Document:

Unassociated Document

    ______________________

    

    

    AGREEMENT
      AND PLAN OF EXCHANGE

    

    

    EMVELCO
      RE CORP.

    

    and

     

    

    VERGE
      LIVING CORPORATION

    

     

    _______________________

    

    
 

    December
      31, 2006

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    AGREEMENT
      AND PLAN OF EXCHANGE

    

    

    THIS
      EXCHANGE AGREEMENT (the "Agreement") is made and entered into on
      December 31, 2006 by and among EUROWEB INTERNATIONAL CORP., a Delaware
      corporation (hereinafter referred to as “Euroweb”) and EMVELCO RE CORP., a
      Nevada corporation and wholly owned subsidiary of Euroweb (f/k/a Euroweb RE
      Corp.) (hereinafter referred to as "ERC") on the one hand, and VERGE LIVING
      CORPORATION, a Nevada corporation (f/k/a The Aquitania Corp.) (hereinafter
      referred to as “Verge") and THE INTERNATIONAL HOLDINGS GROUP LTD, a corporation
      formed and registered in the Marshall Islands and sole shareholder of Verge
      (hereinafter referred to as “TIHG”), on the other hand. The individuals and
      entities above are referred to in this Agreement individually as a “Party” and
      collectively as the “Parties.”

     

    

    RECITALS

    

    A. EUROWEB
      INTERNATIONAL CORP., a Delaware corporation (“EUROWEB”) is a corporation that
      currently files reports with the Securities and Exchange Commission ("SEC")
      pursuant to the Securities Exchange Act of 1934 (the "1934 Act"), as
      amended.

    

    B. The
      Parties desire to transfer certain of their respective interests in exchange
      for
      interests in the other Party. ERC is willing to acquire all of the issued and
      outstanding common stock of VERGE, owned by TIHG, in exchange for a certain
      amount of shares of common stock of ERC making VERGE a wholly-owned subsidiary
      of ERC, and TIHG is willing to exchange all of the issued and outstanding common
      stock in VERGE in exchange for a certain amount of shares of common stock of
      ERC.

    

    C. It
      is the
      intention of the Parties hereto that: (i) EUROWEB shall acquire all of the
      issued and outstanding common stock of VERGE in exchange for shares of common
      stock of ERC as set forth herein (the "Exchange"); (ii) the Exchange shall
      qualify as a tax-free reorganization under Section 368(a)(1)(B) of the Internal
      Revenue Code of 1986, as amended (the "Code"), and related sections thereunder;
      and (iii) the Exchange shall qualify as a transaction in securities exempt
      from
      registration or qualification under the Securities Act of 1933, as amended
      (the
      "1933 Act") and under the applicable securities laws of each state or
      jurisdiction where the Shareholders of EUROWEB and VERGE reside. 

    

    D. For
      federal income tax purposes, it is intended that the reorganization contemplated
      hereby shall qualify as a reorganization with the meaning of Section 368(a)
      of
      the Code.

    

    NOW,
      therefore, in consideration of the mutual covenants, agreements, representations
      and warranties contained in this Agreement, and for other good and valuable
      consideration, the receipt and adequacy of which are acknowledged, the Parties
      hereto agree as follows:

    

    

    
      
         

      

      
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    SECTION
      1. OWNERSHIP OF THE COMPANIES

    

    The
      Parties acknowledge that the ownership of the Companies, as of the date all
      Parties hereto have executed this Agreement, immediately prior to giving effect
      to the transactions hereunder, is as follows: 

    

    1.1. The
      capital stock of ERC, consisting solely of common stock is owned of record
      and
      held beneficially by EUROWEB. EUROWEB currently owns 1,000 shares of common
      stock of ERC which represents 100% of the outstanding shares of stock of ERC
      (the “ERC Shares”) and therefore, ERC is a wholly-owned subsidiary of
      EUROWEB.

    

    1.2. The
      capital stock of VERGE, consisting solely of common stock is owned of record
      and
      held beneficially by TIHG. TIHG currently owns 75,000 shares of common stock
      of
      VERGE which represents 100% of the outstanding shares of stock of VERGE (the
      “VERGE Shares”) and TIHG is the sole shareholder of VERGE.

    

    SECTION
      2.  EXCHANGE
      OF ERC SHARES AND VERGE SHARES

    

    The
      Parties hereby acknowledge and agree to perform the following acts at the
      closing of the transactions contemplated herein (the “Closing”):

    

    2.1 ERC
      Shares.
      EUROWEB
      and ERC hereby agree that ERC shall issue new shares of common stock and shall
      transfer to TIHG, on the Closing Date (as hereinafter defined), One Thousand
      Three Hundred and Eight (1,308) shares of common stock, representing a 56.67%
      interest in ERC. EUROWEB shall retain a 43.33% ownership interest in
      ERC.

     

    2.2 Verge
      Shares.
      TIHG
      hereby agrees and shall transfer to ERC, on the Closing Date, Seventy Five
      Thousand (75,000) shares of common stock of VERGE, representing 100% interest
      in
      VERGE.

    

    2.3 Delivery
      Of Share Certificates.
      On the
      Closing Date, ERC will deliver to TIHG the certificate representing the ERC
      Shares, duly endorsed (or with executed stock powers) so as to make TIHG the
      owner thereof. Simultaneously, TIHG will deliver the certificate representing
      the VERGE Shares to ERC.

    

    2.4 Other
      Transfer Documents.
      At the
      Closing, the Parties each shall execute and deliver such sale and transfer
      documents and agreements reasonably requested by the other Party, including
      customary representations and warranties that the ERC Shares and the VERGE
      Shares, respectively, are free and clear of any security interest, liens,
      charges, claims and that, upon such transfer and sale by the Parties, each
      Party
      shall hold good and marketable title to the ERC Shares or VERGE Shares (as
      the
      case may be). 

    

    2.5
       Ownership
      After Transfer.
      The
      Parties acknowledge that after consummation of the transfers described above,
      TIHG shall own 56.67% of ERC and ERC shall own 100% of VERGE. 

     

    
      
         

      

      
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    2.6 Investment
      Intent.
      The
      VERGE Shares have not been registered under the 1933 Act and may not be resold
      unless the VERGE Shares are registered under the 1933 Act or an exemption from
      such registration is available. ERC represents and warrants that it is acquiring
      the VERGE Shares for its own account, for investment, and not with a view to
      the
      sale or distribution of the VERGE Shares. The certificate representing the
      VERGE
      Shares will have a legend thereon incorporating language as
      follows:

    

    "The
      shares of stock represented by this certificate have not been registered under
      the Securities Act of 1933, as amended, and may not be sold or otherwise
      transferred unless compliance with the registration provisions of such Act
      has
      been made or unless availability of an exemption from such registration has
      been
      established, or unless sold pursuant to Rule 144 of the Securities Act of
      1933.

     

    SECTION
      3. REPRESENTATIONS AND WARRANTIES OF EUROWEB AND ERC

    

    EUROWEB
      and ERC, to the best of their knowledge and belief, hereby represent and warrant
      as follows:

    

    3.1 Organization
      and Good Standing; Ownership of ERC Shares.
      ERC is
      duly organized, validly existing and in good standing under the laws of the
      State of Nevada, and is entitled to own or lease its properties and to carry
      on
      its business as and in the places where such properties are now owned, leased
      or
      operated and such business is now conducted. ERC is duly licensed or qualified
      and in good standing as a foreign corporation where the character of the
      properties owned by it or the nature of the business transacted by it make
      such
      licenses or qualifications necessary. ERC does not currently have any
      subsidiaries. Other than as previously disclosed, there are no outstanding
      subscriptions, rights, options, warrants or other agreements obligating ERC
      to
      issue, sell or transfer any stock or other securities of ERC, except
      simultaneously herewith.

    

    3.2 Ownership
      of ERC Shares.
      EUROWEB
      is the owner of record and beneficially owns all of the shares of common stock
      of ERC, all of which ERC Shares are free and clear of all rights, claims, liens
      and encumbrances, and which ERC Shares have not been sold, pledged, assigned
      or
      otherwise transferred, except pursuant to this Agreement.

    

    3.3 Financial
      Statements, Books and Records.
      There
      has been previously delivered to VERGE and TIHG financial statements dated
      September 30, 2006 that fairly represent the financial position of
      ERC.

    

    3.4 No
      Material Adverse Changes.
      Since
      the date of the Balance Sheet there has not been and there will not be before
      the Closing Date:

    

    (i) any
      material adverse change in the assets, operations, condition (financial or
      otherwise) or prospective business of ERC;

    

    
      
         

      

      
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    (ii) any
      damage, destruction or loss materially affecting the assets, prospective
      business, operations or condition (financial or otherwise) of ERC, whether
      or
      not covered by insurance;

    

    (iii) any
      declaration, setting aside or payment of any dividend or distribution with
      respect to any redemption or repurchase of ERC’s capital stock or the ERC
      Shares; 

    

    (iv) any
      sale
      of an asset (other than in the ordinary course of business) or any mortgage
      or
      pledge by ERC of any properties or assets; or

    

    (v) adoption
      of any pension, profit sharing, retirement, stock bonus, stock option or similar
      plan or arrangement.

    

    3.5 Taxes.
      ERC has
      prepared and filed all appropriate federal, state and local tax returns for
      all
      periods prior to and through the date hereof for which any such returns have
      been required to be filed by it and has paid all taxes shown to be due by said
      returns or on any assessments received by it or has made adequate provision
      for
      the payment thereof.

    

    3.6 Compliance
      with Laws.
      ERC has
      complied with all federal, state, county and local laws, ordinances,
      regulations, inspections, orders, judgments, injunctions, awards or decrees
      applicable to it or its business which, if not complied with, would materially
      and adversely affect the business of ERC. 

    

    3.7 No
      Breach.
      The
      execution, delivery and performance of this Agreement and the consummation
      of
      the transactions contemplated hereby will not:

    

    (i) violate
      any provision of the Articles of Incorporation or By-Laws of ERC; 

    

    (ii) violate,
      conflict with or result in the breach of any of the terms of, result in a
      material modification of, otherwise give any other contracting party the right
      to terminate, or constitute (or with notice or lapse of time or both constitute)
      a default under, any contract or other agreement to which ERC is a party or
      by
      or to which it or any of its assets or properties may be bound or
      subject;

    

    (iii) violate
      any order, judgment, injunction, award or decree of any court, arbitrator or
      governmental or regulatory body against, or binding upon, ERC, or upon the
      properties or business of ERC; or 

    

    (iv) violate
      any statute, law or regulation of any jurisdiction applicable to the
      transactions contemplated herein which could have a material, adverse effect
      on
      the business or operations of ERC.

    

    3.8 Actions
      and Proceedings.
      There
      is no outstanding order, judgment, injunction, award or decree of any court,
      governmental or regulatory body or arbitration tribunal against or involving
      ERC. There is no action, suit or claim or legal, administrative or arbitral
      proceeding or (whether or not the defense thereof or liabilities in respect
      thereof are covered by insurance) pending or threatened against or involving
      ERC
      or any of its properties or assets. There is no fact, event or circumstances
      that may give rise to any suit, action, claim, investigation or
      proceeding.

    

    
      
         

      

      
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    3.9 Brokers
      or Finders.
      No
      broker's or finder's fees will be paid by ERC in connection with the
      transactions contemplated by this Agreement, nor will any such fee be incurred
      as a result of any actions by ERC.

    

    3.10 Real
      Estate.
      ERC
      owns or has interests in real estate as set forth in Schedule 3.10 attached
      hereto. 

     

    3.11 Tangible
      and Intangible Assets.
      ERC has
      full title and interest in all machinery, equipment, furniture, leasehold
      improvements, fixtures, vehicles, structures, patents, licenses owned or leased
      or licensed by ERC, any related capitalized items or other tangible or
      intangible property material to the business of ERC (the "Tangible and
      Intangible Assets"). ERC holds all rights, title and interest in all the
      Tangible and Intangible Assets owned by it on the Balance Sheet or acquired
      by
      it after the date of the Balance Sheet, free and clear of all liens, pledges,
      mortgages, security interests, conditional sales contracts or any other
      encumbrances except as set forth on Schedule 3.11. All of the Tangible and
      Intangible Assets are in good operating condition and repair and are usable
      in
      the ordinary course of business of ERC and conform to all applicable laws,
      ordinances and governmental orders, rules and regulations relating to their
      construction and operation. 

    

    3.12 Liabilities.
      ERC
      does not have any direct or indirect indebtedness, liability, claim, loss,
      damage, deficiency, obligation or responsibility, known or unknown, fixed or
      unfixed, liquidated or unliquidated, secured or unsecured, accrued or absolute,
      contingent or otherwise, including, without limitation, any liability on account
      of taxes, any other governmental charge or lawsuit (all of the foregoing
      collectively defined to as "Liabilities"), which were not fully, fairly and
      adequately reflected on the Balance Sheet. As of the Closing Date, ERC will
      not
      have any Liabilities, other than Liabilities fully and adequately reflected
      on
      the Balance Sheet, except for Liabilities incurred in the ordinary course of
      business.

    

    3.13 Operations
      of ERC.
      From
      the date of the Balance Sheet and through the Closing Date hereof ERC has not
      and will not have:

    

    (i) incurred
      any indebtedness for borrowed money, other than as disclosed previously in
      connection with ERC’s real estate properties;

    

    (ii) declared
      or paid any dividend or declared or made any distribution of any kind to any
      shareholder, or made any direct or indirect redemption, retirement, purchase
      or
      other acquisition of any shares of its capital stock;

    

    (iii) made
      any
      loan or advance to any shareholder, officer, director, employee, consultant,
      agent or other representative or made any other loan or advance otherwise than
      in the ordinary course of business; 

    

    
      
         

      

      
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    (iv) except
      in
      the ordinary course of business, incurred or assumed any indebtedness or
      liability (whether or not currently due and payable);

    

    (v)  disposed
      of any assets of ERC except in the ordinary course of business; 

    

    (vi) materially
      increased the annual legal or compensation of any executive employee of ERC;
      

     

    (vii) increased,
      terminated, amended or otherwise modified any plan for the benefit of employees
      of ERC;

    

    (viii) issued
      any equity securities or rights to acquire such equity securities;
      or

    

    (ix) except
      in
      the ordinary course of business, entered into or modified any contract,
      agreement or transaction.

    

    3.14 Capitalization.
      Neither
      ERC or EUROWEB has granted, issued or agreed to grant, issue or make available
      any warrants, options, subscription rights or any other commitments of any
      character relating to the issued or unissued shares of common stock of
      ERC.

    

    3.15 Full
      Disclosure.
      No
      representation or warranty by ERC or EUROWEB in this Agreement or in any
      document or schedule to be delivered by them pursuant hereto, and no written
      statement, certificate or instrument furnished or to be furnished to VERGE
      and
      TIHG pursuant hereto or in connection with the negotiation, execution or
      performance of this Agreement, contains or will contain any untrue statement
      of
      a material fact or omits or will omit to state any fact necessary to make any
      statement herein or therein not materially misleading or necessary to a complete
      and correct presentation of all material aspects of the businesses of ERC.
      The
      foregoing notwithstanding, all of the aforementioned representations and
      warranties are qualified to extent that any of the companies or businesses
      acquired or to be acquired pursuant to ERC or EUROWEB’s acquisition program may
      include events, conditions or circumstances involving matters contemplated
      by
      such representations and warranties, the disclosure of which will not be made
      pursuant to this Agreement. 

    

    SECTION
      4. REPRESENTATIONS AND WARRANTIES OF VERGE AND ITS SOLE SHAREHOLDER
      TIHG

    

    VERGE
      and
      TIHG hereby represent and warrant to ERC and EUROWEB as follows:

    

    4.1 Organization
      and Good Standing.
      VERGE
      is a corporation duly organized, validly existing and in good standing under
      the
      laws of the State of Nevada and is entitled to own or lease its properties
      and
      to carry on its business as and in the places where such properties are now
      owned, leased, or operated and such business is now conducted. The authorized
      capital stock of VERGE consists of 75,000 shares of common stock, all of which
      are issued and outstanding to TIHG. VERGE is duly licensed or qualified and
      in
      good standing as a foreign corporation where the character of the properties
      owned by VERGE or the nature of the business transacted by it make such license
      or qualification necessary. VERGE does not have any subsidiaries.

    

    
      
         

      

      
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    4.2 The
      VERGE Shares.
      The
      VERGE Shares to be transferred to ERC have been or will have been duly
      authorized by all necessary corporate and shareholder actions and, when so
      issued in accordance with the terms of this Agreement, will be validly issued,
      fully paid and non-assessable.

    

    4.3 Financial
      Statements; Books and Records.
      The
      audited and unaudited financial statements of VERGE as of September 30, 2006
      were, to the best of VERGE and TIHG’s belief, along with statements of
      operations for the years then ended previously delivered, prepared in accordance
      with generally accepted accounting principles applied on a consistent basis
      with
      prior periods, and such financial statements fairly represent the financial
      position of VERGE as at such dates and the results of its operations for the
      years then ended. 

    

    4.4 No
      Material Adverse Changes.
      Since
      the date of the Balance Sheet (September 30, 2006), there has not been and
      there will not be before the date of Closing:

    

    (i) any
      material adverse change in the assets, operations, condition (financial or
      otherwise) or prospective business of VERGE;

    

    (ii) any
      damage, destruction or loss materially affecting the assets, prospective
      business, operations or condition (financial or otherwise) of VERGE, whether
      or
      not covered by insurance;

    

    (iii) any
      declaration, setting aside or payment of any dividend or distribution with
      respect to any redemption or repurchase of VERGE 's capital stock; 

    

    (iv) any
      sale
      of an asset (other than in the ordinary course of business) or any mortgage
      or
      pledge by VERGE of any properties or assets; or

    

    (v) adoption
      of any pension, profit sharing, retirement, stock bonus, stock option or similar
      plan or arrangement.

    

    4.5 Compliance
      with Laws.
      VERGE
      has complied with all federal, state, county and local laws, ordinances,
      regulations, inspections, orders, judgments, injunctions, awards or decrees
      applicable to their businesses which, if not complied with, would materially
      and
      adversely affect the business of VERGE.

    

    4.6 No
      Breach.
      The
      execution, delivery and performance of this Agreement and the consummation
      of
      the transactions contemplated hereby will not: 

    

    (i) violate
      any provision of the Articles of Incorporation or By-Laws of VERGE;

    

    
      
         

      

      
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    (ii) violate,
      conflict with or result in the breach of any of the terms of, result in a
      material modification of, otherwise give any other contracting party the right
      to terminate, or constitute (or with notice or lapse of time or both constitute)
      a default under, any contract or other agreement to which VERGE is a party
      or by
      or to which it or any of its assets or properties may be bound or subject,
      other
      than as previously disclosed in connection with the real estate holdings of
      VERGE;

    

    (iii) violate
      any order, judgment, injunction, award or decree of any court, arbitrator or
      governmental or regulatory body against, or binding upon, VERGE or upon the
      securities, properties or business of VERGE; or 

    

    (iv) violate
      any statute, law or regulation of any jurisdiction applicable to the
      transactions contemplated herein.

    

    4.7 Actions
      and Proceedings.
      There
      is no outstanding order, judgment, injunction, award or decree of any court,
      governmental or regulatory body or arbitration tribunal against or involving
      VERGE. There is no action, suit or claim or legal, administrative or arbitral
      proceeding or (whether or not the defense thereof or liabilities in respect
      thereof are covered by insurance) pending or threatened against or involving
      VERGE or any of its properties or assets. 

    

    4.8 Brokers
      or Finders.
      No
      broker's or finder's fees will be payable by VERGE in connection with the
      transactions contemplated by this Agreement, nor will any such fee be incurred
      as a result of any actions by VERGE .

    

    4.9 Liabilities.
      VERGE
      does not have any direct or indirect indebtedness, liability, claim, loss,
      damage, deficiency, obligation or responsibility, known or unknown, fixed or
      unfixed, liquidated or unliquidated, secured or unsecured, accrued or absolute,
      contingent or otherwise, including, without limitation, any liability on account
      of taxes, mining claims, environmental claims any other governmental charge
      or
      lawsuit (all of the foregoing collectively defined to as "Liabilities"), which
      were not fully, fairly and adequately reflected on the financial statements.
      As
      of the Closing Date, VERGE will not have any Liabilities, other than Liabilities
      fully and adequately reflected on its Balance Sheet and previously disclosed,
      except for Liabilities incurred in the ordinary course of business.

     

    4.10 Operations
      of VERGE .
      From
      the date of the Balance Sheet and through the Closing Date hereof VERGE has
      not
      and will not have:

    

    (i) incurred
      any indebtedness for borrowed money;

    

    (ii) declared
      or paid any dividend or declared or made any distribution of any kind to any
      shareholder, or made any direct or indirect redemption, retirement, purchase
      or
      other acquisition of any shares of its capital stock;

    

    (iii) made
      any
      loan or advance to any shareholder, officer, director, employee, consultant,
      agent or other representative or made any other loan or advance otherwise than
      in the ordinary course of business; 

    

    
      
         

      

      
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    (iv) except
      in
      the ordinary course of business, incurred or assumed any indebtedness or
      liability (whether or not currently due and payable);

    

    (v) disposed
      of any assets of VERGE except mining claims and related assets in the ordinary
      course of business;

    

    (vi) incurred
      any compensation for any executive employee of VERGE;

    

    (vii) adopted,
      increased, terminated amended or otherwise modified any plan for the benefit
      of
      employees of VERGE;

    

    (viii) issued
      any equity securities or rights to acquire such equity securities except as
      described herein; or

    

    (xiv)
      except in the ordinary course of business, entered into or modified any
      contract, agreement or transaction.

    

    4.11 Authority
      to Execute and Perform Agreements.
      VERGE
      has the full legal right and power and all authority and approval required
      to
      enter into, execute and deliver this Agreement and to perform fully its
      obligations hereunder. This Agreement has been duly executed and delivered
      and
      is the valid and binding obligation of VERGE enforceable in accordance with
      its
      terms, except as may be limited by bankruptcy, moratorium, insolvency or other
      similar laws generally affecting the enforcement of creditors' rights. The
      execution and delivery of this Agreement and the consummation of the
      transactions contemplated hereby and the performance by VERGE of this Agreement,
      in accordance with its respective terms and conditions will not: 

    

    (i) require
      the approval or consent of any governmental or regulatory body, or the approval
      or consent of any other person; 

    

    (ii) conflict
      with or result in any breach or violation of any of the terms and conditions
      of,
      or constitute (or with any notice or lapse of time or both would constitute)
      a
      default under, any order, judgment or decree applicable to VERGE or any
      instrument, contract or other agreement to which VERGE is a party or by or
      to
      which VERGE is bound or subject; or 

    

    (iii) result
      in
      the creation of any lien or other encumbrance on the assets or properties of
      VERGE. 

    

    4.12 Full
      Disclosure.
      No
      representation or warranty by VERGE or TIHG in this Agreement or in any document
      or schedule to be delivered by it pursuant hereto, and no written statement,
      certificate or instrument furnished or to be furnished to ERC or EUROWEB
      pursuant hereto or in connection with the execution or performance of this
      Agreement, contains or will contain any untrue statement of a material fact
      or
      omits or will omit to state any fact necessary to make any statement herein
      or
      therein not materially misleading or necessary to a complete and correct
      presentation of all material aspects of the business of VERGE. The foregoing
      notwithstanding, all of the aforementioned representations and warranties are
      qualified to extent that any of the companies or businesses acquired or to
      be
      acquired pursuant to VERGE’s acquisition program may include events, conditions
      or circumstances involving matters contemplated by such representations and
      warranties, the disclosure of which will not be made pursuant to this Agreement.
      

    

    
      
         

      

      
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    4.13 Real
      Estate.
      VERGE
      owns or has interests in real estate as set forth in Schedule 4.13 attached
      hereto.

    

    SECTION
      5. COVENANTS

    

    5.1 Corporate
      Examinations and Investigations.
      Prior
      to the Closing Date, the Parties acknowledge that they have been entitled,
      through their employees and representatives, to make such investigation of
      the
      assets, properties, business and operations, books, records and financial
      condition of the other as they each may reasonably require. No investigation
      by
      a Party hereto shall, however, diminish or waive in any way any of the
      representations, warranties, covenants or agreements of the other party under
      this Agreement.

    

    5.2 Expenses.
      Each
      party hereto agrees to pay its own costs and expenses incurred in negotiating
      this Agreement and consummating the transactions described herein.

    

    5.3 Further
      Assurances.
      The
      Parties shall execute such documents and other papers and take such further
      actions as may be reasonably required or desirable to carry out the provisions
      hereof and the transactions contemplated hereby. Each such Party shall use
      its
      best efforts to fulfill or obtain the fulfillment of the conditions to the
      Closing, including, without limitation, the execution and delivery of any
      documents or other papers, the execution and delivery of which are necessary
      or
      appropriate to the Closing.

    

    5.4 Confidentiality.
      In the
      event the transactions contemplated by this Agreement are not consummated,
      each
      of the Parties hereto agree to keep confidential any information disclosed
      to
      each other in connection therewith for a period of two (2) years from the date
      hereof; provided, however, such obligation shall not apply to information which:
      

    

    (i) at
      the
      time of disclosure was public knowledge; 

    

    (ii) after
      the
      time of disclosure becomes public knowledge (except due to the action of the
      receiving Party); or

    

    (iii) the
      receiving Party had within its possession at the time of
      disclosure.

    

    5.5 Stock
      Certificates.
      At the
      Closing, TIHG shall have delivered the certificates representing the VERGE
      Shares duly endorsed (or with executed stock powers) so as to make ERC the
      sole
      owner thereof. At such Closing, ERC shall issue to TIHG the ERC Shares as
      applicable.

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    5.6 Investment
      Intent.
      TIHG
      understands that the ERC Shares being issued have not been registered or
      approved for sale by the SEC or any state securities authority. 

    

    5.7.Board
      of Directors of VERGE.
      At and
      as of the Closing, a new Board of Directors and new Officers shall be elected
      for VERGE. 

     

    5.8 Board
      of Directors of ERC.
      At and
      as of the Closing, a new Board of Directors and new Officers shall be elected
      for ERC. 

    

    5.9 Shareholders’
      Agreement for ERC and VERGE.
      Immediately following the Closing, the Parties, as Shareholders of ERC and
      in
      connection with VERGE becoming a wholly-owned subsidiary of ERC, shall enter
      into a Shareholders’ Agreement (in the form attached hereto) setting forth the
      rights and obligations of the Shareholders and management of ERC and VERGE,
      including, but not limited to, a new Board of Directors, tag along and drag
      along rights, Rights of First Refusal, Restrictions on Transfer and
      Supermajority voting rights on key issues. 

    

    5.10 Reporting
      Requirements.
      The
      Parties hereto, and specifically VERGE and TIHG, acknowledge that due to EUROWEB
      being subject to the 1934 Act that there are definite reporting requirements
      and
      that the Parties agree that they shall continue to comply with all financial
      reporting requirements, including but not limited to monthly and quarterly
      reports and any acceptance of an auditor appointment selected by EUROWEB in
      the
      event that there is a consolidation reporting on an equity level.

    

    5.11 Consummation
      of Transactions.
      As of
      and through the Closing, the Parties shall not have caused or permitted to
      occur
      or be made any event or condition of any character which would prevent
      consummation of the transactions contemplated by this Agreement or cause any
      of
      the transactions contemplated by this Agreement to be rescinded following
      consummation.

    

    SECTION
      6. SURVIVAL OF REPRESENTATIONS AND WARRANTIES OF EUROWEB, ERC, VERGE AND TIHG
      

    

    Notwithstanding
      any right of a Party fully to investigate the affairs of another Party , the
      former shall have the right to rely fully upon the representations, warranties,
      covenants and agreements of a Party contained in this Agreement or in any
      document delivered by such Party or any of its representatives, in connection
      with the transactions contemplated by this Agreement. All such representations,
      warranties, covenants and agreements shall survive the execution and delivery
      hereof and the Closing Date hereunder for twelve (12) months following the
      Closing.

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    SECTION
      7. INDEMNIFICATION

    

    7.1 Obligation
      of EUROWEB and ERC to Indemnify.
      Subject
      to the limitations on the survival of representations and warranties contained
      in Section 6, EUROWEB and ERC hereby agree to indemnify, defend and hold
      harmless VERGE and TIHG from and against any losses, liabilities, damages,
      deficiencies, costs or expenses (including interest, penalties and reasonable
      attorneys' fees and disbursements) (a "Loss") based upon, arising out of or
      otherwise due to any inaccuracy in or any breach of any representation,
      warranty, covenant or agreement of EUROWEB or ERC contained in this Agreement
      or
      in any document or other writing delivered pursuant to this
      Agreement.

    

    7.2 Obligation
      of VERGE and TIHG to Indemnify.
      Subject
      to the limitations on the survival of representations and warranties contained
      in Section 6, VERGE and TIHG agree to indemnify, defend and hold harmless
      EUROWEB and ERC from and against any Loss, based upon, arising out of or
      otherwise due to any inaccuracy in or any breach of any representation,
      warranty, covenant or agreement made by any of them and contained in this
      Agreement or in any document or other writing delivered pursuant to this
      Agreement.

    

    SECTION
      8. CLOSING

    

    8.1 Closing.
      The
      Closing shall take place simultaneously with the execution of this Agreement
      or
      at such other later time or place as may be agreed upon by the Parties hereto.
      At the Closing, the Parties shall provide each other with such documents as
      may
      be necessary or appropriate in order to consummate the transactions contemplated
      hereby including evidence of due authorization of the Agreement and the
      transactions contemplated hereby.

    

    8.2 Ancillary
      Documents.
      At the
      Closing, or as soon thereafter as practicable, the Parties shall deliver fully
      executed documents as follows:

    

    8.2.1 Any
      amendments to the Articles of Incorporation or Bylaws increasing the number
      of
      directors on the Board of Directors of ERC and VERGE.

    

    8.2.2 Any
      other
      document, notice, filing or agreement as reasonably requested by a Party or
      necessary to effect the intent of this Agreement.

    

    8.3 Tax
      Matters.
      Each
      Party acknowledges and agrees that it has relied solely on counsel and
      accountants of its own selection for advice concerning the tax implications,
      if
      any, of stock being transferred, debts being assumed, satisfied or contributed,
      and other transfers hereunder. The Parties agree that it is expressly understood
      and agreed that as between the Parties, any and all obligations for reporting
      and paying any tax assessments, penalties or interest shall be the sole and
      exclusive responsibility of the Party receiving the benefit and each Party
      shall
      indemnify the other Party for any liability of the first Party incurred or
      as a
      result of failure to pay such tax assessments, penalties or interest; provided,
      however, each Party shall file its tax return and report the transactions
      contemplated herein in a manner consistent with the terms of this
      Agreement.

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    SECTION
      9. GENERAL TERMS

    

    9.1 Waiver.
      The
      waiver of a breach of this Agreement or the failure of any party hereto to
      exercise any right under this Agreement shall in no event constitute waiver
      as
      to any future breach whether similar or dissimilar in nature or as to the
      exercise of any further right under this Agreement.

    

    9.2 Amendment.
      This
      Agreement may be amended or modified only by an instrument of equal formality
      signed by the parties or the duly authorized representatives of the respective
      parties.

    

    9.3 Assignment.
      This
      Agreement is not assignable except by operation of law.

    

    9.4 Notices.
      The
      mailing addresses of both parties of this Agreement shall be as from time to
      time designated in writing.

    

    9.5 Publicity.
      No
      publicity release or announcement concerning this Agreement or the transactions
      contemplated hereby shall be issued by either party hereto at any time from
      the
      signing hereof without advance approval in writing of the form and substance
      thereof by the other party.

    

    9.6 Entire
      Agreement.
      This
      Agreement (including the Exhibits and Schedules hereto) and the collateral
      agreements executed in connection with the consummation of the transactions
      contemplated herein contain the entire agreement among the parties with respect
      to the purchase and issuance of the ERC Shares and the VERGE Shares and related
      transactions, and supersede all prior agreements, written or oral, with respect
      thereto. No amendment of this Agreement shall be enforceable unless signed
      by
      the party to be charged with performance thereto.

    

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

    

    9.8 Severability
      of Provisions.
      The
      invalidity or unenforceability of any term, phrase, clause, paragraph,
      restriction, covenant, agreement or other provision of this Agreement shall
      in
      no way affect the validity or enforcement of any other provision or any part
      thereof.

    

    9.9 Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed, shall constitute an original copy hereof, but all of which together
      shall consider but one and the same document.

    

    9.10 Professional
      Advice. Each
      Party hereto has been provided with adequate opportunity to consult with legal,
      tax and accounting professionals of their own independent selection regarding
      the legal, tax and accounting implications of entering into this Agreement
      and
      hereby warrants, covenants and agrees that he/she/it has not relied on any
      oral
      or written communication or advice by another party or any agent, accountant
      or
      attorney of another party except as otherwise specifically set forth herein
      with
      respect to the accuracy of financial statements. 

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    9.11 Expenses.
      Each of
      the parties hereto shall pay its own expenses in connection with this Agreement
      and the transactions contemplated hereby, including without limitation the
      fees
      and expenses of legal counsel and certified public accountants. 

    

    9.12 Brokers.
      the
      parties hereto warrant, covenant and agree that there has been no act or
      omission by any party hereto that would give rise to any valid claim against
      any
      of the parties hereto for a brokerage commission, finder's fee, or other like
      payment in connection with the transactions contemplated hereby. 

    

    9.13 Successors
      and Assigns.
      All
      rights and obligations created by this Agreement shall be binding upon and
      inure
      to the benefit of the parties hereto, their successors and assigns. Whenever
      used, the singular number shall include the plural, the plural the singular,
      and
      the use of any gender shall include all genders. 

    

    9.14 Choice
      of Law, Binding Arbitration and Attorney’s Fees. 

    

    Any
      controversy or claim arising out of or relating to this Agreement, or the breach
      thereof, including any purchase or exchange of capital stock, shall be resolved
      under California law without regard to conflicts of laws except insofar as
      securities issues are concerned which shall be resolved by reference to the
      federal securities laws through binding arbitration in accordance with the
      Commercial Arbitration Rules of the American Arbitration Association and
      judgment upon the award rendered by the arbitrator(s) may be entered in any
      court having jurisdiction thereof. Should any arbitration or lawsuit be filed
      pursuant to or as a consequence of this Agreement, including an action for
      declaratory relief, the prevailing party shall be entitled to the recovery
      of
      reasonable attorney's fees in addition to costs. Venue for any controversy
      or
      claim, regardless of whether filed in arbitration or court, shall be in the
      City
      of Los Angeles, California. the parties hereto may wish to seek the advice
      of
      legal counsel of their own choosing regarding the importance of this paragraph.
      Execution of this document will result in a waiver of the right to a jury trial
      and other procedures inherent in civil litigation in the event of a dispute
      concerning this Agreement.

    

    9.15 Exclusive
      Remedy.
      By
      executing this Agreement, the Parties hereby agree that the rights and remedies
      provided in this Agreement shall be the sole and exclusive rights and remedies
      surviving as between and among the Parties hereto relating to the facts and
      circumstances encompassed by this Agreement.

    

    9.16 Construction
      of Agreement.
      Each
      Party hereto has cooperated in the drafting and preparation of this Agreement,
      and, therefore, any construction of the intent of the Parties hereto or language
      hereof to be made shall not be construed against any of the Parties
      hereto.

    

    9.17 Authority;
      Valid and Binding Agreement of Parties.
      Each
      Party executing this Agreement hereby represents and warrants that it has full
      power and authority to enter into this Agreement, is free to enter into this
      Agreement and is not subject to any obligations or disabilities which will
      or
      might prevent or interfere with keeping and performing all of the agreements,
      covenants and conditions to be kept or performed hereunder. This Agreement
      is a
      legal, valid and binding obligation of each Party. No third party consents
      or
      approvals are required, other than those stated herein.

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    9.18 Binding
      Effect of Agreement.
      The
      Parties hereby agree that the terms contained in this Agreement shall be binding
      upon and inure to the benefit of each of the Parties hereto, including any
      and
      all of their past or present agents, associates, partners, officers, directors,
      shareholders, trustees, beneficiaries and employees, including attorneys and
      experts, and actual, implied or ostensible agents, and any and all of their
      heirs, executors, successors and assignees. The obligations and duties of each
      Party hereunder are personal and not assignable and any attempt of assignment
      or
      transfer of a Party’s duties or obligation, unless otherwise anticipated and
      provided for in this Agreement.

    

    9.19 Governing
      Law; Enforceability.
      This
      Agreement has been executed and delivered within the State of California, and
      the rights and obligations of the Parties hereunder shall be governed by,
      construed and enforced in accordance with the laws of the State of California
      without regard to the conflicts of law doctrine. Each
      Party irrevocably consents to the exclusive jurisdiction and venue of any
      federal or state court within Los Angeles County, California, in connection
      with
      any matter based upon or arising out of this Agreement or the matters
      contemplated in this Agreement, agrees that process may be served upon them
      in
      any manner authorized by the laws of the State of California for such persons,
      and waives and covenants not to assert or plead any objection that they might
      otherwise have to such jurisdiction, venue and such process. 

    

    9.20 Attorneys’
      Fees.
      In the
      event any action or suit is brought by a Party hereto against another Party
      hereunder by reason of any breach of any of the covenants, conditions,
      agreements or provisions on the part of another Party arising out of this
      Agreement, the prevailing Party shall be entitled to recover from the other
      Party all costs and expenses of the action or suit, including reasonable
      attorneys’ fees.

     

    

    SIGNATURE
      PAGE TO FOLLOW

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      the
      Parties have executed this Agreement on the date first above
      written.

    

    

    

    EUROWEB
      INTERNATIONAL CORP., 

    a
      Delaware Corporation

     

    By:
      /s/Yossi Attia

    Name:
      Yossi Attia

    Its:
      Chief Executive Officer

    

    

    EMVELCO
      RE CORP., a Nevada Corporation

     

    By:
      /s/Yossi Attia

    Name:
      Yossi Attia

    Its:
      President

    

    

    VERGE
      LIVING CORPORATION, 

    a
      Nevada Corporation

     

    By:
      /s/Darren D. Dunckel

    Name:
      Darren D. Dunckel

    Its:
      Chief Executive Officer

    

    

    THE
      INTERNATIONAL HOLDINGS GROUP LTD., 

    a
      Marshall Islands Corporation

     

    By:
      /s/Darren Dunckel

    Name:
      Darren Dunckel

    Its:
      Authorized Representative

    

    

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    SCHEDULE
      3.10

    

    ERC
      REAL
      ESTATE

    

    

    

    Huntley
      (51%)

    Lorraine
      (100%)

    Stanley
      (66.67%)

    Harper
      (100%)

    Laurel
      (100%)

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      4.13

    

    VERGE
      REAL ESTATE

    

    

    296
      Condominium Complex + Retail - Las Vegas, NevadaExhibit
      10.1

     

    THORIUM
      POWER, LTD.

    

    CONSULTING
      AGREEMENT

    

    CONSULTING
      AGREEMENT, dated as of January 1, 2007 (the “Agreement”), by and between THORIUM
      POWER, LTD., a Nevada corporation, having its principal place of business at
      8300 Greensboro Drive, Suite 800, McLean, VA 22102 (“Company”) and SEC Audit
      Prep, Inc. (“Consultant”). 

    

    BACKGROUND

    

    Company
      desires to retain Consultant to perform the Services (as defined below) and
      Consultant desires to perform the Services for Company subject to the terms
      and
      conditions set forth below. This agreement supersedes the previous consulting
      agreement between the Consultant and Novastar Resources Ltd.

    

    NOW,
      THEREFORE, in consideration of the premises and mutual covenants hereinafter
      contained, the parties hereto intending to be legally bound hereby agree as
      follows:

    

    1.
      THE SERVICES.

    

    Subject
      to the terms of this Agreement, Consultant agrees to act as a consultant on
      behalf of Company and perform the following services ( the
“Services”):

    

    The
      Consultant will be the Treasurer and Acting Chief Financial Officer of the
      Company for a period of time until a Chief Financial Officer is appointed.
      After
      a Chief Financial Officer is appointed, the Consultant will become the Treasurer
      and Financial Consultant providing financial consulting services such as
      processing all bills for payment and maintaining the company’s books and
      records, preparing monthly reports for management and the Board, preparing
      quarterly and annual Securities Exchange Act of 1934 reports, review significant
      events and changes of accounting rules that effect the company, interface with
      the auditors in answering questions and assisting them in getting their work
      completed timely, participate in audit committee meetings and answer audit
      committee questions, perform an internal audit function where needed, and
      working to institute the highest level of corporate governance for the Company,
      as well as other functions customary to the office of Treasurer. In addition,
      the Consultant shall help perform the SOX 404 compliance work and prepare the
      audit and quarterly review preparation binders for the external auditors and
      such other similar tasks as the Company may request. Any M&A work, due
      diligence work or other special projects outside the scope of the above
      mentioned services will be charged at a mutually agreeable hourly
      rate.

    

    2.
      TERM.

    

    The
      initial term of this Agreement shall be for a period of two years; provided,
      however, that this Agreement shall automatically be extended for additional
      periods of one (1) year unless terminated by either party in accordance with
      Section 5. In the event of the termination of this Agreement, Consultant shall
      promptly return to Company any and all documents or materials in whatever form
      or medium, and all copies made thereof, which Consultant received from Company
      for purposes of this Agreement, as well as all Work Product as defined and
      described in Section 6 of this Agreement.

    

    3.
      FEES AND REIMBURSEMENT OF CERTAIN EXPENSES.

    

    
      	a.  	
              Company
                shall pay Consultant a consulting fee (the “Fee”) to SEC Audit Prep, Inc.
                equal to a monthly fee of $16,000 for Services performed. The Fee
                shall be
                payable per invoice every month, no later than the 10th business
                day
                following the receipt by Company from the Consultant of an invoice.
                The
                Consultant shall be paid a Fee for a minimum of $16,000 whether or
                not the
                Company still requires the Consultant to perform all the Services
                mentioned above during the contract
                term.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	b.  	
              The
                Company shall grant to the Consultant a nonqualified stock option
                for the
                purchase of 150,000 shares of the Company’s common stock. The option’s
                exercise price will be equal to the fair market value of the Company’s
                Common Stock on the date of grant. The option shall vest in equal
                monthly
                installments over a three (3) year period. If the Consultant is terminated
                without cause or if there is a change of control of the Company,
                then the
                option shall vest immediately. The term of the option shall be ten
                years.

            

    

    

    
      	c.  	
              Upon
                termination of this Agreement for any reason, Consultant expressly
                understands and agrees that Company’ sole obligation shall be to pay
                Consultant the Fee for Services rendered through the effective date
                of
                termination or expiration, including any mandatory notice
                period.

            

    

    

    
      	d.  	
              Reimbursement
                of any reasonable travel expenses, if any, shall be made according
                to
                Company’ corporate policy; provided, however, that in no event shall the
                Fee be paid for travel time. Consultant shall be reimbursed for other
                reasonable and necessary expenses actually incurred or paid by Consultant
                during the term or any extension thereof in the performance of the
                Services within twenty (20) business days of the submission and approval
                by Company of expense statements, vouchers, or other supporting
                information reasonably acceptable to Company. Any travel expenses
                in
                excess of $2,000 in each instance shall require prior approval by
                the
                Company.

            

    

    

    
      	e.  	
              Consultant
                shall not be entitled to participate in any fringe benefits or privileges
                given or extended by Company to its officers and employees, including
                without limitation, medical benefits, retirement plans or stock options.
                Consultant shall be responsible for the payment of all federal, state
                and
                local taxes including, without limitation, withholding and sales
                taxes,
                and, at the request of Company, Consultant shall provide to Company
                evidence that all of such payments have been made. Such evidence
                may
                include, at Company’ option, a written statement by Consultant that
                Consultant has timely and appropriately paid and withheld all appropriate
                taxes. Consultant warrants and represents that Consultant has complied
                with, and covenants that during the term of this Agreement or any
                extension thereof, Consultant shall continue to comply with all laws,
                rules and regulations required by appropriate government authorities
                for
                independent contractors, including the appropriate withholding, reporting
                and payment of all required taxes. Consultant shall indemnify and
                hold
                Company harmless from and against any claims, damages, debts, obligations,
                liabilities and expenses (including, without limitation, attorney’s fees
                and expenses and court costs) arising out of Consultant’s failure to
                perform any covenant contained in, or Consultant’s breach of any
                representation or warranty set forth in, this
                Section.

            

    

     

    4.
      DUTIES AND EXTENT OF SERVICES

    

    Upon
      the
      execution of this Agreement and throughout its term or any extension thereof,
      Consultant shall assume the position of Treasurer and Financial Consultant
      to
      Company and the Consultant shall be available at all times necessary or
      appropriate in order for Consultant to effectively perform the Services.
      Consultant shall exert Consultant’s best efforts and attention to the affairs of
      Company. Consultant shall notify Company promptly of any other engagement or
      commitment which could reasonably be expected to interfere or conflict with
      the
      performance of Services hereunder. 

    

    The
      work
      performed above will be done on an as-needed hourly basis, which limits our
      involvement and knowledge of the daily operations of the company. Because of
      this, there is a risk that material errors, irregularities, or illegal acts,
      including fraud or defalcation, may exist and may not be detected by us. By
      signing below the company acknowledges this fact and agrees to indemnify us
      should any of the above situations occur.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    5.
      TERMINATION

    

    Consultant’s
      engagement hereunder shall terminate at the end of the term or any extension
      thereof as set forth in Section 2 hereof or sooner upon the occurrence of any
      of
      the following events:

    

    
      	a.  	
              The
                termination of Consultant hereunder by Company at its option, for
                any
                reason or no reason, to be exercised by 270 days written notice from
                Company to Consultant.

            

    

    

    
      	b.  	
              Consultant’s
                death.

            

    

    

    
      	c.  	
              Upon
                delivery of written notice by Company to Consultant if Consultant
                materially breaches this Agreement; provided that the Company gives
                the
                Consultant a description of the material breach and at least twenty
                days
                to cure the breach.

            

    

    

    6.
      LIMITED LIABILITY 

    

    Consultant
      shall not be liable to the Company, or to anyone who may claim any right due
      to
      its relationship with the Company, for any acts or omissions on the part of
      the
      Consultant or the agents or the employees of the Consultant in the performance
      of Consultant’s services under this agreement. THORIUM POWER, LTD. shall hold
      Consultant free and harmless from any obligations, costs, claims, judgments,
      attorney’s fees, or attachments arising from or growing out of the services
      rendered to the Company.

    

    7.
      INDEMNIFICATION

    

    THORIUM
      POWER, LTD. Agrees to indemnify and save harmless the Consultant, as well as
      Consultant’s officers, employees, and agents from all suits, actions, losses,
      damages, claims, or liability of any character, type or description, including
      without limiting the generality of the foregoing all expenses of litigation,
      court costs, and attorney’s fees arising out of or occasioned by the acts of
      THORIUM POWER, LTD., its agents or employees, or occasioned by the acts of
      Consultant in the execution or performance of the services provided by the
      Consultant, at any time from the execution date of this Agreement until such
      time after any pertinent limitations period expires after he termination of
      this
      Agreement.

    

    As
      a part
      of this indemnification, THORIUM POWER, LTD. agrees to defend and hold harmless
      Consultant from and against any and all liabilities, excluding gross negligence
      on the part of the Consultant, arising from the consulting agreement. As such,
      Consultant shall not be liable to THORIUM POWER, LTD., or anyone who may claim
      any right due to its relationship with THORIUM POWER, LTD., for any acts or
      omissions, other than gross negligence, on the part of the Consultant or the
      agents or employees of the Consultant in the performance of Consultant’s
      services under this Agreement. THORIUM POWER, LTD. shall hold Consultant free
      and harmless from any obligation, costs, claims, judgments, attorney’s fees, or
      attachments arising from or growing out of the services rendered to the
      Company.

    

    8.
      WORK
      FOR HIRE

    

    
      	a.  	
              The
                parties acknowledge and agree that all rights, including without
                limitation ownership, patent and copyright, in any software, materials,
                reports (including, without limitation, report books, reference materials
                and other literature relating to Company’ products or services or
                otherwise related to the Services), memoranda, graphics, logos or
                other
                work product prepared by Consultant pursuant to the terms of this
                Agreement, or otherwise for Company (hereinafter the “Work Product”) vest
                in Company. The parties expressly acknowledge that the Work Product
                was
                specially ordered or commissioned by Company and further agree that
                it
                shall be considered a “Work Made for Hire” within the meaning of the
                copyright laws of the United States and that Company is entitled,
                as sole
                author, to the copyright and all other rights therein, throughout
                the
                world, including but not limited to, the right to make such changes
                therein and such uses thereof, as it may determine in its sole and
                absolute discretion. If, for any reason, the Work Product is not
                considered a “work made for hire” under the copyright laws of the United
                States as aforesaid, then Consultant hereby grants and assigns to
                Company,
                its successors and assigns, all of Consultant’s right, title and interest
                in the Work Product, including, but not limited to, the copyright
                therein
                throughout the world (and any renewal, extension or reversion copyright
                now or hereafter provided), and all other rights therein of any nature
                whatsoever, whether now known or hereafter devised including, but
                not
                limited to, the right to make changes therein, and such uses thereof,
                as
                Company may determine in its absolute discretion. Consultant also
                agrees
                to keep necessary records, made alone or with others during the course
                of
                performing Services pursuant to this Agreement, and agrees to furnish
                Company, upon request, with all such
                records.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	b.  	
              If
                Company is unable, after reasonable effort, to secure Consultant’s
                signature on any application for patent, copyright, trademark or
                other
                analogous registration or other documents regarding any legal protection
                relating to a Work Product, whether because of Consultant’s physical or
                mental incapacity or for any other reason whatsoever, Consultant
                hereby
                irrevocably designates and appoints Company and its duly authorized
                officers and agents as Consultant’s agent and attorney-in-fact, to act for
                and in Consultant’s behalf and stead to execute and file any such
                application or applications or other documents and to do all other
                lawfully permitted acts to further the prosecution and issuance of
                patent,
                copyright or trademark registrations or any other legal protection
                thereon
                with the same legal force and effect as if executed by
                Consultant.

            

    

    

     9.
      PROPRIETARY
      INFORMATION

    

    
      	a.  	
              For
                purposes of this Agreement, “proprietary information” means information
                relating to the business of Company or any affiliated or subsidiary
                entity
                and shall include (but shall not be limited to) information encompassed
                in
                all Work Product, specifications, drawings, graphics, logos, designs,
                computer programs, source code, object code, models, methodologies,
                algorithms, user documentation, plans, formulas, proposals, marketing
                and
                sale plans, financial information, costs, pricing information, customer
                information, and all methods, concepts or ideas in or reasonably
                related
                to the business of Company or information of customers or clients
                of
                Company which Company is required to maintain as
                confidential.

            

    

    

    
      	b.  	
              Consultant
                agrees to regard and preserve as confidential, all proprietary
                information, whether or not it has such information in writing, other
                physical or magnetic form or such information is contained in Consultant’s
                memory or the memory of any of Consultant’s agents or employees.
                Consultant shall not, without written authority from Company to do
                so,
                directly or indirectly, use for the benefit or purpose, nor disclose
                to
                any other person or entity, either during the term of Consultant’s
                engagement hereunder or thereafter, except as required by the conditions
                of Consultant’s engagement hereunder, any proprietary
                information.

            

    

    

    
      	c.  	
              Consultant
                shall not disclose any reports, recommendations, conclusions or other
                results of the Services or the existence or the subject matter of
                this
                contract without the prior written consent of Company. In Consultant’s
                performance hereunder, Consultant shall comply with all legal obligations
                Consultant may now or hereafter have regarding the information or
                other
                property of any other person, firm or
                corporation.

            

    

    

    
      	d.  	
              The
                foregoing obligations of this Paragraph shall not apply to any part
                of the
                information that (i) has been disclosed in publicly available sources
                of
                information, (ii) is, through no fault of Consultant, hereafter disclosed
                in publicly available sources of information, (iii) can be demonstrated
                to
                Company’ satisfaction that it is now in the possession of Consultant
                without any obligation of confidentiality, or (iv) has been or is
                hereafter lawfully disclosed to Consultant by a third party, but
                only to
                the extent that the use or disclosure thereof has been or is rightfully
                authorized by that third party.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    10.
      NO
      SOLICITATION AND COVENANT NOT TO COMPETE

    

    
      	a.  	
              During
                the period commencing on the date hereof and ending two (2) years
                after
                the termination of Consultant’s engagement for any reason (the “Restricted
                Period”), Consultant shall not directly or indirectly induce, solicit,
                persuade or entice or attempt to induce, solicit, persuade or entice
                any
                of the employees, consultants or agents of Company to leave the employment
                of Company or to terminate the consultancy or agency relationship
                with
                Company, as the case may be.

            

    

    

    
      	b.  	
              During
                the Restricted Period, Consultant shall not, without the written
                consent
                of a duly authorized officer of Company: (i) directly or indirectly,
                whether as principal, agent, stockholder, or in any other capacity,
                have a
                financial interest in any company or enterprise which is in competition
                with any business actively conducted by Company or any of its subsidiaries
                or affiliates; provided, however, that this shall not be deemed to
                preclude Consultant from owning not more than 1% of the stock or
                securities of any corporation, the shares of which are registered
                under
                Section 12 of the Securities Exchange Act of 1934, as amended or
                (ii)
                directly or indirectly, whether as principal, agent, stockholder,
                employee, consultant or in any other capacity, provide any services
                to any
                company or enterprise which would result in competition with the
                services,
                products and technologies sold, licensed or being developed or planned
                or
                otherwise contemplated by Company or any of its subsidiaries or affiliates
                at the time of the termination of this
                Agreement.

            

    

    

    
      	c.  	
              During
                the Restricted Period, the Consultant shall not, directly or indirectly,
                induce, solicit, persuade or entice or attempt to induce, solicit
                persuade
                or entice any person who is then or has been within the preceding
                12-month
                period a customer or account of Company or any of its affiliates,
                or any
                actual customer leads whose identity the Consultant learned of during
                the
                term of this Agreement or any extension thereof , to terminate or
                to
                adversely alter its contractual or other relationship with Company
                or any
                of its affiliates.

            

    

    

    
      	d.  	
              During
                the term or any extension thereof the Consultant shall promptly disclose
                to Company any business idea or opportunity which falls within Company’
                line of business or any logical extension thereof, which business
                idea or
                opportunity shall become the sole property of
                Company.

            

    

    

    
      	e.  	
              Consultant
                hereby agrees that each provision herein shall be treated as a separate
                and independent clause, and the unenforceability of any one clause
                shall
                in no way impair the enforceability of any of the other clauses of
                the
                Agreement. Moreover, if one or more of the provisions contained in
                this
                Agreement shall for any reason be held to be excessively broad as
                to
                scope, activity, subject or otherwise so as to be unenforceable at
                law,
                such provision or provisions shall be construed by the appropriate
                judicial body by limiting or reducing it or them so as to be enforceable
                to the maximum extent compatible with the applicable law as it shall
                then
                appear. Consultant hereby further agrees that the language of all
                parts of
                this Agreement shall in all cases be construed as a whole according
                to its
                fair meaning and not strictly for or against either of the
                parties.

            

    

    

    11.
      INJUNCTIVE
      RELIEF

    

    Consultant
      acknowledges that the injury to Company resulting from any violation by
      Consultant of any of the covenants contained in this Agreement will be of such
      a
      character that Company cannot be adequately compensated by money damages, and,
      accordingly, Company may, in addition to pursuing its other remedies, obtain
      an
      injunction from any such violation; and no bond or other security shall be
      required in connection with such injunction.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    12.
      NOTICES

    

    Any
      notice of other communication required or which may be given hereunder shall
      be
      in writing and shall be delivered personally, telecopied, telegraphed or
      telexed, or sent by certified, registered or express mail, postage prepaid,
      to
      the parties at the addresses set forth in the preamble of this Agreement, or
      at
      such other addresses as shall be specified by the parties by like notice, and
      shall be deemed given when so delivered personally, telecopied, telegraphed
      or
      telexed, or if mailed, two days after the date of mailing.

     

    13.
      NO RESTRICTIONS

    

    Consultant
      represents to Company, which relies on such representation, that Consultant
      is
      free to enter into this Agreement in that Consultant is not under any
      restrictions from a former employer or business that would preclude Consultant’s
      from making these agreements. Consultant understands that Company does not
      want
      Consultant to disclose to it any confidential information that Consultant may
      have obtained from a former employer, although Consultant is free to use
      Consultant’s general knowledge and past experience in the performance of the
      Services.

    

    14.
      GENERAL CONDITIONS

    

    
      	a.  	
              The
                terms and conditions of Paragraphs 3E, 6, 7, 8, 9, 10, 11 and 12
                hereof
                shall survive the termination of this Agreement or completion of
                the
                Services as the case may be.

            

    

    

    
      	b.  	
              Consultant
                shall not assign this Agreement or delegate Consultant’s duties hereunder
                and shall not subcontract any of the Services to be performed hereunder
                without the prior written consent of Company. The Consultant may,
                however,
                provide Services hereunder through SEC Audit Prep, Inc., an entity
                controlled by the Consultant, and in such case, Fee payments shall
                be made
                to such entity; provided, however, that in such event, the Consultant
                shall continue to be the primary provider of the
                Services.

            

    

    

    
      	c.  	
              Consultant
                shall perform the Services as an independent contractor and shall
                not be
                considered an employee of Company or partner, joint venture or otherwise
                related to Company for any purpose. Accordingly, Consultant may not
                bind
                Company to any contract, agreement or
                arrangement.

            

    

    

    
      	d.  	
              Consultant
                shall not trade the Company’s stock on insider information the Consultant
                may learn in the course of performing his services under this Agreement.
                The Consultant agrees to disclose in writing to the Company any changes
                in
                the Consultant’s ownership position with respect to the Company’s stock
                within five (5) business days after an event involving acquisition
                or
                disposition of the Company’s stock
                occurs.

            

    

    

    
      	e.  	
              This
                Agreement shall be governed by the laws of the State of New York,
                without
                regard to its conflicts of laws.

            

    

    

    
      	f.  	
              This
                Agreement constitutes the entire understanding between the Consultant
                and
                Company respecting the Services described
                herein.

            

    

    

    
      	g.  	
              This
                Agreement may be executed in two or more counterparts, each of which
                shall
                be deemed an original, but all of which together shall constitute
                one and
                the same instrument.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	h.  	
              Facsimile
                execution and delivery of this Agreement is legal, valid and binding
                execution and delivery for all
                purposes.

            

    

    

    
      	i.  	
              The
                Consultant shall be primarily based in New York; however, the Consultant
                will travel back and forth to the Washington, DC area, where the
                executive
                offices of the Company are based, on an as needed basis. The Consultant
                expects to travel to Washington, DC at least one time per
                month.

            

    

     

    [signature
      page follows]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

    

    
      	
              Thorium
                Power, LTD.

            	 	
              Treasurer
                and Financial Consultant

            
	
               

            	 	
               

            
	
               

            	 	
              Larry
                Goldman

            
	 	 	 
	
              By:
                /s/ Seth Grae

              
                

              

              Name:
                SETH GRAE

            	 	
              By:
                /s/ Larry Goldman

              
                

              

              Name:
                SEC Audit Prep, Inc. 

            
	
              Title:
                President and Chief Executive Officer

            	 	
              Title:
                President

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