Document:

Unassociated Document

Collaboration Agreement of Incorporation

 

 

Party A:  Detian Yu Biotechnology (Beijing) Co., Ltd. (“Party A”)

Party B:  Yalin Gu (ID number: 130105196211030335) (“Party B”)

 

 

Party A and Party B, for the development of the grain industry in Chiina, through bilateral friendly consultations, reached the following agreement:

1. By the capital injection of both parties, Hebei YuGu Grain Co., Ltd. "(hereinafter referred to as the “Company”), will be incorporated and registered in Gaocheng City of Shijiazhuang, Hebei Province, as the entity for the investment and operation base in "the China  Grain Trading Center" project.

2. The scopes of operation of the Company are grains, beans, and potato sales; and self-operated or agency businesses in import and export of goods and technology.

3. The Company’s registered share capital will be Renminbi 10 million Yuan, of which Party A will invest Renminbi 7 million Yuan, accounting for 70% of the Company’s share capital; and Party B will invest Renminbi 3 million Yuan, accounting for 30% of the share capital.

4. The Board of Directors shall comprise of five members; four directors shall be appointed by Party A, and one director shall be appointed by Party B, and the Chairman of the Board shall be designated by Party A.  The Company shall set up the Audit Committee, and Party B shall appoint one member.

5. The Company’s Legal Representative shall be appointed by Party A, and the General Manager shall be appointed by the Board of Directors.

6. All other outstanding issues, if any, shall be resolved through bilateral consultations of both parties.

7. This Agreement shall become effective from the date of affixing the seal of Party A and execution by Party A and Party B.

 

	
Party A:  Detian Yu Biotechnology (Beijing) Co., Ltd.

	
Party B:  Yalin Gu

	  	  
	/s/ Authorized Person     	/s/ Yalin Gu        
	
Sign date:  July, 18, 2011

	
Sign date:  July, 18, 2011Unassociated Document

PROMISSORY NOTE

 

	
$150,000.00

	
June 30, 2011

	
Principal Amount

	
Buffalo, New York

 

FOR VALUE RECEIVED, the undersigned, 22nd Century Limited, LLC, 8201 Main Street, Suite 6, Williamsville, New York 14221 promises to pay to the order of Henry Sicignano Ill at PO Box 601, Clarence, New York 14031, or such other address directed by the holder hereof, the Principal amount of one hundred fifty thousand and 00/100 dollars ($150,000) lawful money of the United States, together with interest on the unpaid principal from time to time outstanding. This Note evidences a loan (the "Loan") made Henry Sicignano III to 22nd Century Limited, LLC in the principal amount hereof. Interest shall accrue at the rate of twelve percent per annum (12%).

 

Payment of the full principal amount plus interest and other amounts due hereunder shall be due to holder of this Promissory Note on or before August 30, 2011.

 

In the event the payment of any sum due hereunder shall become overdue for a period in excess of ten (10) days, a "late charge" of two cents (.02) for each $1.00 so overdue may be charged by the holder hereof for the purpose of defraying the expense incident to handling such delinquent payment.

 

The indebtedness represented by this Promissory Note may be prepaid in whole or in part at any time without penalty with interest continuing to accrue at the rate of 12% per annum on the unpaid Principal from time to time outstanding. The holder hereof will apply each payment first to accrued interest and then to repayment of Principal.

 

The entire indebtedness represented by this Promissory Note shall, at the option of the holder hereof, be immediately due and payable upon the occurrence of any of the following events:

 

	
  

	
(1)

	
Nonpayment in full of any payment within 10 days following the due date thereof; or

 

	
  

	
(2)

	
Nonpayment when due of any other indebtedness for borrowed money owing by the undersigned or any guarantor hereof to the holder hereof, or the occurrence of any other event, which results in acceleration of payment of any such indebtedness; or

 

	
  

	
(3)

	
Nonpayment when due of any indebtedness for borrowed money owing by the undersigned or any guarantor hereof to any party other than the holder hereof, or the occurrence of any other event, which results in acceleration of payment of any such indebtedness; or

 

	
  

	
(4)

	
The cessation by the undersigned as a going business concern, the entry of judgment against the undersigned or any guarantor hereof other than a judgment for which the undersigned is fully insured, which is not stayed, bonded or discharged within 10 days, or if the undersigned is generally not paying its debts as such debts become due; or

 

	
  

	
(5)

	
The filing by or against the undersigned or any guarantor hereof of a petition for liquidation, reorganization, arrangement, adjustment of debts, adjudication as a bankrupt, relief as a debtor or other relief under the bankruptcy, insolvency or similar laws of the United States or any state thereof provided, in the case of a filing against the undersigned, it is not discharged within 30 days; or

 

	
  

	
(6)

	
Default by the undersigned under any provision of any security agreement given or to be given by the undersigned to secure payment of this Promissory Note.

 

  

  

  

No failure by the holder hereof to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by such holder of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies of the holder hereof as specified herein are cumulative and not exclusive of any other rights or remedies which such holder may otherwise have.

 

No modification, rescission, waiver, forbearance, release or amendment of any provision hereof shall be made, except by a written agreement duly executed by the undersigned and the holder hereof.

 

The undersigned and all endorsers of this Promissory Note hereby waive presentment, demand, and protest of this Promissory Note and notice of any thereof.

 

The undersigned promise to pay all costs and expenses incurred in collecting any amount owing by, or enforcing any of the rights of, the holder hereof pursuant to this Promissory Note, or realizing upon any collateral securing this Promissory Note, including, without limitation, the reasonable fees and disbursements of counsel for the holder hereof.

 

This Promissory Note shall be governed by the laws of the State of New York. The undersigned hereby irrevocably submits non-exclusively to the jurisdiction and venue of the courts of the Eighth Judicial District of the State of New York and the United States of America, for the Western District of New York, for the purpose of any legal or equitable action or proceeding brought in any such court by the holder hereof with respect to or arising out of this Promissory Note.

 

 

	  	
22nd Century Limited, LLC

	  	  
	  	
/s/ Joseph Pandolfino

	  	
By: Joseph Pandolfino

	  	
Chief Executive OfficerUnassociated Document

 

SEACHANGE INTERNATIONAL, INC.

 

Restricted Stock Unit Agreement

SeaChange International, Inc., a Delaware corporation (the “Company”), hereby grants as of the award date below (“Award Date”) to the person named below (the “Recipient”), and the Recipient hereby accepts, an award (“Award”) of Restricted Stock Units (“RSU”) that will vest as described in the Vesting Schedule, such Award to be subject to the terms and conditions specified in the attached Exhibit A.

 

	Recipient Name:	 	    
	 	 	 
	Award Date: 	 	    
	 	 	 
	Award Number: 	 	    
	 	 	 
	Number of RSUs: 	 	    

 

Vesting Schedule:

 

	Vesting Date	 	Number of RSUs
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

By signing this Agreement, the Recipient acknowledges receipt of a copy of this Agreement and a copy of the Plan (as defined below) and the Prospectus related thereto.

This Agreement will be effective only upon execution by the Recipient and delivery of such signed Agreement to the Company.

IN WITNESS WHEREOF, the Company and the Recipient have caused this instrument to be executed as of the Award Date set forth above.

 

	 	 	 	 
	 	 	 
SEACHANGE INTERNATIONAL, INC.

	 
	 
(Recipient Signature)

	 	 	 
	 	 	 	 	 
	 	 	
By: 

	 	 
	 
(Street Address)

	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 
(City/State/Zip Code)

	 	 	 	 
	 	 	 	 	 

 

  

  

  

Exhibit A

Restricted Stock Unit Agreement

Terms and Conditions

1.           Award.    The Recipient is hereby granted an Award of RSUs, effective as of the date set forth on the cover page attached hereto (the “Award Date”), subject to the terms and condition set forth herein (collectively with the cover page, the “Agreement”), and subject to and governed by the Company’s 2011 Compensation and Incentive Plan (the “Plan”).  Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Plan. Each RSU represents the right to receive one share of the Company’s Common Stock upon the satisfaction of terms and conditions set forth in this Agreement and the Plan. The Recipient shall have no rights as a stockholder, including dividend or voting rights, with respect to the RSUs.

 

2.           Vesting. Except as set forth in Section 5 herein, the RSUs will remain restricted and may not be sold, assigned, exchanged, pledged or otherwise transferred by the Recipient until the RSUs have become vested pursuant to the terms of this Agreement.   The RSUs will vest as provided on the cover page hereto. Each date on which a portion of the Award vests shall be referred to herein as a “Vesting Date.” 

 

3.           Distribution of the Award.  As soon as reasonably practicable following each Vesting Date, the Company will release the portion of the Award that has become vested as of such Vesting Date in the form of shares of the Company’s Common Stock.  The Company shall provide the Recipient with at least seven (7) days written notice prior to the Vesting Date; such notice to specify the amount that the Recipient is required to pay to satisfy any applicable withholding Taxes (as hereinafter defined). The Recipient may deposit with the Company an amount of cash equal to the amount determined by the Company, utilizing a tax rate determined by the Company in its reasonable discretion, to be required with respect to any withholding taxes, FICA contributions, or the like under any national, federal, state, local or other statute, ordinance, rule, or regulation in connection with the award or settlement of the restricted stock units (the “Taxes”).  Alternatively, if the Company does not receive such amount from the Recipient at least two (2) days prior to the Vesting Date, the Company will withhold a number of shares (rounded up to the nearest whole share) of the Company’s Common Stock with a market value determined as of the close of business on the Vesting Date) equal to the amount of such Taxes associated with the vesting or settlement of the Award; provided, however, that the Company shall not be liable for determining the exact number of shares.

4.           Termination of Relationship with the Company.  If the Recipient ceases to be employed by the Company or a Subsidiary, or to be a Director of the Company, for any reason, any portion of the Award that has not become vested on or prior to the date of such cessation shall thereupon be forfeited.

 

5.           Award Not Transferable.  The Award will not be assignable or transferable by the Recipient, except by will or the laws of descent and distribution.

 

6.           Transferability of Award Shares.  Until registered under the Securities Act of 1933, as amended, or any successor statute (the “Securities Act”), the shares of Common Stock represented by the RSUs will be of an illiquid nature and will be deemed to be “restricted securities” for purposes of the Securities Act.  Accordingly, such shares must be sold in compliance with the registration requirements of the Securities Act or an exemption therefrom.  The Company reserves the right to place restrictions required by law on any shares of the Company’s Common Stock received by the Recipient pursuant to the Award.

 

7.           Conformity with the Plan.  The Award is intended to conform in all respects with, and is subject to applicable provisions of, the Plan. To the extent that any provision of this Agreement conflicts with the express terms of the Plan, it is hereby acknowledged and agreed that the terms of the Plan shall control and, if necessary, the applicable provisions of this Agreement shall be deemed to be amended so as to carry out the purpose and intent of the Plan. By the Recipient’s acceptance of this Agreement, the Recipient agrees to be bound by all of the terms of this Agreement and the Plan.  Notwithstanding any other provision of this Section 7, in the event that the provisions of this Agreement are subject to Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder ("Section 409A"), the provisions of this Agreement shall comply with, and shall be interpreted in a manner consistent with, Section 409A.

 

  

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8.           No Rights to Continued Employment.  Nothing in this Agreement confers any right on the Recipient to continue as an employee or Director of the Company or a Subsidiary or affects in any way the right of any of the Company or a Subsidiary to terminate any such relationship of the Recipient.

 

9.           Miscellaneous.

 

(a)           Notices.  All notices hereunder shall be in writing and shall be deemed given when sent by certified or registered mail, postage prepaid, return receipt requested, if to the Recipient, to the address set forth above or at the address shown on the records of the Company, and if to the Company, to the Company’s principal executive offices, attention of the Corporate Secretary.

(b)           Entire Agreement; Modification.  This Agreement, together with the Plan, constitutes the entire agreement between the parties relative to the subject matter hereof, and supersedes all proposals, written or oral, and all other communications between the parties relating to the subject matter of this Agreement.  The Company may amend, suspend or terminate the Plan, this Agreement and the Award granted hereunder at any time; provided, however, that no such amendment, suspension or termination may materially impair any Award without the Recipient’s written consent.

(c)           Fractional Shares.  If the shares under this Award become issuable for a fraction of a share because of the adjustment provisions contained in the Plan, such fraction shall be rounded down to the nearest whole share.

(d)           Severability.  The invalidity, illegality or unenforceability of any provision of this Agreement shall in no way affect the validity, legality or enforceability of any other provision.

(e)           Successors and Assigns.  Except as provided herein, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, subject to the limitations set forth in Section 5 hereof.

(f)           Governing Law.  Participants and the Company agree to resolve issues that may arise out of or relate to the Plan or the same subject matter by binding arbitration in Boston, Massachusetts in accordance with the rules of the American Arbitration Association. The Plan and Award granted hereunder, including the Agreement, shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, excluding its conflicts or choice of law rules or principles that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.

(g)           Data Protection Waiver.  The Recipient understands and consent to the Company or its agents or independent contractors appointed to administer the Plan obtaining certain of the Recipient’s personal employment information required for the effective administration of the Plan and that such information may be transmitted outside of the country of the Recipient’s employment and/or residence.  Information relating to the Recipient’s participation under the Plan may constitute personal data that is subject to the Company’s policies on protection and use of personal data.

(h)           Clawback.  This Award and any resulting payment or delivery of shares of the Company’s Common Stock is subject to set-off, recoupment, or other recovery or “claw back” as required by applicable law or by a Company policy on the claw back of compensation, as amended from time to time.

[Remainder of Page Intentionally Left Blank]

 

  

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