
        Date.  The closing (the “Closing”) of the transaction
        contemplated by the provisions of this Agreement shall occur at
        ______________________________________, at _________ p.m. on January ____,
        2008
        (the “Closing Date”), or at such other date, time and place as may be hereafter
        agreed upon in writing by the Company and the Buyer.

      

      4.
        Representations, Warranties and
        Covenants of the Buyer.  The Buyer represents, warrants, and
        covenants the following, the truth and accuracy of each of which shall
        constitute a condition precedent to the obligations of the Company pursuant
        to
        the provisions of this Agreement:

      

      4.1  The
        Buyer’s
        Independent Investigation.  The Buyer has relied solely upon
        such independent investigations made by the Buyer or by the Buyer’s
        representatives in making his decision to purchase the Acquired Shares.

      

      4.2
        No Determination of Value or
        Fairness.  The Buyer is aware that no agency has approved or
        made any finding or determination regarding the value or fairness of the
        purchase of the Acquired Shares or any recommendation or endorsement of the
        Acquired Shares.

      

      4.3
        The Buyer’s Knowledge and
        Experience.  The Buyer has the requisite knowledge and
        experience to evaluate the relative business aspects and risks, or the Buyer
        has
        relied upon the advice of experienced advisors with regard to such aspects
        and
        risks, and other considerations involved in purchasing the Acquired
        Shares.

      

      4.4
        The Buyer’s Due
        Diligence.  The Buyer and the Buyer’s counsel or advisors
        (collectively, “representatives”) have conducted or have had the opportunity to
        conduct such due diligence as the Buyer has, or they, as the case may be,
        have,
        deemed necessary to complete the Buyer’s evaluation of a purchase of the
        Acquired Shares.

      

      4.5
        Buyer’s Discussion with
        Management.  The Buyer and the Buyer’s representatives have had
        the opportunity to discuss all material aspects regarding a purchase of the
        Acquired Shares with management of the Company or with its authorized agents,
        and any and all questions asked have been answered to the full satisfaction
        of
        the Buyer and the Buyer’s representatives.

      

      4.6
        Buyer’s Reasonable Expectation of
        Profit.  The Buyer is purchasing the Acquired Shares with a
        reasonable expectation of an economic profit from such purchase.

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      4.7
        No Registration
        Rights.  The Buyer is aware that the Buyer has no right to
        require that the Acquired Shares be registered pursuant to the provisions
        of the
        Securities Act of 1933, as amended (the “Act”).  The Buyer is aware
        that the Company had no obligation to assist the Buyer in obtaining any
        exemption from any registration requirements imposed by applicable law, or
        registering or qualifying the Acquired Shares in any
        jurisdiction.  The Buyer is aware that the Buyer shall be responsible
        for compliance with all conditions on transfer imposed by the Securities
        and
        Exchange Commission or a securities administrator or similar person of any
        state, province, or similar jurisdiction.

      

      4.8
        Acknowledgement of Restriction
        regarding Transferability.  The Buyer is aware that there are
        substantial restrictions on the transferability of the Acquired
        Shares.  As the Acquired Shares have not been registered pursuant to
        the provisions of the Act, because of the exemption specified by the provision
        of Regulation S, the Acquired Shares are “restricted securities” and cannot be
        transferred, assigned, sold, or otherwise conveyed in the United States of
        America for a period of one year following the date of issuance of the Acquired
        Shares.  In that regard, the Buyer shall not sell, transfer, assign,
        pledge, hypothecate or otherwise dispose of any of the Acquired Shares in
        any
        manner which would violate the provisions of Regulation S or eliminate the
        availability to the Company of the exemption from the registration and
        prospectus delivery requirements of the Act, which exemption is specified
        by the
        provisions of Regulation S.  The Buyer is aware that the Buyer shall
        be responsible for compliance with all conditions on transfer imposed by
        the
        provisions of Regulation S and for any expenses incurred by the Company for
        legal and accounting services in connection with reviewing such a proposed
        transfer and issuing opinions in connection therewith.

      

      4.9
        Buyer’s Net
        Worth.  The Buyer has adequate net worth and means of providing
        for the Buyer’s current needs and contingencies to sustain a complete loss of
        the Buyer’s investment in the Company at the time of investment, and the Buyer
        has no need for liquidity in connection with the Acquired Shares.  The
        Buyer currently can afford a complete loss of the amount that the Buyer will
        pay
        for the Acquired Shares.

      

      4.10
        [RESERVED]

      

      4.11
        Indemnification by the
        Buyer. The Buyer shall indemnify and hold harmless the Company, and
        respective officers, directors, affiliates, accountants, attorneys, agents,
        and
        other representatives from and against all damages, losses, costs and expenses
        (including reasonable attorneys’ fees) which they may incur by reason of any
        breach of any representation, warranty, covenant, or agreement made by you
        in
        this Agreement in connection with the purchase of the Acquired Shares.

      

      4.12
        The Buyer’s Status as a Non-U.S.
        Person.  The Buyer is not a “U.S. person”, as defined
        below.  A “non-U.S. person” is any person that is not a “U.S.
        Person”.  A “U.S. Person” is: (i) any natural person resident in the
        United States of America; (ii) any partnership or corporation organized or
        incorporated pursuant to the laws of the United States of America; (iii)
        any
        estate of which any executor or administrator is a U.S. person; (iv) any
        trust
        of which any trustee is a U.S. person; (v) any agency or branch of a foreign
        entity located in the United States of America; (vi) any non-discretionary
        account or similar account (other than an estate or trust) held by a dealer
        or
        other fiduciary for the benefit or account of a U.S. person; (vii) any
        discretionary account or similar account (other than an estate or trust)
        held by
        a dealer or other fiduciary organized, incorporated, or (if an individual)
        resident in the United States of America; and (viii) any partnership or
        corporation if: (a) organized or incorporated pursuant to the laws of any
        foreign jurisdiction; and (b) formed by a U.S. person principally for the
        purpose of investing in securities not registered pursuant to the Act, unless
        it
        is organized or incorporated, and owned, by “accredited investors” (as defined
        in Rule 501(a) of Regulation D promulgated pursuant to the Act) who are not
        natural persons, estates or trusts.

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      5.
        Representations, Warranties and
        Covenants of the Company.  The Company represents, warrants,
        and covenants the following, the truth and accuracy of which shall constitute
        a
        condition precedent to the obligations of the Buyer pursuant to the provisions
        of this Agreement:

      

      6.
        Obligations at Closing.

      

      6.1  Obligations
        of the
        Company.  On the Closing Date the Company shall deliver or
        cause to be delivered to the Buyer certificates signed by the President and
        Secretary of the Company and dated as of the Closing Date evidencing and
        representing the Acquired Shares.

      

      6.2  Obligations
        of
        Buyer.  On the Closing Date Buyer shall deliver or cause to be
        delivered to the Company the principal amount of Five Hundred Thousand Dollars
        ($500,000.00).

      

      7.  Further
        Assurances.  Each party shall take any and all action
        necessary, appropriate or advisable to execute and discharge such party’s
        responsibilities and obligations created by the provisions of this Agreement
        and
        carrying out the intents and purposes of and consummating and closing the
        transaction contemplated by the provisions of this Agreement.

      

      8.  Expenses.
Each
        party shall pay any and all costs and expenses incurred or to be incurred
        by
        such party in negotiating and preparing this Agreement and effectuating the
        intents and purposes of and consummating and closing the transaction
        contemplated by the provisions of this Agreement.

       

      9.  Assignment.  No
        party shall have the right, without the consent of the other party, to assign,
        transfer, sell, pledge, hypothecate, delegate, or otherwise transfer, whether
        voluntarily, involuntarily or by operation of law, any of such party’s rights or
        obligations created by the provisions of this Agreement, nor shall the parties’
rights be subject to encumbrance or the claim of creditors.  Any such
        purported assignment, transfer, or delegation shall be null and void.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      10.
        Successors and
        Assigns.  This Agreement and each of its provisions shall
        obligate the heirs, executors, administrators, successors, and assigns of
        each
        of the parties.  Nothing specified in this article, however, shall be
        a consent to the assignment or delegation by any party of such party’s
        respective rights and obligations created by the provisions of this
        Agreement.

       

      11.  Execution
        in
        Counterparts.  This Agreement may be prepared in multiple
        copies and forwarded to each of the parties for execution.  This
        Agreement shall become effective when the Company receives a copy or copies
        of
        this Agreement executed by the parties in the names as those names appear
        at the
        end of this Agreement.  All of the signatures of the parties may be
        affixed to one copy or to separate copies of this Agreement and when all
        such
        copies are received and signed by all the parties, those copies shall constitute
        one agreement which is not otherwise separable or divisible.

       

      12.
        Captions and
        Interpretations.  Captions of the sections and paragraphs of
        this Agreement are for convenience and reference only, and the works specified
        therein shall in no way be held to explain, modify, amplify or aid in the
        interpretation, construction, or meaning of the provisions of this
        Agreement.  The language in all parts to this Agreement, in all cases,
        shall be construed in accordance with the fair meaning of that language as
        if
        prepared by all parties and not strictly for or against any
        party.  Each party and counsel for such party have reviewed this
        Agreement.  The rule of construction, which requires a court to
        resolve any ambiguities against the drafting party, shall not apply in
        interpreting the provisions of this Agreement.

       

      13.
        Choice of
        Law.  All questions concerning the validity, interpretation, or
        performance of any of the terms, conditions and provisions of this Agreement
        or
        any of the rights or obligations of the parties shall be governed by, and
        resolved in accordance with, the laws of the State of Delaware, without regard
        to conflicts of law principles.

       

      14.  Severability.  In
        the event any part of this Agreement, for any reason, is determined by a
        court
        of competent jurisdiction to be invalid, such determination shall not affect
        the
        validity of any remaining portion of this Agreement, which remaining portion
        shall remain in full force and effect as if this Agreement had been executed
        with the invalid portion thereof eliminated.  It is hereby declared
        the intention of the parties that they would have executed the remaining
        portion
        of this Agreement without including such part, parts, or portion which, for
        any
        reason, may be hereafter determined to be invalid.

       

      15.  Waiver
        and
        Modification.  No modification, supplement or amendment of this
        Agreement or of any covenant, condition, or limitation specified in this
        Agreement shall be valid unless the same is made in writing and duly executed
        by
        both parties.  No waiver of any covenant, condition, or limitation
        specified in this Agreement shall be valid unless the same is made in writing
        and duly executed by the party making the waiver.  No waiver of any
        provision of this Agreement shall be deemed, or shall constitute, a waiver
        of
        any other provision, whether or not similar, nor shall any waiver constitute
        a
        continuing waiver.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      16.  Governmental
        Rules and
        Regulations.  The transaction contemplated by the provisions of
        this Agreement are and shall remain subject to any and all present and future
        orders, rules and regulations of any duly constituted authority having
        jurisdiction of that transaction.

       

      17.  Number
        and
        Gender.  Whenever the singular number is used in this Agreement
        and, when required by the context, the same shall include the plural, and
        vice
        versa;  the masculine gender shall include the feminine and the neuter
        genders, and vice versa; and the word “person” shall include individual,
        company, sole proprietorship, corporation, joint venture, association, joint
        stock company, fraternal order, cooperative, league, club, society,
        organization, trust, estate, governmental agency, political subdivision or
        authority, firm, municipality, congregation, partnership, or other form of
        entity.

      

      IN
        WITNESS WHEREOF the parties have
        executed this Stock Purchase Agreement in duplicate and in multiple
        counterparts, each of which shall have the force and effect of an original,
        effective as of the date specified in the preamble of this Agreement.

      

      Welwind
        Energy International Corporation,

      a
        Delaware corporation

      

      
        
          	 By:	 	
                   By:

                	 	
                   

                
	 Its:	 Chief
                  Executive Officer	
                   Printed
                    Name:

                	 	
                   

                   

                
	 	 	 	 	 

        

        
          
             

          

          
            6EXHIBIT 10.1

EXHIBIT 10.1

GLOBALPAYNET HOLDINGS INC.

STOCK OPTION AGREEMENT

1. 

Grant of Option. GlobalPayNet Holdings Inc. (the “Company”) hereby grants to Alain Ghiai (“Participant”) an option (this “Option”) to purchase 200,000,000 (two hundred million) shares of the Company’s common stock (the “Total Option Shares”) at an exercise price per share of US$2.00 (two dollars and zero cent)  (the “Exercise Price”), subject to all of the terms and conditions of this Agreement.  

2. 

Vesting; Exercise Period. 

a.

Vesting. This Option shall be exercisable in its entirety beginning on January 17, 2010. This Option shall cease to vest upon Participant’s Termination and Participant shall in no event be entitled under this Option to purchase a number of shares of the Company’s Common Stock greater than the Total Option Shares. 

b.

Expiration. This Option shall expire on January 17, 2060 and must be exercised, if at all, on or before the earlier of the Expiration Date or the date on which this Option is earlier terminated in accordance with the provisions of Section 3. 

3. 

Termination. 

a.

Termination for Any Reason Except Death, Disability or Cause. If Participant is Terminated for any reason except Participant’s death, Disability or for Cause, then this Option, to the extent (and only to the extent) that it is vested may be exercised by the Participant no later than three (3) months after the Termination Date, but in any event no later than the Expiration Date. 

b.

Termination Because of Death or Disability. If Participant is Terminated because of death or Disability of Participant (or the Participant dies within three (3) months after Termination other than for Cause or because of Disability), then this Option, to the extent that it is vested on the Termination Date, may be exercised by Participant (or Participant’s legal representative or authorized assignee) no later than twelve (12) months after the Termination Date, but in any event no later than the Expiration Date. 

c.

Termination for Cause. If Participant is Terminated for Cause, this Option will expire on the Participant’s Termination Date. 

d.

No Obligation to Employ. Nothing in this Agreement shall confer on Participant any right to continue in the employ of, or other relationship with, the Company or any Parent or Subsidiary of the Company, or limit in any way the right of the Company or any Parent or Subsidiary of the Company to terminate Participant’s employment or other relationship at any time, with or without cause. 

4. 

Manner of Exercise. 

a.

Stock Option Exercise Agreement. To exercise this Option, Participant (or any assignee of Participant permitted under this Option, or in the case of exercise after Participant’s death, Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed Stock Option exercise agreement in the form attached hereto as Exhibit A, or in such other form as may be approved by the Company from time to time (the “Exercise Agreement”), which shall set forth, inter alia, Participant’s election to exercise this Option, the number of Shares being purchased, any restrictions imposed on the Shares and any representations, warranties and agreements regarding Participant’s investment intent and access to information as may be required by the Company to comply with applicable securities laws. If someone other than Participant exercises this Option, then such person must submit documentation reasonably acceptable to the Company that such person has the right to exercise this Option. 

b.

Limitations on Exercise. This Option may not be exercised unless such exercise is in compliance with all applicable federal and state securities laws, as they are in effect on the date of exercise. This Option may not be exercised as to fewer than 100 Shares unless it is exercised as to all Shares as to which this Option is then exercisable. 

c.

Payment. The Exercise Agreement shall be accompanied by full payment of the Exercise Price for the Shares being purchased in cash (by check), or where permitted by law: 

i.

by cancellation of indebtedness of the Company to the Participant; 

ii.

by waiver of compensation due or accrued to Participant for services rendered; 

iii.

provided that a public market for the Company's stock exists: (1) through a “same day sale” commitment from Participant and a broker-dealer that is a member of the National Association of Securities Dealers (an “NASD Dealer”) whereby Participant irrevocably elects to exercise this Option and to sell a portion of the Shares so purchased to pay for the Exercise Price and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the exercise price directly to the Company; or (2) through a “margin” commitment from Participant and an NASD Dealer whereby Participant irrevocably elects to exercise this Option and to pledge the Shares so purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer in the amount of the Exercise Price, and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the Exercise Price directly to the Company; or 

iv.

by any combination of the foregoing. 

d.

Tax Withholding. Prior to the issuance of the Shares upon exercise of this Option, Participant must pay or provide for any applicable federal or state withholding obligations of the Company. If the Board of Directors permits, and subject to compliance with all applicable laws and regulations, Participant may provide for payment of withholding taxes upon exercise of this Option by requesting that the Company withhold from the Shares to be issued that number of Shares with a Fair Market Value equal to the minimum amount of taxes required to be withheld. In such case, the Company shall only issue the net number of Shares to the Participant by deducting the Shares withheld from the Shares issuable upon exercise. 

e.

Issuance of Shares. Provided that the Exercise Agreement and payment are in form and substance satisfactory to counsel for the Company, the Company shall issue the Shares registered in the name of Participant, Participant’s authorized assignee, or Participant’s legal representative, and shall deliver certificates representing the Shares with the appropriate legends affixed thereto. 

5. 

Compliance with Laws and Regulations. The exercise of this Option and the issuance and allotment of Shares shall be subject to compliance by the Company and Participant with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s Shares may be listed at the time of such issuance or allotment. Participant understands that the Company is under no obligation to register or qualify the Shares with the Securities and Exchange Commission, any state securities commission or any stock exchange to effect such compliance. 

6. 

Nontransferability of Option. This Option may not be transferred in any manner other than by will or by the laws of descent and distribution and may be exercised during the lifetime of Participant only by Participant. The terms of this Option shall be binding upon the executors, administrators, successors and assigns of Participant. 

7. 

Tax Consequences. PARTICIPANT SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES. 

8. 

Privileges of Share Ownership. Participant shall not have any of the rights of a shareholder with respect to any Shares until Participant exercises this Option and pays the Exercise Price. 

9. 

Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior understandings and agreements with respect to such subject matter. 

10. 

Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement shall be binding upon Participant and Participant’s heirs, executors, administrators, legal representatives, successors and assigns. 

11. 

Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada. 

12. 

Acceptance. Participant has read and understands the terms and provisions thereof, and accepts this Option subject to all the terms and conditions of this Agreement. Participant acknowledges that there may be adverse tax consequences upon exercise of this Option or disposition of the Shares and that the Company has advised Participant to consult a tax advisor prior to such exercise or disposition. 

13.

Definitions.  As used in this Agreement, the following terms have the following meanings:  

a.

“Cause” means (a) the commission of an act of theft, embezzlement, fraud, dishonesty, (b) a breach of fiduciary duty to the Company or a Parent or Subsidiary of the Company or (c) a failure to materially perform the customary duties of the employee’s employment.

b.

“Code” means the Internal Revenue Code of 1986, as amended.

c.

“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code.

d.

“Termination” or “Terminated” means that the Participant has for any reason ceased to provide services as an employee, officer or director to the Company or a Parent or Subsidiary of the Company. An employee will not be deemed to have ceased to provide services in the case of (i) sick leave, (ii) military leave, or (iii) any other leave of absence approved by the Board of Directors, provided, that such leave is for a period of not more than 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute or unless provided otherwise pursuant to formal policy adopted from time to time by the Company and issued and promulgated to employees in writing. In the case of any employee on an approved leave of absence, the Board of Directors may make such provisions respecting suspension of vesting of the Option while on leave from the employ of the Company or a Subsidiary as it may deem appropriate, except that in no event may the Option be exercised after the expiration of the term set forth in this Agreement. The Board of Directors will have sole discretion to determine whether a Participant has ceased to provide services and the effective date on which the Participant ceased to provide services (the “Termination Date”).

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in duplicate by its duly authorized representative and Participant has executed this Agreement in duplicate as of the Date of Grant. 

					
	GLOBALPAYNET HOLDINGS, INC.

	 
	PARTICIPANT

	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:

	/s/Alain Ghiai

	 
	/s/Alain Ghiai

	 

	Name:

	Alain Ghiai

	 
	Alain Ghiai

	 

	Title:

	Chairman

	 
	Chairman

	 

 

Exhibit A

GLOBALPAYNET HOLDINGS, INC.

STOCK OPTION EXERCISE AGREEMENT

I hereby elect to purchase the number of Shares of common stock  of GlobalPayNet Holdings, Inc. (the “Company”) as set forth below: 

Participant (and/or assignee): 

Exact Name of Title to Shares:

Address:  

Number of Shares Purchased: 

Purchase Price per Share: 

Aggregate Purchase Price: 

1. Delivery of Purchase Price. Participant (and/or assignee) hereby delivers to the Company the Aggregate Purchase Price, as follows (check as applicable and complete): 

[  ] in cash (by check) in the amount of $___________, receipt of which is acknowledged by the Company; 

[  ] by cancellation of indebtedness of the Company to Participant in the amount of $_______________; 

[  ] by the waiver hereby of compensation due or accrued to Participant for services rendered in the amount of $_______________ ; 

[  ] through a “same-day-sale” commitment, delivered herewith, from Participant and the NASD Dealer named therein, in the amount of $___________________________; or 

[  ] through a “margin” commitment, delivered herewith from Participant and the NASD Dealer named therein, in the amount of $________________________________. 

2. Market Standoff Agreement. Participant (and/or assignee), if requested by the Company and an underwriter of Shares of common stock (or other securities) of the Company, agrees not to sell or otherwise transfer or dispose of any Shares of common stock (or other securities) of the Company held by Participant (and/or assignee) during the period requested by the managing underwriter following the effective date of a registration statement of the Company filed under the Securities Act, provided that all officers and directors of the Company are required to enter into similar agreements. Such agreement shall be in writing in a form satisfactory to the Company and such underwriter. The Company may impose stop-transfer instructions with respect to the Shares of common stock (or other securities) subject to the foregoing restriction until the end of such period. 

3. Tax Consequences. PARTICIPANT UNDERSTANDS THAT PARTICIPANT (AND/OR ASSIGNEE) MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF PARTICIPANT'S (AND/OR ASSIGNEE’S) PURCHASE OR DISPOSITION OF THE SHARES OF COMMON STOCK . PARTICIPANT (AND/OR ASSIGNEE) REPRESENTS THAT PARTICIPANT (AND/OR ASSIGNEE) HAS CONSULTED WITH ANY TAX CONSULTANT(S) PARTICIPANT (AND/OR ASSIGNEE) DEEMS ADVISABLE IN CONNECTION WITH THE PURCHASE OR DISPOSITION OF THE SHARES AND THAT PARTICIPANT (AND/OR ASSIGNEE) IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE. 

Date: 

Signature of Participant (and/or assignee)

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