Document:

nnan_ex420.htm

EXHIBIT 4.20

 

CERTIFICATE OF DESIGNATION OF PREFERENCES,

RIGHTS AND LIMITATIONS

OF SERIES D PREFERRED STOCK, PAR VALUE $0.001 PER SHARE

OF

NATURALNANO, INC.

The undersigned, the President of NaturalNano, Inc., a Nevada corporation (the “Corporation”), does hereby certify, that, pursuant to authority conferred upon the Board of Directors by the Corporation’s Articles of Incorporation and pursuant to Section 78.1955 of the Nevada Revised Statutes, the following resolutions creating a Series of Series D Preferred Stock was duly adopted by the Corporation’s Board of Directors on June 4, 2013:

WHEREAS, the Articles of Incorporation of the Corporation provides for a class of its authorized stock known as preferred stock, comprised of ten million (10,000,000) shares, par value $.001 per share, issuable from time to time in one or more series;

WHEREAS, the Board of Directors is authorized to fix the rights, terms and preferences and the number of shares constituting any series and the designation thereof, of any of them; and

WHEREAS, it is the desire of the Board of Directors, pursuant to its authority as aforesaid, to fix the rights, preferences, restrictions and other matters relating to a series of the preferred stock, which shall consist of up to one hundred (100) shares of the preferred stock which the Corporation has the authority to issue, as follows:

NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors does hereby provide for the issuance of Series D preferred stock and does hereby fix and determine the rights, preferences, restrictions and other matters relating to such Series D preferred stock as follows:

	
(a)  

	
DESIGNATION AND AMOUNT. The preferred stock subject hereof shall be designated Series D Preferred Stock (“Series D Preferred”), and the number of shares constituting Series D Preferred shall be one hundred (100). No other shares of preferred stock shall be designated as Series D Preferred Stock.

	
(b)  

	
DIVIDENDS. The holder of the shares of Series D Preferred shall not be entitled to receive dividends.

 

	
(c)  

	
LIQUIDATION PREFERENCE. The holder of Series D Preferred Stock shall not be entitled to receive any distributions in the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary.

 

  

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(d)  

	VOTING. Except as otherwise provided herein or by law and in addition to any right to vote as a separate class as provided by law, the holder of the Series D Preferred Stock shall have full voting rights and powers equal to the voting rights and powers of holders of Common Stock and other series of Preferred Stock shall be entitled to notice of any shareholders meeting in accordance with the Bylaws of the Corporation, and shall be entitled to vote, with respect to any question upon which holders of Common Stock and the other series of Preferred Stock have the right to vote, including, without limitation, the right to vote for the election of directors, voting together with the holders of Common Stock as one class. For so long as Series D Preferred Stock is issued and outstanding, the holders of Series D Preferred Stock shall vote together as a single class with the holders of the Corporation’s Common Stock and the holders of any other class or series of shares entitled to vote with the Common Stock, with the holders of Series D Preferred Stock being entitled to fifty-one percent (51%) of the total votes on all such matters regardless of the actual number of shares of Series D Preferred Stock then outstanding, and the holders of Common Stock and any other shares entitled to vote being entitled to their proportional share of the remaining 49% of the total votes based on their respective voting power.

 

	
(e)  

	RESTRICTION ON TRANSFERABILITY. The shares of the Series D Preferred Stock are being issued to James Wemett and shall not, directly or indirectly, be sold, hypothecated, transferred, assigned or disposed of in any manner. In the event that Mr. Wemett is no longer acting as the president of the Corporation, the shares of Series D Preferred Stock shall automatically, without any action on the part of any party, be deemed cancelled in their entirety.

	
(f)  

	OTHER PREFERENCES. The shares of the Series D Preferred Stock shall have no other preferences, rights, restrictions, or qualifications, except as otherwise provided by law or the articles of incorporation of the Corporation.

 

RESOLVED, FURTHER, that the President of the Corporation is authorized and directed to prepare and file a Certificate of Designation in accordance with the foregoing resolution and the provisions of Nevada law.

IN WITNESS WHEREOF, the undersigned has executed this Certificate this 1st day of July, 2013.

 

	 	 	 	 	 
	
/s/ James Wemett

	 	 	
 

	 
	
Name: James Wemett 
Title: President

	 	 	
 

	 
	
 

	 	 	
 

	 

 

 

2trtc_ex1010.htm

EXHIBIT 10.10

Edible Garden Corp.

283 County Road 519

Belvidere, New Jersey 07823

May 25, 2013

Palm Creek Produce, Inc.

James M. Lewis

Farm Address:

18671 Palm Creek Drive North

Fort Myers, FL 33917

Mailing Address:

3502 NW 46th PL

Cape Coral, FL 33993

Contract Agreement:

Dear James,

Edible Garden Corp. (“EG”) is pleased to present this contract to which EG will work exclusively with Palm Creek Produce, Inc (PCP) to develop and market the Edible Garden brand throughout the South West Florida market. This contract reflects in general our current understanding and of course, except, as expressly set forth herein, is intended to be a binding contract between us.

The purpose of this contract is to set forth those points upon which we have agreed in principle and to confirm our joint intentions with respect to the arrangement.

1. Marketing Agreement EG will work in conjunction with PCP to cultivate and market EG’s (Edible Garden) line of locally grown sustainable produce throughout the South West Florida market. PCP will be solely responsible for the cultivation of the produce, according to EG standards and will bear all costs, risks and labor in the cultivation of the products. EG will be responsible for the marketing and sales of the production out of PCP facilities. In addition EG will assist PCP by opening up trade and operational secrets including but not limited to packaging, handling protocols, cultivation techniques, greenhouse technologies, nutrients and distribution relationships.

2. Distribution Agreement. EG will be marketing the produce cultivated by PCP under the Edible Garden brand through local grocery store chains, Big Box retailers, as well as specialty retailers throughout the mentioned markets. EG will receive 15% of selling price of all products sold.

3. Structure and Process. PCP will be responsible for the cultivation and packaging of produce according to EG standards. PCP will be responsible for the transportation and distribution of the product to retail stores. EG will be responsible for the sales, branding and marketing of the Edible Garden brand throughout PCP local market.  EG will establish relationships with produce buyers at local retail stores. All orders will be processed by EG and furnished to PCP for production and fulfillment. EG will handle invoicing and collections to retail stores. EG will pay PCP’s invoice within 5 business days after constructively receiving payment from retailers.

 

  

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4. Confidential Information. EG and PCP each agree to hold the confidential and proprietary information and trade secrets obtained from the other in confidence and not to use or disclose such confidential and proprietary information and trade secrets to third parties without the consent of the other party, except that each of parties may disclose such information to their respective employees and agents who need to know such information for the purposes of evaluating the Transaction. If the Transaction is not consummated, EG and PCP agree to promptly return to the rightful owner all tangible information and documents delivered pursuant to this letter and destroy all compilations, studies of other documents prepared by or for the recipient’s use which reflect the information so delivered without retaining copies thereof. The parties agree that the provisions contained in this paragraph shall survive the termination of this letter or other indication by the parties hereto of their intention not to proceed with the Transaction.

5. Exclusivity. This contract is for a one year term. With 3 year renew options. In the occurrence of a void in contract PCP cannot sell any of the Edible Garden products and or related products for a period of 5 years.

6. Indemnification. Each of EG and PCP agrees to indemnify and hold harmless the other from any and all claims, liabilities, damages, actions, causes of action, demands, costs and expenses of every kind or nature, including, without limitation, reasonable attorneys’ fees and court costs and fees and costs of any appeals, arising out of, relating to or resulting from the assertion of any obligation to pay or the payment of any broker or finder’s fees or other commissions in connection with the transactions contemplated by this contract. Any arbitration will be under New Jersey jurisdiction.

7. Expenses. Each party shall be responsible for the payment of its own expenses in connection with this contract.

 [Signature page follows]

 

  

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If the foregoing accurately sets forth your understanding concerning this matter, please acknowledge your concurrence by signing the enclosed copy of this contract in the space indicated below. I look forward to the successful completion of the Transaction.

	 	
Sincerely,

	 
	 	 	 
	 	EDIBLE GARDEN CORP.	 
	 	 	 	 
	 	
By: 

	/s/ Michael Vande Vrede	 
	 	Name:	Michael Vande Vrede	 
	 	Title:	President	 

Accepted and Agreed:

PALM CREEK PRODUCE, Inc

/s/ James M. Lewis                      

Name: James M. Lewis

Title: Owner

Date: May 25, 2013

 

 

 

 

 

 

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