Document:

allure_ex101.htm

EXHIBIT 10.1
  
 EXCHANGE AGREEMENT
  
 THIS EXCHANGE AGREEMENT (the “Agreement”) is made and entered into this 31 day of December, 2020, by and between, Allure Worldwide, Inc., a Nevada corporation, with offices located at 18731 SE River Ridge, Tequesta, Florida (“Allure”), and Genvor Incorporated (“Genvor”), a Delaware corporation, located at 13155 Noel Road, Suite 900 Dallas Texas, 75240. The Agreement will collectively refer to Allure Worldwide and Genvor Incorporated as the “Parties” (or individually as a “Party”).
  
 BACKGROUND:
  
 A. The Boards of Directors of Allure and Genvor have determined that Allure’s acquisition of 100% of the outstanding shares in Genvor through a share exchange in accordance with the Agreement’s terms, and subject to the conditions set forth in this Agreement, would be fair and in the best interests of the respective shareholders of Allure and Genvor. Consequently, the Boards of Directors of Allure and Genvor have approved such a share exchange upon the terms set out in the Agreement, 
  
 B. Allure currently has 20,000,000 common shares outstanding. Allure's board of directors have also authorized an additional 1,000,000 common shares for the purposes of being sold in whole or in part in a 419 offering. 
  
 C. Pursuant to this Agreement, all of the rights, title and interest in and to 100% of the shares of Genvor (the "Target Shares") will be transferred to Allure.
  
 D. Pursuant to this Agreement, 19,000,000 shares of common stock of Allure (the “Exchange Shares”) shall be transferred to Genvor’s shareholders as directed by Genvor. 
  
 E. Genvor in turn will issue to the founding shareholders of Allure (the “Founding Shareholders”), 5% of the post exchange shares of common stock of Allure, or 1,000,000 shares of common stock of Allure (the "Retained Shares").
  
 F. As a result of the performance of this agreement, the Founding Shareholders of Allure shall collectively own 5% of the shares of Genvor after the exchange of the shares. Allure’s Founding Shareholders shall not incur dilution of their 5% ownership position of Genvor for a period of two years from the commencement of trading of Genvor’s common stock. If Genvor issues additional shares or rights to shares of its stock during this two year period, it shall ratably increase the amount of Genvor shares issued to the Founding Shareholders so that the Founding Shareholders maintain 5% ownership of Genvor.
  
 G. Allure and Genvor do hereby make certain representations, warranties, covenants and agreements in connection with the Exchange (as defined hereinafter) and also to prescribe various conditions to the Exchange.
  
 H. For federal income tax purposes, the Parties intend that the Exchange shall qualify as reorganization under the provisions of Section 368(a)(1)(B) of the Internal Revenue Code of 1986, as amended (the “Code”).
  
 	 
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 NOW, THEREFORE, in consideration of the representations, warranties, covenants and agreements contained in this Agreement, the Parties agree as follows:
   
 ARTICLE I 
 THE EXCHANGE
  
 Exchange
  
 Upon the terms and subject to the conditions set forth in this Agreement, and in accordance with the Nevada Revised Statutes (“Nevada Statutes”), at the Closing (as hereinafter defined), the Parties shall do the following:
  
 (a) The shareholders of Genvor (alternatively referred to herein as the “Company”) will sell, convey, assign, and transfer all of the shares of the Company to Allure by ensuring that all Genvor shares have been reissued in the name of Allure, via book entry or otherwise. The shares transferred to Allure at the Closing shall constitute 100% of all issued and outstanding shares in the Company.
  
 (b) As consideration for its acquisition of all of the Company’s shares, Allure shall issue the Exchange Shares to Genvor by delivering book entry shares to the shareholders of Genvor evidencing the Exchange Shares 
  
 (c) For federal income tax purposes, the transfer of the Target Shares to Allure and the issuance of the Exchange Shares to Genvor’s shareholders (the “Exchange”) is intended to constitute a “reorganization” within the meaning of Section 368 of the Code, and the Parties shall report the transactions contemplated by this Agreement consistent with such intent and shall take no position in any Tax filing or legal proceeding inconsistent therewith. The Parties to this Agreement hereby adopt this Agreement as a “Plan of Reorganization” within the meaning of Sections 1.368-2(g) and 1.368-3(a) of the United States Treasury Regulations. Neither Allure nor Genvor has taken or failed to take, and after the Effective Time (as defined below), shall not take or fail to take, any action which reasonably could be expected to cause the Exchange to fail to qualify as a “reorganization” within the meaning of Section 368(a) of the Code. 
  
 (d) Allure Worldwide shall receive payment in total of $150,000.00 (the “Cash Purchase Price”) by Genvor or its affiliates. Allure acknowledges that it has already received $50,000 of the Cash Purchase Price as of the date of this Agreement, and the Parties agree that at the Closing, Genvor shall pay the $100,000 balance of the Cash Purchase Price. 
  
 	 
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 Effect of the Exchange
  
 The Exchange shall have the effects set forth herein and in the applicable provisions of the Nevada Revised Statutes.
  
 Closing 
  
 Unless this Agreement shall have been terminated and the transactions herein contemplated shall have been abandoned pursuant to Article VI and subject to the satisfaction or waiver of the conditions set forth in Article V, the closing of the Exchange (the “Closing”) will take place at 3pm. U.S. Central Time on the business day after satisfaction of the conditions set forth in Article V(or as soon as practicable thereafter following satisfaction or waiver of the conditions set forth in Article V) (the “Closing Date”), at the offices of EAD Law Group, LLC, unless another date, time or place is agreed to in writing by the Parties hereto. The Closing shall take place immediately upon Genvor making the payment described in Section I.1 herein.
  
 Effective Time of Exchange
  
 The Exchange shall become effective at such time as is permissible in accordance with Nevada Statutes (the time the Exchange becomes effective being the “Effective Time”). Allure and the Company shall use reasonable efforts to have the Closing Date and the Effective Time to be the same day.
  
 As soon as practicable, the Parties shall make all filings or recordings required under Nevada Statutes, to include a change of name filing so that “Genvor Incorporated” is the official recognized name of the entity after the share exchange is effectuated. 
  
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES
  
 Representations and Warranties of the Company
  
 Genvor represents and warrants to Allure as follows:
  
 (a) Organization, Standing and Power
  
 Genvor is duly organized, validly existing and in good standing under the laws of the State of Delaware and has the requisite power and authority and all government licenses, authorizations, permits, consents and approvals required to own, lease and operate its properties and carry on its business as now being conducted. The Company is duly qualified or licensed to do business and is in good standing in each jurisdiction in which the nature of its business or the ownership or leasing of its properties makes such qualification or licensing necessary, other than in such jurisdictions where the failure to be so qualified or licensed (individually or in the aggregate) would not have a material adverse effect (as defined in Section 8.02).
   
 	 
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 (b) Shares
  
 The shares represent 100% of the issued and outstanding equity interests of Genvor. There are no outstanding bonds, debentures, notes or other indebtedness or other securities of Genvor which have not been disclosed to Allure on Genvor’s audited financial statements for the period ending 12/31/2019, or which have not been made available through it’s auditors for the period January 1, 2020 through September 30, 2020. Genvor notified it’s auditors, Turner Stone Inc., that it would like to retain Turner Stone Inc. to auditfinancial statements for the year ending December 31, 2020. Additionally, Genvor will obtain an independent IP Valuation to record its assets and market capitalization reported on its 2020 audit. 
  
 Other than those disclosed in Genvor’s 2019 audit or those books and records reviewed by the auditors for the period of January 1, 2020 through September 30, 2020 which shall be made made available to Allure Worldwide 
  
 I. There are no rights, commitments, agreements, arrangements or undertakings of any kind to which Genvor is a party or by which it is bound obligating Genvor to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of Genvor or obligating Genvor to issue, grant, extend or enter into any such right, commitment, agreement, arrangement or undertaking. 
  
 II. There are no outstanding contractual obligations, commitments, understandings or arrangements of Genvor to repurchase, redeem or otherwise acquire or make any payment in respect of the shares of Genvor which have (i) not been disclosed to Allure in connection with Genvor's audited financial statements for the period ending 12/31/2020; or (ii) that would otherwise prevent Allure's Founding Shareholders from owning 5% of Genvor afier the exchange of Shares and the Exchange Share is completed.
  
 (c) Authority; Noncontravention
  
 Genvor has all requisite power and authority to enter into this Agreement and to consummate the transactions contemplated by this Agreement. The execution and delivery of this Agreement by Genvor and the consummation by Genvor of the transactions contemplated hereby have been (or at Closing will have been) duly authorized by all necessary action on the part of Genvor. This Agreement has been duly executed and when delivered by Genvor shall constitute a valid and binding obligation of Genvor, enforceable against Genvor and the selling shareholders, as applicable, in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency or other similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity. The execution and delivery of this Agreement does not, and the consummation of the transactions contemplated by this Agreement and compliance with the provisions hereof will not, conflict with, or result in any breach or violation of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of or “put” right with respect to any obligation or to a loss of a material benefit under, or result in the creation of any lien upon any of the properties or assets of Genvor under, (i) Genvor’s articles of incorporation or bylaws, if any, (ii) any loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, instrument, permit, concession, franchise or license applicable to Genvor, its properties or assets, or (iii) subject to the governmental filings and other matters referred to in the following sentence, any judgment, order, decree, statute, law, ordinance, rule, regulation or arbitration award applicable to Genvor, its properties or assets, other than, in the case of clauses (ii) and (iii), any such conflicts, breaches, violations, defaults, rights, losses or liens that individually or in the aggregate could not have a material adverse effect with respect to Genvor or could not prevent, hinder or materially delay the ability of Genvor to consummate the transactions contemplated by this Agreement.
  
 	 
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 (d) Governmental Authorization. 
  
 No consent, approval, order or authorization of, or registration, declaration or filing with, or notice to, any United States court, administrative agency or commission, or other federal, state or local government or other governmental authority, agency, domestic or foreign (a “Governmental Entity”), is required by or with respect to Genvor in connection with the execution and delivery of this Agreement by Genvor or the consummation by Genvor of the transactions contemplated by the Agreement, except, with respect to this Agreement, any filings under the Securities Act of 1933, as amended (the “Securities Act”) or Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”).
  
 (e) Absence of Certain Changes or Events. 
  
 Since January 1, 2019, the Company has conducted its business only in the ordinary course consistent with past practice, and there is not, and there has not been, any:
  
 (i) material adverse change with respect to Genvor;
  
 (ii) event which, if it had taken place following the execution of this Agreement, would not have been permitted by Section 3.01 without prior consent of Allure;
  
 (iii) condition, event or occurrence which could reasonably be expected to prevent, hinder or materially delay the ability of Genvor to consummate the transactions contemplated by this Agreement;
  
 (iv) incurrence, assumption or guarantee by Genvor of any indebtedness for borrowed money other than in the ordinary course and in amounts and on terms consistent with past practices or as disclosed to Allure in writing;
  
 (v) creation or other incurrence by Genvor of any lien on any asset other than in the ordinary course consistent with past practices;
  
 	 
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 (vi) transaction or commitment made, or any contract or agreement entered into, by Genvor relating to its assets or business (including the acquisition or disposition of any assets) or any relinquishment by Genvor of any contract or other right, in either case, material to Genvor, other than transactions and commitments in the ordinary course consistent with past practices and those contemplated by this Agreement;
  
 (vii) labor dispute, other than routine, individual grievances, or, to the knowledge of Genvor, any activity or proceeding by a labor union or representative thereof to organize any employees of Genvor or any lockouts, strikes, slowdowns, work stoppages or threats by or with respect to such employees;
  
 (viii) payment, prepayment or discharge of liability other than in the ordinary course of business or any failure to pay any liability when due;
  
 (ix) write-offs or write-downs of any assets of Genvor;
  
 (x) creation, termination or amendment of, or waiver of any right under, any material contract of Genvor;
  
 (xi) damage, destruction or loss having, or reasonably expected to have, a material adverse effect on Genvor;
  
 (xii) other condition, event or occurrence which individually or in the aggregate could reasonably be expected to have a material adverse effect or give rise to a material adverse change with respect to Genvor; or
  
 (xiii) agreement or commitment to do any of the foregoing.
  
 (f) Certain Fees. Other than those finder's fees or commissions disclosed in Genvor’s Private Placement Memorandum dated July 24, 2020, No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person with respect to the transactions contemplated by this Agreement. An Exception may only be made by a written agreement between the parties.
  
 (g) Litigation; Labor Matters; Compliance with Laws. There is no suit, action or proceeding or investigation pending or, to the knowledge of Genvor, threatened against or affecting Genvor or any basis for any such suit, action, proceeding or investigation that, individually or in the aggregate, could reasonably be expected to have a material adverse effect with respect to Genvor or prevent, hinder or materially delay the ability of Genvor to consummate the transactions contemplated by this Agreement, nor is there any judgment, decree, injunction, rule or order of any Governmental Entity or arbitrator outstanding against Genvor having, or which, insofar as reasonably could be foreseen by Genvor, in the future could have, any such effect which has not been disclosed to Allure.
  
 	 
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 (h) Genvor is not a party to, or bound by, any collective bargaining agreement, contract or other agreement or understanding with a labor union or labor organization, nor is it the subject of any proceeding asserting that it has committed an unfair labor practice or seeking to compel it to bargain with any labor organization as to wages or conditions of employment nor is there any strike, work stoppage or other labor dispute involving it pending or, to its knowledge, threatened, any of which could have a material adverse effect with respect to Genvor.
  
 (i) The conduct of the business of Genvor complies with all statutes, laws, regulations, ordinances, rules, judgments, orders, decrees or arbitration awards applicable thereto.
  
 (h) Benefit Plans
  
 Genvor is not a party to any Benefit Plan under which Genvor currently has an obligation to provide benefits to any current or former employee, officer or director of Genvor. As used herein, “Benefit Plan” shall mean any employee benefit plan, program, or arrangement of any kind, including any defined benefit or defined contribution plan, ownership plan with respect to any shares interest, executive compensation program or arrangement, bonus plan, incentive compensation plan or arrangement, profit sharing plan or arrangement, deferred compensation plan, agreement or arrangement, supplemental retirement plan or arrangement, vacation pay, sickness, disability, or death benefit plan (whether provided through insurance, on a funded or unfunded basis, or otherwise), medical or life insurance plan providing benefits to employees, retirees, or former employees or any of their dependents, survivors, or beneficiaries, severance pay, termination, salary continuation, or employee assistance plan.
  
 (i) Tax Returns and Tax Payments.
  
 (i) Genvor is in the process of filing with the appropriate taxing authorities all Tax Returns required to be filed by it (taking into account all applicable extensions). All such Tax Returns will be true, correct and complete in all respects. All Taxes due and owing by Genvor will be paid (whether or not shown on any Tax Return and whether or not any Tax Return is required). Genvor is not currently the beneficiary of any extension of time within which to file any Tax Return or pay any Tax. No claim has ever been made in writing or otherwise addressed to Genvor by a taxing authority in a jurisdiction where Genvor does not file Tax Returns that it is or may be subject to taxation by that jurisdiction. As of the Closing Date, Genvor and its subsidiaries will not owe any unpaid taxes.
  
 (ii) No material claim for unpaid Taxes has been made or become a lien against the property of Genvor or is being asserted against Genvor, no audit of any Tax Return of Genvor is being conducted by a tax authority, and no extension of the statute of limitations on the assessment of any Taxes has been granted by Genvor and is currently in effect. Ganvor has withheld and paid all Taxes required to have been withheld and paid in connection with amounts paid or owing to any employee, independent contractor, creditor, stockholder or other third party.
  
 	 
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 (iii) As used herein, “Taxes” shall mean all taxes of any kind, including, without limitation, those on or measured by or referred to as income, gross receipts, sales, use, ad valorem, franchise, profits, license, withholding, payroll, employment, excise, severance, stamp, occupation, premium value added, property or windfall profits taxes, customs, duties or similar fees, assessments or charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts imposed by any governmental authority, domestic or foreign. As used herein, “Tax Return” shall mean any return, report or statement required to be filed with any governmental authority with respect to Taxes.
  
 (j) Full Disclosure
  
 All of the representations and warranties made by Genvor in this Agreement, and all statements set forth in the certificates delivered by Genvor at the Closing pursuant to this Agreement, are true, correct and complete in all material respects and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make such representations, warranties or statements, in light of the circumstances under which they were made, misleading. The copies of all documents furnished by Genvor pursuant to the terms of this Agreement are complete and accurate copies of the original documents. The schedules, certificates, and any and all other statements and information, whether furnished in written or electronic form, to Allure or its representatives by or on behalf of any of Genvor or its affiliates in connection with the negotiation of this Agreement and the transactions contemplated hereby do not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not misleading.
  
 Representations and Warranties of Allure Worldwide
  
 At the time of execution of this Agreement, Allure represents and warrants to the Company as follows:
  
 (a) Organization, Standing and Corporate Power
  
 Allure is duly organized, validly existing and in good standing under the laws of the State of Nevada and has the requisite corporate power and authority and all government licenses, authorizations, permits, consents and approvals required to own, lease and operate its properties and carry on its business as now being conducted. Allure is duly qualified or licensed to do business and is in good standing in each jurisdiction in which the nature of its business or the ownership or leasing of its properties makes such qualification or licensing necessary, other than in such jurisdictions where the failure to be so qualified or licensed (individually or in the aggregate) would not have a material adverse effect with respect to Allure.
  
 	 
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 (b) Subsidiaries
  
 Allure does not own directly or indirectly, any equity or other shares in any company, corporation, partnership, joint venture or otherwise.
  
 (c) Capital Structure of Allure Worldwide
  
 As of the date of this Agreement, the capital structure of Allure consists of:
  
 Authorized Stock:
  
 Common Stock: 300,000,000 common par value of $0.0001
  
 Preferred Stock: 20,000,000 preferred par value $0.0001
  
 Issued and Outstanding:
  
 Common Stock: 20,000,000 common par value of $0.0001
  
 Allure will not issue any additional stock prior to or upon the execution of this agreement. There are no other shares of Allure stock issuable upon the exercise of outstanding warrants, convertible notes, options and otherwise. Except as set forth above, no shares of capital stock or other equity securities of Allure are issued, reserved for issuance or outstanding. All shares which may have been issued pursuant to this Agreement will be, when issued, duly authorized, validly issued, fully paid and nonassessable, not subject to preemptive rights, and issued in compliance with all applicable state and federal laws concerning the issuance of securities.
  
 (d) Corporate Authority; Noncontravention
  
 Allure has all requisite corporate and other power and authority to enter into this Agreement and to consummate the transactions contemplated by this Agreement. The execution and delivery of this Agreement by Allure and the consummation by Allure of the transactions contemplated hereby have been (or at Closing will have been) duly authorized by all necessary corporate action on the part of Allure. This Agreement has been duly executed and when delivered by Allure shall constitute a valid and binding obligation of Allure, enforceable against Allure in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency or other similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity. The execution and delivery of this Agreement do not, and the consummation of the transactions contemplated by this Agreement and compliance with the provisions hereof will not, conflict with, or result in any breach or violation of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of or “put” right with respect to any obligation or to loss of a material benefit under, or result in the creation of any lien upon any of the properties or assets of Allure under, (i) its articles of incorporation, bylaws, or other charter documents of Allure (ii) any loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, instrument, permit, concession, franchise or license applicable to Allure or to its properties or assets, or (iii) subject to the governmental filings and other matters referred to in the following sentence, any judgment, order, decree, statute, law, ordinance, rule, regulation or arbitration award applicable to Allure, its properties or assets, other than, in the case of clauses (ii) and (iii), any such conflicts, breaches, violations, defaults, rights, losses or liens that individually or in the aggregate could not have a material adverse effect with respect to Allure or could not prevent, hinder or materially delay the ability of Allure to consummate the transactions contemplated by this Agreement.
  
 	 
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 (e) Government Authorization
  
 No consent, approval, order or authorization of, or registration, declaration or filing with, or notice to, any Governmental Entity, is required by or with respect to Allure in connection with the execution and delivery of this Agreement by Allure, or the consummation by Allure of the transactions contemplated hereby, except, with respect to this Agreement, any filings under the Nevada Statutes, the Financial Industry Regulatory Authority, Inc. (FINRA), the Depository Trust & Clearing Corporation (DTCC), Standard & Poor’s, the Securities Act or the Exchange Act. 
  
 (f) Financial Statements. The consolidated financial statements of Allure included in the reports, schedules, forms, statements and other documents filed with the SEC comply as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, have been prepared in accordance with U.S. generally accepted accounting principles applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto) and fairly present the consolidated financial position of Allure and its consolidated subsidiaries as of the dates thereof and the consolidated results of operations and changes in cash flows for the periods then ended. Except as set forth in the Allure Documents, at the date of the most recent reported financial statements of Allure included in the Allure Documents, Allure has not incurred any liabilities or obligations of any nature (whether accrued, absolute, contingent or otherwise) which, individually or in the aggregate, could reasonably be expected to have a material adverse effect with respect to Allure. 
  
 (g) Absence of Certain Changes or Events. 
  
 Except as disclosed in the Allure OTC Documents or contemplated in this Agreement, since July 30, 2018 (the “Allure Balance Sheet Date”) Allure has conducted its business only in the ordinary course consistent with past practice in light of its current business circumstances, and there is not, and has not been, any:
  
 (i) material adverse change with respect to Allure;
  
 (ii) event which, if it had taken place following the execution of this Agreement, would not have been permitted by Section 3.01 without prior consent of Genvor;
  
 (iii) condition, event or occurrence which could reasonably be expected to prevent, hinder or materially delay the ability of Allure to consummate the transactions contemplated by this Agreement;
  
 	 
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 (iv) incurrence, assumption or guarantee by Allure of any indebtedness for borrowed money other than in the ordinary course and in amounts and on terms consistent with past practices or as disclosed to the Company in writing; 
  
 (vi) transaction or commitment made, or any contract or agreement entered into, by Allure relating to its assets or business (including the acquisition or disposition of any assets) or any relinquishment by Allure of any contract or other right, in either case, material to Allure, other than transactions and commitments in the ordinary course consistent with past practices and those contemplated by this Agreement;
  
 (vii) labor dispute, other than routine, individual grievances, or, to the knowledge of Allure, any activity or proceeding by a labor union or representative thereof to organize any employees of Allure or any lockouts, strikes, slowdowns, work stoppages or threats by or with respect to such employees;
  
 (viii) payment, prepayment or discharge of liability other than in the ordinary course of business or any failure to pay any liability when due;
  
 (ix) write-offs or write-downs of any assets of Allure;
  
 (x) creation, termination or amendment of, or waiver of any right under, any material contract of Allure ;
  
 (xi) damage, destruction or loss having, or reasonably expected to have, a material adverse effect on Allure;
  
 (xii) other condition, event or occurrence which individually or in the aggregate could reasonably be expected to have a material adverse effect or give rise to a material adverse change with respect to Allure; or
  
 (xiii) agreement or commitment to do any of the foregoing.
  
 (h) Certain Fees. 
  
 No brokerage or finder’s fees or commissions are or will be payable by Allure to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person with respect to the transactions contemplated by this Agreement.
  
 (i) Litigation; Labor Matters; Compliance with Laws. 
  
 There is no suit, action or proceeding or investigation pending or, to the knowledge of Allure, threatened against or affecting Allure or any basis for any such suit, action, proceeding or investigation that, individually or in the aggregate, could reasonably be expected to have a material adverse effect with respect to Allure or prevent, hinder or materially delay the ability of Allure to consummate the transactions contemplated by this Agreement, nor is there any judgment, decree, injunction, rule or order of any Governmental Entity or arbitrator outstanding against Allure having, or which, insofar as reasonably could be foreseen by Allure, in the future could have, any such effect.
  
 	 
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 (i) Allure is not a party to, or bound by, any collective bargaining agreement, contract or other agreement or understanding with a labor union or labor organization, nor is it the subject of any proceeding asserting that it has committed an unfair labor practice or seeking to compel it to bargain with any labor organization as to wages or conditions of employment nor is there any strike, work stoppage or other labor dispute involving it pending or, to its knowledge, threatened, any of which could have a material adverse effect with respect to Allure.
  
 (ii) The conduct of the business of Allure complies with all statutes, laws, regulations, ordinances, rules, judgments, orders, decrees or arbitration awards applicable thereto.
  
 (j) Benefit Plans
  
 Allure is not a party to any Benefit Plan under which Allure currently has an obligation to provide benefits to any current or former employee, officer or director of Allure.
  
 (k) Certain Employee Payments
  
 Allure is not a party to any employment agreement which could result in the payment to any current, former or future director or employee of Allure of any money or other property or rights or accelerate or provide any other rights or benefits to any such employee or director as a result of the transactions contemplated by this Agreement, whether or not (i) such payment, acceleration or provision would constitute a “parachute payment” (within the meaning of Section 280G of the Code), or (ii) some other subsequent action or event would be required to cause such payment, acceleration or provision to be triggered.
  
 (l) Tax Returns and Tax Payments. 
  
 Allure will file with the appropriate taxing authorities all Tax Returns required to be filed by it (taking into account all applicable extensions). All such Tax Returns are true, correct and complete in all respects. All Taxes due and owing by Allure have been paid (whether or not shown on any Tax Return and whether or not any Tax Return was required). Allure is not currently the beneficiary of any extension of time within which to file any Tax Return or pay any Tax. No claim has ever been made in writing or otherwise addressed to Allure by a taxing authority in a jurisdiction where it does not file Tax Returns that it is, or may be, subject to taxation by that jurisdiction. As of the Closing Date, the unpaid Taxes of Allure and its subsidiaries will not exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the books and records of Allure, if any. 
  
 (i) No material claim for unpaid Taxes has been made or become a lien against the property of Allure or is being asserted against Allure, no audit of any Tax Return of Allure is being conducted by a tax authority, and no extension of the statute of limitations on the assessment of any Taxes has been granted by Allure and is currently in effect. Allure has withheld and paid all Taxes required to have been withheld and paid in connection with amounts paid or owing to any employee, independent contractor, creditor, stockholder or other third party. 
  
 	 
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 (m) Environmental Matters
  
 Allure is in compliance with all Environmental Laws in all material respects. Allure holds all permits and authorizations required under applicable Environmental Laws, unless the failure to hold such permits and authorizations would not have a material adverse effect on Allure. Allure is in compliance with all terms, conditions and provisions of all such permits and authorizations in all material respects. No releases of Hazardous Materials have occurred at, from, in, to, on or under any real property currently or formerly owned, operated or leased by Allure or any predecessor thereof and no Hazardous Materials are present in, on, about or migrating to or from any such property which could result in any liability to Allure. Allure has not transported or arranged for the treatment, storage, handling, disposal, or transportation of any Hazardous Material to any off-site location which could result in any liability to Allure. Allure has no liability, absolute or contingent, under any Environmental Law that if enforced or collected would have a material adverse effect on Allure. There are no past, pending or threatened claims under Environmental Laws against Allure and Allure is not aware of any facts or circumstances that could reasonably be expected to result in a liability or claim against Allure pursuant to Environmental Laws.
  
 (n) Material Contract Defaults
  
 Allure is not, or has not, received any notice or has any knowledge that any other party is in default in any respect under any Allure Material Contract; and there has not occurred any event that with the lapse of time or the giving of notice or both would constitute such a material default. For purposes of this Agreement, an “Allure Material Contract” means any contract, agreement or commitment that has not been disclosed in the Allure OTC Documents or herein, and is expected to be effective as of the Closing Date to Allure and to which Allure is a party (i) with expected receipts or expenditures in excess of $5,000, (ii) requiring Allure to indemnify any person, (iii) granting exclusive rights to any party, (iv) evidencing indebtedness for borrowed or loaned money in excess of $5,000 or more, including guarantees of such indebtedness, or (v) which, if breached by Allure in such a manner would (A) permit any other party to cancel or terminate the same (with or without notice of passage of time) or (B) provide a basis for any other party to claim money damages (either individually or in the aggregate with all other such claims under that contract) from Allure or (C) give rise to a right of acceleration of any material obligation or loss of any material benefit under any such contract, agreement or commitment.
  
 	 
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 (o) Properties
  
 Allure has valid land use rights for all real property that is material to its business and good, clear and marketable title to all the tangible properties and tangible assets reflected in the latest balance sheet as being owned by Allure or acquired after the date thereof which are, individually or in the aggregate, material to the business of Allure (except properties sold or otherwise disposed of since the date thereof in the ordinary course of business), free and clear of all material liens, encumbrances, claims, security interest, options and restrictions of any nature whatsoever. Any real property and facilities held under lease by Allure are held under valid, subsisting and enforceable leases of which Allure is in compliance, except as could not, individually or in the aggregate, have or reasonably be expected to result in a material adverse effect.
  
 (p) Intellectual Property
  
 Allure owns or has valid rights to use the Trademarks, trade names, domain names, copyrights, patents, logos, licenses and computer software programs, including, without limitation, the source codes thereto (collectively “Intellectual Property”) that are necessary for the conduct of its business as now being conducted. All of the Allure licenses to use software programs are current and have been paid for the appropriate number of users. To the knowledge of Allure, none of its Intellectual Property or the Allur License Agreements infringe upon the rights of any third party that may give rise to a cause of action or claim against Allure or its successors.
  
 (q) Board Determination
  
 The Board of Directors of Allure has unanimously determined that the terms of the Agreement are fair to, and in the best interests of, Allure and its shareholders.
  
 (r) Required Allure Share Issuance Approval
  
 Allure represents that the issuance of the Exchange Shares to all of the shareholders of Genvor will be in compliance with the Nevada Statutes, the Bylaws of Allure and any relevant regulatory or governing bodies. 
  
 (s) Undisclosed Liabilities. 
  
 Allure has no liabilities or obligations of any nature (whether fixed or unfixed, secured or unsecured, known or unknown and whether absolute, accrued, contingent, or otherwise) except for liabilities or obligations reflected or reserved against in the Allure OTC Documents, disclosed herein or incurred in the ordinary course of business.
  
 (t) Full Disclosure.
  
 All of the representations and warranties made by Allure in this Agreement, and all statements set forth in the certificates delivered by Allure at the Closing pursuant to this Agreement, are true, correct and complete in all material respects and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make such representations, warranties or statements, in light of the circumstances under which they were made, misleading. The copies of all documents furnished by Allure pursuant to the terms of this Agreement are complete and accurate copies of the original documents. The schedules, certificates, and any and all other statements and information, whether furnished in written or electronic form, to the Company or its representatives by or on behalf of Allure and/or the Allure shareholders in connection with the negotiation of this Agreement and the transactions contemplated herein do not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not misleading.
  
 	 
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 ARTICLE III 
 COVENANTS RELATING TO CONDUCT OF BUSINESS PRIOR TO THE EXCHANGE
  
 Conduct of Genvor and Allure
  
 From the date of this Agreement and until the Effective Time, or until the prior termination of this Agreement, Genvor and Allure shall not, unless allowed in this Agreement or mutually agreed to in writing, take any of the following actions:
  
 (a) engage in any transaction, except in the normal and ordinary course of business, or create or suffer to exist any lien or other encumbrance upon any of their respective assets or which will not be discharged in full prior to the Effective Time;
  
 (b) sell, assign or otherwise transfer any of their assets, or cancel or compromise any debts or claims relating to their assets, other than for fair value, in the ordinary course of business, and consistent with past practice;
  
 (c) fail to use reasonable efforts to preserve intact their present business organizations, keep available the services of their employees and preserve its material relationships with customers, suppliers, licensors, licensees, distributors and others, to the end that its good will and ongoing business not be impaired prior to the Effective Time;
  
 (d) except for matters related to complaints by former employees related to wages, suffer or permit any material adverse change to occur with respect to Genvor and Allure or their business or assets; or
  
 (e) make any material change with respect to their business in accounting or bookkeeping methods, principles or practices, except as required by GAAP.
  
 	 
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 ARTICLE IV 
 ADDITIONAL AGREEMENTS
  
 Access to Information; Confidentiality
  
 (a) Genvor shall, and shall cause its officers, employees, counsel, financial advisors and other representatives to afford to Allure and its representatives reasonable access during normal business hours during the period prior to the Effective Time to its and to Genvor’s properties, books, contracts, commitments, personnel and records and, during such period, Genvor shall, and shall cause its officers, employees and representatives to, furnish promptly to Allure all information concerning its business, properties, financial condition, operations and personnel as such other party may from time to time reasonably request.
  
 (b) No investigation pursuant to this Section 4.01 shall affect any representations or warranties of the Parties herein or the conditions to the obligations of the Parties hereto.
  
 Best Efforts
  
 Upon the terms and subject to the conditions set forth in this Agreement, each of the Parties agrees to use its best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other Party in doing all things necessary, proper, or advisable to consummate and make effective, in the most expeditious manner practicable, the Exchange and the other transactions contemplated by this Agreement. Allure and Genvor shall mutually cooperate in order to facilitate the achievement of the benefits reasonably anticipated from the Exchange.
  
 Public Announcements
  
 Allure, on the one hand, and Genvor, on the other hand, will consult with each other before issuing, and provide each other the opportunity to review and comment upon, any press release or other public statements with respect to the transactions contemplated by this Agreement and shall not issue any such press release or make any such public statement prior to such consultation, except as may be required by applicable law or court process. The Parties agree that the initial press release or releases to be issued with respect to the transactions contemplated by this Agreement shall be mutually agreed upon prior to the issuance thereof.
  
 Expenses
  
 All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such expenses. Genvor agrees to reimburse Allure for all reasonable legal and auditing fees incurred after July 1, 2020 in association with the filing of an amended S-1. 
  
 No Solicitation
  
 Except as previously agreed to in writing by the other party, neither Genvor nor Allure shall authorize or permit any of its officers, directors, agents, representatives, or advisors to (a) solicit, initiate or encourage or take any action to facilitate the submission of inquiries, proposals or offers from any person relating to any matter concerning any exchange, merger, consolidation, business combination, recapitalization or similar transaction involving Genvor or Allure, respectively, other than the transaction contemplated by this Agreement or any other transaction the consummation of which would or could reasonably be expected to impede, interfere with, prevent or delay the Exchange or which would or could be expected to dilute the benefits to either the Company or Allure of the transactions contemplated hereby. Genvor or Allure will immediately cease and cause to be terminated any existing activities, discussions and negotiations with any Parties conducted heretofore with respect to any of the foregoing.
  
 	 
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 ARTICLE V 
 CONDITIONS PRECEDENT
  
 Conditions to Each Party’s Obligation to Effect the Exchange
  
 The obligation of each Party to effect the Exchange and otherwise consummate the transactions contemplated by this Agreement is subject to the satisfaction, at or prior to the Closing, of each of the following conditions:
  
 (a) No Restraints
  
 No temporary restraining order, preliminary or permanent injunction or other order preventing the consummation of the Exchange shall have been issued by any court of competent jurisdiction or any other Governmental Entity having jurisdiction and shall remain in effect, and there shall not be any applicable legal requirement enacted, adopted or deemed applicable to the Exchange that makes consummation of the Exchange illegal.
  
 (b) Governmental Approvals
  
 All authorizations, consents, orders, declarations or approvals of, or filings with, or terminations or expirations of waiting periods imposed by, any Governmental Entity having jurisdiction which the failure to obtain, make or occur would have a material adverse effect on Allure or Genvor shall have been obtained, made or occurred. 
  
 (c) No Litigation
  
 There shall not be pending or threatened any suit, action or proceeding before any court, Governmental Entity or authority (i) pertaining to the transactions contemplated by this Agreement or (ii) seeking to prohibit or limit the ownership by Genvor, Allure or any of its subsidiaries, or to dispose of or hold separate any material portion of the business or assets of the Company or Allure.
   
 Conditions Precedent to Obligations of Allure
  
 The obligation of Allure to effect the Exchange and otherwise consummate the transactions contemplated by this Agreement are subject to the satisfaction, at or prior to the Closing, of each of the following conditions:
  
 (a) Representations, Warranties and Covenants
  
 The representations and warranties of Genvor in this Agreement shall be true and correct in all material respects (except for such representations and warranties that are qualified by their terms by a reference to materiality or material adverse effect, which representations and warranties as so qualified shall be true and correct in all respects) both when made and on and as of the Closing Date, and (ii) Genvor shall have performed and complied in all material respects with all covenants, obligations and conditions of this Agreement required to be performed and complied with by each of them prior to the Effective Time.
  
 	 
	17
	

	 

 
  
 (b) Consents
  
 Allure shall have received evidence, in form and substance reasonably satisfactory to it, that such licenses, permits, consents, approvals, authorizations, qualifications and orders of governmental authorities and other third Parties as necessary in connection with the transactions contemplated hereby have been obtained.
  
 (c) No Material Adverse Change. There shall not have occurred any change in the business, condition (financial or otherwise), results of operations or assets (including intangible assets) and properties of Genvor that, individually or in the aggregate, could reasonably be expected to have a material adverse effect on Genvor.
  
 (d) Delivery of the Assignment of Shares
  
 Genvor shall have delivered, by book entry, the share certificates to Allure on the Closing Date.
  
 (e) Due Diligence Investigation
  
 Allure shall be reasonably satisfied with the results of its due diligence investigation of Genvor in its sole and absolute discretion.
  
 Conditions Precedent to Obligation of Genvor
  
 The obligation of Genvor to effect the Exchange and otherwise consummate the transactions contemplated by this Agreement is subject to the satisfaction, at or prior to the Closing, of each of the following conditions:
  
 (a) Representations, Warranties and Covenants
  
 The representations and warranties of Allure in this Agreement shall be true and correct in all material respects (except for such representations and warranties that are qualified by their terms by a reference to materiality or material adverse effect, which representations and warranties as so qualified shall be true and correct in all respects) both when made and on and as of the Closing Date, and (ii) Allure shall have performed and complied in all material respects with all covenants, obligations and conditions of this Agreement required to be performed and complied with by it prior to the Effective Time.
  
 	 
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 (b) Consents
  
 Genvor shall have received evidence, in form and substance reasonably satisfactory to it, that such licenses, permits, consents, approvals, authorizations, qualifications and orders of governmental authorities and other third Parties as necessary in connection with the transactions contemplated hereby have been obtained.
  
 (c) No Material Adverse Change
  
 There shall not have occurred any change in the business, condition (financial or otherwise), results of operations or assets (including intangible assets) and properties of Allure that, individually or in the aggregate, could reasonably be expected to have a material adverse effect on Allure.
  
 (d) Board Resolutions
  
 The Company shall have received resolutions duly adopted by the Allure Board of Directors approving the execution, delivery and performance of the Agreement and the transactions contemplated by the Agreement. 
  
 (e) Delivery of the Exchange Shares Certificate
  
 Genvor shall have received the Exchange Shares Certificate on the Closing Date. 
  
 (f) Current Report. 
  
 Allure shall file a Form 8-K with the SEC within four (4) business days of the Closing Date containing information about the Exchange.
  
 (g) Due Diligence Investigation. 
  
 Genvor shall be reasonably satisfied with the results of its due diligence investigation of Allure in its sole and absolute discretion.
   
 ARTICLE VI 
 TERMINATION, AMENDMENT AND WAIVER
  
 Termination
  
 Unless an extension of time is agreed upon by both parties in writing, this Agreement may be terminated and abandoned at any time prior to the Effective Time of the Exchange:
  
 (a) by mutual written consent of Allure and Genvor;
  
 (b) by either Allure or Genvor if any Governmental Entity shall have issued an order, decree or ruling or taken any other action permanently enjoining, restraining or otherwise prohibiting the Exchange and such order, decree, ruling or other action shall have become final and nonappealable;
  
 	 
	19
	

	 

 
  
 (c) by either Allure or Genvor if the Exchange shall not have been consummated on or before January 8, 2021 (other than as a result of the failure of the party seeking to terminate this Agreement to perform its obligations under this Agreement required to be performed at or prior to the Effective Time.);
  
 (d) by Allure, if a material adverse change shall have occurred relative to Genvor (and not curable within thirty (30) days);
  
 (e) by Genvor if a material adverse change shall have occurred relative to Allure (and not curable within thirty (30) days);
  
 (f) by Allure, if Genvor willfully fails to perform in any material respect any of its material obligations under this Agreement; or
  
 (g) by Genvor, if Allure willfully fails to perform in any material respect any of its obligations under this Agreement.
  
 Effect of Termination
  
 In the event of termination of this Agreement by either Genvor or Allure as provided in Section 6.01, this Agreement shall forthwith become void and have no effect, without any liability or obligation on the part of Allure or Genvor. Nothing contained in this Section shall relieve any party for any breach of the representations, warranties, covenants or agreements set forth in this Agreement.
  
 Amendment
  
 This Agreement may not be amended except by an instrument in writing signed on behalf of each of the Parties upon approval by the party, if such party is an individual, and upon approval of the Boards of Directors of Allure and of Genvor.
  
 Extension; Waiver
  
 Subject to Section 6.01(c), at any time prior to the Effective Time, the Parties may (a) extend the time for the performance of any of the obligations or other acts of the other Parties, (b) waive any inaccuracies in the representations and warranties contained in this Agreement or in any document delivered pursuant to this Agreement, or (c) waive compliance with any of the agreements or conditions contained in this Agreement. Any agreement on the part of a party to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. The failure of any party to this Agreement to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights.
  
 Return of Documents
  
 In the event of termination of this Agreement for any reason, Allure and Genvor will return to the other party all of the other party’s documents, work papers, and other materials (including copies) relating to the transactions contemplated in this Agreement, whether obtained before or after execution of this Agreement. Allure and Genvor will not use any information so obtained from the other party for any purpose and will take all reasonable steps to have such other party’s information kept confidential.
  
 	 
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 ARTICLE VII 
 SURVIVAL OF REPS AND WARRANTIES
   
 Survival of Representations and Warranties
  
 The representations and warranties in this Agreement or in any instrument delivered pursuant to this Agreement shall survive until twelve (12) months after the Effective Time (except for with respect to Taxes, which shall survive for the applicable statute of limitations plus 90 days, and covenants that by their terms survive for a longer period).
  
 ARTICLE VIII
 GENERAL PROVISIONS
  
 8.01 Notices
  
 Any and all notices and other communications hereunder shall be in writing and shall be deemed duly given to the party to whom the same is so delivered, sent or mailed at addresses and contact information set forth below (or at such other address for a party as shall be specified by like notice.) Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be deemed given and effective on the earliest of: (a) on the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30 p.m. (Pacific Standard Time) on a business day, (b) on the next business day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a business day or later than 5:30 p.m. (Pacific Standard Time) on any business day, (c) on the second business day following the date of mailing, if sent by a nationally recognized overnight courier service, or (d) if by personal delivery, upon actual receipt by the party to whom such notice is required to be given.
  
 If to Allure:
 18731 SE River Ridge
 Tequesta, FL 33469
  
 If to Genvor:
 13155 Noel Road, Suite 900
 Dallas, Texas 75240
  
 	 
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 8.02 Definitions
  
 For purposes of this Agreement:
  
 (a) an “affiliate” of any person means another person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such first person;
  
 (b) “material adverse change” or “material adverse effect” means, when used in connection with Genvor or Allure, any change or effect that either individually or in the aggregate with all other such changes or effects is materially adverse to the business, assets, properties, condition (financial or otherwise) or results of operations of such party and its subsidiaries taken as a whole (after giving effect in the case of Allure to the consummation of the Exchange);
  
 (c) “person” means an individual, corporation, partnership, joint venture, association, trust, unincorporated organization or other entity; and (d) a “subsidiary” of any person means another person, an amount of the voting securities, other voting ownership or voting partnership interests of which is sufficient to elect at least a majority of its board of Directors or other governing body (or, if there are no such voting interests, fifty percent (50%) or more of the equity interests of which) is owned directly or indirectly by such first person.
  
 8.03 Interpretation
  
 When a reference is made in this Agreement to a Section, Exhibit or Schedule, such reference shall be to a Section of, or an Exhibit or Schedule to, 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”.
  
 8.04 Entire Agreement; No Third-Party Beneficiaries
  
 This Agreement and the other agreements referred to herein constitute the entire agreement, and supersede all prior agreements and understandings, both written and oral, among the Parties with respect to the subject matter of this Agreement. This Agreement is not intended to confer upon any person other than the Parties any rights or remedies.
  
 8.05 Governing Law
  
 This Agreement shall be governed by, and construed in accordance with, the laws of the State of Nevada, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.
  
 8.06 Assignment
  
 Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of law or otherwise by any of the Parties 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.
  
 	 
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 8.07 Enforcement
  
 The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in any court of the United States located in the State of Nevada, this being in addition to any other remedy to which they are entitled at law or in equity. In addition, each of the Parties hereto (a) agrees that it will not attempt to deny or defeat such personal jurisdiction or venue by motion or other request for leave from any such court, and (b) agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any state court other than such court.
  
 8.08 Severability
  
 Whenever possible, each provision or portion of any provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein.
  
 8.09 Counterparts
  
 This Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same Agreement. This Agreement, to the extent delivered by means of a facsimile machine or electronic mail (any such delivery, an “Electronic Delivery”), shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto, each other party hereto shall re-execute original forms hereof and deliver them in person to all other Parties. No party hereto shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever waives any such defense, except to the extent such defense related to lack of authenticity.
  
 8.10 Attorney’s Fees. 
  
 In the event any suit or other legal proceeding is brought for the enforcement of any of the provisions of this Agreement, the Parties hereto agree that the prevailing party or Parties shall be entitled to recover from the other party or Parties upon final judgment on the merits reasonable attorneys’ fees, including attorneys’ fees for any appeal, and costs incurred in bringing such suit or proceeding.
  
 8.11 Currency. 
  
 All references to currency in this Agreement shall refer to the lawful currency of the United States of America.
  
 	 
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 IN WITNESS WHEREOF, the undersigned have caused their duly authorized officers to execute this Agreement as of the date first above written.
  
  
 	 	 Allure Worldwide
	
	 	 	 	 
		By:	 /s/ Robert Bubeck
	
	  
	  
	 Robert Bubeck, CEO
	 
	 	 		 
	 	 	 	 
	  
	 Genvor Incorporated
	  

	  
	  
	  
	  

	  
	 By: 
	 /s/ Brad White
	  

	  
	  
	 Brad White, CEO
	  

 
  
 	 
	24EX-4.1

 Exhibit 4.1 

DESCRIPTION OF CAPITAL STOCK 

The following is a summary of the material terms of our securities registered under Section 12 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and provisions of our charter and bylaws. The summary is subject to and qualified in its entirety by reference to the charter and bylaws. The following
also summarizes certain provisions of the Maryland General Corporation Law (the “MGCL”) and is subject to and qualified in its entirety by reference to the MGCL. 

General 
 Pursuant to our
charter, we are currently authorized to designate and issue up to 500,000,000 shares of common stock, $0.01 par value per share (our “common stock”), and 100,000,000 shares of preferred stock, $0.01 par value per share (our
“preferred stock”). A majority of our entire board of directors has the power, without stockholder approval, to amend our charter to increase or decrease the aggregate number of shares of stock or the number of shares of
stock of any class or series that we are authorized to issue. 
 Description of Common Stock 

General 
 Our
charter provides that we have authority to issue up to 500,000,000 shares of common stock. Under Maryland law, stockholders generally are not liable for a corporation’s debts or obligations solely as a result of their status as stockholders.

 Distribution, Liquidation and Other Rights 

Stockholders are entitled to receive distributions when authorized by our board of directors and declared by us out of assets
legally available for the payment of dividends. Stockholders are also entitled to share ratably in our assets legally available for distribution to our stockholders in the event of our liquidation, dissolution, or winding up, after payment of, or
adequate provision for, all of our known debts and liabilities. These rights are subject to the preferential rights of any other class or series of our stock, including any shares of preferred stock we may issue, and to the provisions of our charter
regarding restrictions on ownership and transfer of our stock. See “Restrictions on Ownership and Transfer.” 

Our common stockholders have no preference, conversion, exchange, sinking fund or redemption rights and have no preemptive
rights to subscribe for any of our capital stock. Our charter provides that our stockholders generally have no appraisal rights unless our board of directors determines that appraisal rights will apply to one or more transactions in which our common
stockholders would otherwise be entitled to exercise such rights. Subject to our charter restrictions on ownership and transfer of our stock, holders of shares of our common stock have equal dividend, liquidation and other rights. 

 Voting Rights 

Subject to our charter restrictions on ownership and transfer of our stock and the terms of any other class or series of our
stock, each outstanding share of our common stock entitles the holder thereof to one vote on all matters submitted to a vote of stockholders, including the election of directors. Cumulative voting in the election of directors is not permitted.
Directors will be elected by a majority of the votes cast at the meeting in which directors are being elected and at which a quorum is present; provided, however, that directors will be elected by a plurality of the votes cast if the number of
nominees is greater than the number of directors to be elected. 
 Power to Classify and Reclassify Unissued Stock 

Our charter authorizes our board of directors to reclassify any unissued shares of our common stock into other classes or
series of stock, including classes or series of preferred stock, and to establish the designation and number of shares of each such class or series and to set, subject to the provisions of our charter regarding the restrictions on ownership and
transfer of our stock, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of each such class or series. Thus, our board of
directors could authorize the issuance of shares of common stock or preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price
for our common stock or that our common stockholders otherwise believe to be in their best interests. 
 Listing 

Our common stock is listed on the New York Stock Exchange under the trading symbol “CTO.” 

Transfer Agent and Registrar 

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A. 

Certain Provisions of Maryland Law and of Our Charter and Bylaws 

Our Board of Directors 

Under our charter and bylaws, the number of directors of our company may be established, increased or decreased only by a
majority of our entire board of directors but may not be fewer than the minimum number required under the MGCL (which is one) nor, unless our bylaws are amended, more than 15. 

Removal of Directors 

Our charter provides that, subject to the rights of holders of one or more classes or series of preferred stock to elect or
remove one or more directors, a director may be removed only for cause (as defined in our charter) and only by the affirmative vote of at least two-thirds of the votes entitled to be cast generally in the
election of directors. 

  
 2 

 Business Combinations 

Under the MGCL, certain “business combinations” (including a merger, consolidation, statutory share exchange or, in
certain circumstances specified under the statute, an asset transfer or issuance or reclassification of equity securities) between a Maryland corporation and any interested stockholder, or an affiliate of such an interested stockholder, are
prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. Maryland law defines an interested stockholder as: 
  

	 	•	 	 any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the
corporation’s outstanding voting stock; or 

  

	 	•	 	 an affiliate or associate of the corporation who, at any time within the
two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding voting stock of the corporation. 

A person is not an interested stockholder under the MGCL if the board of directors approved in advance the transaction by
which the person otherwise would have become an interested stockholder. In approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of the approval, with any terms and conditions
determined by it. 
 After such five-year period, any such business combination must be recommended by the board of
directors of the corporation and approved by the affirmative vote of at least: 
  

	 	•	 	 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

  

	 	•	 	 two-thirds of the votes entitled to be cast by holders of voting stock
of the corporation other than shares held by the interested stockholder with whom (or with whose affiliate) the business combination is to be effected or held by an affiliate or associate of the interested stockholder. 

These supermajority approval requirements do not apply if, among other conditions, the corporation’s common stockholders
receive a minimum price (as defined in the MGCL) for their shares and the consideration is received in cash or in the same form as previously paid by the interested stockholder for its shares. 

These provisions of the MGCL do not apply, however, to business combinations that are approved or exempted by a
corporation’s board of directors prior to the time that the interested stockholder becomes an interested stockholder. As permitted by the MGCL, our board of directors has adopted a resolution exempting any business combination between us and
any other person from the provisions of this statute. Consequently, the five-year prohibition and the supermajority vote requirements will not apply to business combinations involving us. As a result, any person will be able to enter into business
combinations with us that may not be in the best interests of our stockholders, without compliance with the supermajority vote requirements and other provisions of the statute. However, our board of directors may repeal or modify this resolution at
any time in the future, in which case the applicable provisions of the MGCL will become applicable to business combinations between us and interested stockholders. 

  
 3 

 Control Share Acquisitions 

The MGCL provides that a holder of “control shares” of a Maryland corporation acquired in a “control share
acquisition” has no voting rights with respect to those shares except to the extent approved by the affirmative vote of at least two-thirds of the votes entitled to be cast by stockholders entitled to
exercise or direct the exercise of the voting power in the election of directors generally but excluding: (1) the person who has made or proposes to make the control share acquisition; (2) any officer of the corporation; or (3) any
employee of the corporation who is also a director of the corporation. “Control shares” are voting shares of stock that, if aggregated with all other such shares of stock previously acquired by the acquirer or in respect of
which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within one of the following ranges: 

 

	 	•	 	 one-tenth or more but less than
one-third; 

  

	 	•	 	 one-third or more but less than a majority; or 

 

	 	•	 	 a majority or more of all voting power. 

Control shares do not include shares that the acquiring person is then entitled to vote as a result of having previously
obtained stockholder approval. A “control share acquisition” means the acquisition, directly or indirectly, of ownership of, or the power to direct the exercise of voting power with respect to, issued and outstanding control
shares, subject to certain exceptions. 
 A person who has made or proposes to make a control share acquisition, upon
satisfaction of certain conditions (including an undertaking to pay expenses and making an “acquiring person statement” as described in the MGCL), may compel the board of directors of the company to call a special meeting of stockholders
to be held within 50 days of demand to consider the voting rights of the control shares. If no request for a special meeting is made, the corporation may itself present the question at any stockholders meeting. 

If voting rights of control shares are not approved at the meeting or if the acquiring person does not deliver an
“acquiring person statement” as required by the statute, then, subject to certain conditions and limitations, the corporation may redeem any or all of the control shares (except those for which voting rights have previously been approved)
for fair value determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or, if a meeting of stockholders at which the voting rights of such shares are
considered and not approved is held, as of the date of such meeting. If voting rights for control shares are approved at a stockholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other
stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of such appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition. 

  
 4 

 The control share acquisition statute does not apply (1) to shares
acquired in a merger, consolidation or statutory share exchange if the corporation is a party to the transaction or (2) to acquisitions approved or exempted by the charter or bylaws of the corporation. 

Our bylaws contain a provision exempting from the control share acquisition statute any and all control share acquisitions by
any person of shares of our stock. There can be no assurance that such provision will not be amended or eliminated at any time in the future by our board of directors. 

Subtitle 8 

Subtitle 8 of Title 3 of the MGCL permits a Maryland corporation with a class of equity securities registered under the
Exchange Act and at least three independent directors to elect, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in the charter or bylaws, to be subject to any or all of the
following five provisions: 
  

	 	•	 	 a classified board; 

 

	 	•	 	 a two-thirds vote requirement for removing a director;

  

	 	•	 	 a requirement that the number of directors be fixed only by vote of the directors; 

 

	 	•	 	 a requirement that a vacancy on the board be filled only by a vote of the remaining directors (whether or not
they constitute a quorum) and for the remainder of the full term of the class of directors in which the vacancy occurred and until a successor is elected and qualifies; or 

 

	 	•	 	 a majority requirement for the calling of a special meeting of stockholders. 

Our charter provides that, effective at such time as we are able to make a Subtitle 8 election, vacancies on our board of
directors may be filled only by the remaining directors (whether or not they constitute a quorum) and that a director elected by the board of directors to fill a vacancy will serve for the remainder of the full term of the directorship. We have not
elected to be subject to any of the other provisions of Subtitle 8, including the provisions that would permit us to classify our board of directors without stockholder approval. Moreover, our charter provides that, without the affirmative vote of a
majority of the votes cast on the matter by stockholders entitled to vote generally in the election of directors, we may not elect to be subject to any of these additional provisions of Subtitle 8. Through provisions in our charter and bylaws
unrelated to Subtitle 8, we (1) vest in our board of directors the exclusive power to fix the number of directors, (2) require, unless called by our chairman, our chief executive officer, our president or our board of directors, the
request of stockholders entitled to cast not less than a majority of all the votes entitled to be cast at the meeting to call a special meeting of stockholders and (3) provide that a director may be removed only for cause and by the affirmative
vote of two-thirds of the votes entitled to be cast generally in the election of directors. 

  
 5 

 Amendments to Our Charter and Bylaws 

Except as described herein and as provided in the MGCL, amendments to our charter must be advised by our board of directors and
approved by the affirmative vote of our stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter. Our board of directors is expressly authorized to amend and repeal any provision of our bylaws. In addition, our
bylaws may be amended or repealed by our stockholders, without the approval of our board of directors, by the affirmative vote of 85% of the votes entitled to be cast on the matter by stockholders entitled to vote generally in the election of
directors. 
 Meetings of Stockholders 

Under our bylaws and pursuant to Maryland law, annual meetings of stockholders will be held each year at a date and at the time
and place determined by our board of directors. Special meetings of stockholders may be called by our board of directors, the chairman of our board of directors, our president or our chief executive officer. Additionally, subject to the provisions
of our bylaws, special meetings of the stockholders to act on any matter must be called by our secretary upon the written request of stockholders entitled to cast a majority of all the votes entitled to be cast on such matter at such meeting who
have requested the special meeting in accordance with the procedures set forth in, and provided the information and certifications required by, our bylaws. Only matters set forth in the notice of the special meeting may be considered and acted upon
at such a meeting. Our secretary will inform the requesting stockholders of the reasonably estimated cost of preparing and delivering the notice of meeting (including our proxy materials), and the requesting stockholder must pay such estimated cost
before our secretary may prepare and deliver the notice of the special meeting. 
 Charter Amendments and Extraordinary Transactions 

Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all or substantially all
of its assets, convert into another form of entity, engage in a statutory share exchange or engage in similar transactions unless such transaction is declared advisable by the board of directors and approved by the affirmative vote of stockholders
entitled to cast at least two-thirds of all of the votes entitled to be cast on the matter unless a lesser percentage (but not less than a majority of the votes entitled to be cast on the matter) is set forth
in the corporation’s charter. Our charter provides for approval of these matters by the affirmative vote of stockholders entitled to cast a majority of the votes entitled to be cast on such matter, except that the affirmative vote of
stockholders holding at least two-thirds of the shares entitled to vote on such matter is required to amend the provisions of our charter relating to the removal of directors or the vote required to amend the
removal provisions. Maryland law also permits a corporation to transfer all or substantially all of its assets without the approval of its stockholders to an entity all of the equity interests of which are owned, directly or indirectly, by the
corporation. 
 Advance Notice of Director Nominations and New Business 

Our bylaws provide that: 
  

	 	•	 	 with respect to an annual meeting of stockholders, nominations of individuals for election to our board of
directors and the proposal of business to be considered by stockholders at the annual meeting may be made only: 

  

	 	•	 	 pursuant to our notice of the meeting; 

  
 6 

	 	•	 	 by or at the direction of our board of directors; or 

 

	 	•	 	 by a stockholder who was a stockholder of record at the record date set by the board of directors for the
meeting, at the time of giving of the notice of the meeting and at the time of the annual meeting (and any postponement or adjustment thereof), who is entitled to vote at the meeting in the election of each individual so nominated or on such other
business and who has complied with the advance notice procedures set forth in, and provided the information and certifications required by, our bylaws; and 

  

	 	•	 	 with respect to special meetings of stockholders, only the business specified in our company’s notice of
meeting may be brought before the special meeting of stockholders, and nominations of individuals for election to our board of directors may be made only: 

  

	 	•	 	 by or at the direction of our board of directors; or 

 

	 	•	 	 provided that the special meeting has been called in accordance with our bylaws for the purpose of electing
directors, by any stockholder who is a stockholder of record at the record date set by the board of directors for the special meeting, at the time of giving of the notice required by our bylaws and at the time of the meeting (and any postponement or
adjustment thereof), who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the advance notice provisions set forth in, and provided the information and certifications required by, our
bylaws. 

 The purpose of requiring stockholders to give advance notice of nominations and other proposals
is to afford our board of directors and our stockholders the opportunity to consider the qualifications of the proposed nominees or the advisability of the other proposals and, to the extent considered necessary by our board of directors, to inform
stockholders and make recommendations regarding the nominations or other proposals. Although our bylaws do not give our board of directors the power to disapprove timely stockholder nominations and proposals, our bylaws may have the effect of
precluding a contest for the election of directors or proposals for other action if the proper procedures are not followed, and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors
to our board of directors or to approve its own proposal. 
 Anti-takeover Effect of Certain Provisions of Maryland Law and of Our Charter and Bylaws

 The restrictions on ownership and transfer of our stock discussed below, the supermajority vote required to remove
directors, our election to be subject to the provision of Subtitle 8 vesting in our board of directors the exclusive power to fill vacancies on our board of directors, and the advance notice provisions of our bylaws could delay, defer or prevent a
transaction or a change of control of our company. Likewise, if our board of directors were to elect to be subject to the business combination provisions of the MGCL or if the provision in our bylaws opting out of the control share acquisition
provisions of the MGCL were amended or rescinded, these provisions of the MGCL could have similar anti-takeover effects. 

  
 7 

 Further, a majority of our entire board of directors has the power to
increase or decrease the aggregate number of authorized shares of stock or the number of shares of any class or series of stock that we are authorized to issue, to classify and reclassify any unissued shares of our stock into other classes or series
of stock and to authorize us to issue the newly classified shares, as discussed under the captions “Description of Capital Stock—General” and “Description of Capital Stock—Description of Common Stock—Power to Classify
and Reclassify Unissued Stock,” and could authorize the issuance of shares of common stock or another class or series of stock, including a class or series of preferred stock, that could have the effect of delaying, deferring or preventing a
change in control of us. These actions may be taken without stockholder approval unless such approval is required by applicable law, the terms of any other class or series of our stock or the rules of any stock exchange or automated quotation system
on which any of our stock is listed or traded. We believe that the power of our board of directors to increase or decrease the number of authorized shares of stock and to classify or reclassify unissued shares of our common stock or preferred stock
and thereafter to cause us to issue such shares of stock will provide us with increased flexibility in structuring possible future financings and acquisitions and in meeting other needs which might arise. 

Our charter and bylaws also provide that the number of directors may be established only by our board of directors, which
prevents our stockholders from increasing the number of our directors and filling any vacancies created by such increase with their own nominees. The provisions of our bylaws discussed above under the captions “—Meetings of
Stockholders” and “—Advance Notice of Director Nominations and New Business” require stockholders seeking to call a special meeting, nominate an individual for election as a director or propose other business at an annual or
special meeting to comply with certain notice and information requirements. We believe that these provisions will help to assure the continuity and stability of our business strategies and policies as determined by our board of directors and promote
good corporate governance by providing us with clear procedures for calling special meetings, information about a stockholder proponent’s interest in us and adequate time to consider stockholder nominees and other business proposals. However,
these provisions, alone or in combination, could make it more difficult for our stockholders to remove incumbent directors or fill vacancies on our board of directors with their own nominees and could delay, defer or prevent a change in control,
including a proxy contest or tender offer that might involve a premium price for our common stockholders or otherwise be in the best interest of our stockholders. 

Exclusive Forum 

Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore
City, Maryland, or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, will be the sole and exclusive forum for (a) any Internal Corporate Claim, as such term is defined
in the MGCL, (b) any derivative action or proceeding brought on our behalf other than actions arising under the federal securities laws, (c) any action asserting a claim of breach of any duty owed by any of our directors, officers or other
employees to us or to our stockholders, (d) any action asserting a claim against us or any of our directors, officers or other employees arising pursuant to any provision of the MGCL or our charter or bylaws or (e) any action asserting a
claim against us or any of our directors, officers or other employees that is governed by the internal affairs doctrine. 

  
 8 

 Limitation of Liability and Indemnification of Directors and Officers 

Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and
officers to the corporation and its stockholders for money damages except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active and deliberate dishonesty that is established by a final
judgment and is material to the cause of action. Our charter contains such a provision that eliminates such liability to the maximum extent permitted by Maryland law. 

The MGCL requires a Maryland corporation (unless its charter provides otherwise, which our charter does not) to indemnify a
director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity. The MGCL permits a Maryland
corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or
are threatened to be made a party by reason of their service in those or other capacities unless it is established that: 
  

	 	•	 	 the act or omission of the director or officer was material to the matter giving rise to the proceeding and:

  

	 	•	 	 was committed in bad faith; or 

 

	 	•	 	 was the result of active and deliberate dishonesty; 

 

	 	•	 	 the director or officer actually received an improper personal benefit in money, property or services; or

  

	 	•	 	 in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act
or omission was unlawful. 

 However, under the MGCL, a Maryland corporation may not indemnify a director
or officer for an adverse judgment in a suit by or on behalf of the corporation or if the director or officer was adjudged liable on the basis that personal benefit was improperly received, unless, in either case, a court orders indemnification and
then only for expenses. A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was
adjudged liable on the basis that personal benefit was improperly received. 
 In addition, the MGCL permits a Maryland
corporation to advance reasonable expenses to a director or officer upon the corporation’s receipt of: 
  

	 	•	 	 a written affirmation by the director or officer of his or her good faith belief that he or she has met the
standard of conduct necessary for indemnification by the corporation; and 

  
 9 

	 	•	 	 a written undertaking, which may be unsecured, by the director or officer or on the director’s or
officer’s behalf to repay the amount paid if it shall ultimately be determined that the standard of conduct has not been met. 

Our charter obligates us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and to pay
or reimburse reasonable expenses in advance of final disposition of a proceeding without requiring a preliminary determination of the director’s or officer’s ultimate entitlement to indemnification to: 

 

	 	•	 	 any present or former director or officer who is made or threatened to be made a party to or witness in the
proceeding by reason of his or her service in that capacity; or 

  

	 	•	 	 any individual who, while a director or officer of our company and at our request, serves or has served as a
director, officer, partner, member, manager, trustee, employee or agent of another corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or any other enterprise and who is made
or threatened to be made a party to or witness in the proceeding by reason of his or her service in that capacity. 

Our charter also permits us, with the approval of our board of directors, to indemnify and advance expenses to any person who
served a predecessor of ours in any of the capacities described above and to any employee or agent of our company or a predecessor of our company. 

We maintain directors’ and officers’ liability insurance which would indemnify our directors and officers against
damages arising out of certain kinds of claims which might be made against them based on their negligent acts or omissions while acting in their capacity as such. 

REIT Qualification 

Our charter provides that our board of directors may revoke or otherwise terminate our election to be taxed as a real estate
investment trust (“REIT”) for U.S. federal income tax purposes, without approval of our stockholders, if it determines that it is no longer in our best interest to continue to qualify as a REIT. 

Restrictions on Ownership and Transfer 

For us to qualify and maintain our qualification as a REIT for each taxable year commencing with our taxable year ending
December 31, 2021, our shares of stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year. Also, not more than 50% of the value of
our outstanding shares of stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Internal Revenue Code of 1986, as amended (the “Code”), to include certain entities) during the last half
of a taxable year commencing with our taxable year ending December 31, 2021. 
 Because our board of directors believes
it is at present essential for us to qualify as a REIT, our charter, subject to certain exceptions, restricts the amount of our shares of stock that a person may beneficially or constructively own. Our charter provides that, subject to certain
exceptions, no person may beneficially or constructively own more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of any class or series of our capital stock. 

  
 10 

 Our charter also prohibits any person from (i) beneficially owning
shares of our capital stock to the extent that such beneficial ownership would result in our being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the
last half of the taxable year), (ii) transferring shares of our capital stock to the extent that such transfer would result in shares of our capital stock being beneficially owned by less than 100 persons (determined under the principles of
Section 856(a)(5) of the Code), (iii) beneficially or constructively owning shares of our capital stock to the extent such beneficial or constructive ownership would cause us to constructively own 10% or more of the ownership interests in a
tenant (other than a taxable REIT subsidiary (as defined in Section 856(l) of the Code)) of our real property within the meaning of Section 856(d)(2)(B) of the Code or (iv) beneficially or constructively owning or transferring shares
of our capital stock if such ownership or transfer would otherwise cause us to fail to qualify as a REIT. Any person who acquires or attempts or intends to acquire beneficial or constructive ownership of shares of our capital stock that will or may
violate any of the foregoing restrictions on transferability and ownership, or any person who would have owned shares of our capital stock that resulted in a transfer of shares of our capital stock to a charitable trust, is required to give written
notice immediately to us, or in the case of a proposed or attempted transaction, to give at least 15 days’ prior written notice, and provide us with such other information as we may request in order to determine the effect of such transfer on
our qualification as a REIT. The foregoing restrictions on transferability and ownership will not apply if our board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT. 

Our board of directors, in its sole discretion, may prospectively or retroactively exempt a person from the limits described
above and may establish or increase an excepted holder percentage limit for such person. The person seeking an exemption must provide to our board of directors such representations, covenants and undertakings as our board of directors may deem
appropriate in order to conclude that granting the exemption will not cause us to fail to qualify as a REIT. Our board of directors may not grant such an exemption to any person if such exemption would result in our failing to qualify as a REIT. Our
board of directors may require a ruling from the Internal Revenue Service or an opinion of counsel, in either case in form and substance satisfactory to the board of directors, in its sole discretion, in order to determine or ensure our status as a
REIT. 
 Any attempted transfer of shares of our capital stock which, if effective, would violate any of the restrictions
described above will result in the number of shares causing the violation (rounded up to the nearest whole share) to be automatically transferred to a trust for the exclusive benefit of one or more charitable beneficiaries, except that any transfer
that results in the violation of the restriction relating to shares of our capital stock being beneficially owned by fewer than 100 persons will be void ab initio. In either case, the proposed transferee will not acquire any rights in such shares.
The automatic transfer will be deemed to be effective as of the close of business on the business day prior to the date of the purported transfer or other event that results in the transfer to the trust. Shares held in the trust will be issued and
outstanding shares. The proposed transferee will not benefit economically from ownership of any shares held in the trust, will have no rights to dividends or other distributions and will have no rights to vote or other rights attributable to the
shares held in the trust. The trustee of the trust will have all voting rights and rights to dividends or other distributions with respect to shares held in the trust. These rights will be exercised for the exclusive benefit of the charitable
beneficiary. Any dividend or other distribution paid prior to our discovery that shares have been transferred to the trust will be paid by the recipient to the trustee upon demand. Any distribution authorized but unpaid will be paid when due to the
trustee. Any dividend or other distribution paid to the trustee will be held in trust for the charitable beneficiary. Subject to Maryland law, the trustee will have the authority (i) to rescind as void any vote cast by the proposed transferee
prior to our discovery that the shares have been transferred to the trust and (ii) to recast the vote in accordance with the desires of the trustee acting for the benefit of the charitable beneficiary. However, if we have already taken
irreversible corporate action, then the trustee will not have the authority to rescind and recast the vote. 

  
 11 

 Within 20 days of receiving notice from us that shares of our capital stock
have been transferred to the trust, the trustee will sell the shares to a person designated by the trustee, whose ownership of the shares will not violate the above ownership and transfer limitations. Upon the sale, the interest of the charitable
beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the proposed transferee and to the charitable beneficiary as follows. The proposed transferee will receive the lesser of (i) the price
paid by the proposed transferee for the shares or, if the proposed transferee did not give value for the shares in connection with the event causing the shares to be held in the trust (e.g., a gift, devise or other similar transaction), the market
price (as defined in our charter) of the shares on the day of the event causing the shares to be held in the trust and (ii) the price received by the trustee (net of any commission and other expenses of sale) from the sale or other disposition
of the shares. The trustee may reduce the amount payable to the proposed transferee by the amount of dividends or other distributions paid to the proposed transferee and owed by the proposed transferee to the trustee. Any net sale proceeds in excess
of the amount payable to the proposed transferee will be paid immediately to the charitable beneficiary. If, prior to our discovery that shares of our capital stock have been transferred to the trust, the shares are sold by the proposed transferee,
then (i) the shares shall be deemed to have been sold on behalf of the trust and (ii) to the extent that the proposed transferee received an amount for the shares that exceeds the amount he or she was entitled to receive, the excess shall
be paid to the trustee upon demand. 
 In addition, shares of our capital stock held in the trust will be deemed to have
been offered for sale to us, or our designee, at a price per share equal to the lesser of (i) the price per share in the transaction that resulted in the transfer to the trust (or, in the case of a devise or gift, the market price at the time
of the devise or gift) and (ii) the market price on the date we, or our designee, accept the offer, which we may reduce by the amount of dividends and distributions paid to the proposed transferee and owed by the proposed transferee to the
trustee. We will have the right to accept the offer until the trustee has sold the shares. Upon a sale to us, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds of the sale
to the proposed transferee. 
 If a transfer to a charitable trust, as described above, would be ineffective for any reason
to prevent a violation of a restriction, the transfer that would have resulted in such violation will be void ab initio, and the proposed transferee shall acquire no rights in such shares. 

  
 12 

 Every owner of more than 5% (or such lower percentage as required by the
Code or the regulations promulgated thereunder) of shares of our capital stock, within 30 days after the end of each taxable year, is required to give us written notice, stating his or her name and address, the number of shares of each class and/or
series of our stock that he or she beneficially owns and a description of the manner in which the shares are held. Each such owner must provide us with such additional information as we may request in order to determine the effect, if any, of his or
her beneficial ownership on our status as a REIT and to ensure compliance with the ownership limits. In addition, each stockholder will upon demand be required to provide us with such information as we may request in order to determine our status as
a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such compliance and to ensure compliance with the ownership limit. 

These ownership limitations could delay, defer or prevent a transaction or a change in control that might involve a premium
price for our common stock or otherwise be in the best interest of our stockholders. 

  
 13

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