Document:

uree_ex1030.htm

Exhibit 10.30

 

CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT is entered into as of July 1, 2013 by and among Logic International Consulting Group, LLC (the "Company''), with offices located at 711 5th Avenue, 16th Floor, New York, New York, 10022 and Lattimore Properties, Inc. (the "Consultant"),

 

WHEREAS, the Company desires to retain the Consultant to provide it with those services set forth herein;

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements and upon the terms and subject to the conditions hereinafter set forth, the parties do hereby covenant and agree as follows:

 

1.  Retention of Consultant.  The Company hereby retains and engages the Consultant and the Consultant accepts such engagement, in each case subject to the terms and conditions of this Agreement.  Consultant shall provide services to the Company pursuant to this Agreement for the period commencing on July 1, 2013 and ending at the close of business on July 1, 2014 unless terminated by the Company or the Consultant earlier on thirty days prior written notice to Consultant or the Company respectively (the "Term").  The Term hereof may be extended upon the mutual written agreement of the Company and the Consultant.

2.  Services.  During the Term, the Consultant shall provide the services set forth on Schedule A hereto, which is incorporated herein by reference. The Company agrees to provide Consultant with unlimited access to personnel, equipment and all those supplies Consultant deems reasonably necessary in order to enable Consultant to perform hereunder.

3.  Compensation.  The Company shall pay the Consultant for services performed pursuant to this Agreement in accordance with the payment terms set forth on Schedule 8 hereto which is incorporated herein by reference.

4.  Representations and Warranties of the Company.  The Company hereby represents and warrants to Consultant that:

	
(a)  

	
The Company has the power to execute, deliver and perform the terms and provisions of this Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement.  The Company has duly authorized, executed and delivered this Agreement and this Agreement constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its terms, except to  the  extent that the enforceability hereof may be limited by bankruptcy, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles (regardless of whether enforcement is sought in equity or law); and

	
(b)  

	
Neither the execution, delivery or performance by the Company of this Agreement, nor compliance by the Company with the terms and provisions hereof will (i) contravene any provision of any applicable law, statute, rule or  regulation or any  order, writ, injunction or decree of any court or governmental instrumentality,  (ii) conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or obligation to create or impose) any lien upon any of the property or assets of the Company or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed or trust, credit agreement or loan agreement or any other agreement, contract or instrument to which the Company is a party or by which the Company or any of its property or assets is bound or to which it may be subject, or (iii) violate any provision of the articles or certificate of incorporation or bylaws (or similar organizational documents) of the Company or any of its subsidiaries.

 

 

  

  

  

 

5.  Representations and Warranties of Consultant.  The Consultant hereby represents and warrants to the Company that:

	
(a)  

	
The Consultant has the power to execute, deliver and perform the terms and provisions of this Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement.  The Consultant had duly authorized, executed and delivered this Agreement and this Agreement constitutes the legal, valid and binding obligation of the Consultant enforceable in accordance with its terms, except to the extent that the enforceability hereof may be limited by bankruptcy, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles (regardless of whether enforcement is sought in equity or at law); and

	
(b)  

	
Neither the execution, delivery or performance by the consultant of this Agreement, nor compliance by the Consultant with the terms and provisions hereof will (i) contravene any provision of any applicable law, statute, rule or regulation or any order, writ, injunction or decree of any court or governmental instrumentality, (ii) conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or obligation to create or impose)  any  lien  upon  any  of  the  property  or  assets  of  the Consultant or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed or trust, credit agreement or loan agreement or any other agreement, contract or instrument to which the Consultant is a party or by which the Consultant or any of its property or assets is bound or to which it may be subject, or (iii) violate any provision of the articles or certificate if incorporation or bylaws (or similar organizational documents) of the Consultant or any of its subsidiaries.

6.  Indemnification

	
(a)  

	
The Company agrees to indemnify and hold harmless Consultant against any and all losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements (and all actions, suits, proceedings and investigations in respect thereof and any and all legal or other costs, expenses and disbursements in giving testimony or furnishing documents in response to a subpoena or otherwise), including, without limitation, the costs, expenses, and disbursements, as and when incurred, of investigating, preparing, or defending any such action, proceeding or investigation (whether or not in connection with litigation to which Consultant is party) directly or indirectly, caused by, relating to, based upon, arising out of or in connection with the services rendered by Consultant; provided however, such indemnity agreement shall not apply to any portion of any such loss, claim, damage, obligation, penalty, judgment, award, liability, cost, expense or disbursement to the extent it is found by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of Consultant.

	
(b)  

	
The Consultant agrees to indemnify and hold harmless the Company against any and all losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements (and all actions, suits, proceedings and investigations in respect thereof and any and all legal or other costs, expenses and disbursements in giving testimony or furnishing documents in response to a subpoena or otherwise), including, without limitation, the costs, expenses, and disbursements, as and when incurred, of investigating, preparing, or defending any such action, proceeding or investigation (whether or not in connection with litigation to which the Company is a party) to the extent such losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements was found by a court of competent jurisdiction to have resulted from the gross negligence or  willful misconduct of Consultant.

 

 

  

  

  

 

7.  No Interference.

	
(a)  

	
During the Term and for a period of twelve months thereafter, the Company shall not, whether for its own account or for the account of any other individual, partnership, firm, corporation or other business organization or otherwise solicit, endeavor to entice away from the Consultant, or otherwise interfere with the relationship of the Consultant with, any person who is employed by or otherwise engaged to perform services for the Consultant (including but not limited to, any independent contractors, independent sales representatives or organizations).

	
(b)  

	
During the Term and for a period of twelve months thereafter, the Consultant shall not, whether for its own account or for the account of any other individual, partnership, firm, corporation or other business organization or otherwise solicit, endeavor to entice away from the Company, or otherwise interfere with the relationship of the Company with, any person who is employed by or otherwise engaged to perform services for the Company (including but not limited to, any independent contractors, independent sales representatives or organizations).

8.  Injunctive Relief.  Without intending to limit the remedies available to the Consultant, the Company acknowledges that a breach of the covenants contained in paragraph 7 of this Agreement (including, but not limited to each of those set forth in section 7 hereof) may result in material irreparable injury to the Consultant or its affiliates or subsidiaries for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of such a breach or threat thereof, the Consultant shall be entitled to obtain a temporary restraining order  and/or a preliminary or permanent injunction restraining Consultant from engaging in activities prohibited by this section 8 or such other relief as may be required to specifically enforce any of the covenants in this Agreement.

9.  Independent Contractor.  Nothing herein contained shall be construed to constitute the parties hereto as partners or as joint ventures, or either as agent of the other, or as employer or employee. The parties hereto acknowledge that the Consultant shall be engaged on an independent contractor basis hereunder, and shall not be eligible for benefits generally available to the employees of the Company.  All compensation to be paid to Consultant for its consulting services under this Agreement shall not be subject to any withholding or deductions provided by local, state or federal law.

10.  Relationship.  Nothing herein shall constitute Consultant as an employee or agent of the Company.  It is understood that Consultant is an independent contractor.  Except to such extent as may be expressly agreed for a specific purpose, Consultant shall not have the authority to obligate or commit the Company in any manner whatsoever.  Consultant agrees to work with the Company and agrees not to have any direct verbal or written contact with the Company's clients without the prior written consent of the Company. Consultant shall inform its clients that Consultant is a Consultant of the Company.

 

 

  

  

  

 

11.  Notices.  All notices and other communications under this Agreement shall be in writing and shall be deemed effective and given upon actual delivery if presented personally, one business day after the date sent if sent by prepaid telegram, overnight courier service, telex or facsimile transmission or five business days if sent by registered or certified mail, return receipt requested, postage prepaid which shall be addressed to the following addresses:

If to:

Logic International, LLC

711 Fifth Ave, 16th Floor

 

New York, New York 10022

 

Attn: Kevin M. Cassidy

Tel: 646-755-3351

 

Fax: 646-755-3377

 

	
10. Miscellaneous.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to the conflict of law principles thereof. Any legal action relating to this agreement or its performance shall be brought in the courts located in the city and state of New York. This Agreement contains the entire agreement and understanding between the parties and supersedes and preempts any prior understandings or agreements, whether written or oral.  The provisions of this Agreement may be amended or waived only with the prior written consent of the Company and Consultant. This Agreement shall be binding upon, inure to the benefit of, and shall be enforceable by Consultant and the Company and their respective successors and permitted assigns.  Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by either the Company or Consultant without prior written consent of the other party hereto.  If any provision of this Agreement or the application of any such provision to any person or circumstance shall be held invalid, illegal or unenforceable  in  any  respect  by  a  court  of  competent  jurisdiction  such invalidity, illegality or  unenforceability shall not  affect  any other provision hereof and the invalid or unenforceable term or  provision shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision.  The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement.

 

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

 

Lattimore Properties, Inc.

By: John Victor Lattimore, Jr.

Authorized Signatory

Dated: 7/1/13

Logic International Consulting Group LLC

 

By:   /s/ Kevin M. Cassidy

Authorized Signatory

 

Kevin M. Cassidy, Chief Executive Officer & Managing Member

Dated: 7/1/13

 

  

  

  

Schedule A

Terms of Consultancy

 

Subject to section 2 of this agreement, the Consultant shall, from time to time, provide the services described herein to the Company during the period commencing on July 1, 2013 and ending on the close of business on July 1, 2014.

 

Specific Services to be provided by Consultant:

 

Management consulting and advisory services including: Executive Management, Strategic

 

Planning and General Office Administration.

 

Lattimore Properties, Inc.

By: John Victor Lattimore, Jr.

Authorized Signatory

Dated: 7/1/13

Logic International Consulting Group LLC

 

By:   /s/ Kevin M. Cassidy

Authorized Signatory

 

Kevin M. Cassidy, Chief Executive Officer & Managing Member

Dated: 7/1/13

 

  

  

  

 

Schedule B

Consultant Compensation

 

Subject to section 3 of this agreement, The Company shall pay the Consultant for services performed pursuant to this Agreement in accordance with the payment terms set forth on this Schedule B.

 

	
1.  Monthly Retainer: Company will pay Consultant a monthly fee of $25,000 per month for each month during the initial term.  The Term hereof may be extended upon the mutual written agreement of the Company and the Consultant.

 

Lattimore Properties, Inc.

By: John Victor Lattimore, Jr.

Authorized Signatory

Dated: 7/1/13

Logic International Consulting Group LLC

 

By:   /s/ Kevin M. Cassidy

Authorized Signatory

 

Kevin M. Cassidy, Chief Executive Officer & Managing Member

Dated: 7/1/13uree_ex1031.htm

Exhibit 10.31

 

REPURCHASE OPTION AGREEMENT

 

This Repurchase Option Agreement (the "Agreement") is made as of the 29th day of May, 2013 by and between U.S. Rare Earths, Inc. (the “Company”), a Nevada corporation and Michael D. Parnell Living Trust (the “Seller”).

 

WITNESSETH:

WHEAREAS, the Seller is the owner of 200,000 shares of the Company’s common stock, par value $0.00001 per share (“Common Stock”); and

 

WHEREAS, the Seller desires to grant to the Company a right and option to repurchase up to 200,000 shares of Common Stock owned by the Seller (the “Shares”) at a purchase price of $1.00 per Share (the “Price Per Share”), on and subject to the terms of this Agreement (the “Repurchase Option”).

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the Company and the Seller hereby agree as follows:

 

1.           Repurchase Option. The Seller hereby irrevocably grants to the Company the right and option (the “Repurchase Option”) to repurchase up to 200,000 Shares at the Price Per Share, in whole or in part, at any time on or before 5:30 pm New York City time on December 31, 2013 (the “Expiration Date”)

2.           Closing. At any time on or after the date hereof and prior to the Expiration Date, the Company shall have the right but not the obligation to repurchase up to 200,000 Shares at the Price Per Share at one or more closings which shall take place electronically at such time as shall be determined by the Company. At least one business day prior to a closing, the Company shall (a) deliver to Manhattan Transfer Registrar Company , as escrow agent (the "Escrow Agent") a notification in writing specifying (i) the number of Shares that it intends to repurchase from the Seller (the "Repurchase Shares"') and (ii) the proposed date of closing, and (b) wire transfer in immediately available funds to an account designated by the Escrow Agent an amount equal to the product of the number of Repurchase Shares multiplied by the Price Per Share (the "Purchase Price”). At each closing upon receipt of written instruction from the Company on or before the Expiration Date, the Escrow Agent shall simultaneously disburse to the Seller by wire transfer in immediately available funds an amount equal to the Purchase Price and deliver to the Company the Repurchase Shares. Upon disbursement to the Seller of the Purchase Price at closing, the Company shall automatically become the legal and beneficial owner of the Purchase Shares and all rights and interests therein or relating thereto.

 

3.   Escrow of Shares

 

(a)           To ensure the availability for delivery of the Shares upon repurchase by the Company pursuant to the Company’s Repurchase Option, promptly upon execution of this Agreement, the Seller shall deliver to the Escrow Agent a certificate (or certificates) representing the Shares, along with fully executed stock powers that are medallion guaranteed and duly endorsed in form for transfer to the Company. The Seller shall also promptly deliver to the Escrow Agent any other documents or instruments reasonably requested by the Escrow Agent. The certificates representing the Shares together with the stock powers shall be held by the Escrow Agent in escrow pursuant to the terms of an Escrow Agreement to be entered into simultaneously with the execution of this Agreement in the form attached hereto as Exhibit A.

(b)           Subject to the terms hereof the Seller shall have all the rights of a shareholder with respect to such Shares while they are held in escrow, including without limitation, the right to vote the Shares and receive any cash dividends declared thereon. If from time to time during the term of the Company's Repurchase Option, there is (i) any stock dividend, stock split or other change in the Shares, or (ii) any merger or sale of all or substantially all of the assets or other acquisition of the Company, any and all new, substituted or additional securities to which the Seller is entitled by reason of the Seller's ownership of the Shares shall be immediately subject to this escrow, deposited with the Escrow Agent and included thereafter as "Shares" for purposes of this Agreement and the Company's Repurchase Option.

 

4.           Restrictions on Transfer. Except for the repurchase of Shares as set forth herein, the Seller shall not transfer, assign, sell, convey or otherwise encumber any Shares not released from escrow or agree to any of the foregoing in any way until after the Expiration Date.

 

  

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5.          Representations of the Seller. The Seller represents to the Company at the  time of execution of this Agreement and at each closing as follows:

 

(a)           The Seller has all necessary power and authority to enter into and to perform its obligations hereunder. This Agreement constitutes the valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, subject to: (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors; and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies.

 

(b)           The Seller owns all right, title and interest in and to, and have the right to transfer to the Company, in connection with the Repurchase Option provided for herein, all of the Shares being repurchased by the Company pursuant to the terms of this Agreement, free and clear of all liens, security interests, charges and o t her encumbrances.

 

(c)           The Seller (either alone or together with its advisors) has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the Repurchase. The Seller has had the opportunity to ask questions and receive answers concerning the terms and conditions of the Repurchase Option and has had full access to such other information concerning the Repurchase Option and the Company as it has requested. The Seller has received all information that it believes is necessary or appropriate in connection with the Repurchase Option. The Seller is an informed and sophisticated party and has engaged, to the extent the Seller deems appropriate, expert advisors experienced in the evaluation of transactions of the type contemplated hereby. The Seller acknowledges that the Seller has nor relied upon any express or implied representations or warranties of any nature made by or on behalf of the Company, whether or not any such representations, warranties or statements were made in writing or orally, except as expressly set forth for the benefit of the Seller in this Agreement.

 

(e) The Seller represents that it is an "accredited investor" as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended.

 

(d) The Seller acknowledges and understands that the Company on or around the date of this Agreement or otherwise during the term of the Repurchase Option, may sell shares of Common Stock, or other securities of the Company, to third parties at per share, or effective per-share, purchase prices that may be significantly higher or lower than the per share purchase price being paid hereunder by the Company for the Shares. Notwithstanding any such sales, the Seller agrees to accept the Purchase Price as full and fair payment for the Shares to be purchased hereunder.

 

6.           Representations of the Company. The Company represents to the Seller at  the time of execution of this Agreement and at each closing as follows:

 

(a)           The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada.

 

(b)           The Company has all necessary corporate power and authority to enter into and to perform its obligations under this Agreement, and the execution, delivery and performance by the Company of this Agreement have been duly authorized by all necessary action on the part of the Company and its board of directors. This Agreement constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to: (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors; and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies.

 

7.           Adjustment for Stock Split.  All  references  to the  number  of Shares and  the purchase price of the Shares in this Agreement shall be appropriately adjusted to reflect  any stock split,  stock dividend or other change in the Shares which may be made by the  Company  after the date of this Agreement.

 

8.           Miscellaneous. This Agreement constitutes the entire agreement of the parties, superseding and terminating any and all prior or contemporaneous oral and written agreements, understandings or letters of intent between or among the parties with respect to the subject matter of this Agreement. No part of this Agreement may be modified or amended, nor may any right be waived, except by a written instrument which expressly refers to this Agreement, states that it is a modification or amendment of this Agreement and is signed by the parties to this Agreement, or, in the case of waiver, by the party granting the waiver. If any section, term or provision of this Agreement shall to any extent be held or determined to be invalid or unenforceable, the remaining sections, terms and provisions shall nevertheless continue in full force and effect. This Agreement shall be governed and construed in accordance with the laws of the State of New York applicable to agreements executed and to be performed wholly within such State, without regard to any principles of conflicts of law. This Agreement shall be binding upon the parties and their respective heirs, executors, administrators, legal representatives, successors and assigns. The Seller may not assign this Agreement or any of its rights under this Agreement without the Company's prior written consent. This Agreement may be executed simultaneously in two (2) or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

[Signature Page Follows]

  

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

 

	 	U.S Rare Earths, Inc.	 
	 	 	 	 
	
 

	
By: 

	/s/ Kevin M. Cassidy	 
	 	 	

Name: Kevin M. Cassidy

	 
	 	 	

Title: CEO

	 
	 	 	 	 
	 	 	Seller: Michael D. Parnell Living Trust	 
	 	 	Michael D. Parnell, Trustee	 
	 	 	 	 
	 	By:	

/s/ Michael D. Parnell

	 
	 	 	

Michael D. Parnell

	 

  

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(To be completed if individual and married)

CONSENT OF SPOUSE

I, __________________________________________, spouse of _____________________________________ have read and approve the foregoing Agreement.  I hereby appoint my spouse as my attorney-in-fact in respect to the exercise of any rights under the Agreement and agree to be bound by the provisions of the Agreement insofar as I may have any rights in said Agreement or any shares sold pursuant thereto under the community property laws or similar laws relating to marital property in effect in the state of our residence as of the date of the signing of the foregoing Agreement.

Dated: __________________, 2013                                                                                                Signed: ____________________________________

  

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(To be completed if entity)

CORPORATE STOCK RESOLUTION

At a meeting of the Director(s) of ______________________________________________ (Name of  Company/Corporation held at _____________________________________________ (location) duly called and held on ______________________________ (meeting date) RESOLVED THAT ______________________________ (Name), _____________________________________ (Title of Individual executing P/A) be, and is hereby authorized and empowered to sell, assign and transfer ____________________ (Number of shares) of common stock of U.S. Rare Earths, Inc. and, for the purpose of aforesaid to execute on behalf of the company, all such conveyance, transfers and other documents as the said person may deem advisable, and to affix thereto the Corporate Seal of the Company to attest the same by his signature as an Officer of the

Company, and to deliver the said documents as an Act and Deed of this Company.  The Officers and Directors as set forth below are a complete list of all Officers and Directors and I certify that they are not affiliates of the corporation in which this transfer is

requested.

Name: _____________________________________ Position _________________________________

Name: _____________________________________ Position _________________________________

Name: _____________________________________ Position _________________________________

I, _______________________________________, Secretary of the above Company DO CERTIFY that the above is true copy from Minutes of said Meeting of the Board of Directors and a true copy of the whole of said Resolution is full force and effect as of the date hereof.

Signed by _______________________________________ (Name), at ____________________________ (location) this _________________ day of ______________________, 20_______.

 

_______________________________

Secretary

I hereby certify that I am the sole signing officer

_________________________________________­­­­­­­

SEAL

I/We hereby guarantee that there is no Corporate Seal.

_________________________________________

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