Document:

Unassociated Document

     

    STOCK
PURCHASE AGREEMENT

     

    THIS
STOCK PURCHASE AGREEMENT (this “Agreement”), dated as
of December 16, 2010, is made by and between OmniReliant Holdings, Inc., a
Nevada corporation (the “Seller”), and Oscar
Rodriguez and Jesus Diaz (each, a “Buyer”, and
collectively, the “Buyers”).

     

    RECITALS

     

    A.           Seller
owns all of the issued and outstanding shares of common stock (the “Shares”) of
OmniReliant Acquisition Sub, Inc., a Nevada corporation (the “Company”), which
Shares constitute, as of the date hereof, all of the issued and outstanding
capital stock of the Company.

     

    B.           Each
of the Buyers is a party to an employment agreement with the Seller dated
December 2, 2008 (the “Employment
Agreements”) which the Buyers have agreed to cancel in consideration for
the sale of the Shares from the Seller (the “Transaction”).

     

    C.           In
connection with the Transaction, the Buyer wishes to acquire from Seller, and
Seller wishes to transfer to Buyer, the Shares, upon the terms and subject to
the conditions set forth herein.

     

    Accordingly,
the parties hereto agree as follows:

     

    1.           Purchase and Sale of
Stock.

     

    (a)           Purchased Shares.
Subject to the terms and conditions provided below, Seller shall sell and
transfer to Buyer and Buyer shall purchase from Seller, on the Closing Date (as
defined in Section 1(c)), all of the Shares.

     

    (b)           Purchase
Price.  The purchase price for the Shares shall be the
cancellation of the Employment Agreements plus one dollar.

     

    (c)           Closing. The closing
of the transactions contemplated in this Agreement (the “Closing”) shall take
place as soon as practicable following the execution of this
Agreement.  The date on which the Closing occurs shall be referred to
herein as the Closing Date (the “Closing
Date”).

     

    2.           Closing.

     

    (a)           Transfer of Shares.
At the Closing, Seller shall deliver to Buyer certificates representing the
Shares, duly endorsed to Buyer or as directed by Buyer, which delivery shall
vest Buyer with good and marketable title to all of the issued and outstanding
shares of capital stock of the Company, free and clear of all liens and
encumbrances.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b)  Payment of Purchase
Price. At the Closing, Buyers shall consent to the cancellation of the
Employment Agreements and the Seller shall be released from any liabilities or
obligations thereunder, whether then existing or arising in the
future.

     

    3.           Representations and
Warranties of Seller. Seller represents and warrants to Buyer as of the
date hereof as follows:

     

    (a)           Corporate Authorization;
Enforceability. The execution, delivery and performance by Seller of this
Agreement is within the corporate powers and has been, duly authorized by all
necessary corporate action on the part of Seller. This Agreement has been duly
executed and delivered by Seller and constitutes the valid and binding agreement
of Seller, enforceable against Seller in accordance with its terms, except to
the extent that its enforceability may be subject to applicable bankruptcy,
insolvency, reorganization, moratorium and similar Laws affecting the
enforcement of creditors’ rights generally and by general equitable
principles.

     

    (b)           Governmental
Authorization. The execution, delivery and performance by Seller of this
Agreement requires no consent, approval, Order, authorization or action by or in
respect of, or filing with, any Governmental Authority.

     

    (c)           Non-Contravention;
Consents. The execution, delivery and performance by Seller of this
Agreement and the consummation of the transactions contemplated hereby do not
(i) violate the certificate of incorporation or bylaws of Seller or (ii) violate
any applicable Law or Order or result in a breach of any term or provision of
any agreement to which any Seller is bound or is a party, or be in conflict with
or constitute a default under, or cause the acceleration of the maturity of any
obligation of the Seller under any existing agreement.

     

    (d)           Capitalization. As of
the date hereof, Seller owns the Shares, which shares represent 100% of the
authorized, issued and outstanding capital stock of the Company. The Shares are
duly authorized, validly issued, fully-paid, non-assessable and free and clear
of any and all liens, charges, security interests, encumbrances, claims of
others, options, warrants, purchase rights, contracts, commitments, equities or
other claims or demands of any kind (collectively, “Liens”). The Seller is not a
party to any option, warrant, purchase right, or other contract or commitment
that could require the Seller to sell, transfer, or otherwise dispose of any
capital stock of the Company (other than pursuant to this Agreement). The Seller
is not a party to any voting trust, proxy, or other agreement or understanding
with respect to the voting of any capital stock of the Company.

    

    (e)           Liabilities.  The
Buyer has had the opportunity to review and has reviewed the Seller’s filing
with the Securities and Exchange Commission and all liabilities of the Company
disclosed in such filings and all such liabilities so disclosed shall be subject
to paragraph 4.

    

    4.           Representations and
Warranties of Buyer. Each Buyer, jointly and severally, represents and
warrants to Seller as of the date hereof as follows:

    
      
         

      

      
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    (a)           Enforceability. The
execution, delivery and performance by Buyer of this Agreement are within
Buyer’s powers. This Agreement has been duly executed and delivered by Buyer and
constitutes the valid and binding agreement of Buyer, enforceable against Buyer
in accordance with its terms, except to the extent that its enforceability may
be subject to applicable bankruptcy, insolvency, reorganization, moratorium and
similar laws affecting the enforcement of creditors' rights generally and by
general equitable principles.

     

    (b)           Governmental
Authorization. The execution, delivery and performance by Buyer of this
Agreement require no consent, approval, Order, authorization or action by or in
respect of, or filing with, any Governmental Authority.

     

    (c)           Non-Contravention;
Consents. The execution, delivery and performance by Buyer of this
Agreement, and the consummation of the transactions contemplated hereby do not
violate any applicable Law or Order.

     

    (d)           Purchase for
Investment.  Buyer is financially able to bear the economic
risks of acquiring an interest in the Company and the other transactions
contemplated hereby, and have no need for liquidity in this investment. Buyer
has such knowledge and experience in financial and business matters in general,
and with respect to businesses of a nature similar to the business of the
Company, so as to be capable of evaluating the merits and risks of, and making
an informed business decision with regard to, the acquisition of the Shares.
Buyer is acquiring the Shares solely for their own account and not with a view
to or for resale in connection with any distribution or public offering thereof,
within the meaning of any applicable securities laws and regulations, unless
such distribution or offering is registered under the Securities Act of 1933, as
amended (the “Securities Act”), or
an exemption from such registration is available. Buyer has (i) received all the
information they have deemed necessary to make an informed investment decision
with respect to the acquisition of the Shares, (ii) had an opportunity to make
such investigation as they have desired pertaining to the Company and the
acquisition of an interest therein, and to verify the information which is, and
has been, made available to them and (iii) had the opportunity to ask questions
of Seller concerning the Company. Buyer has received no public solicitation or
advertisement with respect to the offer or sale of the Shares. Buyer realizes
that the Shares are “restricted securities” as that term is defined in Rule 144
promulgated by the Securities and Exchange Commission under the Securities Act,
the resale of the Shares is restricted by federal and state securities laws and,
accordingly, the Shares must be held indefinitely unless their resale is
subsequently registered under the Securities Act or an exemption from such
registration is available for their resale. Buyer understands that any resale of
the Shares by them must be registered under the Securities Act (and any
applicable state securities law) or be effected in circumstances that, in the
opinion of counsel for the Company at the time, create an exemption or otherwise
do not require registration under the Securities Act (or applicable state
securities laws). Buyer acknowledges and consent that certificates now or
hereafter issued for the Shares will bear a legend substantially as
follows:

    
      
         

      

      
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    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER
ANY APPLICABLE STATE SECURITIES LAWS (THE “STATE ACTS”), HAVE BEEN ACQUIRED FOR
INVESTMENT AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
QUALIFICATION UNDER THE STATE ACTS OR PURSUANT TO EXEMPTIONS FROM SUCH
REGISTRATION OR QUALIFICATION REQUIREMENTS (INCLUDING, IN THE CASE OF THE
SECURITIES ACT, THE EXEMPTIONS AFFORDED BY SECTION 4(1) OF THE SECURITIES ACT
AND RULE 144 THEREUNDER). AS A PRECONDITION TO ANY SUCH TRANSFER, THE ISSUER OF
THESE SECURITIES SHALL BE FURNISHED WITH AN OPINION OF COUNSEL OPINING AS TO THE
AVAILABILITY OF EXEMPTIONS FROM SUCH REGISTRATION AND QUALIFICATION AND/OR SUCH
OTHER EVIDENCE AS MAY BE SATISFACTORY THERETO THAT ANY SUCH TRANSFER WILL NOT
VIOLATE THE SECURITIES LAWS.

     

    Buyer
understands that the Shares are being sold to them pursuant to the exemption
from registration contained in Section 4(1) of the Securities Act and that
Seller is relying upon the representations made herein as one of the bases for
claiming the Section 4(1) exemption.

     

    (e)           Liabilities.  Following
the Closing, Seller will have no debts, liabilities or obligations relating to
the Company or its business or activities, whether before or after the Closing,
and there are no outstanding guaranties, performance or payment bonds, letters
of credit or other contingent contractual obligations that have been undertaken
by Seller directly or indirectly in relation to the Company or its business and
that may survive the Closing.

     

    5.           Indemnification and
Release.

     

    (a)           Indemnification.
Seller covenants and agrees to indemnify, defend, protect and hold harmless
Buyer, and its officers, directors, employees, agents, representatives and
affiliates (collectively, together with Buyer, the “Buyer Indemnified
Parties”) at all times from and after the date of this Agreement from and
against all losses, liabilities, damages, claims, actions, suits, proceedings,
demands, assessments, adjustments, costs and expenses (including specifically,
but without limitation, reasonable attorneys’ fees and expenses of
investigation), whether or not involving a third party claim (collectively,
“Losses”),
incurred by any Buyer Indemnified Party as a result of or arising from (i) any
breach of the representations and warranties of Seller set forth herein or (ii)
any breach or nonfulfillment of any covenant or agreement on the part of Seller
under this Agreement.

     

    (b)           Third Party
Claims.

     

    (i)           If
any claim or liability (a “Third-Party Claim”)
should be asserted against any of the Buyer Indemnified Parties (the “Indemnitee”) by a
third party after the Closing for which Seller has an indemnification obligation
under the terms of Section 5(a), then the Indemnitee shall notify Seller (the
“Indemnitor”)
within 20 days after the Third-Party Claim is asserted by a third party (said
notification being referred to as a “Claim Notice”) and
give the Indemnitor a reasonable opportunity to take part in any examination of
the books and records of the Indemnitee relating to such Third-Party Claim and
to assume the defense of such Third-Party Claim and in connection therewith and
to conduct any proceedings or negotiations relating thereto and necessary or
appropriate to defend the Indemnitee and/or settle the Third-Party Claim. The
expenses (including reasonable attorneys’ fees) of all negotiations,
proceedings, contests, lawsuits or settlements with respect to any Third-Party
Claim shall be borne by the Indemnitor. If the Indemnitor agrees to assume the
defense of any Third-Party Claim in writing within 20 days after the Claim
Notice of such Third-Party Claim has been delivered, through counsel reasonably
satisfactory to Indemnitee, then the Indemnitor shall be entitled to control the
conduct of such defense, and shall be responsible for any expenses of the
Indemnitee in connection with the defense of such Third-Party Claim so long as
the Indemnitor continues such defense until the final resolution of such
Third-Party Claim. The Indemnitor shall be responsible for paying all
settlements made or judgments entered with respect to any Third-Party Claim the
defense of which has been assumed by the Indemnitor. Except as provided in
subsection (ii) below, both the Indemnitor and the Indemnitee must approve any
settlement of a Third-Party Claim. A failure by the Indemnitee to timely give
the Claim Notice shall not excuse Indemnitor from any indemnification liability
except only to the extent that the Indemnitor is materially and adversely
prejudiced by such failure.

    
      
         

      

      
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    (ii)           If
the Indemnitor shall not agree to assume the defense of any Third-Party Claim in
writing within 20 days after the Claim Notice of such Third-Party Claim has been
delivered, or shall fail to continue such defense until the final resolution of
such Third-Party Claim, then the Indemnitee may defend against such Third-Party
Claim in such manner as it may deem appropriate and the Indemnitee may settle
such Third-Party Claim, in its sole discretion, on such terms as it may deem
appropriate. The Indemnitor shall promptly reimburse the Indemnitee for the
amount of all settlement payments and expenses, legal and otherwise, incurred by
the Indemnitee in connection with the defense or settlement of such Third-Party
Claim. If no settlement of such Third-Party Claim is made, then the Indemnitor
shall satisfy any judgment rendered with respect to such Third-Party Claim
before the Indemnitee is required to do so, and pay all expenses, legal or
otherwise, incurred by the Indemnitee in the defense against such Third-Party
Claim.

     

    (c)           Non-Third-Party
Claims. Upon discovery of any claim for which Buyer has an
indemnification obligation under the terms of this Section 5 which does not
involve a claim by a third party against the Indemnitee, the Indemnitee shall
give prompt notice to Buyer of such claim and, in any case, shall give Buyer
such notice within 30 days of such discovery. A failure by Indemnitee to timely
give the foregoing notice to Buyer shall not excuse Buyer from any
indemnification liability except to the extent that Buyer is materially and
adversely prejudiced by such failure.

     

    (d)           Release.  Except
for agreements and obligations under this Agreement, Seller, on behalf of itself
and its Related Parties, hereby releases and forever discharges Buyer and its
individual, joint or mutual, past and present representatives, Affiliates,
officers, directors, employees, agents, attorneys, controlling persons,
subsidiaries, successors and assigns (individually, a “Releasee” and
collectively, “Releasees”) from any
and all claims, demands, proceedings, causes of action, orders, obligations,
contracts, agreements, debts and liabilities whatsoever, whether known or
unknown, suspected or unsuspected, both at law and in equity, which Seller or
any of its Related Parties now have or have ever had against any Releasee.
Seller hereby irrevocably covenants to refrain from, directly or indirectly,
asserting any claim or demand, or commencing, instituting or causing to be
commenced, any proceeding of any kind against any Releasee, based upon any
matter released hereby. “Related Parties”, for
purposes of this Section 5(e) shall mean, with respect to Seller, (i) any Person
that directly or indirectly controls, is directly or indirectly controlled by,
or is directly or indirectly under common control with Seller, (ii) any Person
in which Seller hold a Material Interest or (iii) any Person with respect to
which any Seller serves as a general partner or a trustee (or in a similar
capacity). For purposes of this definition, “Material Interest”
shall mean direct or indirect beneficial ownership (as defined in Rule 13d-3
under the Securities Exchange Act of 1934, as amended) of voting securities or
other voting interests representing at least ten percent (10%) of the
outstanding voting power of a Person or equity securities or other equity
interests representing at least ten percent (10%) of the outstanding equity
securities or equity interests in a Person.

    
      
         

      

      
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    (e)           Indemnification.
Buyer covenants and agrees to indemnify, defend, protect and hold harmless
Seller, and its officers, directors, employees, agents, representatives and
affiliates (collectively, together with Seller, the “Seller Indemnified
Parties”) at all times from and after the date of this Agreement from and
against all losses, liabilities, damages, claims, actions, suits, proceedings,
demands, assessments, adjustments, costs and expenses (including specifically,
but without limitation, reasonable attorneys’ fees and expenses of
investigation), whether or not involving a third party claim and regardless of
any negligence of any Seller Indemnified Party (collectively, “Losses”), incurred by
any Seller Indemnified Party as a result of or arising from (i) any breach of
the representations and warranties of Buyer set forth herein or in certificates
delivered in connection herewith, (ii) any breach or nonfulfillment of any
covenant or agreement on the part of Buyer under this Agreement, (iii) any debt,
liability or obligation of the Buyer or the Company, whether incurred or arising
prior to the date hereof or after, (iv) the conduct and operations of the
business of the Company whether before or after the Closing, (v) claims asserted
against the Company whether arising before or after the Closing,  (vi)
any federal or state income tax payable by Buyer and attributable to the
transaction contemplated by this Agreement, or (vii) any debt, liability or
obligation relating to the Employment Agreements, whether incurred or arising
prior to the date hereof or in the future.

     

    (f)           Third Party
Claims.

     

    (i)           If
any claim or liability (a “Third-Party Claim”)
should be asserted against any of the Seller Indemnified Parties (the “Seller Indemnitee”)
by a third party after the Closing for which Buyer has an indemnification
obligation under the terms of Section 5(a), then the Seller Indemnitee shall
notify Buyer (the “Seller Indemnitor”)
within 20 days after the Third-Party Claim is asserted by a third party (said
notification being referred to as a “Claim Notice”) and
give the Seller Indemnitor a reasonable opportunity to take part in any
examination of the books and records of the Seller Indemnitee relating to such
Third-Party Claim and to assume the defense of such Third-Party Claim and in
connection therewith and to conduct any proceedings or negotiations relating
thereto and necessary or appropriate to defend the Seller Indemnitee and/or
settle the Third-Party Claim. The expenses (including reasonable attorneys’
fees) of all negotiations, proceedings, contests, lawsuits or settlements with
respect to any Third-Party Claim shall be borne by the Seller Indemnitor. If the
Seller Indemnitor agrees to assume the defense of any Third-Party Claim in
writing within 20 days after the Claim Notice of such Third-Party Claim has been
delivered, through counsel reasonably satisfactory to Seller Indemnitee, then
the Seller Indemnitor shall be entitled to control the conduct of such defense,
and shall be responsible for any expenses of the Seller Indemnitee in connection
with the defense of such Third-Party Claim so long as the Seller Indemnitor
continues such defense until the final resolution of such Third-Party Claim. The
Seller Indemnitor shall be responsible for paying all settlements made or
judgments entered with respect to any Third-Party Claim the defense of which has
been assumed by the Seller Indemnitor. Except as provided in subsection (ii)
below, both the Seller Indemnitor and the Seller Indemnitee must approve any
settlement of a Third-Party Claim. A failure by the Seller Indemnitee to timely
give the Claim Notice shall not excuse Seller Indemnitor from any
indemnification liability except only to the extent that the Seller Indemnitor
is materially and adversely prejudiced by such failure.

    
      
         

      

      
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    (ii)           If
the Seller Indemnitor shall not agree to assume the defense of any Third-Party
Claim in writing within 20 days after the Claim Notice of such Third-Party Claim
has been delivered, or shall fail to continue such defense until the final
resolution of such Third-Party Claim, then the Seller Indemnitee may defend
against such Third-Party Claim in such manner as it may deem appropriate and the
Seller Indemnitee may settle such Third-Party Claim, in its sole discretion, on
such terms as it may deem appropriate. The Seller Indemnitor shall promptly
reimburse the Seller Indemnitee for the amount of all settlement payments and
expenses, legal and otherwise, incurred by the Seller Indemnitee in connection
with the defense or settlement of such Third-Party Claim. If no settlement of
such Third-Party Claim is made, then the Seller Indemnitor shall satisfy any
judgment rendered with respect to such Third-Party Claim before the Seller
Indemnitee is required to do so, and pay all expenses, legal or otherwise,
incurred by the Seller Indemnitee in the defense against such Third-Party
Claim.

     

    (g)           Non-Third-Party
Claims. Upon discovery of any claim for which Seller has an
indemnification obligation under the terms of this Section 5 which does not
involve a claim by a third party against the Seller Indemnitee, the Seller
Indemnitee shall give prompt notice to Seller of such claim and, in any case,
shall give Seller such notice within 30 days of such discovery. A failure by
Seller Indemnitee to timely give the foregoing notice to Seller shall not excuse
Seller from any indemnification liability except to the extent that Seller is
materially and adversely prejudiced by such failure.

     

    (h)           Release.  Except
for all agreements and obligations under this Agreement, Buyer, on behalf of
itself and its Related Parties, hereby releases and forever discharges Seller
and its individual, joint or mutual, past and present representatives,
Affiliates, officers, directors, employees, agents, attorneys, stockholders,
controlling persons, subsidiaries, successors and assigns (individually, a
“Seller
Releasee” and collectively, “Seller Releasees”)
from any and all claims, demands, proceedings, causes of action, orders,
obligations, contracts, agreements, debts and liabilities whatsoever, whether
known or unknown, suspected or unsuspected, both at law and in equity, which
Buyer or any of its Related Parties now have or have ever had against any Seller
Releasee. Buyer hereby irrevocably covenants to refrain from, directly or
indirectly, asserting any claim or demand, or commencing, instituting or causing
to be commenced, any proceeding of any kind against any Seller Releasee, based
upon any matter released hereby. “Related Parties”
shall mean, with respect to Buyer, (i) any Person that directly or indirectly
controls, is directly or indirectly controlled by, or is directly or indirectly
under common control with Buyer, (ii) any Person in which Buyer hold a Material
Interest or (iii) any Person with respect to which any Buyer serves as a general
partner or a trustee (or in a similar capacity).

    
      
         

      

      
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    6.           Definitions. As used
in this Agreement:

     

    (a)           “Affiliate” means,
with respect to any Person, any other Person directly or indirectly controlling,
controlled by or under common control with the first Person. For the purposes of
this definition, “Control,” when used
with respect to any Person, means the possession, directly or indirectly, of the
power to (i) vote 10% or more of the securities having ordinary voting power for
the election of directors (or comparable positions) of such Person or (ii)
direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise,
and the terms “Controlling” and
“Controlled”
have meanings correlative to the foregoing;

     

    (b)           “Governmental
Authority” means any domestic or foreign governmental or regulatory
authority;

     

    (c)           “Law” means any
federal, state or local statute, law, rule, regulation, ordinance, code, Permit,
license, policy or rule of common law;

     

    (d)           “Lien” means, with
respect to any property or asset, any mortgage, lien, pledge, charge, security
interest, encumbrance or other adverse claim of any kind in respect of such
property or asset. For purposes of this Agreement, a Person will be deemed to
own, subject to a Lien, any property or asset which it has acquired or holds
subject to the interest of a vendor or lessor under any conditional sale
agreement, capital lease or other title retention agreement relating to such
property or asset;

     

    (e)           “Order” means any
judgment, injunction, judicial or administrative order or decree;

     

    (f)           “Permit” means any
government or regulatory license, authorization, permit, franchise, consent or
approval; and

     

    (g)           “Person” means an
individual, corporation, partnership, limited liability company, association,
trust or other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

     

    7.           Miscellaneous.

     

    (a)           Counterparts. This
Agreement may be signed in any number of counterparts, each of which will be
deemed an original but all of which together shall constitute one and the same
instrument.

     

    (b)           Amendments and
Waivers.

     

     (i)           Any
provision of this Agreement may be amended or waived if, but only if, such
amendment or waiver is in writing and is signed, in the case of an amendment, by
each party to this Agreement, or in the case of a waiver, by the party against
whom the waiver is to be effective.

     

     (ii)           No
failure or delay by any party in exercising any right, power or privilege
hereunder will operate as a waiver thereof nor will any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. The rights and remedies herein provided
will be cumulative and not exclusive of any rights or remedies provided by
Law.

    
      
         

      

      
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    (c)           Successors and
Assigns. The provisions of this Agreement will be binding upon and inure
to the benefit of the parties hereto and their respective successors and
assigns; provided that
no party may assign, delegate or otherwise transfer (including by operation of
Law) any of its rights or obligations under this Agreement without the consent
of each other party hereto.

     

    (d)           No Third Party
Beneficiaries. This Agreement is for the sole benefit of the parties
hereto and their permitted successors and assigns and nothing herein expressed
or implied will give or be construed to give to any Person, other than the
parties hereto, those referenced in Section 5 above, and such permitted
successors and assigns, any legal or equitable rights hereunder.

     

    (e)           Governing Law. This
Agreement will be governed by, and construed in accordance with, the internal
substantive law of the State of Florida.

     

    (f)           Headings. The
headings in this Agreement are for convenience of reference only and will not
control or affect the meaning or construction of any provisions
hereof.

     

    (g)           Entire Agreement.
This Agreement constitutes the entire agreement among the parties with respect
to the subject matter of this Agreement. This Agreement supersedes all prior
agreements and understandings, both oral and written, between the parties with
respect to the subject matter hereof of this Agreement.

     

    (h)           Severability. If any
provision of this Agreement or the application of any such provision to any
Person or circumstance is held invalid, illegal or unenforceable in any respect
by a court of competent jurisdiction, the remainder of the provisions of this
Agreement (or the application of such provision in other jurisdictions or to
Persons or circumstances other than those to which it was held invalid, illegal
or unenforceable) will in no way be affected, impaired or invalidated, and to
the extent permitted by applicable Law, any such provision will be restricted in
applicability or reformed to the minimum extent required for such provision to
be enforceable. This provision will be interpreted and enforced to give effect
to the original written intent of the parties prior to the determination of such
invalidity or unenforceability.

     

    (i)           Notices.  Any
notice, request or other communication hereunder shall be given in writing and
shall be served either personally, by overnight delivery or delivered by mail,
certified return receipt and addressed to the following addresses:

     

    (a)           If
to Buyer:

    

    If to
Seller:

     

    OmniReliant
Holdings, Inc.

    14375
Myerlake Circle

    Clearwater,
FL 33760

    
      
         

      

      
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    With a
copy to:

     

    Sichenzia
Ross Friedman Ference LLP

    61
Broadway

    32nd
Floor

    New York,
New York 10006

    Attention:
Darrin M. Ocasio, Esq.

     

    [Signature
Page Follows]

    
      
         

      

      
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    [SIGNATURE
PAGE TO STOCK PURCHASE AGREEMENT]

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered, effective as of the date first above
written.

     

    
      
        
          
            
              
                
                  
                    
                      
                        	 
      	
                                “SELLER”

                              	 
	 
      	 
      	 
	 
      	
                                OMNIRELIANT
      HOLDINGS, INC.

                              	 
	 
      	 
      	 
      	 
	 
      	
                                By: 

                              	/s/
      Robert DeCecco III	 
	 
      	 
      	
                                Name:
      Robert DeCecco III

                              	 
	 
      	 
      	
                                 Title:
      Chief Executive Officer

                              	 
	 
      	 
      	 
      	 
	 
      	
                                “BUYERS”

                              	 
	 
      	 
      	 
	 
      	
                                OSCAR
      RODRIGUEZ

                              	 
	 
      	 
      	 
	 
      	/s/
      Oscar Rodriguez	 
	 	 	 
	 
      	
                                JESUS
      DIAZ

                              	 
	 
      	 
      	 
	 
      	/s/
      Jesus DiazUnassociated Document

    STOCK
PURCHASE AGREEMENT

     

    THIS
STOCK PURCHASE AGREEMENT (this “Agreement”), dated as
of December 16, 2010, is made by and between OmniReliant Holdings, Inc., a
Nevada corporation (the “Seller”), and
Webcarnation LLC (the “Buyer”).

     

    RECITALS

     

    A.           Seller
owns 473,000 membership units (the “Shares”) of the
Buyer, which Shares constitute, as of the date hereof, 44.08% of the issued and
outstanding membership units of the Buyer.

     

    B.           The
Buyer and the Seller are a party to that certain subscription agreement dated as
of June 2, 2010 (the “Subscription
Agreement”) whereby the Seller purchased from the Buyer a promissory note
in the principal amount of $50,000 (the “Note”) and whereby
the Seller is further obligated to purchase a second note (the “Additional Note”) in
the aggregate principal amount of $50,000.

     

    C.           In
connection with the Transaction, the Buyer wishes to acquire from Seller, and
Seller wishes to transfer to Buyer, the Shares, upon the terms and subject to
the conditions set forth herein.

     

    Accordingly,
the parties hereto agree as follows:

     

    1.           Purchase and Sale of
Stock.

     

    (a)           Purchased Shares.
Subject to the terms and conditions provided below, Seller shall sell and
transfer to Buyer and Buyer shall purchase from Seller, on the Closing Date (as
defined in Section 1(c)), all of the Shares.

     

    (b)           Purchase
Price.  The purchase price for the Shares shall be (A) the
release of the Seller from any obligation to purchase the Additional Note
pursuant to the terms of the Subscription Agreement and (B) the amendment of
certain terms of the Note as follows:

     

    (1) the
Maturity Date (as defined in the Note) shall be defined as “the earlier of (i)
December 31, 2012 or (ii) the date the Borrower (as that term is defined in the
Note) (or any successor in interest to or parent of the Borrower) consummates
the sale of debt securities (including any lines of credit) or membership
interests or other securities in a single transaction or series of related
transactions resulting in gross proceeds of $250,000, if not sooner paid”;
and

     

    (2)
Section 1.1 shall be amended and restated as follows: Interest
Rate.   Interest payable on this Note shall accrue at the
annual rate of six (6%) percent  and be payable on the Maturity Date,
accelerated or otherwise, when the principal and remaining accrued but unpaid
interest shall be due and payable, or sooner as described below;
and

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (3)
Section 1.4 shall be amended and restated as follows: Prepayment.  This
Note may be prepaid by the Borrower in whole, at any time, or in part, from time
to time, without penalty or premium, upon thirty (30) days prior written notice
to the Holder.  Commencing on July 1, 2011, the Borrower will commence
prepayment of this Note on a monthly schedule of $2,000 per month (each a
“Scheduled Payment”), with each Scheduled Payment due on the first day of such
month until all principal and interest due under this Note is paid in
full.

     

    (c)           Closing. The closing
of the transactions contemplated in this Agreement (the “Closing”) shall take
place as soon as practicable following the execution of this
Agreement.  The date on which the Closing occurs shall be referred to
herein as the Closing Date (the “Closing
Date”).

     

    2.           Closing.

     

    (a)           Transfer of Shares.
At the Closing, Seller shall deliver to Buyer certificates representing the
Shares, duly endorsed to Buyer or as directed by Buyer, which delivery shall
vest Buyer with good and marketable title to all of the issued and outstanding
shares of capital stock of the Company, free and clear of all liens and
encumbrances.

     

    (b)  Payment of Purchase
Price. At the Closing, Buyers shall accept the Shares and the Seller
shall be released from any liabilities or obligations of the Buyer, whether then
existing or arising in the future.

     

    3.           Representations and
Warranties of Seller. Seller represents and warrants to Buyer as of the
date hereof as follows:

     

    (a)           Corporate Authorization;
Enforceability. The execution, delivery and performance by Seller of this
Agreement is within the corporate powers and has been, duly authorized by all
necessary corporate action on the part of Seller. This Agreement has been duly
executed and delivered by Seller and constitutes the valid and binding agreement
of Seller, enforceable against Seller in accordance with its terms, except to
the extent that its enforceability may be subject to applicable bankruptcy,
insolvency, reorganization, moratorium and similar Laws affecting the
enforcement of creditors’ rights generally and by general equitable
principles.

     

    (b)           Governmental
Authorization. The execution, delivery and performance by Seller of this
Agreement requires no consent, approval, Order, authorization or action by or in
respect of, or filing with, any Governmental Authority.

     

    (c)           Non-Contravention;
Consents. The execution, delivery and performance by Seller of this
Agreement and the consummation of the transactions contemplated hereby do not
(i) violate the certificate of incorporation or bylaws of Seller or (ii) violate
any applicable Law or Order.

     

    (d)           Capitalization. As of
the date hereof, Seller owns the Shares, which shares represent 44.08% of the
authorized, issued and outstanding capital stock of the Company. The Shares are
duly authorized, validly issued, fully-paid, non-assessable and free and clear
of any Liens.

    
      
         

      

      
        - 2
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    4.           Representations and
Warranties of Buyer. The Buyer represents and warrants to Seller as of
the date hereof as follows:

     

    (a)           Enforceability. The
execution, delivery and performance by Buyer of this Agreement are within
Buyer’s powers. This Agreement has been duly executed and delivered by Buyer and
constitutes the valid and binding agreement of Buyer, enforceable against Buyer
in accordance with its terms, except to the extent that its enforceability may
be subject to applicable bankruptcy, insolvency, reorganization, moratorium and
similar laws affecting the enforcement of creditors' rights generally and by
general equitable principles.

     

    (b)           Governmental
Authorization. The execution, delivery and performance by Buyer of this
Agreement require no consent, approval, Order, authorization or action by or in
respect of, or filing with, any Governmental Authority.

     

    (c)           Non-Contravention;
Consents. The execution, delivery and performance by Buyer of this
Agreement, and the consummation of the transactions contemplated hereby do not
violate any applicable Law or Order.

     

    (d)           Purchase for
Investment.  Buyer is financially able to bear the economic
risks of acquiring an interest in the Company and the other transactions
contemplated hereby, and have no need for liquidity in this investment. Buyer
has such knowledge and experience in financial and business matters in general,
and with respect to businesses of a nature similar to the business of the
Company, so as to be capable of evaluating the merits and risks of, and making
an informed business decision with regard to, the acquisition of the Shares.
Buyer is acquiring the Shares solely for their own account and not with a view
to or for resale in connection with any distribution or public offering thereof,
within the meaning of any applicable securities laws and regulations, unless
such distribution or offering is registered under the Securities Act of 1933, as
amended (the “Securities Act”), or
an exemption from such registration is available. Buyer has (i) received all the
information they have deemed necessary to make an informed investment decision
with respect to the acquisition of the Shares, (ii) had an opportunity to make
such investigation as they have desired pertaining to the Company and the
acquisition of an interest therein, and to verify the information which is, and
has been, made available to them and (iii) had the opportunity to ask questions
of Seller concerning the Company. Buyer has received no public solicitation or
advertisement with respect to the offer or sale of the Shares. Buyer realizes
that the Shares are “restricted securities” as that term is defined in Rule 144
promulgated by the Securities and Exchange Commission under the Securities Act,
the resale of the Shares is restricted by federal and state securities laws and,
accordingly, the Shares must be held indefinitely unless their resale is
subsequently registered under the Securities Act or an exemption from such
registration is available for their resale. Buyer understands that any resale of
the Shares by them must be registered under the Securities Act (and any
applicable state securities law) or be effected in circumstances that, in the
opinion of counsel for the Company at the time, create an exemption or otherwise
do not require registration under the Securities Act (or applicable state
securities laws). Buyer acknowledges and consent that certificates now or
hereafter issued for the Shares will bear a legend substantially as
follows:

    
      
         

      

      
        - 3
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    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER
ANY APPLICABLE STATE SECURITIES LAWS (THE “STATE ACTS”), HAVE BEEN ACQUIRED FOR
INVESTMENT AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
QUALIFICATION UNDER THE STATE ACTS OR PURSUANT TO EXEMPTIONS FROM SUCH
REGISTRATION OR QUALIFICATION REQUIREMENTS (INCLUDING, IN THE CASE OF THE
SECURITIES ACT, THE EXEMPTIONS AFFORDED BY SECTION 4(1) OF THE SECURITIES ACT
AND RULE 144 THEREUNDER). AS A PRECONDITION TO ANY SUCH TRANSFER, THE ISSUER OF
THESE SECURITIES SHALL BE FURNISHED WITH AN OPINION OF COUNSEL OPINING AS TO THE
AVAILABILITY OF EXEMPTIONS FROM SUCH REGISTRATION AND QUALIFICATION AND/OR SUCH
OTHER EVIDENCE AS MAY BE SATISFACTORY THERETO THAT ANY SUCH TRANSFER WILL NOT
VIOLATE THE SECURITIES LAWS.

     

    Buyer
understands that the Shares are being sold to them pursuant to the exemption
from registration contained in Section 4(1) of the Securities Act and that
Seller is relying upon the representations made herein as one of the bases for
claiming the Section 4(1) exemption.

     

    (e)           Liabilities.  Following
the Closing, Seller will have no debts, liabilities or obligations relating to
the Company or its business or activities, whether before or after the Closing,
and there are no outstanding guaranties, performance or payment bonds, letters
of credit or other contingent contractual obligations that have been undertaken
by Seller directly or indirectly in relation to the Company or its business and
that may survive the Closing.

     

    5.           Indemnification and
Release.

     

    (a)           Indemnification.
Buyer covenants and agrees to indemnify, defend, protect and hold harmless
Seller, and its officers, directors, employees, stockholders, agents,
representatives and affiliates (collectively, together with Seller, the “Seller Indemnified
Parties”) at all times from and after the date of this Agreement from and
against all losses, liabilities, damages, claims, actions, suits, proceedings,
demands, assessments, adjustments, costs and expenses (including specifically,
but without limitation, reasonable attorneys’ fees and expenses of
investigation), whether or not involving a third party claim and regardless of
any negligence of any Seller Indemnified Party (collectively, “Losses”), incurred by
any Seller Indemnified Party as a result of or arising from (i) any breach of
the representations and warranties of Buyer set forth herein or in certificates
delivered in connection herewith, (ii) any breach or nonfulfillment of any
covenant or agreement on the part of Buyer under this Agreement, (iii) any debt,
liability or obligation of the Company, whether incurred or arising prior to the
date hereof or after, (iv) the conduct and operations of the business of the
Company whether before or after the Closing, (v) claims asserted against the
Company whether arising before or after the Closing,  (vi) any federal
or state income tax payable by Seller and attributable to the transaction
contemplated by this Agreement, or (vii) any debt, liability or obligation
relating to the Buyer, whether incurred or arising prior to the date hereof or
in the future.

    
      
         

      

      
        - 4
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    (b)           Third Party
Claims.

     

     (i)           If
any claim or liability (a “Third-Party Claim”)
should be asserted against any of the Seller Indemnified Parties (the “Indemnitee”) by a
third party after the Closing for which Buyer has an indemnification obligation
under the terms of Section 5(a), then the Indemnitee shall notify Buyer (the
“Indemnitor”)
within 20 days after the Third-Party Claim is asserted by a third party (said
notification being referred to as a “Claim Notice”) and
give the Indemnitor a reasonable opportunity to take part in any examination of
the books and records of the Indemnitee relating to such Third-Party Claim and
to assume the defense of such Third-Party Claim and in connection therewith and
to conduct any proceedings or negotiations relating thereto and necessary or
appropriate to defend the Indemnitee and/or settle the Third-Party Claim. The
expenses (including reasonable attorneys’ fees) of all negotiations,
proceedings, contests, lawsuits or settlements with respect to any Third-Party
Claim shall be borne by the Indemnitor. If the Indemnitor agrees to assume the
defense of any Third-Party Claim in writing within 20 days after the Claim
Notice of such Third-Party Claim has been delivered, through counsel reasonably
satisfactory to Indemnitee, then the Indemnitor shall be entitled to control the
conduct of such defense, and shall be responsible for any expenses of the
Indemnitee in connection with the defense of such Third-Party Claim so long as
the Indemnitor continues such defense until the final resolution of such
Third-Party Claim. The Indemnitor shall be responsible for paying all
settlements made or judgments entered with respect to any Third-Party Claim the
defense of which has been assumed by the Indemnitor. Except as provided in
subsection (ii) below, both the Indemnitor and the Indemnitee must approve any
settlement of a Third-Party Claim. A failure by the Indemnitee to timely give
the Claim Notice shall not excuse Indemnitor from any indemnification liability
except only to the extent that the Indemnitor is materially and adversely
prejudiced by such failure.

     

     (ii)           If
the Indemnitor shall not agree to assume the defense of any Third-Party Claim in
writing within 20 days after the Claim Notice of such Third-Party Claim has been
delivered, or shall fail to continue such defense until the final resolution of
such Third-Party Claim, then the Indemnitee may defend against such Third-Party
Claim in such manner as it may deem appropriate and the Indemnitee may settle
such Third-Party Claim, in its sole discretion, on such terms as it may deem
appropriate. The Indemnitor shall promptly reimburse the Indemnitee for the
amount of all settlement payments and expenses, legal and otherwise, incurred by
the Indemnitee in connection with the defense or settlement of such Third-Party
Claim. If no settlement of such Third-Party Claim is made, then the Indemnitor
shall satisfy any judgment rendered with respect to such Third-Party Claim
before the Indemnitee is required to do so, and pay all expenses, legal or
otherwise, incurred by the Indemnitee in the defense against such Third-Party
Claim.

     

    (c)           Non-Third-Party
Claims. Upon discovery of any claim for which Buyer has an
indemnification obligation under the terms of this Section 5 which does not
involve a claim by a third party against the Indemnitee, the Indemnitee shall
give prompt notice to Buyer of such claim and, in any case, shall give Buyer
such notice within 30 days of such discovery. A failure by Indemnitee to timely
give the foregoing notice to Buyer shall not excuse Buyer from any
indemnification liability except to the extent that Buyer is materially and
adversely prejudiced by such failure.

    
      
         

      

      
        - 5
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    (d)           Release.  Buyer,
on behalf of itself and its Related Parties, hereby releases and forever
discharges Seller and its individual, joint or mutual, past and present
representatives, Affiliates, officers, directors, employees, agents, attorneys,
stockholders, controlling persons, subsidiaries, successors and assigns
(individually, a “Releasee” and
collectively, “Releasees”) from any
and all claims, demands, proceedings, causes of action, orders, obligations,
contracts, agreements, debts and liabilities whatsoever, whether known or
unknown, suspected or unsuspected, both at law and in equity, which Buyer or any
of its Related Parties now have or have ever had against any Releasee. Buyer
hereby irrevocably covenants to refrain from, directly or indirectly, asserting
any claim or demand, or commencing, instituting or causing to be commenced, any
proceeding of any kind against any Releasee, based upon any matter released
hereby. “Related
Parties” shall mean, with respect to Buyer, (i) any Person that directly
or indirectly controls, is directly or indirectly controlled by, or is directly
or indirectly under common control with Buyer, (ii) any Person in which Buyer
hold a Material Interest or (iii) any Person with respect to which any Buyer
serves as a general partner or a trustee (or in a similar capacity). For
purposes of this definition, “Material Interest”
shall mean direct or indirect beneficial ownership (as defined in Rule 13d-3
under the Securities Exchange Act of 1934, as amended) of voting securities or
other voting interests representing at least ten percent (10%) of the
outstanding voting power of a Person or equity securities or other equity
interests representing at least ten percent (10%) of the outstanding equity
securities or equity interests in a Person.

     

    6.           Definitions. As used
in this Agreement:

     

    (a)           “Affiliate” means,
with respect to any Person, any other Person directly or indirectly controlling,
controlled by or under common control with the first Person. For the purposes of
this definition, “Control,” when used
with respect to any Person, means the possession, directly or indirectly, of the
power to (i) vote 10% or more of the securities having ordinary voting power for
the election of directors (or comparable positions) of such Person or (ii)
direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise,
and the terms “Controlling” and
“Controlled”
have meanings correlative to the foregoing;

     

    (b)           “Governmental
Authority” means any domestic or foreign governmental or regulatory
authority;

     

    (c)           “Law” means any
federal, state or local statute, law, rule, regulation, ordinance, code, Permit,
license, policy or rule of common law;

     

    (d)           “Lien” means, with
respect to any property or asset, any mortgage, lien, pledge, charge, security
interest, encumbrance or other adverse claim of any kind in respect of such
property or asset. For purposes of this Agreement, a Person will be deemed to
own, subject to a Lien, any property or asset which it has acquired or holds
subject to the interest of a vendor or lessor under any conditional sale
agreement, capital lease or other title retention agreement relating to such
property or asset;

     

    (e)           “Order” means any
judgment, injunction, judicial or administrative order or
decree;

    
      
         

      

      
        - 6
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    (f)           “Permit” means any
government or regulatory license, authorization, permit, franchise, consent or
approval; and

     

    (g)           “Person” means an
individual, corporation, partnership, limited liability company, association,
trust or other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

     

    7.           Miscellaneous.

     

    (a)           Counterparts. This
Agreement may be signed in any number of counterparts, each of which will be
deemed an original but all of which together shall constitute one and the same
instrument.

     

    (b)           Amendments and
Waivers.

     

     (i)           Any
provision of this Agreement may be amended or waived if, but only if, such
amendment or waiver is in writing and is signed, in the case of an amendment, by
each party to this Agreement, or in the case of a waiver, by the party against
whom the waiver is to be effective.

     

     (ii)           No
failure or delay by any party in exercising any right, power or privilege
hereunder will operate as a waiver thereof nor will any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. The rights and remedies herein provided
will be cumulative and not exclusive of any rights or remedies provided by
Law.

     

    (c)           Successors and
Assigns. The provisions of this Agreement will be binding upon and inure
to the benefit of the parties hereto and their respective successors and
assigns; provided that
no party may assign, delegate or otherwise transfer (including by operation of
Law) any of its rights or obligations under this Agreement without the consent
of each other party hereto.

     

    (d)           No Third Party
Beneficiaries. This Agreement is for the sole benefit of the parties
hereto and their permitted successors and assigns and nothing herein expressed
or implied will give or be construed to give to any Person, other than the
parties hereto, those referenced in Section 5 above, and such permitted
successors and assigns, any legal or equitable rights hereunder.

     

    (e)           Governing Law. This
Agreement will be governed by, and construed in accordance with, the internal
substantive law of the State of New York.

     

    (f)           Headings. The
headings in this Agreement are for convenience of reference only and will not
control or affect the meaning or construction of any provisions
hereof.

     

    (g)           Entire Agreement.
This Agreement constitutes the entire agreement among the parties with respect
to the subject matter of this Agreement. This Agreement supersedes all prior
agreements and understandings, both oral and written, between the parties with
respect to the subject matter hereof of this Agreement.

    
      
         

      

      
        - 7
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    (h)           Severability. If any
provision of this Agreement or the application of any such provision to any
Person or circumstance is held invalid, illegal or unenforceable in any respect
by a court of competent jurisdiction, the remainder of the provisions of this
Agreement (or the application of such provision in other jurisdictions or to
Persons or circumstances other than those to which it was held invalid, illegal
or unenforceable) will in no way be affected, impaired or invalidated, and to
the extent permitted by applicable Law, any such provision will be restricted in
applicability or reformed to the minimum extent required for such provision to
be enforceable. This provision will be interpreted and enforced to give effect
to the original written intent of the parties prior to the determination of such
invalidity or unenforceability.

     

    (i)           Notices.  Any
notice, request or other communication hereunder shall be given in writing and
shall be served either personally, by overnight delivery or delivered by mail,
certified return receipt and addressed to the following addresses:

     

    (a)          If
to Buyer:

     

    Webcarnation LLC

    

    If to
Seller:

     

    OmniReliant
Holdings, Inc.

    14375
Myerlake Circle

    Clearwater,
FL 33760

    

    With a
copy to:

     

    Sichenzia
Ross Friedman Ference LLP

    61
Broadway

    32nd
Floor

    New York,
New York 10006

    Attention:
Darrin M. Ocasio, Esq.

     

    [Signature
Page Follows]

    
      
         

      

      
        - 8
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    [SIGNATURE
PAGE TO STOCK PURCHASE AGREEMENT]

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered, effective as of the date first above
written.

     

    
      
        
          
            
              
                
                  
                    
                      	 
      	
                              “SELLER”

                            	 
	 
      	 
      	 
	 
      	
                              OMNIRELIANT
      HOLDINGS, INC.

                            	 
	 
      	 
      	 
	 	By: 	/s/
      Robert DeCecco III	 
	 
      	 
      	
                              Name:
      Robert DeCecco III

                            	 
	 
      	 
      	
                               Title:
      Chief Executive Officer

                            	 
	 
      	 
      	 
      	 
	 
      	
                              “BUYER”

                            	 
	 
      	 
      	 
	 
      	
                              WEBCARNATION
      LLC

                            	 
	 
      	 
      	 
      	 
	 
      	
                              By: 

                            	/s/
      Allen Clary	 
	 
      	 
      	
                              Name:
      Allen Clary

                            	 
	 
      	 
      	
                               Title:

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