Document:

STOCK PURCHASE AGREEMENT

 

EXHIBIT 10.1

STOCK PURCHASE AGREEMENT

This STOCK PURCHASE AGREEMENT (this "Agreement") dated December 22, 2017 is entered into by and between Sertant, Inc., (through its court appointed receiver), a Nevada Corporation (referred to herein as “Seller”), and EPHS, Inc., a Florida corporation.

THE PARTIES HEREBY AGREE AS FOLLOWS:

1.

Purchase and Sale of Stock.

(a)

Sale of Shares. Subject to the terms and conditions of this Agreement, and in reliance upon the representations and warranties and covenants contained herein, Buyer agrees to purchase from Seller and Seller agrees to sell to Buyer 75,000,000 (Seventy Five Million) shares of Sertant, Inc.’s (the “Company”) common stock (the “Shares”)”, for $0.001466 per share for  an aggregate purchase price of  $110,000 (One Hundred and Ten Thousand Dollars) (the “Purchase Price”).

(b)

Closing.

(i)

The closing of the transactions contemplated hereunder (the “Closing”) shall take place on such date and time as Seller and Buyer may mutually agree upon, but in no event later than December 27, 2017 (the “Closing Date”).

(ii)

At the Closing:

(a)

Seller shall transfer to Buyer, good and marketable title to the Shares, free and clear of any and all liens, claims, encumbrances and adverse interests of any kind, by delivering to Buyer the certificates representing the Shares via DTC Transfer or in physical form with signature bank guaranteed.

(b)

Buyer shall deliver to Seller the Purchase Price in such form as may be mutually agreed between the parties.

2.

Representations and Warranties of Seller. Seller hereby represents and warrants to the Buyer that:

(a)

Seller is the court appointed Receiver of the Company and has sole management power over the disposition of the Shares. The Shares are free and clear of any liens, claims, encumbrances, and charges.

(b)

The Shares have not been sold, conveyed, encumbered, hypothecated or otherwise transferred by Seller except pursuant to this Agreement.

 

(c)

Seller has the legal right to enter into and to consummate the transactions contemplated hereby and otherwise to carry out his obligations hereunder. This Agreement constitutes the valid and binding obligation of Seller.

(d)

The Seller is the court appointed receiver of the Company and as such hereby represents that the Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada. The Company has all requisite corporate power and authority to own and operate its properties and assets, and to carry on its business as presently conducted and as presently proposed to be conducted. The Company is duly qualified and is authorized to do business and is in good standing in each jurisdiction in which the nature of its activities makes such qualification necessary, except for those jurisdictions in which failure to be so qualified would not have a materially adverse effect on the Company or its business.

(e)

Seller represents and warrants that 2,500,000,000 shares of common stock, par value. $0.001, are authorized, of which 47,600,877 were issued and outstanding.  All of the outstanding shares of capital stock of the Company are duly authorized and validly issued, fully paid and non-assessable and not subject to any pre-emptive rights.  As of the date hereof, the Company has no other securities, or rights, or options, or warrants to purchase securities, outstanding and no other securities, rights, or potions, or warrants shall be issued prior to the Closing. No subsidiary of the Company owns any Shares.  Except as set forth above, no other stock shall be issued by the Company without the express written consent of the Buyer. 

(f)

The Seller represents and warrants that the balance sheet and income statement of the Company dated as of September 30, 2017 and filed with the Pink Sheets have been delivered to the Buyer (hereinafter referred to as the “Financial Statements”).  The Financial Statements and the Closing Financial Statements are in accordance with the Company’s books and records, complete and accurate in all material respects and are prepared in accordance with Generally Accepted Accounting Principles and fairly present the financial condition of and operating results of the Company during the periods indicated.  As of the Closing Date neither the Company nor any of its subsidiaries shall have any liabilities of any kind or nature, contingent or otherwise. 

3.

Representations and Warranties of Buyer. Buyer hereby warrants and represents to the Seller that:

(a)

Authority. Buyer has the requisite power and authority to enter into and to consummate the transactions contemplated hereby and otherwise to carry out its obligations hereunder.

(b)

Investment Intent. Buyer is acquiring the Shares for its own account for investment purposes only and not with a view to or for distributing or reselling any part thereof or interest therein, without prejudice, however, to the Buyer’s right, subject to the provisions of this Agreement, at all times to sell or otherwise dispose of all or any part of such Shares in compliance with applicable federal and state securities laws.

(c)

Experience of Buyer. Buyer has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has so evaluated the merits and risks of such investment.

 

(d)

Ability of Buyer to Bear Risk of Investment. Buyer is able to bear the economic risk of an investment in the Shares and is able to afford a complete loss of such investment.

(e)

Access to Information. Buyer acknowledges that it has been afforded (i) the opportunity to ask such questions as they have deemed necessary of, and to receive answers from Seller concerning the Shares and the merits and risks of investing in the Shares; (ii) access to information about the Company and the Company’s financial condition, results of operations, business, properties, management and prospects sufficient to enable them to evaluate his investment in the Shares; and (iii) the opportunity to obtain such additional information which the Seller possesses or can acquire without unreasonable effort or expense that is necessary to make  an informed investment decision with respect to the Shares.

(f)

Reliance. Buyer understands and acknowledges that (i) the Shares are restricted for a one year period under Rule 144; (ii) the Shares are being offered and sold to him without registration under the Securities Act in a private transaction that is exempt from the registration provisions of the Securities Act, (iii) the availability of such exemption, depends in part on, and that Seller will rely upon the accuracy and truthfulness of, the foregoing representations and Buyer hereby consents to such reliance, and (iv) that the certificates representing the Shares will bear the appropriate legend stating the restrictions on the resale and transfer of the Shares.

4.

Miscellaneous.

(a)

Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective heirs, legal representatives, successors and assigns of the parties.

(b)

Law/Venue. This Agreement shall be governed by and construed under the laws of the State of Nevada as applied to agreements entered into and to be performed entirely within the United States. Any dispute or controversy concerning or relating to this Agreement shall be exclusively resolved in the federal or state courts located Governing in the State of Florida. 

(c)

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

(d)

Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

(e)

Notices. Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given upon personal delivery to the party to be notified or sent by overnight delivery by a nationally recognized overnight courier upon proof of sending thereof and addressed to the party to be notified at the address indicated for such party on the Signature Page of this Agreement, or at such other address as such party may designate by written notice to the other parties.

(f)

Expenses. Each of the parties shall bear its own costs and expenses incurred with respect to the negotiation, execution, delivery, and performance of this Agreement.

(g)

Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of Seller and Buyer.

(h)

Entire Agreement. This Agreement represents and constitutes the entire agreement and understanding between the parties with regard to the subject matter contained herein and all prior agreements, understandings and representations are hereby merged into this Agreement.

IN WITNESS WHEREOF, the undersigned have executed, or caused to be executed on their behalf by an agent thereunto duly authorized, this Agreement as of the date first above written.

			
	 
	SELLER

	 
	 
	 

	 
	Sertant, Inc.

	 
	25325 Utica Rd

	 
	Roseville, MI 48066

	 
	Email: atty4defense@aol.com.

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	By:

	/s/Angela Collette

	 
	Angela Collette

	 
	Court Appointed Receiver for Sertant, Inc.

			
	 
	 
	 

	 
	BUYER

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	/s/Gianfranco Bentivoglio

	 
	Name:

	Gianfranco Bentivoglio

	 
	Title:

	President EPHS, Inc.Exhibit

EXECUTION COPY

Exhibit 10.47
CONSULTING AGREEMENT

This Consulting Agreement is made and entered into effective as set forth herein, among XL Group Ltd and XL Services (Bermuda) Ltd (XL Services (Bermuda) Ltd together with XL Group Ltd, the “Company”), and Catlin Consultancy Limited (UK Registered No: 10738588) (“Contractor”) in relation to the provision of services by Stephen John Oakley Catlin (“Catlin”).
NOW, THEREFORE, in consideration of the mutual promises and conditions set forth in the Agreement and Release and below, the Company and Contractor agree as follows:
		
	1.
	Effective Date.  This Consulting Agreement shall become effective as of January 1, 2018, provided that Catlin executes the general release attached to the Agreement and Release as Exhibit A on or within 10 working days following December 31, 2017.

		
	2.
	Contractor’s Services.  During the Consulting Term (as defined below), Contractor shall provide the consulting services of Catlin to the Company, commensurate with Catlin's status and experience, with respect to such matters as shall be reasonably requested from time to time by the Chief Executive Officer of the Company (the “CEO”) or his designee. Such services shall include Catlin’s continued participation on the Company’s behalf and leadership on the Insurance Development Forum, and other related projects or services as may be reasonably agreed between Catlin and the Company.  Catlin shall not, by virtue of the consulting services provided hereunder, be considered an officer or employee of the Company, and neither he, nor Contractor shall have any power or authority to contract in the name of or bind the Company or its Affiliates (as defined below) (the Company and its Affiliates together, the “XL Group”).  As an independent contractor, the time, manner, mode, method and means used by Contractor in the performance of services shall be of the Contractor’s selection and under the sole control and direction of the Contractor.  The Contractor shall be responsible for all risks incurred in the operation of its business and shall enjoy all the benefits thereof.  In addition, the Contractor and the Company will comply, each at their own expense, with the provisions of all state, local, and federal laws, regulations, ordinances, requirements, and codes which are applicable to them in respect of the performance of services hereunder.  “Affiliate” of the Company includes any person, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the Company, and such term shall specifically include, without limitation, the Company’s majority-owned subsidiaries.

		
	3.
	Assistance and substitution. The Company acknowledges and agrees that the Contractor may employ or engage such persons as it, at its absolute discretion sees fit, to assist, support or supplement Catlin in the provision of the services under this Agreement provided any such person/s, and the work to be carried out by such person/s, has been agreed in advance by the Company. The Contractor may also from time to time appoint a substitute for Catlin to perform the consulting services provided such substitute, and the work to be carried out by the substitute, has been agreed in advance by the Company.

		
	4.
	Term.  The period during which the Contractor will be retained by the Company to provide the consulting services hereunder shall commence on 1 January 2018 and shall terminate on 30 September 2018, unless sooner terminated as provided in this Section 4 (the “Consulting Term”).  Notwithstanding the foregoing, the Consulting Term will end on the date of the Catlin’s death, the date on which Company terminates the Consulting Term for Cause (as defined below), or if the Contractor terminates the Consulting Term for any reason.  For purposes of this Agreement, the term “Cause” shall mean the Contractor’s or Catlin’s (a) fraud or dishonesty in connection with the performance or provision of the services under this Consulting Agreement, (b) material breach of any of the terms of this Consulting Agreement, or (c) conviction of, or plea of nolo contendere to, a felony.  If the Consulting Term ends prior to 30 September 2018 due to the Catlin’s death, the Contractor shall remain entitled to receive the Consulting Fee in full, or, if already paid to the Contractor, shall not be obligated to repay any prepaid portion of the Consulting Fee.  In the event of termination of the Consulting Term by the Company for Cause, the Contractor shall no longer be entitled to receive the Consulting Fee to the extent any portion remains unpaid at the time of such termination.

		
	5.
	Consulting Fees.  During the Consulting Term in consideration of the services to be provided by the Contractor to the Company and the covenants described herein, and provided the Contractor has complied with and continues to comply with the terms of this Consulting Agreement, then the Company shall pay the Contractor a fee (the “Consulting Fee”) in the amount of $2,500,000.00, payable in the following manner: (a) $1,667,500 will be paid to 

EXECUTION COPY

the Contractor on or by 31 January 2018, and (b) $832,500 will be paid to the Contractor on or by 31 May 2018.  The parties acknowledge that it is not anticipated that VAT should be chargeable on the Consulting Fee and both parties will use their reasonable endeavors to ensure that the consultancy services are provided and fees charged in such way that VAT does not arise (this shall include, but not be limited to, the parties ensuring that the consulting services are not provided to any entity that is resident in the United Kingdom and/or the European Union). None of the Contractor, nor any of its owners, members, officers, directors or employees, shall be entitled to participate in any employee benefit plans maintained by the XL Group by reason of the consulting services provided under this Consulting Agreement.
		
	6.
	Expenses.  The Company shall reimburse the Contractor for all reasonable expenses incurred by it in the course of performing its duties and services under this Consulting Agreement, provided the expenses are consistent with the Company’s policies in effect from time to time with respect to travel and other business expenses, and subject to, in the case of expenses in excess of $500, pre-approval by the CEO or his designee, and, in all cases, the Company’s requirements with respect to reporting and documentation of expenses.

		
	7.
	Return of Property.  Contractor and Catlin agree that, upon the expiration or termination of the Consulting Term, it and he will immediately destroy or return to the Company all Company property of any kind, as well as all materials containing or reflecting the Confidential Information (as defined in Section 12(a) of the Agreement and Release) and all copies, reproductions and summaries thereof, in its or his possession or under its or his control.  Contractor and Catlin agree that it and he shall erase all Confidential Information from all media  in its or his possession or under its or his control, including, without limitation, all smartphones, iPads, or external storage devices, and, if the Company so requests, shall certify in writing that it and he have done so.  All Confidential Information is and shall remain the property of the XL Group.  Contractor agrees that its obligations under this section apply equally to its owner, members, directors and employees. 

		
	8.
	Independent Contractor Relationship.  The Contractor, Catlin and the Company agree that neither the Contractor nor any of its owners, members, officers, directors or employees shall be officers or employees of the Company with regard to the performance of the services hereunder, and that Contractor is acting as an independent contractor to the Company for all purposes with regard to the performance of its services hereunder during the Consulting Term, including, without limitation, under the laws of the United Kingdom, US Federal (including social security and unemployment), and Bermuda (including payroll) tax purposes.  Contractor shall be solely responsible for fulfilling when due all required income tax and self-employment tax obligations arising in connection with his consultancy for the Company wheresoever incurred.  Should the Company be required by any applicable tax authority to pay any such taxes or payments, the Contractor shall promptly reimburse the Company for such taxes or payments, including any interest and penalties with respect thereto.  The Company will provide the Contractor with reasonable notice of any such applicable assessment, determination or demand and promptly supply the Contractor with copies thereof.  The Company shall take such steps as the Contractor  reasonably requests, at the Contractor’s expense, in order to contest or dispute the same (including to the extent permitted under applicable law and to the extent it does not breach privilege or confidentiality, providing the Contractor with copies of any relevant documentation in its possession).  Should  it be determined that any payment in respect of the Consulting Fee by the Company should be subject to withholding of tax under applicable law, the Company shall thereafter make any payment of the Consultancy Fee net of applicable income, employment, social security or other taxes required to be withheld therefrom. For the avoidance of doubt, the Consultancy Fee shall otherwise be exclusive of any applicable value added tax, or similar applicable tax which, if required, shall be paid by the Company in addition.

		
	9.
	Indemnification. The Company shall indemnify the Contractor, Catlin and any other person appointed and approved under Clause 3 against expenses incurred and damages paid or payable by it or him solely with respect to claims arising or resulting directly and exclusively from actions or failures to act by the Consulting Company or Catlin or any other person appointed and approved under Clause 3 in rendering the services to the Company under this Consulting Agreement, but not including expenses incurred or damages paid or payable arising out of his or the Contractor’s gross negligence or willful misconduct.

		
	10.
	Applicable Law.  This Consulting Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws provisions thereof.

		
	11.
	Severability.  In the event any provision of this Consulting Agreement shall be adjusted invalid or unenforceable, such adjudication shall not affect the other provisions of this Consulting Agreement, which shall remain in full force and effect.

EXECUTION COPY

		
	12.
	Changes.  This Consulting Agreement shall not be changed, modified, supplemented or amended except by express written agreement signed by the Contractor and the Company.

		
	13.
	No Waiver.  The failure of either party to execute a right to require performance by the other party of any part of this Consulting Agreement shall not affect the full right to exercise such right or to require such performance at any time thereafter; nor shall the waiver by either party of a breach of any provision of this Consulting Agreement constitute a waiver of any later breach of the same or any other provisions.

		
	14.
	Third party rights. The provisions of this Consulting Agreement that are expressed to apply to Catlin (the “Catlin Provisions”) may be enforced against him directly notwithstanding the fact that he is not a signatory to this Consulting Agreement. The Contractor shall use all reasonable efforts to ensure that Catlin complies with the Catlin Provisions and, in the event that he breaches such Catlin Provisions, the Contractor agrees that the Company may recover any loss incurred by the Company as a result of such breach directly from the Contractor. Other than the Catlin Provisions, nothing in this Consulting Agreement confers any rights on any person (other than the parties to this Consulting Agreement).

		
	15.
	Miscellaneous.  This Consulting Agreement, to the extent it amends the Agreement and Release solely to include Contractor as a party to the consulting provisions included therein, is the complete and exclusive statement of the agreement between the parties in relation to such subject matter.  All other representations, warranties, and covenants by and between Catlin and the Company set forth in the Agreement and Release (including without limitation Paragraph 12 thereof) shall remain in full force and effect. Notwithstanding anything in this Consulting Agreement to the contrary, (i) the Company may terminate the Consulting Term for “Cause” (as defined in Section 4(c) of the Agreement and Release) and (ii) the Consulting Fee shall only be payable provided Catlin has complied, and continues to comply, with  the terms of the Agreement and Release. The provisions contained in clauses 11 and 12 of the Agreement and Release shall apply mutatis mutandis to the Contractor as they apply to Catlin. 

[Signature Page Follows]

EXECUTION COPY

IN WITNESS WHEREOF, the parties have executed this Consulting Agreement by their authorized representative as of the date and year first set forth above.

	
							
	XL GROUP LTD
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	BY:
	/s/ Eileen G. Whelley
	12/14/2017
	 
	 
	 

	 
	Signature
	 
	Date
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	Printed Name:
	Eileen G. Whelley
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	EVP and Chief Human Resources Office
	 
	 
	 

	 
	Title
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	XL SERVICES (BERMUDA) LTD
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	BY:
	/s/ Charles Cooper
	12/14/2017
	 
	 
	 

	 
	Signature
	 
	Date
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	Printed Name:
	Charles Cooper
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	Director
	 
	 
	 

	 
	Title
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	CATLIN CONSULTING LIMITED
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	BY:
	/s/ Stephen Catlin
	12/31/2017
	 
	 
	 

	 
	Signature
	 
	Date
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	Printed Name:
	Stephen Catlin

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