Document:

ex1024.htm

EXHIBIT 10.24

 

PURCHASE AND SALE AGREEMENT

 

THIS PURCHASE AND SALE AGREEMENT (this "Agreement") is made and entered into as of November 12, 2009 (the "Effective Date"), by and between TYNSOLAR CORPORATION, a Taiwanese company with a place of business at 1381 Ren-Ay. Chunan-Jenn, Miaulih 350, Taiwan ("Buyer"), and IX Energy Holdings, Inc., a Delaware corporation with a place of business at 711 Third Avenue. 12th Floor, New York, NY 10017-9204("Seller") and together herein after referred to collectively as the Parties.

 

In consideration of the mutual covenants and conditions herein contained, and intending to be legally bound hereby. the parties mutually agree as follows:

 

1.           Seller agrees to sell and Buyer agrees to buy from Seller the products set forth in Schedule A attached (the "Products") pursuant to the provisions of this Agreement.

 

2.           Price and Terms of Payment.

 

	
2.1. 

	
The price for the Products is 51 ,400,000 USD payable as follows: forgiveness of 3800,000USD credit from Seller to Buyer and $600,000USD via issuing an irrevocable LC. The LC will read that 5480,000 will be released to IX Energy FOB the Port of New York – New Jersey. The remaining 3120.000 within 30 days of the equipment arriving in Taiwan

 

	
2.2.

	
Tynsolar is responsibility for notifying IX Energy within 24 hours of the equipment's arrival inTaiwan.

 

	
2.3.

	
The costs associated with packing and shipping the equipment to the Port of New York –New Jersey will be shared equally between IX Energy and Tynsolar.

 

3. Performance and Performance Period

 

	
3.1.

	
Seller shall pack all of the Products and related components in a manner using sufficiently strong packaging appropriate for shipping. transportation, loading and unloading and in accordance with the reasonable standard in the industry for the same kind of Products

 

	
3.2.

	
Buyer shall inspect the Products on November 10 and 11 2009 Eastern Standard Time in the products current locations in M & G Transportation. 1 San Antonio Way, Pawtuckett, RI 02860 and 1640 New Market Ave., South Plainfield, NJ 07080 (the "Warehouses").

 

	
3.3

	
Subject to the approval by Buyer for the inspection set forth in Clause 3.2, Buyer shall open irrevocable LC so that it arrives in the bank account of the Seller no later than November 17, 2009, Eastern Standard Time.

 

 

  

1

  

 

 

	
3.4.

	
Upon receipt of the irrevocable LC, Seller shall deliver the Products FOB Warehouses (Incoterms 2000).

 

4.           Other Documentation Required.

 

	
4.1.

	
Seller has and must provide all correspondent exporting documentation such as Bill of Lading Invoice, Packing List etc as the proofs of shipment

 

5.           Warranty

 

	
5.1

	
The warranty terms will remain as specified in the original purchase agreement between IXEnergy and Spire.

 

6.           Creation of a JV between IX Energy and Tynsolar.

 

	
6.1.

	
IX Energy and Tynsoiar will create a JV for the Spire line. IX Energy will retain a 1% ownership interest in the JV and will contribute the Spire purchase contract, including the warranty, into the JV.

 

7.           Release and Termination. The parties agree that OEM agreement between the parties dated 11/28/2008 is hereby terminated with both parties releasing any claims that they may have against the other based upon or stemming from that OEM agreement, which is subject to the success of the procurement of $140.000USD. Miscellaneous

 

	
7.1. 

	
Attorneys' Fees. In any suit. action, or proceeding between the parties arising from,concerning, or related to this Agreement. neither party shall be entitled to an award of attorney's fees from the other party.

 

	
7.2.

	
Controlling Law. This Agreement shall be construed in accordance with and be governed by the laws of the State of New York.

 

	
7.3.

	
Counterparts. This Agreement may be executed in counterparts, both of which shall been forceable as an original, but which together shall constitute one and the same instrument.

 

	
7.4.

	
Entire Agreement. This Agreement constitutes the entire Agreement between the parties and supersedes all prior and contemporaneous agreements, representations, warranties and understandings of the parties. No supplement. modification, or amendment of this Agreement shall be binding unless executed in writing by the parties.

 

 

  

2

  

 

 

	
7.5.

	
Forum Non Conveniens; Venue. The parties submit to and consent to the exclusive jurisdiction of the state and Federal courts located in the State of New York and any suit, action, or proceeding between the parties arising from, concerning, or related to this Agreement action shall be litigated only in the Federal District Court for the Southern District of New York or the state courts in the State of New York. The parties waive any objection based on Forum Non Conveniens and any objection to venue in connection therewith.

 

	
7.6.

	
Impossibility of Performance, Force Majeure: Neither of the Parties shall be deemed to be in violation of this Agreement if it is prevented from performing any of its obligations hereunder for any reason beyond its control, including without limitation, acts of God or of the public enemy. flood or storm, strikes or statutory regulations or rule of any federal, state or local government. or any agency thereof.

 

	
7.7.

	
Negation of Partnership and Equity Interest. Nothing contained in this Agreement shall constitute or be construed to be or to create a partnership or joint venture between the Parties.

 

	
7.8.

	
No Waiver. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision, whether same or in similar, nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the party making the waiver.

 

	
7.9. 

	
Notices. Any notice required or permitted hereunder shall be in writing. If mailed such notice shall be sent certified or registered mail, return receipt requested and shall be deemed given three (3) business days after it is deposited in any official depository for United States mail within the State of New York. postage paid and properly addressed. Notice may also be sent by Federal Express or other established overnight delivery service, in which event such notice shall be deemed given one (1) business day after it is picked up by or delivered to such overnight delivery service, properly addressed, paid for by sender. Notice personally delivered may be delivered to the party or to an office maintained by the party provided the office is open at the time of delivery and the notice is left with a receptionist, secretary or other suitable staff person. Notice personally delivered shall be deemed given on the day delivered. All notices shall be sent or delivered to the intended party at the addresses set forth at the beginning of this Agreement. unless a different address is specified by notice given in accordance with this provision.

 

 

  

3

  

 

 

	
7.10.

	
Rules of Construction. This Agreement is the result of negotiations between the parties,and its drafting is a product of same. As a result, notwithstanding any rule or maxim of construction to the contrary, any ambiguity or uncertainty in this Agreement shall not be construed against either party based upon the authorship of any of the provisions hereof.

 

	
7.11.

	
Section Headings. The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

 

	
7.12.

	
Sever Ability. If any provision of this Agreement is held to be invalid or in contravention of any applicable law or regulation, such part or provision shall be construed to be limited in scope or duration to the maximum scope and duration that is legal, valid and enforceable or, if it cannot be limited. then it shall be severable without affecting the validity of any other part or provision of this Agreement.

 

	
7.13.

	
Subsequent Documents. The parties will execute and deliver any and all documents and instruments of any kinds, necessary or appropriate to carry this Agreement into effect.

 

	
7.14.

	
Successors and Assigns. This Agreement shall bind and inure to the benefit of the parties and their respective successors.

 

 

  

4

  

 

 

IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the date first above written.

 

	IX Energy Holdings, Inc.	 	 	Tynsolar Corporation	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
/s/ Steven Hoffinann

	 	 	
/s/ 

	 
	
Name: Steven Hoffinann

	 	 	
Name: Mr. Foo

	 
	
Title: Chief Executive Officer

	 	 	
Title:  Chairman of Tvnsolar

	 
	Date: 12/2/2009	 	 	Date: 	 

 

 

 

                               

 

 

 

5exh10-1.htm

	  	
EXHIBIT 10.1

	  

AMENDMENT NO. 1

TO

FIRST AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This constitutes Amendment No. 1 to that certain First Amended and Restated Employment Agreement (the “Employment Agreement”), dated August 28, 2009, by and between ubroadcast, inc., a Delaware corporation (“Employer”), and John L. Castiglione (“Employee”).

For good and adequate consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereby agree, as follows:

	
  

	
A.

	
Section III(B) of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

	
  

	
“B.

	
Salary.  Employee shall be paid as and for a salary the sum of $12,500 per month, beginning with the monthly period beginning December 15, 2009, which salary shall be payable on the 1st and 15th days of each calendar month, in advance, subject to deduction of lawful and required withholding.

In addition, Employee shall be afforded a monthly non-accountable expense reimbursement allowance in the amount of $1,200.00.

	
  

	
Employee’s unpaid salary shall accrue until paid by Employer.  Employee shall have the right, but not the obligation, to be paid all or a portion of his accrued and unpaid salary in shares of Employer’s common stock, on the following basis:

	
  

	
on the 15th day of each calendar month, should Employee desire to convert his accrued and unpaid salary from the immediately preceding month into shares of Employer’s common stock, Employee shall deliver to Employer a written notice (a ‘Salary Conversion Notice’) of his intent to have Employer pay such accrued and unpaid salary in shares of Employer’s common stock.  Each Salary Conversion Notice shall set forth (1) the amount of accrued and unpaid salary to be converted into shares of Employer’s common stock and (2) the number of shares of Employer’s common stock which are to be issued to Employee based on the following formula:

	
  

	
Amount of accrued and unpaid salary from the immediately preceding month divided by the Applicable Share Price (defined below) equals the number of shares to be issued to Employee.  By way of example only, if Employee’s accrued and unpaid salary totals $5,000 and the Applicable Share Price is $.05, Employer would issue 100,000 shares of its common stock to Employee ($5,000 divided by $.05 equals 100,000 shares).

	
  

	
‘Applicable Share Price’ shall mean the average closing sale price of Employer’s common stock, as reported by the OTC Bulletin Board, for the three trading days immediately preceding the 15th day of each month.”

In all other aspects, the Employment Agreement is ratified and affirmed.

 

	
EMPLOYER:

 

By: /s/ JASON SUNSTEIN

    Jason Sunstein

    Executive Vice President

 

Dated: December 15, 2009

	

EMPLOYEE:

 

By: /s/ JOHN L. CASTIGLIONE

    John L. Castiglione, individually

 

 

Dated: December 15, 2009

  

  

  

FIRST AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

This First Amended and Restated Employment Agreement (“Agreement”) is made this 28th day of August, 2009, by and between ubroadcast, inc., a duly organized Delaware corporation (“Employer”), and John L. Castiglione, a resident of the State of California (“Employee”).

W I T N E S S E T H:

WHEREAS, Employee has, since Employer’s acquisition of ubroadcast, Inc., served as President of Employer, without being paid any compensation, having only accrued salary since April 2009; and

WHEREAS, Employer desires to reward Employee for his performing above and beyond his required duties since become President of Employer;

WHEREAS, this First Amended and Restated Employment Agreement is intended to replace all prior agreements between Employer and Employee; and

WHEREAS, Employee is, throughout the term of this Agreement, willing to be employed by Employer, and Employer is willing to employ Employee, on the terms, covenants and conditions hereinafter set forth; and

NOW, THEREFORE, in consideration of such employment and other valuable consideration, the receipt and adequacy of which is hereby acknowledged, Employer and Employee hereby agree as follows:

SECTION I.  EMPLOYMENT OF EMPLOYEE

Employer hereby employs, engages and hires Employee as President and CEO of Employer, and Employee hereby accepts and agrees to such hiring, engagement and employment, subject to the general supervision of the Board of Directors of Employer.  Employee shall perform duties as are customarily performed by one holding such position in other, same or similar businesses or enterprises as that engaged in by Employer, and shall also additionally render such other and unrelated services and duties as may be reasonably assigned to him from time to time by the Board of Directors of Employer.  Employee shall devote his full-time efforts to the performance of his duties as President and CEO of Employer.

SECTION II.  EMPLOYEE’S PERFORMANCE

Employee hereby agrees that he will, at all times, faithfully, industriously and to the best of his ability, experience and talents, perform all of the duties that may be required of and from him pursuant to the express and implicit terms hereof, to the reasonable satisfaction of Employer.

SECTION III.  COMPENSATION OF EMPLOYEE

Employer shall pay Employee, and Employee shall accept from Employer, in full payment for Employee’s services hereunder, compensation as follows:

	
  

	
A.

	
Bonus.  Employee shall be issued, as and for a bonus, 1,760,000 shares of Employer’s $.001 value common stock, which shall be valued at $.025 per share, the closing price of the common stock, as reported by the OTC Bulletin Board, on August 28, 2009, or $44,000, in the aggregate.

	
  

	
B.

	
Salary.  Employee shall be paid as and for a salary the sum of $11,000 per calendar month, which salary shall be payable on the 1st and 15th days of each calendar month, in advance, subject to deduction of lawful and required withholding.

  

  

  

Employee’s unpaid salary shall accrue until paid by Employer.  Employee shall have the right, but not the obligation, to be paid all or a portion of his accrued and unpaid salary in shares of Employer’s common stock, on the following basis:

	
  

	
on the 15th day of each calendar month, should Employee desire to convert his accrued and unpaid salary from the immediately preceding month into shares of Employer’s common stock, Employee shall deliver to Employer a written notice (a “Salary Conversion Notice”) of his intent to have Employer pay such accrued and unpaid salary in shares of Employer’s common stock.  Each Salary Conversion Notice shall set forth (1) the amount of accrued and unpaid salary to be converted into shares of Employer’s common stock and (2) the number of shares of Employer’s common stock which are to be issued to Employee based on the following formula:

	
  

	
Amount of accrued and unpaid salary from the immediately preceding month divided by the Applicable Share Price (defined below) equals the number of shares to be issued to Employee.  By way of example only, if Employee’s accrued and unpaid salary totals $5,000 and the Applicable Share Price is $.05, Employer would issue 100,000 shares of its common stock to Employee ($5,000 divided by $.05 equals 100,000 shares).

	
  

	
“Applicable Share Price” shall mean the average closing sale price of Employer’s common stock, as reported by the OTC Bulletin Board, for the three trading days immediately preceding the 15th day of each month.

	
  

	
C.

	
Cellular Phone.  Employer shall provide Employee with a cellular phone for his use in performing his responsibilities with Employer.  In the alternative, Employer shall pay Employee’s cellular phone expense.

	
  

	
D.

	
Automobile.  Employer shall provide Employee with an automobile for Employee’s use in performing his responsibilities with Employer.

	
  

	
E.

	
Insurance and Other Benefits.  As further consideration for his covenants contained herein, Employer will add Employee, including Employee's family, with such health, dental and vision insurance as it offers other employees and other benefits, including a 401(k) plan, as may be established by Employer from time to time with respect to its employees in accordance with Employer's established procedures.  Employee shall be entitled to Directors' and Officers' indemnification insurance coverage to the same extent as is provided to other persons employed as officers of Employer.

	
  

	
F.

	
Other Compensation Plans.  Employee shall be entitled to participate, to the same extent as is provided to other persons employed by Employer, in any future stock bonus plan, stock option plan or employee stock ownership plan of Employer.

	
  

	
G.

	
Other Expenses.  Employee agrees that he shall be responsible for all expenses incurred in his performance hereunder, unless Employer shall have agreed, in advance and in writing, to reimburse Employee for any such expenses.

	
  

	
H.

	
Vacations.  During the term of this Agreement, Employee shall be entitled to three (3) weeks of vacation.

  

  

  

SECTION IV.  OTHER AGREEMENTS WITH EMPLOYEE

Employer and Employee specifically agree that the existing Indemnity Agreement and Confidentiality Agreement, each dated April 15, 2009, shall remain of full force and effect, to survive the expiration of this Agreement.

SECTION V.  COMPANY POLICIES

Employee agrees to abide by the policies, rules, regulations or usages applicable to Employee as established by Employer from time to time and provided to Employee in writing.

SECTION VI.  TERM AND TERMINATION

	
  

	
A.

	
Term. The initial term of this Agreement shall be a period of three years, commencing on April 15, 2009.   This Agreement shall renew for an additional three-year period, provided neither party hereto submits a written notice of termination within ninety (90) days prior to the termination of the initial term hereof.

	
  

	
B.

	
Termination.  Employer agrees not to terminate this Agreement except for “just cause”.  For purposes of this Agreement, “just cause” shall mean (1) the willful failure or refusal of Employee to implement or follow the written policies or directions of Employer’s Board of Directors, provided that Employee’s failure or refusal is not based upon Employee’s belief in good faith, as expressed to Employer in writing, that the implementation thereof would be unlawful; (2) conduct which is inconsistent with Employee’s position with Employer and which results in a material adverse effect (financial or otherwise) or misappropriation of assets of Employer; (3) conduct which violates the provisions contained in the existing Confidentiality Agreement or the Non-Competition Agreement between Employer and Employee; (4) the intentional causing of material damage to Employer’s physical property; and (5) any act involving personal dishonesty or criminal conduct against Employer.

Although Employer retains the right to terminate Employee for any reason not specified above, Employer agrees that if it discharges Employee for any reason other than just cause, as is solely defined above, Employee will be entitled to full compensation hereunder.  If Employee should cease his employment hereunder voluntarily for any reason, or is terminated for just cause, all future compensation and benefits payable to Employee shall thereupon, without any further writing or act, cease, lapse and be terminated.   However, all salary and reimbursements which accrued prior to Employee’s ceasing employment or termination will become immediately due and payable and shall be payable to Employee’s estate should his employment cease due to death.

SECTION VII.  COMPLETE AGREEMENT

This Agreement contains the complete agreement concerning the employment arrangement between the parties hereto and shall, as of the effective date hereof, supersede all other agreements between the parties, including all other employment agreements. The parties hereto stipulate that neither of them has made any representation with respect to the subject matter of this Agreement or any representations including the execution and delivery hereof, except such representations as are specifically set forth herein and each of the parties hereto acknowledges that he or it has relied on his or its own judgment in entering into this Agreement. The parties hereto further acknowledge that any payments or representations that may have heretofore been made by either of them to the other are of no effect and that neither of them has relied thereon in connection with his or its dealings with the other.

  

  

  

SECTION VIII.  WAIVER; MODIFICATION

The waiver by either party of a breach or violation of any provision of this Agreement shall not operate as, or be construed to be, a waiver of any subsequent breach hereof. No waiver or modification of this Agreement or of any covenant, condition or limitation herein contained shall be valid unless in writing and duly executed by the party to be charged therewith and no evidence of any waiver or modification shall be offered or received in evidence of any proceeding or litigation between the parties hereto arising out of, or affecting, this Agreement, or the rights or obligations of the parties hereunder, unless such waiver or modification is in writing, duly executed as aforesaid, and the parties further agree that the provisions of this Section VIII may not be waived except as herein set forth.

SECTION IX.  SEVERABILITY

All agreements and covenants contained herein are severable, and in the event any one of them, with the exception of those contained in Sections I, III, IV, V and VI hereof, shall be held to be invalid in any proceeding or litigation between the parties, this Agreement shall be interpreted as if such invalid agreements or covenants were not contained herein.

SECTION X.  NOTICES

Any and all notices will be sufficient if furnished in writing, sent by registered mail to his last known residence, in case of Employee, or, in case of Employer, to its principal office address.

SECTION XI.  REPRESENTATIONS OF EMPLOYER

The execution of this Agreement by Employer has been approved by the Board of Directors of Employer.

SECTION XII.  REPRESENTATIONS OF EMPLOYEE

Employee hereby represents to Employer that he is under no legal disability with respect to his entering into this Agreement.

SECTION XIII.  COUNTERPARTS

This Agreement may be executed in duplicate counterparts, each of which shall be deemed an original and, together, shall constitute one and the same agreement, with one counterpart being delivered to each party hereto.

 

SECTION XIV.  BENEFIT

The provisions of this Agreement shall extend to the successors, surviving corporations and assigns of Employer and to any purchaser of substantially all of the assets and business of Employer. The term “Employer” shall be deemed to include Employer, any joint venture, partnership, limited liability company, corporation or other juridical entity, in which Employer shall have an interest, financial or otherwise.

SECTION XV.  ARBITRATION

The parties agree that any dispute arising between them related to this Agreement or the performance hereof shall be submitted for resolution to the American Arbitration Association for arbitration in the San Diego, California, office of the Association under the then-current rules of arbitration. The Arbitrator or Arbitrators shall have the authority to award to the prevailing party its reasonable costs and attorneys fees. Any award of the Arbitrators may be entered as a judgment in any court competent jurisdiction.

  

  

  

Notwithstanding the provisions contained in the foregoing paragraph, the parties hereto agree that Employer may, at its election, seek injunctive or other equitable relief from a court of competent jurisdiction for a violation or violations by Employee of the existing Confidentiality Agreement.

SECTION XVI.  LEGAL REPRESENTATION

Employer and Employee both acknowledge that each has utilized separate legal counsel with respect to this Agreement. Specifically, Employee acknowledges that the law firm of Newlan & Newlan has drafted this Agreement on behalf of Employer.  EMPLOYEE IS ADMONISHED TO SEEK HIS OWN LEGAL COUNSEL.

SECTION XVII.  GOVERNING LAW

It is the intention of the parties hereto that this Agreement and the performance hereunder and all suits and special proceedings hereunder be construed in accordance with and under and pursuant to the laws of the State of Delaware, and that, in any action, special proceeding or other proceeding that may be brought arising out of, in connection with or by reason of this Agreement, the laws of the State of Delaware shall be applicable and shall govern to the exclusion of the law of any other forum, without regard to the jurisdiction in which any such action or special proceeding may be instituted.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day first above written.

 

	
UBROADCAST, INC.

	  
	  
	  
	
By: /s/ JASON SUNSTEIN

	
Jason Sunstein

	
Executive Vice President

	  
	  
	  
	
/s/ JOHN L. CASTIGLIONE

	
John L. Castiglione, individually

	  
	
Address of Employee:

	  
	
_______________________________

	  
	
_______________________________

	  
	
_______________________________

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