Document:

Exhibit 10.1

 

REVOLVING LOAN AND SECURITY
AGREEMENT

 

THIS
REVOLVING LOAN AND SECURITY AGREEMENT (this “Agreement”), dated as of July 31, 2013 (the “Effective
Date”) is entered into by and between Valusetters Inc., a Utah corporation the “Borrower”), and VaxStar
LLC, a Delaware limited liability company (“Lender”).

 

RECITALS

 

WHEREAS,
Lender is a shareholder of Valuesetters Inc. and has purchased the debt previously owed to a secured lender under a revolving
loan and security agreement dated April 28, 2011;

 

WHEREAS,
Borrower has requested that Lender make advances to Borrower from time to time on a revolving basis in an aggregate principal
amount at any time thereof not to exceed two hundred fifty thousand dollars ($250,000) (the “Maximum Principal Amount”);
and

 

WHEREAS,
Lender is willing to make such advances to Borrower on the terms and subject to the conditions set forth herein.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and covenants contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender, intending to be legally bound, hereby agree
as follows:

 

1. Loans
and Promissory Note.

 

	(a)		Commitment to Lend.  Subject to the
terms and conditions set forth in this Agreement, Lender hereby agrees to make advances to Borrower (each a “Loan Advance”
and collectively, the “Loan Advances”) from time to time, during the period beginning on the date hereof and
ending on the Maturity Date (the “Draw Period”), in an amount up to, but not to exceed, the Maximum Principal
Amount in the aggregate outstanding at any time, for the purposes stated herein only.  During the Draw Period, subject
to the terms and condition of this Agreement, Borrower may borrow, repay, and re-borrow amounts up to the Maximum Principal Amount
at any time and from time to time.

	 		 

	(b)		Promissory Note.  The Loan Advances
made by Lender hereunder shall be evidenced by the duly executed Revolving Promissory Note of Borrower to Lender, dated as of
the date hereof in an original principal amount equal to the Maximum Principal Amount and in the form attached hereto as Exhibit
A (as amended, modified, extended, renewed or replaced from time to time, the “Note”).

	 		 

	(c)		Repayments.  Borrower shall pay in
full any remaining outstanding principal amount, all accrued but unpaid interest, and all other Obligations on the Maturity Date.

	 		 

	(d)		Payment of Interest.

 

	(i)		Subject to Section 7(b)(ii), the principal amount
outstanding under the Loan Advances shall accrue interest from the date of issuance until the Maturity Date at the rate of eight
percent (8%) per annum, compounding daily.  The initial payment of accrued interest shall be made on August 31, 2013,
and payment of accrued interest shall be made on the first calendar day of each month thereafter. Should Borrower not make a monthly
interest payment, the payment amount will be added to the principal balance due under this Agreement.

	 		 

	(ii)		Interest will be computed on the basis of a year deemed
to consist of 360 days and shall be paid for the actual number of days elapsed.

 

 

    	 

    	 

    

 

2. Creation
of a Security Interest.

 

	(a)		Grant of Security Interest.

 

	(i)		Borrower hereby grants to Lender, to secure the payment
and performance in full of all of the Obligations, a continuing security interest in, and pledges to Lender, all of Borrower’s
right, title and interest in, to and under all the Collateral, wherever located, whether now owned or hereafter acquired or arising,
and all proceeds and products thereof.  Borrower represents, warrants, and covenants that the security interest granted
herein is and shall at all times be a first priority perfected security interest in the Collateral other than with respect to
Permitted Liens.  If Borrower shall acquire a commercial tort claim, Borrower shall promptly notify Lender in writing
of the general details thereof and grant to Lender a security interest therein and in the proceeds thereof, all upon the terms
of this Agreement, with such writing to be in form and substance reasonably satisfactory to Lender.

	 		 

	(ii)		If this Agreement is terminated, Lender’s security
interest in the Collateral shall continue until the Obligations are repaid in full in cash.  Upon payment in full in
cash of the Obligations and at such time as Lender’s obligation to make Loan Advances has terminated, Lender shall, at Borrower’s
sole cost and expense, release its security interest in the Collateral and all rights therein shall revert to Borrower.

	 		 

	(b)		Authorization to File Financing Statements.  Borrower
hereby authorizes Lender to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect
or protect Lender’s interest or rights hereunder.  Such financing statements may indicate the Collateral as “all
assets of the Debtor” or words of similar effect, or as being of an equal or lesser scope, or with greater detail, all in
Lender’s discretion.  Lender shall promptly provide Borrower with a copy of any such financing statements following
filing.

	 		 

 

3. Conditions
of Loans.

 

	(a)		Conditions Precedent to Loan Advances.  Lender’s
obligation to make each Loan Advance is subject to satisfaction of the following conditions:

 

	(i)		Receipt of an executed Notice of Borrowing (as defined
below);

 

	(ii)		The representations and warranties in Section 4
shall be true in all material respects on the date of the Notice of Borrowing and the Loan Date (as defined below);

	 		 

	(iii)		No Event of Default shall have occurred and be continuing
or result from such Loan Advance;

	 		 

	(iv)		There shall not have occurred, in Lender’s sole
discretion, any Material Adverse Change.

 

	(b)		Procedure for Borrowing.  Subject to
the prior or simultaneous satisfaction of the conditions set forth in Section 3(a), to obtain a Loan Advance, Borrower shall give
written notice to Lender in the form attached as Exhibit B (a “Notice of Borrowing”) not later than
the tenth (10th) Business Day prior to
the date of the proposed Loan Advance (the “Loan Date”).  Each Notice of Borrowing shall be in writing
and shall specify (a) the Loan Date; (b) the account of Borrower to be funded and the wire instructions applicable thereto; (c)
the purpose for which such Loan Advance shall be used; and (d) the amount of such proposed Loan Advance.  Each Loan
Advance shall be made to Borrower following Lender’s receipt of a Notice of Borrowing and satisfaction of the other
conditions set forth in Section 3(a), Lender shall deliver the applicable Loan Advance to Borrower on the Loan Date by ACH transfer
of immediately available funds to the account specified by Borrower.

	 		 

4. Representations
and Warranties of Borrower.

Borrower
hereby represents and warrants to Lender as of the date hereof as follows:

 

	(a)		Binding Agreement.  The Loan Documents
constitute or will constitute, when issued and delivered, valid and binding obligations of Borrower, enforceable in accordance
with their respective terms, subject to bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’
rights in general, and general principles of equity.

	 		 

	(b)		Organization; Power; Authorization.  Borrower
is a Registered Organization duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation
or incorporation, as the case may be.  Borrower has all requisite power and authority (corporate and otherwise) to execute,
deliver and perform the Loan Documents and to consummate the transactions contemplated thereby.  The execution, delivery
and performance by Borrower of the Loan Documents and the consummation of the transactions contemplated thereby have been duly
authorized by all necessary action on the part of Borrower.

	 		 

	(c)		Non-Contravention.  Neither the execution
and the delivery of the Loan Documents, nor the consummation of the transactions contemplated hereby, will (a) violate any injunction,
judgment, order, decree, ruling, charge or any provision of Borrower’s charter documents, or, to Borrower’s knowledge,
any restriction of any government, governmental agency, or court to which Borrower is subject, or (b) conflict with, result in
a material breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate,
terminate, modify, or cancel, any material agreement, contract, lease, license, instrument, or other arrangement to which Borrower
is a party or by which it is bound or to which any of its assets are subject.

 

 

    	 

    	 

    

 

	(d)		Collateral.

 

	(i)		Borrower has good title to, has rights in, and the power
to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens
except Permitted Liens. The security interests and Liens granted to Lender under this Agreement and the other Loan Documents to
which Borrower is a party constitute valid and perfected first priority liens and security interests in and upon the Collateral
to which Borrower now has or hereafter acquires rights other than with respect to Permitted Liens.  The Accounts are
bona fide, existing obligations of the Account Debtors.

	 		 

	(ii)		All Inventory is in all material respects of good and
marketable quality, free from material defects.

	 		 

	(iii)		Borrower is the owner of its intellectual property,
except for non-exclusive licenses granted to its customers in the ordinary course of business. Each patent is valid and enforceable
and no part of the intellectual property of the Borrower has been judged invalid or unenforceable, in whole or in part, and to
the best of Borrower’s knowledge, no claim has been made that any part of the intellectual property violates the rights
of any third party.

	 		 

	(iv)		Borrower is not a party to, nor is bound by, any material
license or other agreement with respect to which Borrower is the licensee (A) that prohibits or otherwise restricts Borrower from
granting a security interest in Borrower’s interest in such license or agreement or any other property, or (B) for which
a default under or termination of could interfere with Lender’s right to sell any Collateral.  Borrower shall
provide written notice to Lender within ten (10) days of entering or becoming bound by any such license or agreement which is
reasonably likely to have a material impact on Borrower’s business or financial condition (other than over-the-counter software
that is commercially available to the public). Borrower shall take such steps as Lender requests to obtain the consent of, or
waiver by, any Person whose consent or waiver is necessary for (Y) all such licenses or agreements to be deemed “Collateral”
and for Lender to have a security interest in it that might otherwise be restricted or prohibited by law or by the terms of any
such license or agreement, whether now existing or entered into in the future, and (Z) Lender to have the ability in the event
of a liquidation of any Collateral to dispose of such Collateral in accordance with Lender’s rights and remedies under this
Agreement and the other Loan Documents.

	 		 

	(e)		Tax Returns and Payments.  Borrower
has filed, or caused to be filed, in a timely manner all material tax returns, reports and declarations which are required to
be filed by it (without requests for extension except as previously disclosed in writing to Lender).  All information
in such tax returns, reports and declarations is complete and accurate in all material respects.  Borrower has paid
or caused to be paid prior to delinquency all taxes due and payable or claimed due and payable in any assessment received by it,
except taxes the validity of which are being contested in good faith by appropriate proceedings diligently pursued and available
to Borrower and with respect to which adequate reserves have been set aside on its books.  Adequate provision has been
made by Borrower for the payment of all accrued and unpaid federal, state, county, local, foreign and other taxes whether or not
yet due and payable and whether or not disputed.

 

5.
Covenants.

 

	(a)		Affirmative Covenants.

 

	(i)		Maintenance of Properties.  Borrower
shall maintain all tangible property included in the Collateral in good order and repair, subject to normal wear and tear, and
make all needed and proper repairs to its properties so that Borrower’s business may be properly and advantageously conducted
at all times in accordance with prudent business management and in compliance with all governmental requirements and regulations;

	 		 

	(ii)		Use of Proceeds.  Borrower shall use
the proceeds of the Loan Advances solely as working capital and to fund its general business requirements and not for personal,
family, household or agricultural purposes;

	 		 

	(iii)		Insurance.  Borrower shall, at all
times, maintain with financially sound and reputable insurers insurance with respect to the Collateral against loss or damage
and all other insurance of the kinds and in the amounts customarily insured against or carried by corporations of established
reputation engaged in the same or similar businesses and similarly situated.

	 		 

	(iv)		Further Assurances.  Borrower shall
execute any further instruments and take further action as Lender reasonably requests to perfect or continue Lender’s security
interest in the Collateral or to otherwise effect the purposes of this Agreement.

	 		 

	(b)		Negative Covenants.  Borrower shall
not, without Lender’s prior written consent:

	 		 

	(i)		Dispositions.  Convey, sell, lease,
transfer or otherwise dispose of (collectively, “Transfer”), or permit any of its subsidiaries to Transfer,
all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of
worn-out or obsolete Equipment; (c) in connection with Permitted Liens; and (d) of non-exclusive licenses for the use of the property
of Borrower or its subsidiaries in the ordinary course of business;

	 		 

	 		 

	(ii)		Mergers or Acquisitions.  Merge or
consolidate, or permit any of its subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its
subsidiaries to acquire, all or substantially all of the capital stock or property of another Person.  A subsidiary
may merge or consolidate into another subsidiary or into Borrower; provided that, in the case of a merger of a subsidiary into
Borrower, Borrower shall remain the surviving entity.

	 		 

	(iii)		Indebtedness.  Borrow money or engage
in any other financing transaction for borrowed money except under this Agreement and except for trade payables incurred in the
ordinary course of Borrower’s business;

	 		 

	(iv)		Encumbrances.  Create, incur, allow,
or suffer any Lien on any Collateral, or assign or convey any right to receive income or permit any of Borrower’s subsidiaries
to do so, or permit any Collateral not to be subject to the first priority security interest granted herein, in each case, other
than with respect to Permitted Liens;

	 		 

	(v)		Loans.  Make any loan to any Person
except receivable, prepaid items or deposits incurred in the ordinary course of business; or

	 		 

	(vi)		Capital Expenditures.  Make nor agree
to make any material capital expenditures.

    	 

    	 

    

 

 6. Representations
and Warranties of Lender.

 

	(a)		Binding Agreement.  This Agreement
constitutes or will constitute, when issued and delivered, a valid and binding obligation of Lender, enforceable in accordance
with its terms, subject to bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’ rights
in general, and general principles of equity.

	 		 

	(b)		Organization; Power; Authorization.  Lender
is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware.  Lender
has full limited liability company power and authority to execute, deliver and perform this Agreement and to consummate the transactions
contemplated hereby.  The execution, delivery and performance by Lender of this Agreement and the consummation of the
transactions contemplated hereby have been duly authorized by all necessary limited liability company action.

	 		 

	(c)		Non-Contravention.  Neither the execution
and the delivery of the Loan Documents, nor the consummation of the transactions contemplated hereby, will (a) violate any injunction,
judgment, order, decree, ruling, charge or any provision of Lender’s charter documents, or, to Lender’s knowledge,
any restriction of any government, governmental agency, or court to which Lender is subject, or (b) conflict with, result in a
material breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate,
modify, or cancel, any material agreement, contract, lease, license, instrument, or other arrangement to which Lender is a party
or by which it is bound or to which any of its assets are subject

 

7. Events
of Default; Remedies Upon Default.

 

	(a)		Events of Default.  The occurrence
of any of the following events shall constitute an event of default (each, an “Event of Default”) hereunder:

 

	(i)		Borrower fails to pay timely any of the principal and
any accrued interest or other amounts due under the Loan Documents when the same becomes due and payable;

	 		 

	(ii)		Borrower (A) files any petition or action for relief
under any bankruptcy, reorganization, insolvency or moratorium law, or any other law for the relief of, or relating to, debtors,
now or hereafter in effect; (B) applies for or consents to the appointment of a custodian, receiver, trustee, sequestrator,
conservator or similar official for Borrower or for a substantial part of Borrower’s assets; (C) makes a general assignment
for the benefit of creditors; (D) becomes unable to, or admits in writing its inability to, pay its debts generally as they
come due; or (E)  takes any corporate action in furtherance of any of the foregoing;

	 		 

	(iii)		An involuntary petition is filed against Borrower (unless
such petition is dismissed or discharged within sixty (60) days) under any bankruptcy statute now or hereafter in effect, or a
custodian, receiver, trustee, sequestrator, conservator, assignee for the benefit of creditors (or other similar official) is
appointed to take possession, custody or control of any property of Borrower;

	 		 

	(iv)		One or more final and non-appealable judgments for the
payment of money in an amount, individually or in the aggregate, of at least $100,000 (not covered by independent third-party
insurance as to which liability has been accepted by such insurance carrier) are entered by a court of competent jurisdiction
against Borrower which judgment remains undischarged, unsatisfied, unvacated or unstayed for a period of ten (10) days after
such judgment becomes final and non-appealable (and Lender shall not be required to make any Loan Advances prior to the satisfaction,
vacation or stay of such judgment, order or decree);

	 		 

	(v)		A default or breach occurs under any agreement between
Borrower and any creditor of Borrower that signed a subordination, intercreditor, or other similar agreement with Lender, or any
creditor that has signed such an agreement with Lender breaches any terms of such agreement;

	 		 

	(vi)		Any representation, warranty or other statement made
by Borrower in the Loan Documents, or any other agreement or other document delivered in connection with any of the Loan Documents,
shall prove to have been false or misleading in any material respect when made;

	 		 

	(vii)		Borrower violates any covenant set forth in Section
5 hereof; or

	 		 

	(viii)		After the date hereof, Borrower grants any Person, other
than Lender, any Lien or other encumbrance on all or any substantial part of its assets, other than (A) with respect to Permitted
Liens or (B) with respect to any Lien or other encumbrance that is junior in priority to the Lien created by Section 2 hereof.

 

    	 

    	 

    

 

	(b)		Remedies Upon Default.

 

	(i)		Upon the occurrence of an Event of Default hereunder:

 

	(A)		all unpaid principal, accrued interest and other amounts
owing hereunder shall, at the option of Lender, be immediately due and payable by Borrower;

	 		 

	(B)		Lender may terminate its commitment to make additional
Loan Advances; and

	 		 

	(C)		Lender may proceed to protect and enforce its right
by suit in the specific performance of any covenant or agreement contained in the Loan Documents or in aid of the exercise of
any power granted in the Loan Documents or may proceed to enforce the payment of the Loan Documents or to enforce any other legal
or equitable rights as Lender may have, including exercising any right or remedies available to Lender under the Loan Documents
and under the Code (including disposal of the Collateral pursuant to the terms thereof).

 

	(ii)		Any and all amounts (including principal, unpaid interest
and all reasonable costs and expenses of collection, including reasonable attorneys’ fees) outstanding hereunder after an
Event of Default shall bear interest from the date due until paid at the rate of fifteen percent (15%) per annum.

	 		 

	(c)		Power of Attorney.  Borrower hereby
irrevocably appoints Lender as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event
of Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or security; (b) sign Borrower’s
name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims
about the Accounts directly with Account Debtors, for amounts and on terms Lender determines reasonable; (d) make, settle, and
adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security
interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate
or discharge the same; and (f) transfer the Collateral into the name of Lender or a third party as the Code permits.

	 		 

	(d)		Application of Payments and Proceeds.  If
an Event of Default has occurred and is continuing, Borrower shall have no right to specify the order or the accounts to which
Lender shall allocate or apply any payments required to be made by Borrower to Lender or otherwise received by Lender under this
Agreement when any such allocation or application is not specified elsewhere in this Agreement.  If an Event of Default
has occurred and is continuing, Lender may apply any funds in its possession, whether from Borrower account balances, payments,
proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations
in such order as Lender shall determine in its sole discretion.  If Lender, in its good faith business judgment, directly
or indirectly enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Lender
shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price
or deferring the reduction of the Obligations until the actual receipt by Lender of cash therefor.

	 		 

	(e)		Lender’s Liability for the Collateral.  So
long as Lender complies with reasonable practices regarding the safekeeping of the Collateral in the possession or under the control
of Lender, Lender shall not be liable or responsible for: (i) any loss or damage to the Collateral; (ii) any diminution in the
value of the Collateral; or (iii) any act or default of any carrier, warehouseman, bailee, or other Person.  So long
as Lender complies with reasonable practices regarding the safekeeping of the Collateral in the possession or under the control
of Lender, Borrower bears all risk of loss, damage or destruction of the Collateral.

 

8. Other
Provisions.

 

	(a)		Demand Waiver; Representations and Expenses.  Borrower
waives presentment, notice of dishonor, protest and notice of protest of this Agreement and the Note and all other notices or
demands in connection with the delivery, acceptance, performance, default or endorsement of the Loan Documents, and shall pay
reasonable out-of-pocket costs and expenses of collection when incurred by Lender, including, without limitation, reasonable attorneys’
fees and expenses

	 		 

	(b)		Waivers by Lender; Remedies Cumulative.  Lender’s
failure, at any time or times, to require strict performance by Borrower of any provision of this Agreement or any other Loan
Document shall not waive, affect, or diminish any right of Lender thereafter to demand strict performance and compliance herewith
or therewith. No waiver hereunder shall be effective unless signed by Lender and then is only effective for the specific instance
and purpose for which it is given. Lender’s rights and remedies under this Agreement and the other Loan Documents are cumulative.  Lender
has all rights and remedies provided under the Code, by law, or in equity.  Lender’s exercise of one right or
remedy is not an election, and Lender’s waiver of any Event of Default is not a continuing waiver. Any delay in exercising
any remedy by Lender is not a waiver, election, or acquiescence.

    	 

    	 

    

 

 

	(c)		Binding Agreement; Governing Law.  This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  This
Agreement shall be governed by and construed in accordance with the internal and substantive laws of the State of Delaware and
without regard to any conflicts of laws concepts which would apply the substantive law of some other jurisdiction.

	 		 

	(d)		Further Assurances.  The parties hereto
agree to execute and deliver all such other papers and documents and to take such other further actions that may be reasonably
necessary or appropriate to carry out the terms of this Agreement.

	 		 

	(e)		Entire Agreement; Amendment.  The Loan
Documents contain the entire agreement among the parties with respect to the subject matter hereof and there are no agreements,
understandings, representations, or warranties regarding the subject matter hereof that are not set forth herein.  This
Agreement may not be amended or revised except by a writing signed by Borrower and Lender.

	 		 

	(f)		Notices.  Any notices required or permitted
to be sent to Borrower or Lender shall be delivered to the address of Borrower or Lender, as applicable, as set forth below.  All
notices required or permitted hereunder, to be effective, shall be in writing and shall be deemed effectively given: (i) when
sent by confirmed facsimile if sent during normal business hours of the recipient, and if not, then on the next Business Day,
(ii) three (3) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iii)
one (1) Business Day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt.

 

If
to Borrower, to:

 

Manuel
Teixeira

Valuesetters
Inc.

430
North Street

White
Plains, NY 10605

 

 

If
to Lender, to:

VaxStar
LLC

P.
O. Box 277, Hingham Ma 02043 

 

	(g)		Counterparts.  This Agreement may be
executed in one or more counterparts, all of which when taken together shall constitute but one instrument, and in the event any
signature is delivered by facsimile or “.pdf” transmission, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or
“.pdf” were an original thereof.

	 		 

	(h)		Severability.  The provisions of this
Agreement are severable, and the invalidity of any provision shall not affect the validity or enforceability of any other provision
hereof.

	 		 

	(i)		Captions.  The captions herein have
been inserted solely for convenience of reference and in no way define, limit, or describe the scope or substance of any provision
of this Agreement.

	 		 

	(j)		Interpretation.  All pronouns used
herein shall include the masculine, feminine, and neuter gender as the context requires.  All defined terms shall include
both the plural and singular case as the context requires.

	 		 

	(k)		Restriction on Assignment.  Notwithstanding
anything herein to the contrary, Borrower shall not assign this Agreement without obtaining the prior written approval of Lender.  Lender
may assign or transfer any of its rights or obligations under the Loan Documents without the consent of Borrower, and the provisions
of the Loan Documents shall be binding upon and inure to the benefit of such assignee or transferee.  Any attempted
assignment in violation of this Section 8(k) shall be void and the other party hereto shall not recognize any such purported
assignment.

	 		 

	(l)		Borrower Matters.  Borrower may request
a Loan Advance hereunder. Borrower acknowledges that Loan Advances totaling $31,148 have already been made to it and such advances
shall be governed by this agreement. Borrower hereunder shall be obligated to repay all Loan Advances made hereunder. Borrower
waives any suretyship defenses available to it under the Code or any other applicable law.  Borrower waives any right
to require Lender to: (i) proceed against any Borrower or any other Person; (ii) proceed against or exhaust any security; or (iii)
pursue any other remedy. Lender may exercise or not exercise any right or remedy it has against Borrower or any security it holds
(including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability hereunder.
Notwithstanding any other provision of this Agreement or any other Loan Document, Borrower irrevocably waives all rights that
it may have at law or in equity (including, without limitation, any law subrogating Borrower to the rights of Lender under this
Agreement) to seek contribution, indemnification or any other form of reimbursement from any other Borrower, or any other Person
now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by Borrower with respect to
the Obligations in connection with this Agreement, any other Loan Document or otherwise and all rights that it might have to benefit
from, or to participate in, any security for the Obligations as a result of any payment made by Borrower with respect to the Obligations
in connection with this Agreement or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement
prohibited under this Section 8(l) shall be null and void. If any payment is made to a Borrower in contravention of this Section
8(l), such Borrower shall hold such payment in trust for Lender and such payment shall be promptly delivered to Lender for application
to the Obligations, whether matured or unmatured.

	 		 

9. Definitions.  As
used in this Agreement:

 

	(a)		“Account” means all present and future
rights of Borrower to payment for goods sold or leased or for services rendered, which are not evidenced by instruments or chattel
paper, and whether or not earned by performance.

	 		 

	(b)		“Account Debtor” is any “account
debtor” as defined in the Code with such additions to such term as may hereafter be made.

	 		 

	(c)		“Business Day” means any day except
Saturday, Sunday and any day which shall be a federal legal holiday or a day on which banking institutions in the State of Delaware
are authorized or required by law or governmental action to close.

 

    	 

    	 

    

	(d)		“Code” means the Uniform Commercial
Code, as the same may, from time to time, be enacted and in effect in the State of Delaware; provided, that, to the extent that
the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles
or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern; provided further, that
in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies
with respect to, Lender’s security interest in any Collateral is governed by the Uniform Commercial Code in effect in a
jurisdiction other than the State of Delaware, the term “Code” shall mean the Uniform Commercial Code as enacted and
in effect in such other jurisdiction solely for purposes on the provisions thereof relating to such attachment, perfection, priority,
or remedies and for purposes of definitions relating to such provisions.

	 		 

	(e)		“Collateral” is any and all properties,
rights and assets of Borrower described on Exhibit C.

	 		 

	(f)		“Equipment” is all “equipment”
as defined in the Code with such additions to such term as may hereafter be made, and includes without limitation all machinery,
fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing.

	 		 

	(g)		“Inventory” means all “inventory”
as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without
limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products,
including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and
including any returned goods and any documents of title representing any of the above.

	 		 

	(h)		“Lien” means any claim, mortgage,
deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising
by operation of law or otherwise against any property.

	 		 

	(i)		“Loan Documents” means this Agreement
and the Note, each as amended, restated, or otherwise modified.

	 		 

	(j)		“Material Adverse Change” means (i)
any impairment in the perfection or priority of Lender’s security interest in the Collateral, other than with respect to
any Permitted Lien, or in the value of such Collateral; (ii) a material adverse change in the business, operations or condition
(financial or otherwise) of Borrower; or (iii) a material impairment in the prospect of repayment of any portion of the Obligations.

	 		 

	(k)		“Maturity Date” means June 30, 2015.

	 		 

	(l)		“Obligations” means Borrower’s
obligation to pay when due any debts, principal, interest, and other amounts Borrower owes Lender now or later under the Loan
Documents.

	 		 

	(m)		“Permitted Liens” means (i) Liens
for taxes, fees, assessments or other government charges or levies, either not delinquent or being contested in good faith and
for which Borrower maintains adequate reserves on its books, provided that no notice of any such Lien has been filed or recorded
under the Internal Revenue Code of 1986, as amended, and the treasury regulations adopted thereunder; (ii) purchase money Liens
(A) on Equipment acquired or held by Borrower incurred for financing the acquisition of Equipment securing no more than One Hundred
Thousand Dollars ($100,000) in the aggregate amount outstanding, or (B) existing on Equipment when acquired, if the Lien is confined
to the property and improvements and the proceeds of the Equipment; (iii) statutory Liens securing claims or demands of materialmen,
mechanics, carriers, warehousemen, landlords and other Persons imposed without action of such parties; provided that, the aggregate
amount of such Liens does not at any time exceed One Hundred Thousand Dollars ($100,000.00); and (iv) Liens incurred in the extension,
renewal or refinancing of the indebtedness secured by Liens described in (i) through (ii), but any extension, renewal or replacement
Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase.

	 		 

	(n)		“Person” means an individual, corporation
association, partnership, limited liability company, joint venture, trust, government, agency department or any other entity.

	 		 

	(o)		“Records” means all of Borrower’s
present and future books of account of every kind or nature, purchase and sale agreements, invoices, ledger cards, bills of lading
and other shipping evidence, statements, correspondence, memoranda, credit files and other data relating to the Collateral or
any account debtor, together with the tapes, disks, diskettes and other data and software storage media and devices, file cabinets
or containers in or on which the foregoing are stored (including any rights of Borrower with respect to the foregoing maintained
with or by any other person).

	 		 

	(p)		“Registered Organization” means any
“registered organization” as defined in the Code with such additions to such term as may hereafter be made.

 

 

[SIGNATURE PAGE FOLLOWS]

   

 

    	 

    	 

    

 

 

 

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

 

	
        BORROWER:

         

        VALUESETTERS, INC.

         

        By:                

        Name:  

        Title:  Authorized Signatory

         

         
	
        LENDER:

         

        VAXSTAR LLC

         

         

        By:              

        Name: 

        Title:  Chairman

	 	 

 

 

    	 

    	 

    

Exhibit A

 

 

Form of Promissory Note

 

REVOLVING PROMISSORY NOTE

 

	Up to $250,000	July 31, 2013

 

FOR
VALUE RECEIVED, VALUESETTERS INC., a Delaware corporation, (the “Borrower”), hereby absolutely, irrevocably,
unconditionally to pay to the order of NETCAPITAL.COM LLC, a Delaware limited liability company (“Lender”),
in United States dollars and in immediately available funds, the principal sum of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000),
or such lesser amount as may be advanced by Lender to the Borrower from time to time in accordance with that certain Revolving
Loan and Security Agreement dated as of July 31, 2013, between the Borrower and Lender (as it may be amended, modified, extended
or restated from time to time, the “Loan Agreement”), together with interest thereon, as provided in the Loan
Agreement.  Notwithstanding the foregoing, the aggregate principal amount outstanding under this Revolving Promissory
Note (this “Note”) shall not exceed two hundred fifty thousand dollars ($250,000).  This Note is
subject to all of the terms and conditions set forth in, and such terms and conditions are hereby incorporated herein by reference
to, the Loan Agreement.  All capitalized terms not otherwise defined herein shall have the meanings set forth in the
Loan Agreement.  In the event of any conflict between the provisions of this Note and the Loan Agreement, the provisions
of the Loan Agreement shall prevail.

 

The
obligations of the Borrower evidenced by this Note are secured as set forth in the Loan Agreement.

 

Except
as otherwise provided in the Loan Documents, all outstanding principal and interest with respect to Loan Advances shall be due
and payable in full in cash on the Maturity Date.  The daily unpaid principal balance outstanding under this Note shall
bear interest at the rate(s) set forth in the Loan Agreement.  The Loan Advances may be prepaid in whole or in part
at any time without premium or penalty and amounts repaid may be re-borrowed in accordance with the provisions of the Loan Agreement.

 

Upon
the occurrence of an Event of Default, Lender shall have, and shall be entitled to exercise, all of the rights and remedies set
forth in the Loan Documents.

 

All
payments in respect of amounts outstanding under this Note shall be paid in immediately available funds to the account(s) specified
by Lender from time to time.  Any payment due in respect of this Note which falls due on a day other than a Business
Day shall be made on the next Business Day.

 

The
Borrower hereby waives presentment and demand for payment, notice of dishonor, protest and notice of protest of this Note.  No
release of any security for the payment of this Note or extension of time for payment of this Note, and no alteration, amendment
or waiver of any provision of this Note made by agreement between Lender and any other Person shall release, discharge, modify,
change or affect the liability of the Borrower under this Note.

 

Each
right, power and remedy of Lender under this Note, the Loan Agreement, any other Loan Document, or under applicable laws shall
be cumulative and concurrent, and the exercise of any one or more of them shall not preclude the simultaneous or later exercise
by Lender of any or all such other rights, powers or remedies.  No failure or delay by Lender to insist upon the strict
performance of any one or more provisions of this Note, the Loan Agreement, any other Loan Document, or to exercise any right,
power or remedy consequent upon an Event of Default shall constitute a waiver thereof, or preclude Lender from exercising any
such right, power or remedy.  No modification, change, waiver or amendment of this Note shall be deemed to be made unless
in writing signed by the Borrower and Lender. This Note shall inure to the benefit of and be binding upon the Borrower and Lender
and their respective successors and assigns; provided that except as set forth in the Loan Agreement, the Borrower shall have
no right to assign any of its rights or delegate any of its obligations under this Note and provided further there shall be no
restrictions of any nature on Lender’s right to assign this Note or its rights hereunder.  The invalidity, illegality
or unenforceability of any provision of this Note shall not affect or impair the validity, legality or enforceability of any other
provision.  This Note shall be deemed to be made in, and shall be governed by the laws of, the State of Delaware (without
regard to its conflicts of laws principles).

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
this Revolving Promissory Note has been duly executed by the undersigned as of the day and year first above written.

 

 

	
        BORROWER:

         

        VALUESETTERS, INC.

         

        By:                

        Name:  

        Title:  Authorized Signatory

         

 

 

    	 

    	 

    

Exhibit B

Form of Notice of Borrowing/Loan Advance
Request

NOTICE OF BORROWING/LOAN ADVANCE
REQUEST

 

Date:                      

VaxStar LLC

P. O. Box 277

Hingham Ma 02043

 

Attention:                                

 

Advance Request:                             Revolving
Loan and Security Agreement

 

Dear Gentlemen:

Reference is made to that certain Revolving
Loan and Security Agreement (as from time to time amended, varied, supplemented or otherwise modified, the “Loan Agreement”),
dated as of April 28, 2011, by and between Valuesetters Inc (the “Borrower”), and (ii) NetCapital.com LLC, a
Delaware limited liability company (“Lender”).

This is a Notice of Borrowing.  All
capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Loan Agreement.

 

1.  
LOAN ADVANCE REQUEST

 

In
accordance with the Loan Agreement, the undersigned hereby requests that Lender make a Loan Advance as follows:

	 		 

	a.		Loan Date:  July 31, 2013

 

	b.		Amount of Loan Advance:  US  $_________________
to be disbursed as follows:

 

Valuesetters
Inc

Account
Information

ABA
# Account #

 

	c.		Purpose for which Loan Advance will be used:

 

2.           CERTIFICATION.

The
Borrower hereby certifies that (a) the representations and warranties in Section 4 of the Loan Agreement are true in all material
respects as of the date hereof, (b) no Event of Default (i) has occurred that is continuing as of the date hereof and (ii) will
result from the Loan Advance requested hereunder and (c) no Material Adverse Change has occurred.

 

Sincerely,

 

 

 

Valuesetters Inc.

 

 

    	 

    	 

    

 

Exhibit C

 

Description of Collateral

 

The Collateral consists of all of Borrower’s
right, title and interest in and to the following personal property:

 

1.
All Accounts and other indebtedness owed to Borrower;

 

2.
All present and future contract rights, general intangibles (including, but not limited to, tax and duty refunds, intellectual
property, registered and unregistered patents, trademarks, service marks, copyrights, trade names, applications for the foregoing,
technology, software, know-how, designs, trade secrets, goodwill, processes, drawings, blueprints, customer lists, mailing lists,
licenses, whether as licensor or licensee, choses in action and other claims and existing and future leasehold interests in equipment,
real estate and fixtures), chattel paper, documents, instruments, securities, investment property, letters of credit, proceeds
of letters of credit, bankers’ acceptances and guaranties;

 

3.
All present and future monies, securities, credit balances, deposits, deposit accounts and other property of Borrower now or hereafter
held or received by or in transit to Lender, any Lender or any of their respective affiliates or at any other depository or other
institution from or for the account of Borrower, whether for safekeeping, pledge, custody, transmission, collection or otherwise,
and all present and future Liens, security interests, rights, remedies, title and interest in, to and in respect of Accounts and
other Collateral, including, without limitation, (a) rights and remedies under or relating to guaranties, contracts of suretyship,
letters of credit and credit and other insurance related to the Collateral, (b) rights of stoppage in transit, replevin, repossession,
reclamation and other rights and remedies of an unpaid vendor, lienor or secured party, (c) goods described in invoices, documents,
contracts or instruments with respect to, or otherwise representing or evidencing, Accounts or other Collateral, including, without
limitation, returned, repossessed and reclaimed goods, and (d) deposits by and property of Account Debtors or other Persons securing
the obligations of Account Debtors;

 

4.
All Inventory;

 

5.
All Equipment;

 

6.
All Records; and

 

7.
All products and proceeds of the foregoing, in any form, including, without limitation, insurance proceeds and any claims against
third parties for loss or damage to or destruction of any or all of the foregoing.amazonica_ex103.htm

Exhibit 10.3

 

 

STOCK PURCHASE AGREEMENT, dated as of August 30, 2013 by and among Michael Soursos (the “Buyer”), Amazonica, Corp., a Nevada corporation (the “Company”), and Andre Caetano (the “Seller”).

 

WITNESSETH:

 

WHEREAS, Buyer desires to purchase (the “Purchase”) in the aggregate 348,000,000 shares (the “Shares”) of common stock, par value $.0001 per share of the Company (the “Common Stock”), from the Seller, for an aggregate purchase price of $50,000 and the Seller desires to sell the Shares to the Buyer;

 

WHEREAS, immediately following the closing of the Purchase, the outstanding securities of the Company shall be 616,000,000 shares of Common Stock consisting of (a) 348,000,000 shares of Common Stock owned by Buyer, and (b) 268,000,000 shares of Common Stock owned by the Company's other stockholders.

 

NOW, THEREFORE, in consideration of the promises and the mutual covenants, representations and warranties contained herein, the parties hereto do hereby agree as follows:

 

1. SALE OF SECURITIES, ETC.

 

1.1 Share Purchase. Subject to the terms and conditions of this Agreement, at the Closing (as defined in Section 2.1 below) to be held pursuant to Section 2 below, the Seller shall sell, assign, transfer, convey and deliver to Buyer, and Buyer shall purchase and acquire from the Seller, good and marketable title to the Shares, free and clear of all mortgages, liens, encumbrances, claims, equities and obligations to other persons of every kind and character, except that the Shares will be “restricted securities” as defined in the Securities Act of 1933, as amended (the “Securities Act”). The purchase price for the Shares shall be $50,000(the “Purchase Price”), payable to the Seller in the form of a promissory note as attached hereto as Exhibit A (the “Promissory Note”).

 

1.2 Post-Closing Capital Structure. Immediately following the Closing there shall be no outstanding securities of the Company except 616,000,000 shares of Common Stock consisting of (a) 348,000,000 shares of Common Stock owned by Buyer, and (b) 268,000,000 shares of Common Stock owned by the Company's other stockholders.

 

2.1 Place and Time. The closing of the sale and purchase of the Shares (the “Closing”) shall take on such date (the “Closing Date”) and time as the parties shall so agree. Except as agreed to by the parties, the Closing shall occur simultaneous with the execution and delivery of this Agreement.

 

2.2 Deliveries by the Seller. At the Closing, the Seller shall deliver to Buyer certificate(s) representing the 616,000,000 Shares, duly registered in the name of the Buyer, and all other documents, instruments and writings required (or reasonably requested by the Buyer and/or its counsel), by this Agreement to be delivered by the Seller at the Closing.

 

  

1

  

 

2.3 Deliveries by the Company. At the Closing, the Company shall deliver to the Buyer the following:

 

(a) A certificate issued by the Nevada Secretary of State as to the good standing of the Company as of the date of the Closing;

 

(b) A true and complete copy of the Articles of Incorporation of the Company as in effect as of the date of the Closing, certified by the Secretary of State of Nevada;

 

(c) A true and correct copy of the By-Laws (as amended) of the Company as in effect as of the date of the Closing, certified by the Secretary of the Company;

 

(d) Board Resolutions authorizing all transactions contemplated by this Agreement, including, without limitation with respect to the appointment of the officers and directors provided for in Section 7.7 below; and

 

(e) The Company’s original minute books containing the resolutions and actions by written consent of the directors and stockholders of the Company and the Company’s other original books and records, including the Company’s financial and accounting records (including the Company’s general ledger), all banking records and federal and state tax and other regulatory filings and filing codes (including SEC EDGAR filing codes) in whatever media they exist, including paper and electronic media;

 

(f) Duly executed resignations of all of the Company’s officers and directors; and

 

(g) All other documents, instruments and writings required by this Agreement to be delivered by the Company at the Closing, all of the Company’s original books of account and record, and any other documents or records relating to the Company’s business reasonably requested by Buyer in connection with this Agreement.

 

2.4 Deliveries by Buyer. At the Closing, the Buyer shall deliver to the Seller the executed Promissory Note.

 

2. REPRESENTATIONS AND WARRANTIES OF THE SELLER

 

The Seller represents, warrants and covenants to and with Buyer as an inducement to Buyer to enter into this Agreement and to consummate the transaction contemplated hereby as follows:

 

3.1 Authorization of Agreement. The Company and the Seller are fully able, authorized and empowered to execute and deliver this Agreement and any other agreement or instrument contemplated by this Agreement and to perform their respective covenants and agreements hereunder and thereunder. This Agreement and any such other agreement or instrument, upon execution and delivery by the Seller and the Company (and assuming due execution and delivery hereof and thereof by the other parties hereto and thereto), will constitute a valid and legally binding obligation of the Seller and the Company, in each case enforceable against each of them in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws from time to time in effect which affect creditors' rights generally and by legal and equitable limitations on the availability of specific performance and other equitable remedies against the Company and the Seller under or by virtue of this Agreement or such other agreement or instrument.

 

  

2

  

 

3.2 Ownership of the Shares. The Seller is the record and beneficial owner of the Shares. The Seller holds the Shares free and clear of any lien, pledge, encumbrance, charge, security interest, claim or right of another and has the absolute right to sell and transfer the Shares to the Buyer as provided in this Agreement without the consent of any other person or entity. Upon transfer of the Shares to Buyer hereunder, Buyer will acquire good and marketable title to the Shares free and clear of any lien, pledge, encumbrance, charge, security interest, claim or right of another, other than applicable securities laws. The Seller has no other interest, direct or indirect, in the Company, other than the Shares.

 

3.3 No Breach. Neither the execution and delivery of this Agreement nor compliance by the Company and/or the Seller with any of the provisions hereof nor the consummation of the transactions and actions contemplated hereby will:

 

(a) violate or conflict with any provision of the Articles of Incorporation or By-Laws of the Company;

 

(b) violate or, alone or with notice of the passage of time, result in the material breach or termination of, or otherwise give any contracting party the right to terminate, or declare a material default under, the terms of any agreement or other document or undertaking, oral or written to which the Seller and/or the Company is a party or by which any of them or any of their respective properties or assets may be bound;

 

(c) result in the creation of any lien, security interest, charge or encumbrance upon any of the properties or assets of the Seller and/or the Company pursuant to the terms of any such agreement or instrument;

 

(d) violate any statute, ordinance, regulation judgment, order, injunction, decree or award of any court or governmental or quasi governmental agency against, or binding upon the Seller and/or the Company or upon any of their respective properties or assets; or

 

(e) violate any law or regulation of any jurisdiction relating to the Seller and/or the Company or any of their respective assets or properties.

 

3.4 Obligations; Authorizations. Neither the Company nor the Seller are (i) in violation of any judgment, order, injunction, award or decree which is binding on any of them or any of their assets, properties, operations or business which violation, by itself or in conjunction with any other such violation, would materially and adversely affect the consummation of the transaction contemplated hereby; or (ii) in violation of any law or regulation or any other requirement of any governmental body, court or arbitrator relating to him or it, or to his or its assets, operations or businesses which violation, by itself or in conjunction with other violations of any other law, regulation or other requirement, would materially adversely affect the consummation of the transaction contemplated hereby.

 

  

3

  

 

3.5 Consents. All requisite consents of third parties, including, but not limited to, governmental or other regulatory agencies, federal, state or municipal, required to be received by or on the part of the Company and the Seller for the execution and delivery of this Agreement and the performance of their respective obligations hereunder have been obtained and are in full force and effect. The Company and the Seller have fully complied with all conditions of such consents.

 

3.6 SEC Reports. The Company has filed in a timely manner with the Securities and Exchange Commission (the “SEC”) all reports required to be filed and is “current” in its reporting obligations (collectively, the “SEC Reports”). As of their respective dates, the SEC Reports comply in all material respects with the requirements of the Exchange Act and the rules and regulations promulgated thereunder and none of the SEC Reports contained an untrue statement of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Reports, and none of the SEC Reports, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. None of the statements made in any such SEC Reports is, or has been, required to be amended or updated under applicable law (except for such statements as have been amended or updated in subsequent filings prior the date hereof). The Company has not received any communication from the SEC, FINRA or any other regulatory authority regarding any SEC Report or any disclosure contained therein.

 

3.7 Financial Statements. The financial statements (the “Financial Statements”) of the Company included in the SEC Reports (including in each case the related notes thereto) (i) are in accordance with the books and records of the Company, (ii) are correct and complete in all material respects, (iii) present fairly the financial position and results of operations of the Company as of the respective dates indicated (subject, in the case of unaudited statements, to normal, recurring adjustments, none of which were material) and (iv) have been prepared in accordance with generally accepted accounting principles applied on a consistent basis (“GAAP”). As of their respective dates, the Financial Statements complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto.

 

3.8 Organization. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada and has full power and authority to own, lease and operate its properties and to carry on its business as now being and as heretofore conducted. The Company is not qualified or licensed to do business as a foreign corporation in any other jurisdiction and neither the location of its assets nor the nature of its business requires it to be so qualified.

 

3.9 Capitalization. All of the issued and outstanding shares of Common Stock are duly authorized and validly issued and outstanding, fully paid and non-assessable. There are no subscriptions, options, warrants, convertible or exchangeable securities or other rights' agreements or commitments (oral or otherwise) obligating the Company to issue any shares of its capital stock or other securities.

 

  

4

  

 

3.10 Liabilities Etc.

 

(a) The Company has filed all federal, state and local tax returns which are required to be filed by it, through and including the date hereof and as of the Closing date, including, but not limited to, its federal income tax returns and all taxes shown to be due thereon (together with any applicable penalties and interest) have been paid. The Company has not incurred any liability for taxes except in the ordinary course of business. The Company has paid or provided adequate reserves for all taxes which have become due for all periods prior to the date of this Agreement or pursuant to any assessments received by it or which the Company is obligated to withhold from amounts owing to any employee, creditor or other third party as at or with respect to any period prior to the date of this Agreement. The federal income tax returns of the Company have never been audited by the Internal Revenue Service. The Company has not waived any statute of limitations in respect of taxes, nor agreed to any extension of time with respect to a tax assessment or deficiency.

 

(b) On the date hereof and as of the Closing date, there are no liabilities, debts or obligations of the Company, whether accrued, absolute, contingent or otherwise (the “Liabilities”) that are not reflected in the Financial Statements, except as incurred in the ordinary course of business and not exceeding $10,000 in the aggregate. As of the Closing, the Company will have no Liabilities.

 

3.11 Adverse Developments. Since June 30, 2011, there has been no material adverse change in the business, operations or condition (financial or otherwise) of the Company; nor has there been since such date, any damage, destruction or loss, whether covered by insurance or not, materially or adversely affecting the business, properties or operations of the Company.

 

3.12 Actions and Proceedings. Neither the Seller nor the Company is a subject to any outstanding orders, writs, injunctions or decrees of any court or arbitration tribunal or any governmental department, commission, board, agency or instrumentality, domestic or foreign, against, involving or affecting the business, properties or employees of the Company or the Seller’s right to enter into, execute and perform this Agreement (or any of the transactions contemplated hereby). There are no actions, suits, claims or legal, administrative or arbitration proceedings or investigations, including any warranty or product liability claims (whether or not the defense thereof or liabilities in respect thereof are covered by policies of insurance) relating to or arising out of the business, properties or employees of the Company pending or, to the best knowledge of the Company and the Seller, threatened against or affecting the Company.

 

3.13 Compliance with Laws. The Company has complied in all material respects with all laws, ordinances, regulations and orders applicable to the conduct of its business, including all laws relating to environmental matters, employees and working conditions.

 

3.14 Bank Accounts and Credit Cards. The Company does not have any bank account, safe deposit box or credit or charge cards.

 

  

5

  

 

3.15 Stockholders. Attached hereto as Exhibit 3.15 is a current stockholder list as provided by the Company’s transfer agent.

 

3.16 Capitalization; No Preemptive Rights, Etc. There are no pre-emptive rights (or other similar rights, including any rights of first refusal) outstanding relating to the Shares.

 

3.17 Subsidiaries. There are no corporations, partnerships or other business entities controlled by the Company. As used herein, “controlled by” means (i) the ownership of not less than fifty (50%) percent of the voting securities or other interests of a corporation, partnership or other business entity, or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a corporation, partnership or other business entity, whether through the ownership of voting shares, by contract or otherwise. The Company has not made any investments in, nor does it own, any of the capital stock of, or any other proprietary interest in, any other corporation, partnership or other business entity.

 

3.18 Litigation, Compliance with Law. There are no actions, suits, proceedings, or governmental investigations (or any investigation of any self-regulatory organization) relating to the Company or to any of its properties, assets or businesses pending or, to the best of its knowledge, threatened, or any order, injunction, award or decree outstanding against the Company or against or relating to any of its properties, assets or businesses. The Company is not in violation of any law, regulation, ordinance, order, injunction, decree, award or other requirements of any governmental body, court or arbitrator relating to its properties, assets or business.

 

3.19 Agreements and Obligations; Performance. The Company is not a party to, or bound by any: (i) contract, arrangements, commitment or understanding; (ii) contractual obligation or contractual liability of any kind to any Company stockholder; (iii) contract, arrangement, commitment or understanding with its customers or any officer, employee, stockholder, director, representative or agent thereof for the repurchase of products, sharing of fees, the rebating of charges to such customers, bribes, kickbacks from such customers or other similar arrangements; (iv) contract for the purchase or sale of any materials, products or supplies which contain, or which commits or will commit it for a fixed term; (v) contract of employment with any officer or employee not terminable at will without penalty or premium or any continuing obligation of liability; (vi) deferred compensation, bonus or incentive plan or agreement not cancelable at will without penalty or premium or any continuing obligation or liability: (vii) management or consulting agreement not terminable at will without penalty or premium or any continuing obligation or liability; (viii) lease for real or personal property (including borrowings thereon), license or royalty agreement; (ix) union or other collective bargaining agreement; (x) agreement, commitment or understanding relating to the indebtedness for borrowed money; (xi) contract involving aggregate payments or receipts of $1,000 or more which, by its terms, requires the consent of any party thereto to the consummation of the transactions contemplated hereby; (xii) contract containing covenants limiting the freedom of the Company to engage or compete in any line of business or with any person in any geographic area; (xiii) contract or opinion relating to the acquisition or sale of any business; (xiv) voting trust agreement or similar stockholders' agreement; and/or (xiv) other contract, agreement, commitment or understanding which materially affects any of its properties, assets or business, whether directly or indirectly, or which was entered into other than in the ordinary course of business.

 

  

6

  

 

3.20 Permits and Licenses. The Company is in compliance in all material respects with all requirements, standards and procedures of the federal, state, local and foreign governmental bodies which issued such permits, licenses, orders, franchises and approvals.

 

3.21 Employee Benefit Plans. The Company does not maintain and is not required to make contributions to any “pension” and “welfare” benefit plans (within the respective meanings of Sections 4(2) and 4(1) of the Employee Retirement Income Security Act of 1974, as amended).

 

3.22 Trading. The shares of Common Stock are quoted on the OTC QB and the shares of Common Stock are eligible for deposit with the DTC. Actual sales of shares of Common Stock have taken place in the over-the-counter market and have been reported on the OTCQB. The Company has not received any correspondence and/or notice (nor has any reason to believe it will in the future receive) regarding the continued eligibility of the Common Stock to be quoted on the OTCBB or deposited with the DTC.

 

3.23 Insurance. The Company has no insurance policies. The Company does not provide any insurance.

 

3.24 Sarbanes-Oxley

 

(a) The Company (i) makes and keeps accurate books and records and (ii) maintain and has maintained effective internal control over financial reporting as defined in Rule 13a-15 under the Securities Exchange Act of 1934, as mended (the “Exchange Act”) and a system of internal accounting controls sufficient to provide reasonable assurance that (A) transactions are executed in accordance with management’s general or specific authorization, (B) transactions are recorded as necessary to permit preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States and to maintain accountability for its assets, (C) access to the Company’s assets is permitted only in accordance with management’s general or specific authorization and (D) the recorded accountability for the Company’s assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

 

(b) The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15 under the Exchange Act), (ii) such disclosure controls and procedures are designed to ensure that the information required to be disclosed by the Company in the reports it will file or submit under the Exchange Act is accumulated and communicated to management of the Company, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure to be made and (iii) such disclosure controls and procedures are effective in all material respects to perform the functions for which they were established.

 

  

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(c) Since June 30, 2011, (i) the Company has not been advised of (A) any significant deficiencies in the design or operation of internal controls that could adversely affect the ability of the Company and each of its subsidiaries to record, process, summarize and report financial data, or any material weaknesses in internal controls and (B) any fraud, whether or not material, that involves management or other employees who have a significant role in the internal controls of the Company and each of its subsidiaries, and (ii) since that date, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

(d) There is and has been no failure on the part of the Company and any of the Company’s directors or officers, in their capacities as such, to comply with the provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith.

 

3.25 Disclosure. Neither this Agreement, nor any certificate, exhibit, or other written document or statement, furnished to the Buyer by the Seller and/or the Company in connection with the transactions contemplated by this Agreement contains or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary to be stated in order to make the statements contained herein or therein not misleading.

 

3. REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer represents and warrants to the Company and the Seller, both as of the date of this Agreement and as of the date of the Closing, as follows:

 

4.1 Authorization of Agreement. The Buyer is fully able, authorized and empowered to execute and deliver this Agreement, and any other agreement or instrument contemplated by this Agreement, and to perform his, her or its obligations contemplated hereby and thereby. This Agreement, and any such other agreement or instrument, upon execution and delivery by Buyer (and assuming due execution and delivery hereof and thereof by the other parties hereto and thereto), will constitute the legal, valid and binding obligation of each of the Buyer, in each case enforceable against each of them in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws from time to time in effect which affect creditors' rights generally and by legal and equitable limitations on the availability of specific performance and other equitable remedies against the Buyer under or by virtue of this Agreement or such other agreement or instrument.

 

4.2 No Buyer Defaults. Neither the execution and delivery of this Agreement, nor the consummation of the transaction contemplated hereby, will (i) violate, conflict with or result in the breach or termination of, or otherwise give any other contracting party the right to terminate, or constitute a default under the terms of, any mortgage, bond, indenture or material agreement to which the Buyer is a party or by which the Buyer or any of their property or assets may be bound or materially affected, (ii) violate any judgment, order, injunction, decree or award of any court, administrative agency or governmental body against, or binding upon, the Buyer or upon the property of the Buyer, or (iii) constitute a violation by the Buyer of any applicable law or regulation of any jurisdiction as such law or regulation relates to Buyer or to the property of the Buyer.

 

  

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4.3 No Litigation, Etc. There is no material suit, action, or legal, administrative, arbitration or other proceeding or governmental investigation pending or, to Buyer's best knowledge, threatened against, materially affecting or which will materially affect, the property of the Buyer.

 

4.4 Investment Intent. The Buyer is acquiring the securities being purchased pursuant to this Agreement for its own account and for investment purposes and not with a view to distribution or resale, nor with the intention of selling, transferring or otherwise disposing of all or any part of the Shares except in compliance with all applicable provisions of the Securities Act, the rules and regulations promulgated by the SEC thereunder, and applicable state securities laws.

 

4.5 Disclosure of Information. The Buyer has access to review all the SEC Reports and Buyer has had an opportunity to discuss the business, management, financial affairs and the terms and conditions of the offering of the Shares with Seller. The Buyer understands that the Company is a shell, as defined in Rule 12b-2 of the Exchange Act.

 

4.6 Restricted Stock. The Buyer understands that the Shares have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Buyer’s representations as expressed herein. The Buyer understands that the Shares constitute “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Buyer must hold the Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available.

 

4.7 Legend. The Buyer understands that all certificates representing securities of the Company received by it pursuant to this Agreement shall bear the following legend, or one substantially similar thereto:

 

“The securities represented by this certificate have not been registered under the Securities Act of 1933. The shares have been acquired for investment and may not be sold, transferred or assigned in the absence of an effective registration statement for those shares under the Securities Act of 1933, as amended, or an opinion satisfactory to the Company's counsel that registration is not required under said Act.”

 

5. PRE-CLOSING COVENANTS AND AGREEMENTS OF THE PARTIES

 

The Seller and the Company and the Buyer (as to covenants they expressly are providing below in this Section 5 hereby covenant and agree that, from the date hereof and until the Closing:

 

5.1 Access. The Company (and its subsidiaries) shall afford to the officers, attorneys, accountants and other authorized representatives of the Buyer free and full access, during regular business hours and upon reasonable notice, to the Company's books, records, personnel and properties (including, without limitation, the work papers prepared by its auditors) so that the Buyer may have full opportunity to make such review, examination and investigation as it may desire of the Company's business and affairs. The Company will cause its employees, accountants and attorneys to cooperate fully with said review, examination and investigation and to make full disclosure to the Buyer of all material facts affecting the Company's financial conditions and business operations.

 

  

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5.2 Conduct of Business. The Company shall each conduct its business only in the ordinary and usual course and make no material change thereto.

 

5.3 Liabilities. Neither the Company shall incur any obligation or liability, absolute and continent, except as in the ordinary course of its business.

 

5.4 No Breach. Each of the parties hereto will (i) use its best efforts to assure that all of its respective representations and warrants contained herein are true in all material respects at and as of the date hereof, and as of the Closing no breach shall occur with respect to any of the parties' covenants, representations or warranties contained herein that has not been cured by the Closing; (ii) not voluntarily take any action or do anything which will cause a material breach of or default respecting such covenants, representations or warranties; and (iii) promptly notify the other of any event or fact which represents a breach or default.

 

5.5 Other SEC/FINRA Filings. The Company shall file with the SEC and the FINRA (if required) all required forms and disclosure items in a timely manner (which forms and disclosure items must be approved by legal counsel to the Company and the Buyer prior to filing and/or disclosure) required and/or relating to this Agreement or otherwise.

 

5.6 Public Announcements. No party hereunder shall, without the express prior written consent of the Company and the Buyer make any announcement or otherwise disclose any information regarding this Agreement and/or the transactions contemplated hereby other than as required by law or otherwise deemed advisable in counsel's opinion to ensure compliance with public disclosure requirements under the federal securities laws; provided, however, that the parties hereto agree that the Company, following the closing of the Purchase, shall file a Current Report on Form 8-K with the SEC in the period proscribed by applicable law.

 

5.7 Brokers. Each of the Company and the Seller on the one hand, and the Buyer on the other hand represent and warrant to the other that neither has employed any broker, finder or similar agent and no person or entity with which each has had any dealings or communications of any kind is entitled to any brokerage, finder's or placement fee or any similar compensation in connection with this Agreement or the transaction contemplated hereby.

 

5.8 Expenses. Each of the parties hereto agrees to bear its own expenses in connection with the negotiation, preparation, execution and delivery of this Agreement and the consummation of the transaction contemplated hereby.

 

5.9 Further Assurances. Each of the parties shall execute such documents or other papers and take such further actions as may be reasonably required or desirable to carry out the provisions hereof and the transactions contemplated in this Agreement.

 

  

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6. NATURE AND SURVIVAL OF REPRESENTATIONS AND WARRANTIES

 

6.1 Nature of Statements. All statements contained in any Exhibit, certificate or other instruments delivered by or on behalf of any party hereto pursuant to this Agreement, shall be deemed representations and warranties by such party.

 

6.2 Survival of Representations and Warranties. Regardless of any investigation at any time made by or on behalf of any party hereto or of any information any party may have in respect thereof, all covenants, agreements, representations and warranties made hereunder or pursuant hereto or in connection with the transaction contemplated hereby shall survive the Closing and continue in effect through the first anniversary of the Closing.

 

7. CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE BUYER

 

The obligations of the Buyer to effectuate the Closing is subject to the fulfillment, prior to the date of Closing, of each of the following conditions (any one or more of which may be waived by the Buyer unless such condition is a requirement of law).

 

7.1 Representations and Warranties. All representations and warranties of the Company and the Seller contained in this Agreement and in any written statement, Exhibit or other documents delivered pursuant hereto or in connection with the transactions contemplated hereby shall be true and correct in all material respects as of the date hereof and as of the Closing Date.

 

7.2 Covenants. The Company and the Seller shall have performed and complied in all material respects with all covenants and other agreements required by (or contained in) this Agreement to be performed or complied with or by them prior to or at the Closing Date.

 

7.3 No Actions. No action, suit, proceeding or investigation shall have been instituted against the Seller or the Company, and be continuing before a court or before or by a governmental body or agency, and be unresolved, to restrain or to prevent or to obtain damages in respect of, the carrying out of the transactions contemplated hereby or which might materially and adversely affect the rights of the Buyer to consummate the transactions contemplated hereby.

 

7.4 Approvals. The Seller and the Company shall have obtained all approvals and consents to consummate this Agreement and the transactions to be consummated at or immediately following the Closing, in accordance with all applicable laws, rules and regulations.

 

7.5 Due Diligence. The Buyer shall have completed to its sole satisfaction its due diligence of the Company, the Seller and all other items it deems necessary and/or advisable, and shall be satisfied with the results thereof.

 

7.6 Closing Documents. The Buyer shall receive all of the documents (executed where applicable) set forth in Section 2.2 and Section 2.3 of this Agreement, which documents shall be in form and substance reasonably satisfactory to Buyer and its legal counsel.

 

7.7 Resignation of Officers and Directors. Effective on the Closing Date, the principal executive officer and a director of the Company shall have resigned and they shall have appointed the Buyer as the President, Chief Executive Officer and a director of the Company.

 

  

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8. CONDITIONS PRECEDENT TO THE OBLIGATION TO THE COMPANY AND THE SELLER TO CLOSE

 

The obligations of the Company and the Seller to effectuate the Closing is subject to the fulfillment, prior to the date of Closing, of each of the following conditions (any one or more of which may be waived by the Buyer unless such condition is a requirement of law).

 

8.1 Representations and Warranties. All representations and warranties of the Buyer contained in this Agreement and in any written statement, Exhibit or other documents delivered pursuant hereto or in connection with the transactions contemplated hereby shall be true and correct in all material respects as of the date hereof and as of the Closing Date.

 

8.2 Covenants. The Buyer shall have performed and complied in all material respects with all covenants and other agreements required by (or contained in) this Agreement to be performed or complied with by it prior to or at the Closing.

 

8.3 No Actions. No action, suit, proceeding or investigation shall have been instituted against the Buyer, and be continuing before a court or before or by a governmental body or agency, and be unresolved, to restrain or to prevent or to obtain damages in respect of, the carrying out of the transactions contemplated hereby, or which might materially and adversely affect the rights of the Seller and the Company to consummate the transactions contemplated hereby.

 

8.4 Approvals. The Buyer shall have obtained all required consents and approvals to this Agreement and the transactions to be consummated at or immediately following the Closing, in accordance with all applicable laws, rules and regulations.

 

8.5 Closing Documents. The Seller and/or the Company shall receive all of the documents set forth in Section 2.4 of this Agreement, which documents shall be in form and substance reasonably satisfactory to such parties and their legal counsel.

 

9. INDEMNIFICATION BY THE COMPANY AND THE SELLER

 

9.1 Claims Against the Company and the Seller.

 

(a) The Company and the Seller, jointly and severally, shall indemnify and hold the Buyer harmless from and against any loss, damage or expense (including reasonable attorneys' fees) caused by or arising out of any claim made against the Company:

 

(i) for any broker's or finder's fee or any similar fee, charge or commission incurred by the Company and/or the Seller prior to or in connection with this Agreement or the transaction contemplated hereby;

 

(ii) for any foreign, Federal, state or local tax of any kind arising out of or by reason of the existence or operations of the Company and/or the Seller prior to the Closing, including, without limitation, any payroll taxes owed by the Company on account of compensation paid to any employee of the Company prior to such date;

 

  

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(iii) in respect of any salary, bonus, wages or other compensation of any kind owed by the Company to its employees for services rendered on or prior to the Closing;

 

(iv) for any damages to the environment caused by or arising out of any pollution resulting from or otherwise attributable to the operation of the business of the Company prior to the Closing;

 

(v) in respect of any payable of the Company incurred prior to the Closing;

 

(vi) in respect of any liability or indebtedness for borrowed money or otherwise incurred on or before the Closing, including, without limitation, with respect to the execution and performance of this Agreement; and

 

(vii) for expenses required to be borne by the Company and/or the Seller under the provisions of this Agreement.

 

(b) Other Matters. The Company and the Seller, jointly and severally, shall also indemnify and hold the Buyer harmless from and against any loss, damage or expense (including reasonable attorneys' fees) caused by or arising out of (i) any breach or default in the performance by the Company and the Seller of any covenant or agreement of the Company and the Seller contained in this Agreement, (ii) any breach of warranty or inaccurate or erroneous representation made by the Company and the Seller herein or in any Exhibit, certificate or other instrument delivered by or on behalf of the Company and the Seller pursuant hereto, and (iii) any and all actions, suits, proceedings, claims, demands, judgments, costs and expenses (including reasonable legal and accounting fees) incident to any of the foregoing.

 

10. INDEMNIFICATION BY BUYER

 

The Buyer shall indemnify and hold harmless the Seller from and against all loss, damage or expense (including reasonable attorneys' fees) caused by or arising out of (i) any breach or default in the performance by the Buyer of any covenant or agreement of the Buyer contained in this Agreement, (ii) any breach of warranty or inaccurate or erroneous representation made by the Buyer herein or in any certificate or other instrument delivered by or on behalf of the Buyer pursuant hereto and (iii) any and all actions, suits, proceedings, claims, demands, judgments, costs and expenses (including reasonable legal and accounting fees) incident to the foregoing.

 

  

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11. NOTICE AND OPPORTUNITY TO DEFEND

 

Promptly after the receipt by Buyer or the Company and/or the Seller of notice of any action, proceeding, claim or potential claim (any of which is hereinafter individually referred to as a “Circumstance”) which could give rise to a right to indemnification under this Agreement, such party (the “Indemnified Party”) shall give prompt written notice to the party or parties who may become obligated to provide indemnification hereunder (the “Indemnifying Party”). Such notice shall specify in reasonable detail the basis and amount, if ascertainable, of any claim that would be based upon the Circumstance. The failure to give such notice promptly shall relieve the Indemnifying Party of its indemnification obligations under this Agreement, unless the Indemnified Party establishes that the Indemnifying Party either had knowledge of the Circumstance or was not prejudiced by the failure to give notice of the Circumstance. The Indemnifying Party shall have the right, at its option, to compromise or defend the claim, at its own expense and by its own counsel, and otherwise control any such matter involving the asserted liability of the Indemnified Party, provided that any such compromise or control shall be subject to obtaining the prior written consent of the Indemnified Party which shall not be unreasonably withheld. An Indemnifying Party shall not be liable for any costs of settlement incurred without the written consent of the Indemnifying Party. If any Indemnifying Party undertakes to compromise or defend any asserted liability, it shall promptly notify the Indemnified Party of its intention to do so, and the Indemnified Party agrees to cooperate fully with the Indemnifying Party and its counsel in the compromise of or defense against any such asserted liability. All costs and expenses incurred in connection with such cooperation shall be borne by the Indemnifying Party, provided such costs and expenses have been previously approved by the Indemnifying Party. In any event, the Indemnified Party shall have the right at its own expense to participate in the defense of an asserted liability.

 

12. MISCELLANEOUS

 

12.1 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, successors and assigns. No assignment of this Agreement or of any rights hereunder shall relieve the assigning party of any of its obligations or liabilities hereunder.

 

12.2 Notices. All notices or other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, overnight courier, facsimile transmission or prepaid cable or telegram and confirmed in writing, or mailed first class, postage prepaid, by registered or certified mail, return receipt requested (mailed notices and notices sent by facsimile transmission, cable or telegram shall be deemed to have been given on the date sent) as follows:

 

 

If to the Seller, as follows:

________

________

________

 

If to the Buyer, as follows:

_______________

_______________

or in any case to such other address or addresses as hereafter shall be furnished as provided in this Section 12.2 by either of the parties hereto to the other party hereto.

 

  

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12.3 Waiver; Remedies. No delay on the part of any of the Seller, the Company or Buyer in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of the Seller, the Company or Buyer of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise of any other right, power or privilege hereunder. The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies which the parties hereto may otherwise have at law or in equity.

 

12.4 Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements or understandings (in writing, oral or otherwise) of the parties relating thereto.

 

12.5 Amendment. This Agreement may be modified or amended only by written agreement of the parties hereto.

 

12.6 Counterparts. This Agreement may be executed in any number of counterparts and by facsimile or other electronic means, each of which shall be deemed an original but all of which together shall constitute a single instrument.

 

12.7 Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the internal laws of the State of New York without regard to the conflicts of laws principles thereof. The parties hereto hereby expressly and irrevocably agree that any suit or proceeding arising directly and/or indirectly pursuant to, arising out of or under this Agreement, shall be brought solely and exclusively in a federal or state court located in the City of New York. By its execution hereof, the parties hereby expressly covenant and irrevocably submit to the in personam jurisdiction of the federal and state courts located in the City of New York and agree that any process in any such action may be served upon any of them personally, or by certified mail or registered mail upon them or their agent, return receipt requested, with the same full force and effect as if personally served upon them in the City of New York. The parties hereto expressly and irrevocably waive any claim that any such jurisdiction is not a convenient forum for any such suit or proceeding and any defense or lack of in personam jurisdiction with respect thereto. In the event of any such action or proceeding, the party prevailing therein shall be entitled to payment from the other party hereto of its reasonable counsel fees and disbursements in an amount judicially determined.

 

12.8 Captions. All Section titles or captions contained in this Agreement, in any Exhibit referred to herein or in any Exhibit annexed hereto are for convenience only, shall not be deemed a part of this Agreement and shall not affect the meaning or interpretation of this Agreement.

 

  

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12.9 Confidential Information. Each party agrees that such party and its representatives will hold in strict confidence all information and documents received from the other parties and, if the transactions herein contemplated shall not be consummated, each party will continue to hold such information and documents in strict confidence and will return to such other party all such documents (including the documents annexed to this Agreement) then in such receiving party's possession without retaining copies thereof, provided, however, that each party's obligations under this Section 12.9 to maintain such confidentiality shall not apply to any information or documents that are in the public domain at the time furnished by the others or that become in the public domain thereafter through any means other than as a result of any act of the receiving party or of its agents, officers, directors or stockholders which constitutes a breach of this Agreement, or that are required by applicable law to be disclosed.

 

12.10 Construction and Joint Preparation. This Agreement shall be construed to effectuate the mutual intent of the parties. The parties and their counsel have cooperated in the drafting and preparation of this Agreement, and this Agreement therefore shall not be construed against any party by virtue of its role as the drafter thereof. No drafts of this Agreement shall be offered by any party, nor shall any draft be admissible in any proceeding, to explain or construe this Agreement. Each party hereto acknowledges and agrees that it has received or has had the opportunity to receive independent legal counsel of its own choice and that it has been sufficiently apprised of its rights and responsibilities with regard to the substance of this Agreement. 

 

 

 

Remainder of page intentionally left blank; Signature pages to follow

  

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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered on the day and year first above written.

 

 

	 	AMAZONICA, CORP.
	 	 
	 	 
	 	By: /s/ Andre Caetano                         
	 	       Name: Andre Caetano
	 	       Title:   President
	 	 
	 	 
	 	
SELLER:

	 	 
	 	 
	 	/s/ Andre Caetano                               
	 	
Andre Caetano

	 	 
	 	 
	 	BUYER:
	 	 
	 	 
	 	/s/ Michael Soursos                               
	 	
Michael Soursos

	 	 

 

 

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