Document:

Exhibit 4.3

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR CEDE & CO., AS NOMINEE OF THE DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

W. P. CAREY INC.

 

4.000% Senior Note due 2025

 

	
REGISTERED
    	
PRINCIPAL AMOUNT: $450,000,000
    

No. R-1

 

CUSIP: 92936U AC3

ISIN: US92936UAC36

 

W. P. CAREY INC., a Maryland corporation (the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal amount of FOUR HUNDRED FIFTY MILLION DOLLARS ($450,000,000) on February 1, 2025 (the “Stated Maturity Date”) (unless redeemed on any date fixed for redemption (the “Redemption Date”) prior to the Stated Maturity Date in accordance with the terms of this Note and the Indenture) (the Stated Maturity Date and the Redemption Date are hereinafter referred to as the “Maturity Date” with respect to the principal repayable on such date) and to pay interest on the outstanding principal amount of this Note from and including January 26, 2015, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as applicable, semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2015 (each, an “Interest Payment Date”), and, if applicable, on the Maturity Date, at the rate of 4.000% per annum, until said principal amount is paid or duly provided for. Interest on this Note shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

Payment of Interest.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the January 15 and July 15, whether or not a Business Day, as defined in the Indenture, as the case may be, immediately preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not punctually paid or duly provided for on an Interest Payment Date (“Defaulted Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest may be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture.

 

Optional Redemption.  The provisions of Article Eleven of the Indenture shall apply to this Note, as supplemented or amended by the following paragraphs.

 

The Notes will be redeemable, at the Company’s sole option, in whole at any time or in part from time to time, in each case prior to November 1, 2024 (i.e., three months prior to the Stated Maturity Date), for cash, at a Redemption Price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed or (ii) an

 

 

amount equal to the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (exclusive of unpaid interest accrued to, but not including, such Redemption Date), discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 0.35%, plus, in each case, unpaid interest, if any, on the principal amount of the Notes to be redeemed accrued to, but not including, such Redemption Date.

 

In addition, at any time on or after November 1, 2024 (i.e., three months prior to the Stated Maturity Date), the Notes will be redeemable, at the Company’s sole option, in whole at any time or in part from time to time, for cash, at a Redemption Price equal to 100% of the aggregate principal amount of the Notes to be redeemed plus unpaid interest, if any, on the principal amount of the Notes to be redeemed accrued to, but not including, such Redemption Date. Notwithstanding the foregoing, interest will be payable to Holders of the Notes on the Regular Record Date applicable to an Interest Payment Date falling on or before such Redemption Date.

 

The following definitions will apply with respect to the foregoing:

 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes.

 

“Comparable Treasury Price” means, with respect to any Redemption Date for the Notes, (1) the average of three Reference Treasury Dealer Quotations for such Redemption Date (or date of deposit with the Trustee in the case of a satisfaction and discharge), after excluding the highest and lowest of five Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.

 

“Independent Investment Banker” means one of Wells Fargo Securities, LLC, Barclays Capital Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated and their respective successors, appointed by the Company or, if such firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company.

 

“Reference Treasury Dealer” means each of: (i) a Primary Treasury Dealer (as defined herein) selected by Wells Fargo Securities, LLC or its successors (or an affiliate that is a Primary Treasury Dealer); (ii) a Primary Treasury Dealer selected by Barclays Capital Inc.; (iii) a Primary Treasury Dealer selected by Merrill Lynch, Pierce, Fenner & Smith Incorporated; and (iv) two other Primary Treasury Dealers selected by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations” means, with respect to any Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date (or date of deposit with the Trustee in the case of a satisfaction and discharge).

 

“Treasury Rate” means (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining life of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the

 

 

Comparable Treasury Price for such redemption date, in each case as calculated on the third Business Day preceding the Redemption Date (or date of deposit with the Trustee in the case of a satisfaction and discharge).

 

In order to exercise the Company’s right of optional redemption, the Company (or, at the Company’s request, the Trustee on its behalf) must deliver a written notice of redemption to each Holder of Notes to be redeemed at least 30 days but not more than 60 days prior to the Redemption Date. Such notice of redemption shall specify the principal amount of Notes to be redeemed, the CUSIP and ISIN numbers of the Notes to be redeemed, the Redemption Date, the Redemption Price, the place or places of payment, and that payment will be made upon presentation and surrender of such Notes. Once notice of redemption is delivered to Holders, the Notes called for redemption will become due and payable on the Redemption Date at the Redemption Price. On or before 10:00 a.m., New York City time, on the Redemption Date, the Company will deposit with the Trustee or with one or more paying agents an amount of money sufficient to redeem on the Redemption Date all the Notes so called for redemption at the Redemption Price.

 

Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes or any portion of the Notes called for redemption on the Redemption Date.

 

If less than all of the Notes are to be redeemed, the Trustee, upon prior notice from the Company, will select the Notes to be redeemed, which, in the case of Notes in book-entry form, will be in accordance with the procedures of The Depository Trust Company. The Trustee may select Notes and portions of Notes in amounts of $2,000 and integral multiples of $1,000 in excess thereof.

 

Place of Payment.  The Company will make payment of principal of, and premium, if any, and interest on, this Note in immediately available funds at the Corporate Trust Office of the Trustee or such other Office or Agency as may be designated by the Company for such purpose in The City of New York, in Dollars.

 

Time of Payment.  If an Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the required payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or the Maturity Date, as the case may be, and no additional interest shall accrue on such payment as a result of payment on such next succeeding Business Day.

 

General.  This Note is one of a duly authorized issue of Securities of the Company, issued and to be issued in one or more series under an indenture (the “Base Indenture”), dated as of March 14, 2014, among the Company and U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of Securities of which this Note is a part), as supplemented by a Third Supplemental Indenture thereto, dated as of January 26, 2015 (the “Third Supplemental Indenture,” and together with the Base Indenture, the “Indenture”), among the Company and the Trustee. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Note is one of a duly authorized series of Securities designated as “4.000% Senior Notes due 2025” (collectively, the “Notes”), limited, except as specified below, in aggregate principal amount to FOUR HUNDRED FIFTY MILLION DOLLARS ($450,000,000). To the extent the terms of this Note conflict with the terms of the Indenture, the terms of this Note shall govern.

 

Further Issuance.  The Company may, from time to time, without notice to, or the consent of, the Holders of the Notes, increase the principal amount of the series of Notes and issue and sell additional Securities (“Additional Securities”) ranking equally and ratably with, and having the same interest rate, maturity and other terms as, the originally issued Notes (other than the issue date and, to the extent applicable, issue price, initial Interest Payment Date and initial date of interest accrual). Any such Additional Securities will be consolidated, and constitute a single series of Securities, with the originally issued Notes for all purposes; provided, however, that any such Additional Securities that have the same CUSIP, ISIN or other identifying number of any Outstanding Notes must be fungible with such Outstanding Notes for U.S. federal income tax purposes.

 

Events of Default.  If an Event of Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared, and in certain cases shall automatically become, due and payable in the manner and with the effect provided in the Indenture.

 

Sinking Fund.  The Notes are not subject to, or entitled to the benefits of, any sinking fund.

 

 

Satisfaction and Discharge.  The Indenture contains provisions where, upon the Company’s direction and satisfaction of certain conditions, the Indenture shall cease to be of further effect with respect to the Notes, subject to the survival of specified provisions of the Indenture.

 

Legal Defeasance and Covenant Defeasance.  The Indenture contains provisions for legal defeasance of certain obligations of the Company under this Note and the Indenture and covenant defeasance of certain obligations of the Company under the Indenture.

 

Modification and Waivers; Obligations of the Company Absolute.  The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities. Such amendment and modification may be effected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of each series affected thereby (voting as separate classes). The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series to waive, on behalf of the Holders of all Outstanding Securities of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver in respect of the Notes shall be conclusive and binding upon the Holder of this Note and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, and premium, if any, and interest on, this Note at the time, place, and rate, and in the coin or currency, herein prescribed.

 

Limitation on Suits.  As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any remedy thereunder, except in the case of failure of the Trustee, for 60 days, to act after it has received a written request to institute proceedings in respect of an Event of Default from the Holders of at least 25% in aggregate principal amount of the Outstanding Notes, as well as an offer of indemnity or security reasonably satisfactory to it, and no inconsistent direction has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes. Notwithstanding any other provision of the Indenture, each Holder of a Note will have the right, which is absolute and unconditional, to receive payment of the principal of, and premium, if any, and interest on, such Note on the respective due dates therefor and to institute suit for the enforcement therefor, and this right shall not be impaired without the consent of such Holder.

 

Authorized Denominations.  The Notes are issuable only in registered form without coupons in minimum denominations of $2,000 or any integral multiple of $1,000 in excess thereof.

 

Registration of Transfer or Exchange.  As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable in the register of the Notes maintained by the Security Registrar upon surrender of this Note for registration of transfer, at the Office or Agency in any Place of Payment, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

As provided in the Indenture and subject to certain limitations herein and therein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of different authorized denominations, as requested by the Holders surrendering the same.

 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to the contrary.

 

Defined Terms.  All terms used but not defined in this Note shall have the meanings assigned to them in the Indenture.

 

 

Governing Law.  The Indenture and this Note shall be governed by, and construed in accordance with, the laws of the State of New York without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP number or the ISIN number printed on the Notes, and reliance may be placed only on the other identification numbers printed hereon.

 

[Remainder of Page Intentionally Left Blank]

 

 

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed by duly authorized signatories.

 

	
Dated: January 26, 2015
    	
 
    
	
 
    	
 
    
	
 
    	
W. P. CAREY INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Trevor P. Bond
    
	
 
    	
 
    	
Name:   
    	
Trevor P. Bond
    
	
 
    	
 
    	
Title:   
    	
President and Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
W. P. CAREY INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Catherine D. Rice
    
	
 
    	
 
    	
Name:   
    	
Catherine D. Rice
    
	
 
    	
 
    	
Title:   
    	
Managing Director and Chief Financial   Officer
    

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture.

 

	
 
    	
U.S. BANK NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Raymond S. Haverstock
    	
 
    
	
 
    	
 
    	
Name: 
    	
Raymond S. Haverstock
    	
 
    
	
 
    	
 
    	
Title:
    	
Vice President
    
					

 

 

Dated: January 26, 2015

 

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

 

	
 
    

 

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	
 
    

 

	
 
    

(Please print or typewrite name and address,
 including postal zip code, of assignee)

 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints

 

	
 
    
	
 
    

 

to transfer said Note on the books of the Trustee, with full power of substitution in the premises.

 

	
Dated:
    	
 
    	
 
    	
 
    
	
 
    	
NOTICE: The signature to this assignment   must correspond with the name as written upon the face of the within Note in   every particular, without alteration or enlargement or any change whatsoever.
    
	
 
    	
 
    
	
Signature   GuaranteeEXHIBIT 10.1

 

 EXHIBIT 10.1
 

 

 

 AGREEMENT
 This Agreement is made as of January 15, 2015, by and between C.S. ANALYTICS, LLC, a limited liability corporation existing under the laws of the state of California and having its registered office at 26359 Jefferson Ave. Suite G, Murrieta, CA. 92562 (hereinafter "CANNASAFE") and GREENPLEX SERVICES, INC., a corporation existing under the laws of the State of Nevada and having their registered offices at 2525 East 29th Avenue, Suite 10-B, Spokane, WA. 99223 (hereinafter “GREENPLEX”).  Collectively CANNASAFE and GREENPLEX will be referred to as (the “PARTIES”) singularly as (the “PARTY”)
 WHEREAS:
 A.
 GREENPLEX and CANNASAFE entered into an Option Agreement to undertake Joint Venture dated March 24, 2014.  Pursuant to that agreement, GREENPLEX agreed to provide One Million Five Hundred Thousand ($1,500,000) of capital through an equity offering of Common Stock to formalize a proposed 50-50 Joint Venture which was to be named CannaSafe-GreenPlex LLC.  The proposed 50-50 Joint Venture was to be managed by CANNASAFE.  Upon the formation of the Joint Venture, GREENPLEX was to contribute $1,500,000 and CANNASAFE was to contribute certain business assets, know-how related to cannabis testing and proprietary testing technology;
 B.
 Over a several month period, while attempting to raise the $1,500,000, GREENPLEX made payments totaling $300,000 to CANNASAFE in the form of non-refundable deposits against the $1,500,000 and the formation of the proposed Joint Venture.  In addition, Greenplex also provided a loan to CANNASAFE in the amount of $20,000;
 C.
 The majority of the funds provided to CANNASAFE by GREENPLEX were utilized to fund the start up of a licensed laboratory located in Pullman, WA.; 
 D.
 GREENPLEX will need additional time to raise capital and CANNASAFE’S capital needs are immediate.  Therefore, the concept of a Joint Venture and the ability to generate $1,500,000 in an escrow account does not seem feasible under the current arrangement and time constraints;
 E.
 CANNASAFE and GREENPLEX wish to continue to work together to fund and start multiple testing laboratories that specialize in testing marijuana and related product, but desire to terminate the existing agreement and execute a new agreement to allow more flexibility for both CANNASAFE and GREENPLEX;
 For valuable consideration, the parties agree as follows:
 1.
 REPRESENTATIONS AND WARRANTIES
 1.1
 CANNASAFE and GREENLEX represent and warrant to the other Parties that:
 (a)
 each has the full right, power, capacity and authority to enter into, execute and deliver this Agreement and be bound by its terms;
 

 
 
 (b)
 GREENPLEX and CANNASAFE are each duly organized, validly existing and in good standing under its applicable laws of incorporation and have all requisite corporate power and authority to conduct its current business;
 (c)
 the execution, delivery and performance of this Agreement and the matters contemplated herein have been duly authorized by all necessary corporate action and no other corporate proceedings are necessary to authorize this Agreement and the matters contemplated herein;
 (d)
 the Agreement, when delivered in accordance with the terms hereof, will constitute a valid and binding obligation enforceable against the PARTIES in accordance with its terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws of general application affecting enforcement of creditors’ rights generally; and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies;
 (e)
 the consummation of this Agreement will not conflict with nor result in any breach of any agreement or other instrument whatever to which each Party herein is a party or by which each Party is bound or to which each Party may be subject;
 (f)
 no proceedings are pending against either of the PARTIES, to the best knowledge of either of the PARTIES.  Neither of the PARTIES is unaware of any basis for, the institution of any proceedings leading to the placing of the either of the Parties in bankruptcy or subject to any other laws governing the affairs of insolvent parties;
 (g)
 neither of the PARTIES requires the consent or approval of any other Party, its shareholder or member, or any entity prior to the entering into this Agreement or any of the transactions contemplated hereby; and
 (h)
 each Party has duly executed and delivered this Agreement, which binds it in accordance with its terms.
 1.2
 In addition to the representations of GREENPLEX pursuant to section 1.1 above, GREENPLEX represents and warrants to the best of their knowledge to CANNASAFE, and acknowledges that CANNASAFE is relying upon such representations and warranties in connection with this Agreement, that:
 (a)
 GREENPLEX is not aware of any material facts relating to GREENPLEX that, if known to CANNASAFE, could reasonably be expected to cause CANNASAFE to decide to not enter into this Agreement or not proceed with a business relationship with CANNASAFE. GREENPLEX has advised CANNASAFE of all of the material information currently available to GREENPLEX relating to its business which it has knowledge of and what information is currently available from all corporate filings with the Securities Exchange Commission;
 (b)
 no filing or registration with, no notice to and no permit, authorization, consent or approval of any public or governmental body or authority or other person or entity is necessary to enable GRENPLEX to invest in and acquire an interest in cannabis testing laboratories now existing or to be developed and operated at a future date;
 

 
 
 (c)
 there are no adverse claims or challenges to GREENPLEX’s business; 
 (d)
 there are no existing or threatened actions, suits, claims or proceedings regarding GREENPLEX and there are no outstanding notices, orders, assessments, directives, rulings or other documents issued in respect to any of GREENPLES’S business activities or assets by any governmental authority
 1.3
 Each Party's representations and warranties set out above will be relied on by the other Party in entering into the Agreement and shall survive the execution and delivery of the Agreement.  Each Party shall indemnify and hold harmless the other Parties for any loss, cost, expense, claim or damage, including legal fees and disbursements, suffered or incurred by the other Party at any time as a result of any misrepresentation or breach of warranty arising under the Agreement.  
 2.
 EQUITY OWNERSHIP CONVERSION IN LABORATORY
 2.1
 As of the date of this agreement, GREENPLEX has provided $300,000 in the form of non-refundable deposits to CANNASAFE and a loan in the amount of $20,000.  The PARITIES mutually agree that this arrangement from an accounting and financial strategy this is not viable alternative as it relates to GREENPLEX having the ability to engage in securing additional capital from outside investment sources.    
 

 2.2
 The PARTIES hereby agree that a Washington LLC will be formed at the earliest possible time and the laboratory located in Pullman, Washington will be acquired by the newly form LLC.  At such time as the LLC has been legally formed and the business assets related to the Pullman laboratory have been transferred to the LLC, CANNASAFE will initially own Seventy Five (75%) interest in the LLC and GREENPLEX will own 25% interest in the LLC.  CANNASAFE will be the Managing Member of the LLC and GREENPLEX will be a member.  CANNASAFE will determine the content and structure of the operating agreement to be used by the newly formed LLC.
 

 2.3
 The consideration for the 25% ownership in the LLC and the Pullman laboratory will be the $300,000 advanced to CANNASAFE by GREENPLEX, including the forgiveness of the Twenty Thousand ($20,000) loan and any accrued interest. 
 

 3.
 OPTION TO ACQUIRE ADDITIONAL EQUITY
 3.1
 Subject to the terms and conditions set out in this Agreement, CANNASAFE hereby grants to GREENPLEX a non-exclusive right and option for Forty Five (45) days to acquire up to an additional 25% interest in the LLC to be formed, which LLC will own the laboratory and related business located in Pullman, WA.  The process of acquiring an addition 25% equity ownership in the LLC will be to have CANNASAFE return 25% out of its 75% equity ownership and retaining 50% ownership in the LLC.  It being understood that CANNASAFE has the ability to return its 25% interest at any time to be resold to another third party without approval of GREENPLEX.
 3.2
 In order to exercise the Option to purchase up to an additional 25% interest in the LLC, GREENPLEX is required to contribute an additional $300,000.  The PARTIES mutually agree that additional capital contributions can come in increments on an as available basis.  In the event additional capital less than the full amount is contributed to the LLC by GREENPLEX or any other third party, each addition 1% interest in the LLC will have a value of $12,000.
 

 
 
 3.3
 Upon the exercise of the Option in accordance with the terms of this Agreement, GREENPLEX will have exercised the Option and have acquired an undivided 50% Interest in the LLC pursuant to this Agreement.
 3.4
 Between the date of this Agreement and the exercise of the Option, each of the PARTIES to this Agreement will promptly notify the other PARTY in writing if it becomes aware of any fact or condition that causes or constitutes a material breach of any of its representations and warranties as of the date of this Agreement, or if it becomes aware of the occurrence after the date of this Agreement of any fact or condition that would cause or constitute a material breach of any such representation or warranty had such representation or warranty been made as of the time of occurrence or discovery of such fact or condition.  During the same period, each PARTY will promptly notify the other parties of the occurrence of any material breach of any of its covenants in this Agreement or of the occurrence of any event that may make the satisfaction of such conditions impossible or unlikely. 
 3.5
 The Option cash payments are exclusive of any State or Federal taxes or other taxes that may be imposed, and in the event that any tax (or taxes) is required to be paid then the Parties agree that the Option terms shall be adjusted accordingly.
 4.
 FUTURE BUSINESS 
 4.1
 GREENPLEX and CANNASAFE are desirous of continuing to work cooperatively in the future to develop additional cannabis testing laboratories in other states and they experience decriminalization and legalization of recreational cannabis.  In this regard, the PARTIES agree that in the event CANNASAFE identifies a state it desires to establish a laboratory, it will notify GREENPLEX in writing of it intent and provide GREENPLEX a term sheet and a budget for the expansion laboratory and the creation of a new LLC.  
 4.2
 In the event the state regulations prevent direct ownership in the laboratory by a third party or the license granted does not provide a legal method for GREENPLEX to own an interest directly in the license, CANNASAFE agrees to negotiate and operate in good faith and GREENPLEX will provide the necessary capital to; 1) do the build out of the laboratory; 2) undertake the leasehold improvements; 3) purchase the necessary testing equipment, instrumentation and supplies required to operate the laboratory; and 4) provide sales and marketing consulting services, pursuant to a quarterly payment to be negotiated, which will be an alternative to direct ownership in the operating entity that owns the license.  The PARTIES agree that this agreement would be for a period of up to ten years and the payments to Greenplex would subject to adjustment pursuant to a mutual agreement between GREENPLEX and CANNASAFE. In the event GREENPLEX and CANNASAFE cannot come to an agreement related to the terms and conditions of the above financial strategy, CANNASAFE would be free to secure funding on its own or by another plan, without GREENPLEX’S approval.     
 4.3
 GREENPLEX will have Forty Five (45) from the date it is informed by CANNASAFE that it will be opening a new laboratory to provide the required capital to secure a 50% interest in the new laboratory or some portion thereof.  If GREENPLEX does not provide all the capital required to open the new laboratory, then CANNASAFE is free to bring in other investors to fund or assist with a partial funding of the laboratory.
 

 
 
 5.
 COVENANTS OF GREENPLEX
 5.1
 During the currency of this Agreement, GREENPLEX covenants to:
 (a)
 not do any other act or thing which would or might in any way adversely affect the rights of CANNASAFE hereunder, including without limitation selling, assigning, encumbering or otherwise dealing with or affecting the LLC; 
 (b)
 promptly provide CANNASAFE with any and all notices and correspondence received by GREENPLEX from any government agencies; 
 (c)
 do all such other acts and things as may be necessary or desirable in order to give effect to the transaction contemplated by this Agreement.
 5.2
 GREENPLEX shall do all such other acts and things as may be necessary or desirable in order to give effect to the transaction contemplated by this Agreement, including using its commercially reasonable efforts to obtain Exchange acceptance of this transaction. 
 6.
 CONFIDENTIALITY
 6.1
 All matters concerning the execution and contents of this Agreement shall be treated as and kept confidential by the Parties and there shall be no public release of any information concerning the LLC or the laboratory facility in Pullman without the prior written consent of the other Party, such consent not to be unreasonably withheld; except as required by applicable securities laws, the rules of any stock exchange on which a Party’s shares are listed or other applicable laws or regulations.  Notwithstanding the foregoing the Parties are entitled to disclose confidential information to prospective investors or lenders, who shall be required to keep all such confidential information confidential.
 6.2
 Each Party shall provide the other with a copy of any news release it proposes to publish relating to the Property or this Agreement prior to publication of the same for the other Party's review which shall not be unreasonably delayed in view of any timely disclosure obligations which may be applicable.  Each Party shall use its reasonable efforts to provide any comments it may have to the other Party forthwith, but in any event within two business day.  
 7.
 RIGHT OF FIRST REFUSAL
 7.1
 In the event that either party wishes to sell any or all of its interest in the LLC (the “Offeror”), the Offeror shall first give the other party (the “Offeree”) notice in writing containing an offer to sell to it such interest specifying the price in dollars and other terms and conditions for such sale.  If within a period of 30 days of the receipt of such notice the Offeree notifies the Offeror in writing that it wishes to accept the offer, the Offeror shall be bound to sell such interest to the Offeree at such price and on the terms and conditions contained in the offer.  If the Offeree elects not to accept the offer or fails to notify the Offeror before the expiration of the time herein limited that it will purchase the interest offered, the Offeror may sell and transfer such interest to any third party or parties, at the price, terms and conditions specified in the offer for a period of four months following the date of the Offeree's election not to accept the offer or expiry of the 30-day period, whichever occurs earlier, after which such interest shall again be subject to this Section.  The right of the Offeree under this Section shall continue while the Option remains in good standing, failing which the right shall terminate.
 

 
 
 8.
 ACCOUNTING AND AUDITING
 8.1
 GREENPLEX is a full reporting audited public company pursuant to the Securities of 1934.  Pursuant to the Securities & Exchange Commissions regulations, GREENPLEX is required to file quarterly financial compilations and an annual audit.  In this regard, if it becomes necessary for GREENPLEX to include its interest the LLC as part of its required accounting and audit procedure, CANNASAFE agrees to cooperate to make available financial information related to the LLC to GREENPLEX’S internal accounting firm.  In that regard, GREENPLEX will be responsible for all costs related to any and all accounting processes required to coordinate and collect financial data that it deems necessary to stay in compliance with all SEC regulations, including access to the LLC books and records.  In the event CANNASAFE or the LLC experiences any direct costs related to providing the accounting data required by GREENPLEX, they will be reimbursed at an hourly rate to be agreed upon.
 9.
 ARBITRATION
 9.1
 If any question, difference or dispute shall arise between the Parties or any of them in respect of any matter arising under this Agreement or in relation to the construction hereof the same shall be determined by the award of one arbitrator to be named as follows:
 (a)
 the Party or Parties sharing one side of the dispute shall name a representative to select an arbitrator and give notice thereof to the Party or Parties sharing the other side of the dispute; 
 (b)
 the Party or Parties sharing the other side of the dispute shall, within 14 days of receipt of the notice, name a representative to select an arbitrator; and
 (c)
 the two representatives so named shall, within 30 days of the naming of the latter of them, select a third person who shall act as arbitrator. 
 The decision of the arbitrator shall be made within 30 days after selection.  The expense of the arbitration shall be borne equally by the parties to the dispute.  If the Parties on either side of the dispute fail to name their representative within the time limited or fail to proceed with the arbitration, reference for appointment of an arbitrator shall be made to the American Arbitration Association in the city of San Diego, State of California.  The arbitration shall be conducted in accordance with the provisions of the American Arbitration Association and the decision of the arbitrator shall be conclusive and binding upon all the Parties.
 10.
 LLC MANAGEMENT 
 10.1
 At such time as the LLC is legally formed and the laboratory in Pullman transferred into the LLC:
 (a)
 CANNASAFE shall be the Managing Member of the LLC (the "Managing Member"); and
 (b)
 The Managing Member shall be responsible for making the expenditures to be incurred by the LLC pursuant to this Agreement, for complying with all applicable laws and regulations with respect to the Pullman laboratory operation, for making all filings and doing all other things necessary to maintain the laboratory in good standing with the applicable Washington State regulations related to I-502. 
 

 
 
 (c)
 If GREENPLEX acts as a funding source for the starting of any additional laboratories, it confirms that CANNASAFE will also be the Managing Member of those entities. 
 11.
 CONDITIONS PRECEDENT
 11.1
 The obligations of the PARTIES under this Agreement are subject to the fulfillment of the following conditions precedent for the exclusive benefit of both PARTIES:
 (a)
 the representations and warranties of all Parties made in this Agreement shall be true and correct in all material aspects as at the date of this Agreement;
 (b)
 any approval or consent of any applicable government entities as required for this transaction shall have been obtained;
 (c)
 all requisite approval by the Board of Directors of GREENPLEX and the members of CANNASAFE shall be obtained.  
 12.
 GENERAL
 12.1
 Neither Party may assign this Agreement or any rights hereunder in the Property without the prior written consent of the other, such consent not to be unreasonably withheld.  Notwithstanding this Section, a Party may assign this Agreement to an Affiliate or Subsidiary corporation by delivering notice to that effect to the other Party provided that such Affiliate or Subsidiary first signs an agreement, in form and substance acceptable to the other Party, agreeing to be bound by the terms of this Agreement.  For greater certainty, nothing herein shall prevent any party from entering into any corporate reorganization, merger, amalgamation, take-over bid, plan of arrangement, or any other such corporate transaction which has the effect of, directly or indirectly, selling, assigning, transferring, or otherwise disposing of all or a part of the rights under this Agreement to a purchaser. 
 12.2
 This Agreement inures to the benefit of and binds the Parties and their respective successors and permitted assigns.
 12.3
 This Agreement supersedes the Option to Joint Venture Agreement executed on March 24, 2014.
 12.4
 Each Party shall from time to time promptly execute and deliver all further documents and take all further action reasonably necessary or desirable to give effect to the terms and intent of this Agreement including executing additional documents and entering into amendments to related agreements.
 12.5
 No waiver of any term of this Agreement by a Party is binding unless such waiver is in writing and signed by the Party entitled to grant such waiver.  No failure to exercise and no delay in exercising, any right or remedy under this Agreement shall be deemed to be a waiver of that right or remedy.  No waiver of any breach of any term of this Agreement shall be deemed to be a waiver of any subsequent breach of that term.
 12.6
 No amendment, supplement or restatement of any term of this Agreement is binding unless it is in writing and signed by both Parties.
 12.7
 Notwithstanding any term in this Agreement, if a Party is at any time delayed from carrying out any action under this Agreement due to circumstances beyond the reasonable control of such 
 

 
 Party (aside from circumstances arising from the financial difficulty of such Party), acting diligently, the period of any such delay shall be excluded in computing, and shall extend, the time within which such Party may exercise its rights and/or perform its obligations under this Agreement.
 12.8
 Each of the Parties hereto covenants, agrees and acknowledges that each of them was fully and plainly instructed to seek and obtain independent legal and tax advice regarding the terms and conditions and execution of this Agreement and each of them has sought and obtained such legal and tax advice and acknowledges that each has executed this Agreement voluntarily understanding the nature and effect of this Agreement after receiving such advice.
 12.9
 The Parties shall bear their own legal costs in connection with this Agreement.
 12.10
 All references to monies in this Agreement shall be in U.S. funds.
 12.11
 Any notice or other communication required or permitted to be given under this Agreement must be in writing and shall be effectively given if delivered personally or by overnight courier or if sent by fax or electronic transmission, addressed in the case of notice to GREENPLEX or CANNASAFE, as the case may be, to its address set out on the first page of this Agreement.  Any notice or other communication so given is deemed conclusively to have been given and received on the day of delivery when so personally delivered, on the day following the sending thereof by overnight courier, and on the same date when faxed (unless the notice is sent after 4:00 p.m.  (Pacific Standard Time) or on a day which is not a business day, in which case the fax will be deemed to have been given and received on the next business day after transmission).  Either Party may change any particulars of its name, address, contact individual or fax number for notice by notice to the other party in the manner set out in this Section.  Neither Party shall prevent, hinder or delay or attempt to prevent, hinder or delay the service on that party of a notice or other communication relating to this Agreement.
 12.12
 This Agreement may be executed by facsimile, email or other electronic transmission and in any number of counterparts.  Each of which shall constitute one and the same agreement.
 The parties have duly executed this Agreement as of the date and year first written above.
 

 C.S. ANALYTICS LLC
 By:

 /s/ Matthew Haskin 

 Matthew Haskin, Managing Member
 

 GREENPLEX SERVICES, INC.
 By:

 /s/ Victor Foia 

 Victor Foia, President

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