Document:

f8k012511ex10ii_deacq2.htm

Exhibit 10.2

 

REPURCHASE AGREEMENT

 

This Agreement (the “Agreement”) is made as of the 19th day of January, 2011 by and among DE Acquisition 2, Inc., a Delaware corporation having its offices at 6046 FM 2920, Suite 619, Spring, Texas 77379 (the “Company”) and Ruth Shepley (“Seller”).

W I T N E S S E T H:

 

WHEREAS, the Seller, owns an aggregate of 10,000 shares (the “Shares”) of the Company’s common stock, par value $.0001 per share (“Common Stock”); and

 

WHEREAS, the Seller desires to sell to the Company, and the Company desires to re-purchase the Shares from the Seller, on and subject to the terms of this Agreement;

 

WHEREFORE, the parties hereto hereby agree as follows:

 

ARTICLE I

SALE AND PURCHASE OF THE SHARES

1.1.   Sale of the Shares.  Subject to the terms and conditions of this Agreement, and in reliance upon the representations, warranties, covenants and agreements contained in this Agreement, the Seller shall sell the Shares to the Company, and the Company shall re-purchase the Shares from the Seller, for a purchase price equal to an aggregate sum of Forty Thousand Dollars ($40,000.00) (the “Purchase Price”).

 

1.2.   Closing.  The purchase and sale of the Shares shall take place at a closing (the “Closing”) upon the execution and delivery hereof.

 

1.3.   Deliveries. At the Closing:

 

(a) The Seller shall deliver to the Company, a certificate representing the Shares, duly endorsed in form for transfer to the Company.

 

(b) The Company shall deliver the Purchase Price.

 

(c) At and at any time after the Closing, the parties shall duly execute, acknowledge and deliver all such further assignments, conveyances, instruments and documents, and shall take such other action consistent with the terms of this Agreement to carry out the transactions contemplated by this Agreement.

 

ARTICLE II

REPRESENTATIONS, WARRANTIES AND COVENANTS

The Seller hereby makes the following representations and warranties to and covenants with the Company, which shall be true and correct through the date of the Closing as if made on that date:

 

2.1.   Seller has the requisite power and authority to enter into this Agreement and to consummate the transactions contemplated hereby and otherwise to carry out its obligations hereunder. No consent, approval or agreement of any individual or entity is required to be obtained by Seller in connection with the execution and performance by Seller of this Agreement or the execution and performance by Seller of any agreements, instruments or other obligations entered into in connection with this Agreement.

 

  

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2.2.   Seller owns the Shares free and clear of all any and all liens, claims, encumbrances, preemptive rights, right of first refusal and adverse interests of any kind. Seller is not a party to any agreement or understanding pursuant to which any securities of any class of capital stock are to be transferred.

 

2.3.   Ruth Shepley confirms that she is the President, Secretary, Treasurer and sole director of the Company immediately prior to the Closing. The Seller and Company also acknowledge that immediately prior to the repurchase contemplated hereby the Company is issuing and selling 10,000 shares of Common Stock to certain purchasers at a per share purchase price that may differ from the Purchase Price.

 

ARTICLE III

TERMINATION

3.1.   Termination by Mutual Agreement.  This Agreement may be terminated at any time by mutual consent of the parties hereto, provided that such consent to terminate is in writing and is signed by each of the parties hereto.

 

ARTICLE IV

MISCELLANEOUS

4.1.   Entire Agreement.  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.  No course of conduct or dealing or trade usage or custom and no course of performance shall be relied on or referred to by any party to contradict, explain or supplement any provision of this Agreement, it being acknowledged by the parties to this Agreement that this Agreement is intended to be, and is, the complete and exclusive statement of the agreement with respect to its subject matter.  Any waiver shall be limited to the express terms thereof and shall not be construed as a waiver of any other provisions or the same provisions at any other time or under any other circumstances.

 

4.2.   Severability.  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.

 

4.3.   Notices.  All notices provided for in this Agreement shall be in writing signed by the party giving such notice, and delivered personally or sent by overnight courier, mail or messenger against receipt thereof or sent by registered or certified mail, return receipt requested, or by facsimile transmission or similar means of communication if receipt is confirmed or if transmission of such notice is confirmed by mail as provided in this Section 4.3.  Notices shall be deemed to have been received on the date of personal delivery or telecopy or attempted delivery.  Notice shall be delivered to the parties at the following addresses:

 

  

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	 	If to the Company:  	DE Acquisition 2, Inc.
	 	 	6046 FM 2920, Suite 619
	 	 	Spring, Texas 77379
	 	 	 
	 	With a copy to:	Heskett & Heskett
	 	 	501 South Johnstone, Suite 501
	 	 	Bartlesville, Oklahoma 74003
	 	 	Attention:  John Heskett
	 	 	 
	 	If to Seller: 	Ruth Shepley
	 	 	c/o Heskett & Heskett
	 	 	501 South Johnstone, Suite 501
	 	 	Bartlesville, Oklahoma 74003
	 	 	Attention:  John Heskett

 

Either party may, by like notice, change the address, person or telecopier number to which notice shall be sent.

 

4.4.   Governing Law.  This Agreement shall be governed and construed in accordance with the laws of the State of Minnesota applicable to agreements executed and to be performed wholly within such State, without regard to any principles of conflicts of law.

 

4.5.   Waiver of Jury Trial.  EACH PARTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN THE EVENT OF ANY SUIT, ACTION OR PROCEEDING TO ENFORCE THIS AGREEMENT OR ANY OTHER ACTION OR PROCEEDING WHICH MAY ARISE OUT OF OR IN ANY WAY BE CONNECTED WITH THIS AGREEMENT OR ANY OF THE OTHER DOCUMENTS.

 

4.6.   Parties to Pay Own Expenses.  Each of the parties to this Agreement shall be responsible and liable for its own expenses incurred in connection with the preparation of this Agreement, the consummation of the transactions contemplated by this Agreement and related expenses.

 

4.7.   Successors.  This Agreement shall be binding upon the parties and their respective heirs, executors, administrators, legal representatives, successors and permitted assigns; provided, however, that no party may assign this Agreement or any of its rights under this Agreement without the prior written consent of the other parties.

 

4.8.   Further Assurances.  Each party to this Agreement agrees, without cost or expense to any other party, to deliver or cause to be delivered such other documents and instruments as may be reasonably requested by any other party to this Agreement in order to carry out more fully the provisions of, and to consummate the transaction contemplated by, this Agreement.

 

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

 

4.10.   No Strict Construction.  The language used in this Agreement will be deemed to be the language chosen by the parties with the advice of counsel to express their mutual intent, and no rules of strict construction will be applied against any party.

 

4.11.   Headings.  The headings in the Sections of this Agreement are inserted for convenience only and shall not constitute a part of this Agreement.

 

[Remainder of this page intentionally left blank.]

 

  

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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.

 

 

	 	PURCHASER	 
	 	 	 
	 	DE ACQUISITION 2, INC.	 
	 	 	 
	
 

	
By: 

	/s/ Ruth Shepley	 
	 	 	Ruth Shepley, President	 

 

 

	 	SELLER	 
	 	 	 
	
 

	
By: 

	/s/ Ruth Shepley	 
	 	 	Ruth Shepley	 
	 	 	 	 

 

 

 

4fs1a3ex10v_eliteenergy.htm

 

 

Exhibit 10.5

 

Distributorship Agreement

 

THIS DISTRIBUTORSHIP AGREEMENT (the "Agreement") is made and entered into this October 12, 2010 date by and between Quality Green Building Supplies, Inc. (the "Company” Or "QGBS'' interchangeably, of which QGBS is a California corporation and subsidiary of Elite Energies, Inc.) whose principal place of business is 2756 Alvarado Street, Suite E & F. San Leandro, CA.. 94577 and Apollo Solar lighting & Pole LLC (the "Distributor" or “Authorized Distributor” interchangeably) is an Oregon corporation, whose principal place of business is 8733 SE Division St., Portland OR 97266.

 

WHEREAS, The Distributor is desirous of to sale and marketing of QGBS solar products,

 

NOW THEREFORE, in consideration of the foregoing, as well as the mutual covenants and agreements contained therein, both express and implied, QGBS and Distributor hereby agree to the following:

 

1.     Appointment as Distributor

Subjects to the terms and conditions of this Agreement, QGBS hereby appoints Distributor as a QGBS Authorized Distributor. Being the Authorized Distributor, QGBS hereby grants Distributor an exclusive (exclusivity only apply to the physical boundary of State of Oregon, Washington, Idaho and Montana), non­transferable, non-exclusive, non-sub-licensable, and revocable license to sale and marketing of QGBS products at Distributor's business locations(s), beginning  October 10, 2010  and ending at 11:59 pm on October 09, 2013.

 

2.    Ordering of Products

Information on QGBS products are published on the QGBS website (http://www.qgbs9800.com) Distributor may order QGBS products by:

	
-  

	
calling at (510)351-9800, or

	
-  

	
faxing P.O. to (510) 351-9808, or

	
-  

	
email to sales@qgbs9800.com

	
-  

	
online at http://www.qgbs9800.com

 

3.     Purchases Volume

Distributor must meet attain certain purchase volume level in order to maintain distributorship. During its first 12 months of being a QGBS Distributor, Distributor must purchase on "regular sales terms' (excluding retuned merchandises and cancelled orders) from QGBS no less than $20,000 of QGBS products, from 13th month to 24th month, Distributor must purchase on "regular sales terms" from QGBS no less than $50,000, and from 25th month to 36th month, Distributor must purchase on "regular sales terms" from QGBS no less than $75,000. Distributor must purchase on regular sales term (excluding returned merchandises and cancelled orders) no less than $150,000 of QGBS products during the first twenty-four months of being a QGBS Distributor.

 

4.     Sales Term

Terms of payment for sales in the United States are cash or company check upon date of shipping to Distributor or date of pickup by agent of Distributor. With approved of credit by QGBS's President or CEO, Distributor may make wire payment on purchases on net 30 days from date of placing the purchase invoice. As the payment history warranted, QGBS may require Distributor to advance full or partial payment or payment guarantee for purchases.

 

 

  

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5.     Shipping

Orders are normally shipped out within three business days via common carrier depending on the quantity of the order. QGBS will notify Distributor when orders are shipped via registered email address. QGBS will not be responsible for any shipping charges to unless Distributor obtained prior written approval from QGBS authorized representatives.

 

6.     Return Policy

In order to make a valid claim for defects, damaged, shortage or non-functional products, Distributor must notified and submit (via faxing or email) the Returned Merchandise Authorized form (RMA) to QGBS's sales or accounting personnel within seven (14) days after delivery date of QGBS products.  QGBS sales or accounting department personnel shall Issue call tags within two business days after receiving RMA request from Distributor. Products must be returned in its original packaging and is subject to applicable fees. Returned products without defects or damages will be charged with twenty-five percentage (15%) restocking fee. Orders over $25,000, maximum return amount is $25,000.

 

7.     Limitation of Liability

QGBS Distributors are independent operators and are not agents, branches nor direct representatives of QGBS.  Distributors are to defend, indemnify, and hold harmless against all claims, suits, proceedings, damages, judgments and expenses in connection with or arising from any third party claims against QGBS. QGBS or its supplier to provide 1 million US dollar limited product insurance.

 

8.    Warranty

QGBS is not the manufacturer of the products and therefore does not provide any types of warranty on the products sold to the Distributor. Manufactures do provide the warranty on their own terms and conditions and QGBS is acting on behalf of the manufacturers to process the returned merchandises for credit to the purchasers. Please read manufacturer warranty statement carefully before placing the orders.

 

9.    Appointment and Termination

Unless otherwise specifically specified in Section One (1) above, Distributorship right shall be in force for one (1) year from the date QGBS approval of the Agreement, and renew automatically each subsequent year until terminated by either party, in accordance with the terms of this Agreement. If Distributor cannot meet the terms and conditions above, either QGBS or Distributor (hereinafter referred as "Party"' or "Parties"), upon thirty (30) days written notice to the other Party, may terminate the Distributorship Agreement with or without cause. In such event of termination or non-renewal for any reason, neither party shall be liable to the other Party because of such termination or non-renewal, for compensation, reimbursement, or damages on account of loss of prospective profits or anticipated sales, or on account of expenditures, inventories, investments, leases, or commitments in connection with the business or goodwill of Distributor or QGBS Inc.

 

 

  

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Notwithstanding termination or non-renewal, Distributor's obligation to pay in full in accordance of the forgoing sales term for all QGBS products or display samples delivered to Distributor shall continue after termination. Distributor may provide QGBS with a summary of current products inventory at QGBS's option to buy back from Distributor. Distributor may immediately discontinue and cease to use or reference to QGBS's logos and trademarks upon termination. The Distributor shall be free to purchase and sell products from other companies or entities.

10.   Non-disclosure

The Distributor acknowledges that it has and will have access to certain confidential information of QGBS and its affiliates that is valuable, special and unique, including, but not limited to assets and property of the QGBS and such affiliates. The Distributor will not, during or after the term of this Agreement, disclose, without the prior written consent or authorization of the QGBS, any of such information to any person, except to authorize representatives of the QGBS or its affiliates, for any reason or purpose whatsoever. In this regard, the Distributor agrees that such authorization or consent to disclosure may be conditioned upon the disclosure being made pursuant to a secrecy agreement, protective order, provision of statute, rule, regulation or procedure under which the confidentiality of the Information is maintained In the hands of the person to whom the information Is to be disclosed or in compliance with the terms of a judicial order or administrative process. This provision shall not apply to information already disclose by QGBS to other parties or public by QGBS. Distributor hereby agrees not to circumvent or bypass QGBS with respect to any financial, marketing, business, technological, or public relations contacts disclosed or introduced by QGBS.

 

11.  Trademark

Distributor acknowledges that all trademarks, service marks, trade names, logos, or other words indentifying QGBS products or QGBS business together with related services, related documentation and any advertising/promotional literature furnished by QGBS to Distributor are and will remain as the exclusive property of QGBS.

 

12.   Terms Control

Distributor acknowledges that it has read this Agreement, been advised to see legal counsel opinion, understood and agreed to be bound by its terms and conditions. Further, Distributor agrees that this Agreement is complete and exclusive statement of the business relationship by and between the Parties and supersedes all proposals and prior agreements, whether written or oral, and all other communications between the Parties relating to the subject matter of this Agreement and cannot be modified except in writing and signed by both the executive officers of Distributor and Quality Green Building Supplies, Inc.

 

13.  Notices

Any notices required or permitted to be given under this Agreement shall be sufficient if in writing and delivered or sent by registered or certified mail to the principal office of each party.

 

14.   Waiver of Breach

Any waiver by QGBS of a breach of any provision of this Agreement by Distributor shall not operate or be construed as a waiver of any subsequent breach by the Distributor.

15.   Assignment

This Agreement and the rights and obligations of the parties hereunder shall inure to the benefit of the Distributor and cannot be transfer or assign to any other Parties.

 

 

  

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16.   Jurisdiction and Venue

It Is the Intention of the Parties hereto that this Agreement and the performance hereunder and all suits and special proceedings hereunder be construed in accordance with and under and pursuant to the laws of the State of California. Therefore, each of the parties hereto hereby consents to the jurisdiction and venue of the courts of the State of California.  BOTH PARTIES AGREE THAT ANY DISPUTE ARISING UNDER THIS AGREEMENT SHALL BE SUBMITTED TO BINDING ARBITRATION OR MEDIATION.

 

17.   Invalid Provisions.

In the event that any provision of this Agreement is found to be invalid or otherwise unenforceable under any applicable law, such invalidity or unenforceability shall not be construed as rendering any other provisions contained herein invalid or unenforceable, and all such other provisions shall be given full force and effect to the same extent as though the invalid or unenforceable provision were not contained herein.

 

18.   Counterparts

This Agreement may be executed in counterparts, each of which shall be deemed an original but both of which taken together shall constitute but one and the same document.

 

 

IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the day and year first above written.

 

 

Apollo Solar lighting Pole LLC. By:

 

	 	 	 	 	 
	
/s/ Samson Cheung 

	 	 	
Samson Cheung 

	 
	
Duly Authorized Signature

	 	 	
Print Name

	 
	 	 	 	 	 
	President	 	 	10-12-10	 
	
Title 

	 	 	
Date

	 

 

 

Quality Green Building Supplies, Inc. By:

 

	 	 	 	 	 
	
/s/ Spencer Luo

	 	 	
Spencer Luo 

	 
	
Duly Authorized Signature

	 	 	
Print Name

	 
	 	 	 	 	 
	CEO	 	 	10-12-10	 
	
Title 

	 	 	
Date

	 

 

 

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