Document:

Document

Exhibit 10.12

PHILIP MORRIS INTERNATIONAL INC.
2017 PERFORMANCE INCENTIVE PLAN 

PERFORMANCE SHARE UNIT AGREEMENT
FOR PHILIP MORRIS INTERNATIONAL INC. COMMON STOCK
 (February 10, 2022)

Performance Period: January 1, 2022 to December 31, 2024

    PHILIP MORRIS INTERNATIONAL INC. (the “Company”), a Virginia corporation, hereby grants to the employee identified in the Award Statement (the “Employee”) under the Philip Morris International Inc. 2017 Performance Incentive Plan (the “Plan”), a Performance Share Unit Award (the “Award”) dated February 10, 2022 (the “Award Date”)  representing a right to receive shares of the Common Stock of the Company (the “Common Stock”) set forth in the Award Statement (the “PSUs”), all in accordance with and subject to the following terms and conditions:

1.Normal Vesting.  

(a)Subject to Section 1(b) of this Agreement below, a number of PSUs shall become vested on the Vesting Date set forth in the Award Statement (the “Vesting Date”), provided that the Employee remains an employee of the PMI Group during the entire period commencing on the Award Date and ending on the Vesting Date, and that the Employee has complied with all applicable provisions of HSR.  

(b)The actual number of PSUs that become vested on the Vesting Date is equal to a percentage of the target number of PSUs (the “Performance Percentage”), which percentage is determined based on the performance achieved during the applicable performance period, as shown on the Award Statement and as determined by the Compensation Committee.  The minimum percentage of PSUs that can vest is zero, while the maximum is twice the targeted number, subject to the limitations of the Plan.  Notwithstanding the foregoing, if the date on which the Compensation Committee certifies the Performance Percentage is after the Vesting Date, then the actual number of PSUs that become vested shall not be determined until such later date of certification, and such later date of certification shall be treated as the Vesting Date for purposes of cash payments with respect to dividends and the timing of payment of the PSUs pursuant to Sections 3 and 7 of this Agreement.  The Compensation Committee shall certify the Performance Percentage no later than December 1 of the year in which the Vesting Date occurs.

    2.    Termination of Employment Before Vesting Date.
  
i.In the event of the termination of the Employee’s employment with the PMI Group prior to the Vesting Date due to (a) Normal Retirement, or (b) early retirement or termination of employment (other than for Cause), in either case by mutual agreement and after the Employee has attained age 58, then the requirement that the Employee remain an employee of the PMI Group through the Vesting Date shall be deemed satisfied, and the number of PSUs that become vested shall be determined based on the Performance Percentage as certified by the Compensation Committee in accordance with Section 1 of this Agreement.

ii.In the event that the termination of the Employee’s employment with the PMI Group prior to the Vesting Date by the Company (other than for Cause), as set forth in the agreement with the Employee effective as of May 1, 2020 (the “Employment Agreement”), then the requirement that the Employee remain an employee of the PMI Group through the Vesting Date shall be deemed satisfied, and the number of PSUs that become vested shall be determined based on the Performance Percentage as certified by the Compensation Committee in accordance with Section 1 of this Agreement and shall be prorated based on the number of months of employment between the award date and the vesting date of  the award; provided, however, that the event of the termination set forth in this Section 2(ii), the vesting would be further subject to the terms of the Employment Agreement. 

iii.In the event of the termination of the Employee’s employment with the PMI Group prior to the Vesting Date due to death or Disability, then the requirement that the Employee remain an employee of the PMI 

Group through the Vesting Date shall be deemed satisfied, and the number of PSUs that become vested shall be equal to the target number of PSUs set forth on the Award Statement.

        Subject to the provisions of section 6(a) of the Plan, if the Employee’s employment with the PMI Group is terminated prior to the Vesting Date for any reason not specified in the preceding paragraphs, the Employee shall forfeit all rights to the PSUs.  Notwithstanding the foregoing and except as provided in section 6(a) of the Plan, upon the termination of an Employee’s employment with the PMI Group, the Compensation Committee may, in its sole discretion, treat the requirement that the Employee remain an employee of the PMI Group through the Vesting Date as deemed satisfied with respect to some or all of the PSUs, and in such case the number of PSUs that become vested shall be determined based on the Performance Percentage as certified by the Compensation Committee in accordance with Section 1 of this Agreement multiplied by the target number of PSUs for which the Compensation Committee treats the continued employment requirement as deemed satisfied.

        If the requirement that the Employee remain an employee of the PMI Group through the Vesting Date is deemed satisfied under this Section 2 for any reason other than the Employee’s death or Disability, but the Employee dies before the Compensation Committee’s certification of the Performance Percentage, then the number of PSUs that become vested shall be equal to the target number of PSUs for which the continued employment requirement is deemed satisfied under this Section 2.

    3.    Voting and Dividend Rights; Withholding Taxes on Dividend Equivalents.  The Employee does not have the right to vote the PSUs or receive dividends prior to the date, if any, PSUs become vested and Common Stock becomes issuable to the Employee pursuant to the terms hereof.  However, unless otherwise determined by the Compensation Committee, the Employee shall be credited with cash amounts equal to the dividends paid from the date the Award is granted through the date of payment under Section 7 of this Agreement with respect to shares of Common Stock that become issuable as of the Vesting Date, with such cash credits calculated without interest and paid, less applicable tax withholdings, in accordance with this Agreement.

    4.    Transfer Restrictions.  The Award and the PSUs are non-transferable and may not be assigned, hypothecated or otherwise pledged and shall not be subject to execution, attachment or similar process.  Upon any attempt to effect any such disposition, or upon the levy of any such process, the Award shall immediately become null and void and the PSUs shall be forfeited.  These restrictions shall not apply, however, to any payments received pursuant to Section 7 of this Agreement below.

    5.    Withholding Taxes on Common Stock upon Vesting.  With respect to Common Stock issuable upon vesting, the Company is authorized to satisfy the actual statutory withholding taxes, or hypothetical withholding tax amounts if applicable, arising from this Award by (a) deducting the number of shares of Common Stock payable under the PSUs having an aggregate value equal to the amount of withholding taxes due from the total number of shares of Common Stock payable under the PSUs becoming subject to current taxation or (b) the remittance of the required amounts from any proceeds realized upon the open-market sale of the Common Stock received in payment of vested PSUs by the Employee.  Shares of Common Stock payable under the PSUs deducted from this Award in satisfaction of tax withholding shall be valued at the Fair Market Value of the Common Stock on the date as of which the amount giving rise to the withholding requirement first became includible in the gross income of the Employee under applicable tax laws.  If the Employee is on an international assignment, the Company will calculate the amount of hypothetical tax which will be imposed on the Employee’s PSUs, in accordance with the Company’s guidelines in force at the time the withholding obligation arises.

    6.    Death of Employee.  If any of the PSUs shall vest upon the death of the Employee, any Common Stock received in payment of the vested PSUs shall be registered in the name of the estate of the Employee, and any cash amounts credited with respect to dividends shall be paid to the estate of the Employee.

    7.      Settlement of PSUs.  The grant pursuant to this Award represents an unfunded and unsecured promise of the Company, subject to the vesting, achievement of performance targets and other conditions of this Agreement, to issue to the Employee for each vested PSU one share of the Common Stock and to pay to the Employee in a single lump sum any cash amounts credited on such vested PSU with respect to dividends.  Except as otherwise expressly provided in the Award Statement and subject to the terms of this Agreement, such issuance and lump sum payment shall be made 

2

to the Employee (or, in the event of his or her death to the Employee’s estate as provided above) (a) in all cases other than those set forth in clause (b), as soon as reasonably practicable following the Vesting Date and no later than December 31 of the year in which the Vesting Date occurs, and (b) in the case of termination of employment by reason of death or Disability or the Employee’s death after a termination of employment in the circumstances specified in Section 2, as soon as reasonably practicable following such termination of employment or death.  Notwithstanding the foregoing, if the Company determines that settlement in the form of Common Stock is impractical or impermissible under the laws of the Employee’s country of residence, the PSUs will be settled in the form of cash, and further notwithstanding the foregoing, payment will not occur until any applicable waiting period under HSR has expired or been terminated.

    8.    Special Payment Provisions.  Notwithstanding anything in this Agreement to the contrary, if the Employee is subject to US Federal income tax on any part of the payment of the PSUs and this Award is subject to Code section 409A, then the PSUs shall be subject to the following provisions of this Section 8.  If the Employee is a “specified employee” within the meaning of Code section 409A, any issuance or payment in respect of the PSUs under Section 7 of this Agreement above that is on account of his separation from service and is scheduled to be paid within six months after such separation from service shall accrue without interest and shall be paid as soon as reasonably practicable after the first day of the seventh month beginning after the date of the Employee’s separation from service or, if earlier, as soon as reasonably practicable following the Employee’s death.  During such delayed distribution period, the Employee shall continue to be credited with cash amounts equal to dividends on Common Stock for the applicable Award pursuant to Section 3 of this Agreement, and such amounts shall accrue without interest and shall be paid in a lump sum at the time specified in the preceding sentence.  In the event of a “Change in Control” under section 6(b) of the Plan that is not also a “change in control event” with the meaning of Treas. Reg. §1.409A-3(i)(5)(i), the PSUs shall vest as set forth in section 6(a) of the Plan, but shall not be paid upon such Change in Control or termination of employment as provided by section 6(a) of the Plan, and shall instead be paid at the time the PSUs would otherwise be paid pursuant to this Agreement.  References to termination of employment and separation from service shall be interpreted to mean a separation from service, within the meaning of Code section 409A, with the Company and all of its affiliates treated as a single employer under Code section 409A.  This Agreement shall be construed in a manner consistent with Code section 409A.

    9.    Board Authorization in the Event of Restatement.  Notwithstanding anything in this Agreement to the contrary, if the Board of Directors of the Company or an appropriate Committee of the Board determines that, as a result of fraud, misconduct, a restatement of the Company’s financial statements, or a significant write-off not in the ordinary course affecting the Company’s financial statements, an Employee has received more compensation in connection with this Award than would have been paid absent the fraud, misconduct, write-off or incorrect financial statement, the Board or Committee, in its discretion, shall take such action with respect to this Award as it deems necessary or appropriate to address the events that gave rise to the fraud, misconduct, write-off or restatement and to prevent its recurrence.  Such action may include, to the extent permitted by applicable law, causing the partial or full cancellation of this Award and, with respect to PSUs that have vested, requiring the Employee to repay to the Company the partial or full Fair Market Value of the Award determined at the time of vesting.  The Employee agrees by accepting this Award that the Board or Committee may make such a cancellation, impose such a repayment obligation, or take other necessary or appropriate action in such circumstances.

    10.    Other Terms and Definitions.  The terms and provisions of the Plan (a copy of which will be furnished to the Employee upon written request to the Office of the Secretary, Avenue de Rhodanie 50, 1007 Lausanne, Switzerland) are incorporated herein by reference.  To the extent any provision of this Award is inconsistent or in conflict with any term or provision of the Plan, the Plan shall govern. Capitalized terms not otherwise defined herein have the meaning set forth in the Plan.  This Award shall be treated as an Incentive Award for purposes of the Plan.

        For purposes of this Agreement, (a) the term “Disability” means permanent and total disability as determined under procedures established by the Company for purposes of the Plan, and (b) the term “Normal Retirement” means retirement from active employment under a pension plan of any member of the PMI Group or under an employment contract with any member of the PMI Group on or after the date specified as the normal retirement age in the pension plan or employment contract, if any, under which the Employee is at that time accruing pension benefits for his or her current service (or, in the absence of a specified  normal retirement age, the age at which pension benefits under such plan or contract become payable without reduction for early commencement and without any requirement of a particular 

3

period of prior service).  In any case in which (i) the meaning of “Normal Retirement” is uncertain under the definition contained in the prior sentence or (ii) a termination of employment at or after age 65 would not otherwise constitute “Normal Retirement,” an Employee’s termination of employment shall be treated as a “Normal Retirement” under such circumstances as the Compensation Committee, in its sole discretion, deems equivalent to retirement.  “PMI Group” means the Company and each of its subsidiaries and affiliates.  Generally, for purposes of this Agreement, (x) a “subsidiary” includes only any company in which the Company, directly or indirectly, has a beneficial ownership interest of greater than 50 percent and (y) an “affiliate” includes only any company that (A) has a beneficial ownership interest, directly or indirectly, in the Company of greater than 50 percent or (B) is under common control with the Company through a parent company that, directly or indirectly, has a beneficial ownership interest of greater than 50 percent in both the Company and the affiliate.  “Compensation Committee” means the Compensation and Leadership Development Committee of the Board of Directors of the Company.  “HSR” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.  “Code section 409A” means section 409A of the Internal Revenue Code and the regulations thereunder.

        IN WITNESS WHEREOF, this Performance Share Unit Agreement has been duly executed as of February 10, 2022.

PHILIP MORRIS INTERNATIONAL INC.

By:    /s/ DARLENE QUASHIE HENRY
Name:    Darlene Quashie Henry
Title:    Vice President, Associate General Counsel & Corporate Secretary

4imth_ex101.htm

EXHIBIT 10.1
 AGREEMENT FOR SHARE EXCHANGE
  
 This AGREEMENT FOR SHARE EXCHANGE (this “Agreement”) is entered into on April 26, 2022 with an effective date of the Effective Time (as defined below), by and between Innovative MedTech, Inc., a Delaware corporation (“Buyer”), and VC Bin, LLC, Webb Media, LLC, Melides Capital, LLC, Ronald Schreiber, and Dovner Holdings, LLC (collectively “Sellers”).
  
 RECITALS
  
 WHEREAS, Buyer desires to acquire Ten Million Five Hundred Thousand (10,500,000) shares of common stock of Vitality RX, Inc., a Delaware corporation (the “Vitality Shares”); in exchange for the consideration and upon the terms set forth below; and 
  
 WHEREAS, the Board of Directors of Buyer and Sellers have each approved the proposed transaction, contingent upon satisfaction prior to closing of all of the terms and conditions of this Agreement.
  
 NOW, THEREFORE, in consideration of the foregoing recitals, which shall be considered an integral part of this Agreement, and the covenants, conditions, representations and warranties hereinafter set forth, the parties hereby agree as follows:
  
 ARTICLE I 
 THE EXCHANGE
  
 1.1 The Exchange. At the Closing (as hereinafter defined), Buyer shall acquire the Vitality Shares from Sellers, in consideration of Buyer issuing Sellers in the aggregate Five Million Five Hundred Thousand (5,500,000) shares of Buyer’s common stock and Fifty Thousand (50,000) shares of Buyer’s Series A Convertible Preferred Stock (such shares of common stock and preferred stock collectively the “Shares”) (such exchange of shares shall be referred to herein as the “Exchange”). The Exchange shall take place upon the terms and conditions provided for in this Agreement and in accordance with applicable law. Immediately following completion of the share exchange transaction through the issuance of the Shares, Buyer shall have a total of Twenty-One Million One Hundred Fifty Seven Thousand Three Hundred and Twenty-Seven (21,157,327) shares of its common stock issued and outstanding, and Three Hundred Sixty Seven Thousand and Five Hundred (367,500) shares of Buyer’s Series A Convertible Preferred Stock. For federal income tax purposes, the Exchange shall constitute a tax-free reorganization within the meaning of Section 368(a)(1)(B) of the Internal Revenue Code of 1986, as amended (the “Code”).
  
 1.2 Closing and Effective Time. Subject to the provisions of this Agreement, the parties shall hold a closing (the “Closing”) on (i) the first business day on which the last of the conditions set forth in Article V to be fulfilled prior to the Closing is fulfilled or waived, or (ii) at such time and place as the parties hereto may agree. Notwithstanding the foregoing, April __, 2022, shall be considered the effective date of the Exchange for tax and accounting purposes (the “Effective Time”), but in no event shall the Closing occur later than April __, 2022, unless both parties agree, in writing, to extend the Closing beyond that date.
  
 1.3 Actions at Closing. At Closing:
  
 (a) Sellers shall execute and deliver to Buyer the Vitality Shares and/or stock powers sufficient to transfer the Vitality Shares to Buyer.
  
 (b) Buyer shall issue the Shares to Sellers and/or their assignees as directed by Sellers.
  
 (c) The parties to this Agreement further agree to execute, acknowledge and deliver such additional documents, take such additional actions and furnish such additional information as may be reasonably necessary to carry out fully the transactions contemplated by this Agreement.
  
 	 
	1
	

	 

   
 ARTICLE II
 REPRESENTATIONS AND WARRANTIES
  
 2.1 Representations and Warranties of Buyer. Buyer represents and warrants to Sellers as follows:
  
 (a) Organization, Standing and Power. Buyer is and will be after the Effective Time a corporation duly organized, validly existing and in good standing under the laws of Delaware and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted, and is duly qualified and in good standing to do business in each jurisdiction in which the nature of its business or the ownership or leasing of its properties makes such qualification necessary except for any such failure, which when taken together with all other failures, is not likely to have a Material Adverse Effect. “Material Adverse Effect” means any material adverse effect on the business, operations, assets, financial condition or prospects of Target Companies or Buyer, if any, taken as a whole, or on the transactions contemplated hereby or by the agreements or instruments to be entered into in connection herewith.
  
 (b) Capitalization. As of the date of this Agreement, the authorized capital stock of the Buyer consists of 500,000,000 shares of common stock, $0.000001 par value, 15,657,327 shares of which are issued and outstanding, and which are fully paid, validly issued, and nonassessable, and 2,000,000 shares of preferred stock, 2,000,000 of which have been designated as Series A Preferred Stock, of which 317,500 shares of Series A Preferred Stock are issued and outstanding. At Closing, no shares will be reserved for issuance, and there will be no outstanding subscriptions, options, rights, warrants, convertible securities, or other agreements or commitments obligating Buyer to issue or to transfer from treasury any additional shares of its capital stock of any class.
  
 (c) Articles of Incorporation and Bylaws. Copies of the Buyer’s Articles of Incorporation, as amended and restated, and Bylaws, which have been delivered to Sellers, are true, correct and complete copies thereof.
  
 (d) Authority. Buyer has all requisite power to enter into this Agreement and, subject to approval of the proposed transaction by its shareholders, has the requisite power and authority to consummate the transactions contemplated hereby. Except as specified herein, no other corporate or shareholder proceedings on the part of Buyer are necessary to authorize the Exchange and the other transactions contemplated hereby.
  
 (e) Conflict with Agreements; Approvals. The execution and delivery of this Agreement does not, and the consummation of the transactions contemplated hereby will not, conflict with, or result in any violation of any provision of the Articles of Incorporation or Bylaws of Buyer or of any loan or credit agreement, note, mortgage, indenture, lease, benefit plan or other agreement, obligation, instrument, permit, concession, franchise, license, judgment, order, decree, statute, law, ordinance, rule or regulation applicable to Buyer or its properties or assets except for any such conflict or violation, which when taken together with all other conflict or violation, is not likely to have a Material Adverse Effect. No consent, approval, order or authorization of, or registration, declaration or filing with, any governmental entity is required by or with respect to Buyer in connection with the execution and delivery of this Agreement by Buyer, or the consummation by Buyer of the transactions contemplated hereby.
  
 (f) Books and Records. Buyer has made and will make available for inspection by Sellers upon reasonable request all the books of account, relating to the business of Buyer. Such books of account have been maintained in the ordinary course of business. All documents furnished or caused to be furnished to Sellers by Buyer are true and correct copies, and there are no amendments or modifications thereto except as set forth in such documents.
  
 (g) Compliance with Laws. Buyer is and has been in compliance in all material respects with all laws, regulations, rules, orders, judgments, decrees and other requirements and policies imposed by any governmental entity applicable to it, its properties or the operation of its businesses.
  
 	 
	2
	

	 

  
 (h) Litigation. There is no suit, action or proceeding pending, or, to the knowledge of Buyer threatened against or affecting Buyer, which is reasonably likely to have a Material Adverse Effect on Buyer, nor is there any judgment, decree, injunction, rule or order of any governmental entity or arbitrator outstanding against Buyer having, or which, insofar as reasonably can be foreseen, in the future could have, any such effect. Buyer and its subsidiaries or principals have not been charged with infringement of any unexpired patent, trademark, trademark registration, trade name, copyright, copyright registration, trade secret or any other proprietary or intellectual property right of any party in connection with the operation of its business. There are no employee-related claims pending or threatened against Buyer or its principals for sexual harassment, discrimination, or wrongful termination.
  
 (i) Permits and Licenses. Buyer has, and has had, all permits, licenses, orders and approvals of all federal, state, local or foreign governmental or regulatory bodies required for it to carry on its business as presently conducted, except those permits, licenses, orders and approvals the failure to obtain which individually or in the aggregate are reasonably likely to have no Material Effect.
  
 (j) Taxes. Buyer has filed, or intends to file, all tax returns and reports required to be filed as of the Closing with all other jurisdictions where such filing is required by law; and Buyer has paid, or made adequate provision for the payment of all taxes, interest, penalties, assessments or deficiencies due and payable on, and with respect to such periods or accruing prior to Closing. As of the Closing, Buyer knows of (i) no other tax returns or reports which were required to be filed which have not been so filed and (ii) no unpaid assessment for additional taxes for any fiscal period ending before the Closing.
  
 (k) Title to Property. Buyer does not own any real property, and Buyer has good and merchantable title to its personal property and assets and all the personal property and assets reflected in the Buyer’s financial statements which have been filed with the Securities & Exchange Commission (the “SEC”), free and clear of all liens, encumbrances or charges, except for: (a) those incurred in the ordinary course of business; (b) statutory or common law liens or claims not yet delinquent; or (c) such imperfections of title, easements and encumbrances as do not materially detract from the value, or materially interfere with the present use, of such material properties or assets subject thereto or affected thereby.
  
 2.2 Representations and Warranties of Sellers. Sellers represent and warrant to Buyer as follows:
  
 (a) Organization, Standing and Power. Vitality RX, Inc. is a corporation organized, validly existing and in good standing under the laws of Delaware and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted, and is duly qualified and in good standing to do business in each jurisdiction in which the nature of its business or the ownership or leasing of its properties makes such qualification necessary except for any such failure, which when taken together with all other failures, is not likely to have a Material Adverse Effect.
  
 (b) Authority. Sellers have all requisite power to enter into this Agreement and have the requisite power and authority to consummate the transactions contemplated hereby. Except as specified herein, no other corporate proceedings on the part of Vitality RX, Inc. or Sellers are necessary to authorize the Exchange and the other transactions contemplated hereby.
  
 (c) Conflict with Agreements; Approvals. The execution and delivery of this Agreement does not, and the consummation of the transactions contemplated hereby will not, conflict with, or result in any violation of any provision of the Articles of Incorporation of Incorporation or Bylaws of Vitality RX, Inc., or of any loan or credit agreement, note, mortgage, indenture, lease, benefit plan or other agreement, obligation, instrument, permit, concession, franchise, license, judgment, order, decree, statute, law, ordinance, rule or regulation applicable to Sellers or Vitality RX, Inc. or their properties or assets except for any such conflict or violation, which when taken together with all other conflict or violation, is not likely to have a Material Adverse Effect. No consent, approval, order or authorization of, or registration, declaration or filing with, any governmental entity is required by or with respect to Sellers or Vitality RX, Inc. in connection with the execution and delivery of this Agreement by Sellers, or the consummation by Sellers of the transactions contemplated hereby.
  
 	 
	3
	

	 

  
 (d) Compliance with Laws. Sellers and Vitality RX, Inc. are and have been in compliance in all material respects with all laws, regulations, rules, orders, judgments, decrees and other requirements and policies imposed by any governmental entity applicable to Vitality RX, Inc., its properties or the operation of its businesses.
  
 (e) Vitality Shares Free and Clear. The Vitality Shares are free and clear of any liens, claims, options, charges or encumbrances of any nature.
  
 (f) Unqualified Right to Vitality Shares. Sellers have the unqualified right to sell, assign, and deliver the Vitality Shares, and, upon consummation of the transactions contemplated by this Agreement, Buyer will acquire good and valid title to such Vitality Shares, free and clear of all liens, claims, options, charges, and encumbrances of whatsoever nature.
  
 ARTICLE III
 ADDITIONAL AGREEMENTS AND RELATED TRANSACTIONS
  
 3.1 Restricted Shares. The Shares will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), but will be issued pursuant to applicable exemptions from the registration requirements of the Securities Act. Accordingly, the Shares shall be considered “restricted securities” for purposes of the Securities Act, and the holders of Shares will not be able to transfer such shares except upon compliance with the registration requirements of the Securities Act or in reliance upon an available exemption therefrom. The certificates evidencing the Shares shall contain a legend to the foregoing effect.
  
 3.2 Access to Information. Upon reasonable notice, Buyer and Sellers shall each afford to the officers, employees, accountants, counsel and other representatives of the other company, access to all their respective properties, books, contracts, commitments and records and all other information concerning its business, properties and personnel as such other party may reasonably request. Unless otherwise required by law, the parties will hold any such information which is nonpublic in confidence until such time as such information otherwise becomes publicly available through no wrongful act of either party, and in the event of termination of this Agreement for any reason each party shall promptly return all nonpublic documents obtained from any other party, and any copies made of such documents, to such other party.
  
 ARTICLE IV
 CONDITIONS PRECEDENT TO CLOSING
  
 4.1 Conditions to Each Party’s Obligation to Effect the Exchange. The respective obligations of each party to effect the Exchange shall be conditional upon the filing, occurring or obtainment by the other party of all authorizations, consents, orders or approvals of, or declarations or filings with, or expirations of waiting periods imposed by any governmental entity or by any applicable law, rule, or regulation governing the transactions contemplated hereby, as well as the satisfaction of the following conditions on or before the Closing:
  
 (a) [Reserved].
  
 4.2 Conditions to Obligations of Buyer. The obligation of Buyer to effect the Exchange is subject to the satisfaction of the following conditions on or before the Closing unless waived by Buyer:
  
 (a) Representations and Warranties. The representations and warranties of Sellers set forth in this Agreement shall be true and correct in all material respects as of the date of this Agreement and (except to the extent such representations and warranties speak as of an earlier date) as of the Closing as though made on and as of the Closing, except as otherwise stated in this Agreement, and Sellers shall complete all government and legal process to transfer all of the Vitality Shares to Buyer.
  
 	 
	4
	

	 

  
 4.3 Conditions to Obligations of Target Companies. The obligation of Sellers to effect the Exchange is subject to the satisfaction of the following conditions on or before the Closing unless waived by Sellers:
  
 (a) Representations and Warranties. The representations and warranties of Buyer as set forth in this Agreement shall be true and correct in all material respects as of the date of this Agreement and (except to the extent such representations and warranties speak as of an earlier date) as of the Closing as though made on and as of the Closing, except as otherwise stated in this Agreement.
  
 ARTICLE V
 TERMINATION AND AMENDMENT
  
 5.1 Termination. This Agreement may be terminated at any time prior to the Closing:
  
 (a) by mutual consent of Buyer and Sellers;
  
 (b) by either Buyer or Sellers if there has been a material breach of any representation, warranty, covenant or agreement on the part of the other party or parties, as set forth in this Agreement, which breach has not been cured within five (5) business days following receipt by the breaching party of notice of such breach, or if any permanent injunction or other order of a court or other competent authority preventing the consummation of the Exchange shall have become final and non-appealable.
  
 5.2 Effect of Termination. In the event of termination of this Agreement by any party as provided in Section 5.1, this Agreement shall forthwith become void and, subject to the following, there shall be no liability or obligation on the part of any party hereto. In the event of termination under Section 5.1(a), all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such expenses. In the event of termination under Section 5.1(b), all costs and expenses incurred in connection with this Agreement by the non-breaching parties shall be paid by the breaching party.
  
 5.3 Amendment. This Agreement may be amended by mutual agreement of Buyer and Sellers. Any such amendment must be by an instrument in writing signed on behalf of each of the parties hereto.
  
 5.4 Extension; Waiver. At any time prior to the Closing, any party hereto, by action taken individually or authorized by their respective Board of Directors, may, to the extent legally allowed, (a) extend the time for the performance of any of the obligations or other acts of the other parties hereto, (b) waive any inaccuracies in the representations and warranties contained herein or in any document delivered pursuant hereto and (c) waive compliance with any of the agreements or conditions contained herein. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in a written instrument signed on behalf of such party.
  
 ARTICLE VI
 GENERAL PROVISIONS
  
 6.1 Survival of Representations, Warranties and Agreements. All of the representations, warranties and agreements in this Agreement or in any instrument delivered pursuant to this Agreement shall survive the Effective Time for as long as the applicable statute of limitation shall remain open.
  
 6.2 Notices. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally, emailed (which is confirmed) or mailed by registered or certified mail (return receipt requested) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):
  
 	 
	5
	

	 

  
 (a) If to Buyer:
  
 Innovative MedTech, Inc.
 Michael Friedman, President & CEO
 2310 York St., Suite 200
 Blue Island, IL 60406
  
 (b) If to Sellers:
  
 Vitality RX, Inc.
 2329 Nostrand Avenue
 Brooklyn, NY 11210
  
 6.3 Interpretation. When a reference is made in this Agreement to Sections, such reference shall be to a Section of this Agreement unless otherwise indicated. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes,” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The phrase “made available” in this Agreement shall mean that the information referred to has been made available if requested by the party to whom such information is to be made available.
  
 6.4 Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become effective when two or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.
  
 6.5 Entire Agreement; No Third Party Beneficiaries; Rights of Ownership. This Agreement (including the documents and the instruments referred to herein) constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof, and is not intended to confer upon any person other than the parties hereto any rights or remedies hereunder.
  
 6.6 Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State of Delaware without regard to principles of conflicts of law. Each party hereby irrevocably submits to the jurisdiction of any Delaware state court or any federal court in the State of Delaware in respect of any suit, action or proceeding arising out of or relating to this Agreement, and irrevocably accept for themselves and in respect of their property, generally and unconditionally, the jurisdiction of the aforesaid courts.
  
 6.7 No Remedy in Certain Circumstances. Each party agrees that, should any court or other competent authority hold any provision of this Agreement or part hereof or thereof to be null, void or unenforceable, or order any party to take any action inconsistent herewith or not to take any action required herein, the other party shall not be entitled to specific performance of such provision or part hereof or thereof or to any other remedy, including but not limited to money damages, for breach hereof or thereof or of any other provision of this Agreement or part hereof or thereof as a result of such holding or order.
  
 6.8 Publicity. Except as otherwise required by law or the rules of the SEC, so long as this Agreement is in effect, no party shall issue or cause the publication of any press release or other public announcement with respect to the transactions contemplated by this Agreement without the written consent of the other party, which consent shall not be unreasonably withheld.
  
 6.9 Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns.
  
 [Signature page follows]
  
 	 
	6
	

	 

  
 IN WITNESS WHEROF, this Agreement has been signed by the parties set forth below as of the date set forth above.
   
 	 BUYER:
	  
	  
	  

	  
	  
	  
	  

	 Innovative MedTech, Inc.
	  
	  
	  

	  
	  
	  
	  

	 /s/ Michael Friedman
	  
	  
	  

	 Name: Michael Friedman
	  
	  
	  

	 Title: President
	  
	  
	  

	  
	  
	  
	  

	 Sellers:
	  
	  
	  

	  
	  
	  
	  

	 VC Bin, LLC
	  
	 Webb Media, LLC
	  

	  
	  
	  
	  

	 /s/ Martin Herskowitz
	  
	 /s/ David Webb
	  

	 Name: Martin Herskowitz
	  
	 Name: David Webb
	  

	 Title: Manager
	  
	 Title: Managing Member
	  

	  
	  
	  
	  

	  
	  
	 Melides Capital, LLC
	  

	 Ronald Schreiber
	  
	  
	  

	  
	  
	  
	  

	 /s/ Ronald Schreiber
	  
	 /s/ Bruce McDermott
	  

	 Name: Ronald Schreiber
	  
	 Name Bruce McDermott
	  

	 Title:
	  
	 Title: Managing Member
	  

	  
	  
	  
	  

	  
	  
	  
	  

	  
 Dovner Holdings, LLC
	  
	  
	  

	  
	  
	  
	  

	 /s/ Eddie Dovner
	  
	  
	  

	 Name: Eddie Dovner
	  
	  
	  

	 Title: Managing Member
	  
	  
	  

   
 	 
	7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}]]