Document:

CONSULTING AGREEMENT

 

This Consulting Agreement (“Agreement”) is entered into this 15th day of February, 2011 (“Effective Date”) by and between Floridian Financial Group, Inc. (the “Company”) and John D. Waters (“Consultant”).

 

WHEREAS, the Company has a vacancy in a position of Executive Vice President and Chief Financial Officer (“CFO”) and the Company is undertaking efforts to fill the position of CFO on a permanent basis; and 

 

WHEREAS, the Company desires to retain the services of the Consultant to serve as Interim CFO until such time as the Company has retained the services of a permanent CFO; and

 

WHEREAS, the Consultant is willing to serve as Interim CFO of the Company and the Company desires to retain the Consultant as Interim CFO, all in accordance with the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration of the covenants and terms contained in this Agreement as set forth herein and of the mutual benefits accruing to Company and to the Consultant from the consulting relationship to be established between the parties as set forth in the terms of this Agreement, the Company and the Consultant, intending to be legally bound, hereby agree, as follows:

 

	
1.
 	
Consulting Relationship
 

 

The Company hereby retains Consultant, and Consultant hereby agrees to be retained by Company, as a Consultant, with such duties and responsibilities set forth at Section 2 herein during the Term (as defined in Section 5) of this Agreement. 

 

	
2.
 	
Consulting Service
 

 

Consultant agrees that during the Term of this Agreement:

 

	
 
 	
A.
 	
Consultant will devote his reasonable best efforts to such position as consultant, and he will perform such duties and furnish advice and assistance to the Company from time to time as requested by the Company’s Chief Executive Officer (“CEO”).  During the Term of this Agreement, the Consultant shall serve as the Interim CFO on a full time basis.  The Consultant also shall serve as Interim CFO of any subsidiaries of the
Company as designated by the CEO;
 

 

	
 
 	
B.
 	
Consultant may be an employee, officer or director of other companies or entities and may provide consulting services for other companies or organizations; provided that such activities do not conflict with the services and activity that the Consultant is rendering to the Company or any of its subsidiaries or the services or activities of the Company and its subsidiaries;
 

 

        

        

        

	
 
 	
C.
 	
Consultant shall be available to render such consulting services to the Company under this Agreement during the Term of this Agreement. Consultant shall not be obligated to render any services under this Agreement during such period when he is unable to do so due to illness, disability or injury, subject to the terms of Section 5(B) hereof;
 

 

	
 
 	
D.
 	
Consultant shall not enter into agreements or make commitments on behalf of the Company, other than those directly associated with the duties of CFO, without prior written consent or approval of the CEO; 
 

 

	
 
 	
E.
 	
Consultant shall render services pursuant to this Agreement at the Company’s office in Lake Mary, Florida, or such other offices as designated by the CEO from time to time; 
 

 

	
 
 	
F.
 	
The Company acknowledges and agrees that service by the Consultant as Interim CFO pursuant to this Agreement shall not disqualify the Consultant from being considered an independent director following the provision of services as Interim CFO pursuant to this Agreement; 
 

 

	
 
 	
G.
 	
The Company acknowledges and understands that the Consultant has already scheduled vacation time in April, July and August 2011 where the Consultant will not be at the Company, and may take periodic trips to the Consultant’s residence in Pennsylvania as coordinated with the CEO from time to time.
 

 

	
3.
 	
Compensation
 

 

	
 
 	
A.
 	
The Company agrees to pay Consultant for his services performed under this Agreement, a monthly retainer of $11,083 (and pro-rated for any partial month) during the Term of this Agreement, payable monthly in advance on the first day of each month.  The Consultant also shall be entitled to receive the same health insurance benefits afforded by the Company to its full time employees.  The Consultant will receive remuneration for services
as a director of the Company for such time that he may be serving in such capacity commensurate with the remuneration received by other non-employee directors of the Company.  Remuneration received as a non-employee director shall not be in lieu of or reduce any remuneration otherwise due under this Agreement.  Any compensation received under this Agreement shall not impact any compensation being received or that may be received in the future related to the Consultant’s prior service as an employee of the Company.
 

 

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B.
 	
The Company hereby agrees to reimburse the Consultant for all reasonable expenses incurred by the Consultant on behalf of and with the consent of the CEO, provided that the Consultant shall furnish appropriate documentation of such expenses and receives prior approval of such expenses.
 

 

	
 
 	
C.
 	
The Company shall furnish the Consultant while he serves as Interim CFO with the use of an automobile for commuting from the Consultant’s home to the Company’s Lake Mary, Florida office.
 

 

	
4.
 	
Other Conditions
 

 

Consultant shall have no supervisory authority over any employee or officer of Company.

 

	
5.
 	
Term and Termination
 

 

The term of this Agreement shall begin on February 15, 2011, with the assumption of the CFO responsibilities commencing upon the departure of the Company’s current CFO on March 3, 2011, and shall continue until terminated in accordance with the provisions set forth below (“Term”).

 

	
 
 	
A.
 	
Termination for Cause.  The Company may terminate this Agreement at any time for “Just Cause;” provided, that after any such termination for “Just Cause,” the Company shall no longer be obligated to comply with the provisions of Section 3(A) hereof for the balance of the Term.  Termination for “Just Cause” shall be defined as: (i) If the Consultant shall have engaged in conduct involving fraud, deceit,
personal dishonesty, or breach of fiduciary duty; (ii) If the Consultant shall have violated any banking law or regulation, memorandum of understanding, cease and desist order, or other agreement with any banking agency having jurisdiction over the Company which, in the judgment of the Board, has adversely affected, or may adversely affect, the business or reputation of the Company as determined by the Board; (iii) If the Consultant shall have become subject to continuing intemperance in the use of alcohol or drugs which has adversely affected, or may adversely affect, the business or reputation of the Company as determined by the Board; (iv) If the Consultant shall have filed, or had filed against him, any petition under the federal bankruptcy laws or any state insolvency laws; or (v) If any banking authority having supervisory jurisdiction over the Company, or its subsidiaries, initiates any proceedings against the Consultant.
 

 

	
 
 	
B.
 	
Disability or Death.  In the event of the disability or death of the Consultant, the Consultant (or his surviving spouse, if any, and otherwise his estate) this Agreement shall terminate and neither party shall have any obligation to the other thereafter. 
 

 

	
 
 	
C.
 	
Hiring of Permanent CFO.  This Agreement shall terminate and neither party shall have any obligation thereafter upon the issuance by the Company to the Consultant of 30 days prior written notice that the Company has retained a permanent CFO, in which event this Agreement shall terminate following such 30-day period, or such other period as needed by the Company to facilitate a smooth transition.
 

 

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Upon termination of this Agreement, the Company and the Consultant will reinstate the previous Consultant Agreement dated May 1, 2010, between the Company and the Consultant.

 

	
6.
 	
Nondisclosure of Confidential Information.   
 

 

In carrying out the Company’s business, the Consultant will be privy to confidential or proprietary information about the Company, its subsidiaries, their customers, and suppliers.  The Consultant agrees to maintain the confidentiality of all such information so entrusted to him except when disclosure is authorized or legally mandated.  Confidential or proprietary information of the Company and its subsidiaries includes any non-public information that would be harmful to the Company or its subsidiaries upon its disclosure or useful or helpful to competitors if disclosed.  Confidential and proprietary does not include information that is already publicly available other than through a breach by the Consultant of the terms of this Agreement.

 

	
7.
 	
Complete Agreement
 

 

This Agreement shall represent the complete Agreement between Company and Consultant concerning the subject matter hereof and supersedes all prior agreements or understandings, written or oral.  No attempted modification or waiver of any of the provisions hereof shall be binding on either party unless made in writing and signed by both Consultant and Company.

 

	
8.
 	
Notices
 

 

Any notice required or permitted to be given hereunder shall be in writing and shall be effective three business days after it is properly sent by registered or certified mail, if to the Company to the CEO at the administrative offices of the Company, or if to Consultant to the address set forth beneath his signature to this Agreement, or to such other address as either party may from time to time designate by notice.

 

	
9.
 	
Assignability
 

 

This Agreement may not be assigned by either party without the prior written consent of the other party, except that no consent is necessary for the Company to assign this Agreement to a corporation succeeding to substantially all the assets or business of the Company whether by merger, consolidation, acquisition or otherwise.  Any successor corporation shall remain responsible for the duties and obligations of the Company, including the continuation of the payments due to the Consultant for the period through the end of the Term as detailed at Section 3.A, herein.  This Agreement shall be binding upon Consultant, his heirs and permitted assigns and the Company, its successors and permitted assigns.

 

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10.
 	
Governing Law.
 

 

The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the United States where applicable and otherwise by the substantive laws of the State of Florida.

 

	
11.
 	
Section 409A Compliance.
 

 

A.        Notwithstanding anything herein to the contrary, the Company shall make reasonable efforts to administer the Agreement and make payments hereunder in a manner that is not deemed to be contrary to the requirements set forth at Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and regulations and notices promulgated thereunder such that any payments made would result in the requirement for the recipient of such payments to pay additional interest and taxes to be imposed in accordance with Section 409A(a)(1)(B) of the Code; provided, however, the Company shall not have any responsibility to the Consultant or any beneficiary(ies) with respect to any tax liabilities that may be applicable to any payments made under the Agreement, whether such tax liabilities are applicable to compliance with Section 409A of
the Code or otherwise.  

 

B.        If any provision of the Agreement shall be determined to be inconsistent with the requirements of Section 409A of the Code, then, the Agreement shall be construed, to the maximum extent possible, to give effect to such provision in a manner consistent with Section 409A of the Code, and if such construction is not possible, as if such provision had never been included.

 

C.        “Termination of Service” as a Consultant shall have the same meaning as “separation from service”, as that phrase is defined in Section 409A of the Code (taking into account all rules and presumptions provided for in the Section 409A regulations).

 

D.        For purposes of this Agreement, “Disability” means the total and permanent disability of the Consultant within the meaning of the Social Security Act.  

 

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

 

	 	FLORIDIAN FINANCIAL GROUP, INC. (“COMPANY”)	 
	 	 	 
	 	By: /s/Charlie W. Brinkley, Jr.                     	 
	 	 	 
	 	As Its: Chief Executive Officer                    	 

 

 

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	 	/s/John D. Waters                                          	 
	 	JOHN D. WATERS, CONSULTANT	 
	 	Address:	 
	 	6 Old Canyon Lane                                        	 
	 	Ormond Beach, FL32174                               	 

 

 

 

6ex10-1.htm

EXHIBIT 10.1

 

 

INDIA GLOBALIZATION CAPITAL, INC.

 

——————————

 

Note and Share Purchase Agreement

 

——————————

 

 

Dated March 24, 2011

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

NOTE AND SHARE PURCHASE AGREEMENT

 

THIS NOTE AND SHARE PURCHASE AGREEMENT (this “Agreement”) is dated March 24, 2011, by and between INDIA GLOBALIZATION CAPITAL, INC., a Maryland corporation (the “Company”) and Steven M. Oliveira 1998 Charitable Remainder Unitrust (the “Investor”).

 

RECITALS

 

A. On October 5, 2009, the Investor purchased a promissory note from the Company in the original principal amount of $2,120,000.00 (the “2009 Security”).

 

B. The Investor desires to exchange the 2009 Security for a new promissory note and shares of common stock of the Company subject to the terms of this Agreement.

 

C. This exchange is intended to be an exchange of securities of the Company with an existing security holder exempt from the registration provisions of the Securities Act (as defined below) pursuant to section 3(a)(9) thereof.

 

NOW, THEREFORE, the parties, intending to be legally bound, hereby agree as follows:

 

1. The Exchange.

 

1.1 The Exchange.  The Investor hereby agrees to exchange (the “Exchange”), in compliance with Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”),  the 2009 Security for (i) an unsecured promissory note of the Company executed concurrently herewith in the form attached hereto as Exhibit A (the “Note”) and (ii) 368,339 shares of the Company’s common stock, payable at the Closing (as such term is defined below).

 

1.2 Closings.  The closing of the Exchange (the “Closing”) will take place at the offices of Seyfarth Shaw LLP, 975 F Street, N.W., Washington, D.C. at such time as the parties shall mutually agree.  Upon the receipt from the Investor and acceptance by the Company of the Loan, the Company may close the purchase and sale of the Note and Shares (the “Closing”).

 

1.3 Delivery.  At the Closing, the Company will deliver to the Investor (i) the Note representing the Loan made by the Investor and (ii) the expense reimbursement set forth in Section 6.9.

 

2. Representations and Warranties of the Company.  Except as set forth in the Company’s documents (the “SEC Documents”) filed with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company hereby represents and warrants to the Investor as follows:

 

2.1 Organization, Standing and Power.  The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Maryland and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as contemplated to be conducted.  The Company is duly qualified and authorized to transact business in each jurisdiction in which the failure to so qualify would have a material adverse effect on its business, assets, liabilities, financial condition, property or results of operation.

 

  

  

  

 

2.2 Authority and Enforceability.  The Company has all requisite corporate power and authority to execute and deliver this Agreement and the Note (together, the “Transaction Documents”) and to perform fully its obligations thereunder.  The execution and delivery of the Transaction Documents and the consummation of the transactions contemplated thereby have been duly authorized by all necessary corporate action on the part of the Company, its officers, directors and stockholders.  Each of the Transaction Documents has been duly executed and delivered by the Company and, assuming that each of the Transaction Documents constitutes a valid and binding agreement of the other parties hereto, each such Transaction Document constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights and remedies generally and subject, as to enforceability, to general principles of equity, regardless of whether enforceability is considered in a proceeding at law or in equity.

 

2.3 Valid Issuance.  All shares of common stock of the Company issued in connection with the Exchange and issuable pursuant to the terms of the Note (“Shares”),  if and when issued and delivered in accordance with the terms of the Note for the consideration expressed therein will be duly and validly issued, fully paid, and non-assessable and will be free of restrictions on transfer other than restrictions on transfer under applicable state and federal securities laws.  The Shares shall be freely tradable and shall not contain any restrictive legends.

 

2.4 Accuracy of Public Filings.  The representations, warranties and other statements of the Company contained in the SEC Documents filed with the SEC under the Exchange Act, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not misleading as of the respective dates of such filings.  The Company has timely filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the Exchange Act, including material filed pursuant to Section 13(a) or 15(d) of the Exchange Act.  Since the date that the Company filed its last Form 10-Q with the SEC, there has been no material adverse change in the assets, business, or financial condition of the Company.

 

2.5 No Conflicts.  The execution, delivery and performance of the Transaction Documents, and any other document or instrument contemplated thereby, by the Company and the consummation by the Company of the transactions contemplated thereby do not and will not: (i) contravene, conflict with, or result in the violation of any provision of the Company’s charter or bylaws or any resolution adopted by the Company’s board of directors, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give rise to any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Company or any of its subsidiaries is a party, (iii) create or impose a lien, charge or encumbrance on any property of the Company or any of its subsidiaries under any agreement or any commitment to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or by which any of its respective properties or assets are bound, (iv) result in a material violation of any federal, state, local or foreign statute, rule, regulation, order, writ, judgment or decree (including federal and state securities laws and regulations) applicable to the Company or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries are bound or affected or result in a violation of any rules or regulations of the NYSE Amex (“NYSE Amex”) applicable to the Company or, if the Company’s shares of Common Stock are no longer listed on NYSE Amex, such other stock exchange on which shares of the Company’s Common Stock are principally traded and approved for listing at such time, or (v) require any consent of any third-party that has not been obtained pursuant to any material contract to which the Company or any of its subsidiaries is subject or to which any of its respective assets, operations or management may be subject.  The Company or any of its subsidiaries is not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under the Transaction Documents, or issue and sell the Note (other than any filings that may be required to be made by the Company with the SEC or state securities commissions subsequent to the Closing).

 

  

  

  

 

2.6 Capitalization.  The authorized capital stock of the Company immediately prior to the Closing consists of 75,000,000 shares of Common Stock, par value $0.0001 per share, of which, as of June 30, 2010, Thirteen Million three Hundred Ninety Four Thousand Two Hundred and Seven  (13,394,207) shares are issued and outstanding.  All of the issued and outstanding shares of Common Stock have been duly authorized and validly issued and are fully paid and nonassessable.  Except as provided in this Agreement or as disclosed in the SEC Documents, (a) no subscription, warrant, option, convertible security or other right (contingent or otherwise) to purchase or acquire any shares of capital stock of the Company (including, without limitation, anti-dilution rights, rights of first refusal or preemptive rights) is authorized or outstanding; (b) the Company has no obligation (contingent or otherwise) to issue any subscription, warranty, option, convertible security or other such right or to issue or distribute to holders of any shares of its capital stock any evidences of indebtedness or assets of the Company; and (c) the Company has no obligation (contingent or otherwise) to purchase, redeem or otherwise acquire any shares of its capital stock or any interest therein or to pay any dividend or make any other distribution in respect thereof.  All of the issued and outstanding shares of capital stock of the Company have been offered, issued and sold by the Company in compliance with applicable federal and state securities laws or pursuant to valid exemptions therefrom.

 

2.7 Offering.  Subject in part to the truth and accuracy of the Investor’s representations and warranties set forth in Section 3 of this Agreement, the offer, sale and issuance of the Shares as contemplated by the Note are exempt from the registration requirements of Section 5 of the Securities Act of 1933, as amended (the “Securities Act”), and neither the Company nor any authorized agent acting on its behalf will take any action hereafter that would cause the loss of such exemption.

 

2.8 Brokers or Finders.  The Company has not and will not incur, directly or indirectly, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the execution and delivery of this Agreement.

 

2.9 Accuracy of Information Furnished.  The representations, warranties and other statements of the Company set forth in Section 2 of this Agreement and the Disclosure Schedule  taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading.

 

3. Representations and Warranties of the Investor.  The Investor hereby represents and warrants only with respect to himself, herself or itself that:

 

3.1 Authorization.  Investor has full power and authority to enter into the Transaction Documents, and that the Transaction Documents constitute valid and legally binding obligations of such Investor, enforceable in accordance with their respective terms.   The Transaction Documents have been duly executed and delivered by the Investor and, assuming the Transaction Documents constitute valid and binding agreements of the other parties thereto, the Transaction Documents constitute legal, valid and binding obligations of the Investor, enforceable against the Investor in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights and remedies generally and subject, as to enforceability, to general principles of equity, regardless of whether enforceability is considered in a proceeding at law or in equity.

 

  

  

  

 

3.2 Purchase Entirely for Own Account.  The Note will be acquired for investment for Investor’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same.  The Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation in the Note to such person or to any third person.

 

3.3 Disclosure of Information.  The Investor has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering and sale of the Note and the Shares (collectively, the “Securities”).

 

3.4 Investment Experience; Financial Risk.  The Investor is an investor in securities of companies in the development stage and acknowledges that it has (i) such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of the investment in the Securities, (ii) had such risks explained to it and has determined that such investment is suitable for the Investor in view of its financial circumstances and available investment opportunities, (iii) sufficient net worth and income to bear the economic risk of this investment, and (iv) no need for liquidity of the investment and no reason to anticipate any change in the Investor’s financial circumstances which may cause or require any sale, transfer or other distribution of the Securities  The Investor has not been organized for the purpose of acquiring the Securities.

 

3.5 Accredited Investor.  The Investor is an “accredited investor” within the meaning of  Rule 501(a) of Regulation D, as presently in effect.

 

3.6 No Conflicts.  Neither the execution and delivery of this Agreement nor the consummation or performance of any of the transactions contemplated hereby will, directly or indirectly (with or without notice or lapse of time) contravene, conflict with, or result in a violation of, or give any governmental body the right to challenge any of the transactions contemplated hereby or to exercise any remedy or obtain any relief under, any legal requirement or order to which the Investor may be subject.

 

3.7 Brokers or Finders.  The Investor has not and will not incur, directly or indirectly, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the execution and delivery of this Agreement.

 

4. Conditions to Closing.

 

4.1 Conditions of Investor’s Obligations at Closing.  The obligations of the Investor at the Closing are subject to the fulfillment, on or prior to the date of Closing, of each of the following conditions, any of which may be waived in whole or in part by the Investors:

 

(a) The representations and warranties made by the Company in Section 2 shall be true and correct when made, and shall be true and correct on the date of Closing with the same force and effect as if they had been made on and as of the same date.

 

  

  

  

 

(b) The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or prior to the date of Closing.

 

(c) Except for the notices required or permitted to be filed after the date of Closing pursuant to applicable federal and state securities laws, the Company shall have obtained all governmental approvals required in connection with the lawful sale and issuance of the Note and the Securities.

 

(d) The Company shall have delivered to the Investor a certificate duly executed by the chief executive officer of the Company stating that the Company is in compliance with the conditions specified in Section 4.1(a)-(c) hereof.

 

(e) At the Closing, the sale and issuance by the Company, and the purchase by the Investor, of the Note, shall be legally permitted by all laws and regulations to which such Investor and/or the Company are subject.

 

(f) At the Closing, the Company shall duly execute and deliver to the Investor the Transaction Documents, including the Note.

 

(g) The Company shall deliver to its transfer agent an opinion by its counsel that the Shares if and when issued, pursuant to this Agreement and the Note should be issued without any restrictive legends.

 

4.2 Conditions to Obligations of the Company.  The Company’s obligation to issue and sell the Note at the Closing is subject to the fulfillment, to the Company’s satisfaction, on or prior to the date of Closing, of the following conditions, any of which may be waived in whole or in part by the Company:

 

(a) The representations and warranties made by the Investor in Section 3 shall be true and correct when made, and shall be true and correct on the date of Closing with the same force and effect as if they had been made on and as of the same date.

 

(b) Except for any notices required or permitted to be filed after the date of Closing pursuant to applicable federal or state securities laws, the Company shall have obtained all governmental approvals required in connection with the lawful sale and issuance of the Securities.

 

(c) At the Closing, the sale and issuance by the Company, and the purchase by the Investor, of the Note and the Shares and the Penalty Shares shall be legally permitted by all laws and regulations to which such Investor and/or the Company are subject.

 

(d) At the Closing, the Company shall have received the 2009 Security.

 

5. Covenants of the Company and Investor.

 

5.1 Listing of Shares. The Company covenants that 1,570,000 Shares have been duly authorized for listing on NYSE Amex.  The Company has informed the Investor that the authorization of additional Shares for listing will require stockholder consent in accordance with NYSE Amex Rules. The Company will use commercially reasonable best efforts to secure such consent.  If the Company’s Common Stock is no longer listed on NYSE Amex, the Company will use commercially reasonable best efforts to cause the shares to be listed on such other exchange on which shares of the Company’s Common Stock are principally traded and approved for listing at such time.

 

  

  

  

 

5.2 Certain Trading Activities.  Investor covenants and agrees that with respect to any Shares issued after the payment of all sums due under the Note after the date of this Agreement, it shall not directly or indirectly, execute (i) any purchases or sales of Shares or any other securities of the Company during the five (5) trading days preceding any Computation Date or Maturity Date, each as defined in the Note, (ii) any sales of Shares or any other securities of the Company in excess of twenty percent (20%) of the daily trading volume of any such securities while the Note is outstanding, or (iii) Short Sales until such time as all amounts due under the Note shall have been paid in full.  For purposes of this section the term “Short Sales” means all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended, and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through any US broker dealers or foreign regulated brokers.

 

6. Miscellaneous.

 

6.1 Waivers and Amendments.  Any provision of this Agreement or the Note may be amended, waived or modified (either generally or in a particular instance, either retroactively or prospectively, either for a specified period of time or indefinitely), upon the written consent of the Company and the Investor.

 

6.2 Governing Law.  This Agreement and the Note shall be governed by and construed in accordance with Maryland law, without regard to the conflict of laws provisions thereof.

 

6.3 Survival.  The representations, warranties, covenants and agreements made herein shall survive any investigation made by any Investor and the Closing of the transactions contemplated hereby.

 

6.4 Successors and Assigns.  Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto.

 

6.5 Entire Agreement.  This Agreement (including the exhibits attached hereto) and the Note constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof.

 

6.6 Notices, etc.  All notices and other communications required or permitted hereunder shall be effective upon receipt, shall be in writing, and may be delivered in person, by electronic mail, overnight delivery service or United States mail, in which event they may be mailed by first-class, certified or registered, postage prepaid, addressed (a) if to the Investor, at the Investor’s address as the Investor shall have furnished to the Company in writing, or, until any such holder so furnishes an address to the Company, then to and at the address of the last holder of such shares who has so furnished an address to the Company, and a copy of which shall be likewise delivered to such Investor’s counsel at such address as shall have been furnished to the Company, or (b) if to the Company, at its address set forth on the signature page hereto, or at such other address as the Company shall have furnished to the Investor and each such other holder in writing.

 

  

  

  

 

6.7 Severability of this Agreement.  If any provision of this Agreement shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

6.8 Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall be deemed to constitute one instrument.

 

6.9 Expenses.  Regardless of whether the Closing is effected, each party shall pay all costs and expenses, that it incurs with respect to the negotiation, execution, delivery and performance of this Agreement and the other Transaction Documents; except that the Company shall bear up to $12,500 of legal costs and expenses, including SEC fees, incurred by the Investor with respect to the negotiation, execution, delivery and performance of this Agreement and the other Transaction Documents.

 

  

  

  

 

IN WITNESS WHEREOF, the parties have caused this Note and Share Purchase Agreement to be duly executed and delivered by their proper and duly authorized officers as of the date and year first written above.

 

 

 

	 	
COMPANY:

	 	
INDIA GLOBALIZATION CAPITAL, INC.

	 	  	 	  
	 	  	 	  
	 	  	 	  
	 	
By

	 	
 

	 	 	 	 
	 	
Its

	 	
 

	 	 	 	 
	 	
Address:

	 	
 

	 	  	 	  
	 	  	 	  
	 	  	 	  
	 	
INVESTOR:

	 	
STEVEN M. OLIVEIRA 1998 CHARITABLE REMAINDER UNITRUST

	 	  	 	  
	 	  	 	  
	 	
By

	 	
 

	 	 	 	 
	 	
Title

	 	
 

	 	 	 	 
	 	
Address:

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