Document:

Unassociated Document

    

    July
      26,
      2007

    

    Mark
      Challinor

    1-2
      St.
      Johns Path

    Clerkenwell,
      London EC1 4DD

    

    Dear
      Mark:

    

    On
      January 25, 2007, you (“You”)
      and
      G8Wave, Inc., a Delaware corporation (the “Company),
      entered into a letter agreement (the “Employment
      Agreement”)
      setting forth the terms on which You serve as the Company’s Senior Vice
      President and the Managing Director of g8wave, Ltd., a Company subsidiary.
      Pursuant to Section 5 of the Employment Agreement, the Company is obligated
      to
      grant to You an option (“Option
      1”)
      to
      purchase 166,725 shares of the Company’s common stock pursuant to the Company’s
      2006 Stock Option and Purchase Plan. Option 1 vests as to 25% of the shares
      on
      January 25, 2008, and the balance in equal monthly installments over the next
      thirty six (36) months. In addition, pursuant to Section 5 of the Employment
      Agreement, when the Company reorganizes the equity structure and option plan
      of
      its United Kingdom subsidiary, the Company is obligated to grant to You an
      option (“Option
      2,
      and
      together with Option 1, collectively the “Options”)
      to
      purchase common stock equal to five percent (5%) of the outstanding common
      stock
      of the independent United Kingdom subsidiary.

    

    The
      Company is considering entering into a transaction pursuant to which a
publicly-traded
      company (“PubCo”)
      will acquire by merger (the “Merger”)
      all of the issued and outstanding capital stock and the business of the Company
      in exchange for the issuance by Pubco of shares of its common stock
      (“Pubco
      Common Stock”)
      to the Company’s stockholders. The
      Company would be the surviving entity of the Merger and a wholly-owned
      subsidiary of PubCo. In connection with the Merger, it is contemplated that
      Pubco would assume the Employment Agreement and You would be the Senior Vice
      President of Pubco (the “Assumption”)

    

    Promptly
      following the closing of the Merger, it is contemplated that Pubco will adopt
      the 2007 Stock Incentive Plan (the “Pubco Plan”),
      a
      draft copy of which is enclosed herewith. The Pubco Plan will, among other
      things, permit Pubco to grant restricted stock units (the “RSUs”)
      covering shares of Pubco Common Stock. Each RSU, once vested, will entitle
      the
      holder to one (1) share of Pubco Common Stock. 

    

    By
      signing below, You and the Company hereby agree to amend the Employment
      Agreement as follows: 

    

    1. Section
      5
      of the Employment
      Agreement
      is
      hereby deleted in its entirety and no longer has any force or effect, and the
      Company’s obligation to issue to You the Options is hereby terminated (the
“Options
      Termination”).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    2. In
      exchange for the Options Termination, promptly following the adoption by Pubco
      of the Pubco Plan and the registration of Pubco Common Stock issuable under
      the
      Pubco Plan with the Securities and Exchange Commission and any applicable state
      securities regulatory agencies (to the extent required for the RSUs or Common
      Stock to be issued under the Pubco Plan), and conditioned on You being employed
      by Pubco on the date of grant, Pubco shall grant to You RSUs covering 166,725
      shares of Pubco Common Stock. The RSUs will be subject in all respects to the
      terms and conditions of the Pubco Plan. The vesting schedule for the RSUs shall
      be substantially similar to the vesting schedule for the Options, and you shall
      receive credit for Your service with the Company prior to such
      grant.

    

    This
      Agreement shall be governed by the laws of England and Wales, except that the
      laws of the State of Delaware and the federal laws of the United States shall
      govern all matters related to the Options Termination, the Pubco Plan and the
      RSUs. Except as specifically set forth herein, the Employment Agreement shall
      remain in full force and effect. In the event of a conflict between this
      Agreement and the Employment Agreement, the terms of this Agreement shall govern
      to the extent of such conflict.

    

    [SIGNATURE
      PAGE FOLLOWS]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    If
      You
      are in agreement with the foregoing terms, please sign the acknowledgement
      below
      and return a signed copy to me in person or via facsimile as soon as possible.
      

    

    Very
      truly yours,

    

    G8WAVE,
      INC.

    

    

    

    By:_/s/
      Habib Khoury___________       

         
      Habib Khoury, President and CEO 

    

     

    

    Acknowledgement:

    

    By
      my
      signature below, I acknowledge and agree that I (1) have received this letter
      and the enclosed Pubco Plan and understand and agree to their contents, (2)
      hereby consent to the Assumption, and (3) have had an opportunity to discuss
      the
      same with the Company and my professional advisors. 

    

    MARK
      CHALLINOR

    

    

    

    By:_/s/
      Mark Challinor____________     

     
      Date:_______________________Unassociated Document

    RESIGNATION

     

    I,
      Hank
      Cohn, hereby resign from all officer and director positions that I hold with
      International Food and Wine Consultants, Inc. and any of its direct or indirect
      subsidiaries, including without limitation, G8Wave Acquisition Corp., effective
      immediately.

     

    

     

    
      	 	
              /s/
                Hank Cohn    

            
	 	
              Hank
                Cohn

            

    

    Dated:
      August 13, 2007AGREEMENT
      OF CONVEYANCE, TRANSFER AND ASSIGNMENT OF ASSETS AND ASSUMPTION OF
      OBLIGATIONS

     

    This
      Agreement of Conveyance, Transfer and Assignment of Assets and Assumption of
      Obligations (“Transfer
      and Assumption Agreement”)
      is
      made as of August 13, 2007, by International Food and Wine Consultants, Inc.,
      a
      Delaware corporation (“Assignor”),
      and
      IFWC Holdings, Inc., a Delaware corporation and a wholly-owned subsidiary of
      Assignor (“Assignee”).

    

    WHEREAS,
      Assignor is a party to an agreement and plan of merger, dated August 13, 2007,
      whereby a wholly-owned subsidiary of Assignor merged with and into G8Wave,
      Inc.,
      a Delaware corporation (“G8Wave”),
      and
      G8Wave, as the surviving corporation, became the wholly-owned subsidiary of
      Assignor (the “Merger”);
       

    

    WHEREAS,
      immediately prior to the closing of the Merger, Assignor was engaged in the
      business of teaching Italian cuisine preparation in Italy (the “Business”);
      and

    

    WHEREAS,
      Assignor desires to convey, transfer and assign to Assignee, and Assignee
      desires to acquire from Assignor, all of the assets of Assignor relating to
      the
      Business, and in connection therewith, Assignee has agreed to assume all of
      the
      liabilities of Assignor relating to the Business, on the terms and conditions
      set forth herein.

    

    NOW
      THEREFORE, in consideration of the mutual promises and agreements contained
      herein, the parties hereto, intending to be legally bound hereby, agree as
      follows:

    

    Section
      1. Assignment.

    

    1.1. Assignment
      of Assets.
      For
      good and valuable consideration, the receipt and adequacy of which are hereby
      acknowledged by Assignor, Assignor does hereby assign, grant, bargain, sell,
      convey, transfer and deliver to Assignee, and its successors and assigns, all
      of
      Assignor’s right, title and interest in, to and under the assets, properties and
      business, of every kind and description, wherever located, real, personal or
      mixed, tangible or intangible, owned, held or used in the conduct of the
      Business (the “Assets”),
      including, but not limited to, the Assets listed on Exhibit
      A
      hereto,
      and
      identified in part by reference to Assignor’s balance sheet as of March 31,
      2007, filed with Securities and Exchange Commission as part of Assignor’s
      quarterly report on Form 10-QSB on May 14, 2007 (the “Balance
      Sheet”);

    

    1.2 Further
      Assurances.
      Assignor shall from time to time after the date hereof at the request of
      Assignee and without further consideration execute and deliver to Assignee
      such
      additional instruments of transfer and assignment, including without limitation
      any bills of sale, assignments of leases, deeds, and other recordable
      instruments of assignment, transfer and conveyance, in addition to this Transfer
      and Assumption Agreement, as Assignee shall reasonably request to evidence
      more
      fully the assignment by Assignor to Assignee of the Assets.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Section
      2.  Assumption.

    

    2.1 Assumed
      Liabilities.
      As of
      the date hereof, Assignee hereby assumes and agrees to pay, perform and
      discharge, fully and completely, (i) all
      of
      Assignor’s liabilities,
      commitments, contracts, agreements, obligations or other claims against
      Assignor, whether known or unknown, asserted or unasserted, accrued or
      unaccrued, absolute or contingent, liquidated or unliquidated, due or to become
      due, and whether contractual, statutory, or otherwise associated
      with the Business (the “Liabilities”),
      including, but not limited to, the Liabilities listed on Exhibit
      B,
      and
      identified in part by reference to the Balance Sheet.
      

    

    2.4 Further
      Assurances.
      Assignee shall from time to time after the date hereof at the request of
      Assignor and without further consideration execute and deliver to Assignor
      such
      additional instruments of assumption in addition to this Transfer and Assumption
      Agreement as Assignor shall reasonably request to evidence more fully the
      assumption by Assignee of the Liabilities.

    

    Section
      3.
       Headings.
      The
      descriptive headings contained in this Transfer and Assumption Agreement are
      for
      convenience of reference only and shall not affect in any way the meaning or
      interpretation of this Transfer and Assumption Agreement.

    

    Section
      4. Governing
      Law.
      This
      Transfer and Assumption Agreement shall be governed by and construed in
      accordance with the laws of the State of Delaware applicable to contracts made
      and to be performed entirely within that state, except that any conveyances
      of
      leaseholds and real property made herein shall be governed by the laws of the
      respective jurisdictions in which such property is located.

    

    [The
      remainder of this page is blank intentionally.]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    IN
      WITNESS WHEREOF, this Transfer and Assumption Agreement has been duly executed
      and delivered by the parties hereto as of the date first above
      written.

    

    
      	 	
              INTERNATIONAL
                FOOD AND WINE CONSULTANTS, INC.

            
	 	 	 
	 	
              By:

            	 
/s/
              Habib Khoury
	 	 	
              Name:
                Habib Khoury

            
	 	 	
              Title:
                

            
	 	 	 
	 	 	 
	 	
              IFWC
                HOLDINGS, INC.

            
	 	 	 
	 	
              By:

            	
                
                /s/ Habib Khoury

            
	 	 	
              Name:
                Habib Khoury

            
	 	 	
              Title:
                President & CEO

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    (a) All
      of
      the equipment, computers, servers, hardware, appliances, implements, and all
      other tangible personal property that are owned by Assignor and have been used
      in the conduct of the Business;

     

    (b) all
      inventory associated with the Business;

     

    (c) all
      real
      property and real property leases to which Assignor is a party, and which affect
      the Business or the Assets;

     

    (d) all
      contracts to which Assignor is a party, or which affect the Business or the
      Assets, including leases of personal property; 

     

    (e) all
      rights, claims and causes of action against third parties resulting from or
      relating to the operation of the Business or the Assets, including without
      limitation, any rights, claims and causes of action arising under warranties
      from vendors and other third parties;

     

    (f) all
      governmental licenses, permits, authorizations, consents or approvals affecting
      or relating to the Business or the Assets;

     

    (g) all
      accounts receivable, notes receivable, prepaid expenses and insurance and
      indemnity claims to the extent related to any of the Assets or the
      Business;

     

    (h) all
      goodwill associated with the Assets and the Business;

     

    (i) all
      business records, regardless of the medium of storage, relating to the Assets
      and/or the Business, including without limitation, all schematics, drawings,
      customer data, subscriber lists, statistics, promotional graphics, original
      art
      work, mats, plates, negatives, accounting and financial information concerning
      the Assets or Business;

     

    (j) all
      internet domain names and URLs of the Business, software, inventions, art works,
      patents, patent applications, processes, shop rights, formulas, brand names,
      trade secrets, know-how, service marks, trade names, trademarks, trademark
      applications, copyrights, source and object codes, customer lists, drawings,
      ideas, algorithms, processes, computer software programs or applications (in
      code and object code form), tangible or intangible proprietary information
      and
      any other intellectual property and similar items and related rights owned
      by or
      licensed to Assignor used in the Business, together with any goodwill associated
      therewith and all rights of action on account of past, present and future
      unauthorized use or infringement thereof; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    (k) all
      other
      privileges, rights, interests, properties and assets of whatever nature and
      wherever located that are owned, used or intended for use in connection with,
      or
      that are necessary to the continued conduct of, the Business as presently
      conducted or planned to be conducted.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      B

     

    

    (a) All
      liabilities in respect of indebtedness of Assignor related to the
      Business;

     

    (b) product
      liability and warranty claims relating to any product or service of Assignor
      associated with the Business;

     

    (c) taxes,
      duties, levies, assessments and other such charges, including any penalties,
      interests and fines with respect thereto, payable by Assignor to any federal,
      provincial, municipal or other government, domestic or foreign, incurred in
      the
      conduct of the Business;

     

    (d) liabilities
      for salary, bonus, vacation pay, severance payments damages for wrongful
      dismissal, or other compensation or benefits relating to Assignor’s employees
      employed in the conduct of the Business; and

     

    (e) any
      liability or claim for liability (whether in contract, in tort or otherwise,
      and
      whether or not successful) related to any lawsuit or threatened lawsuit or
      claim
      (including any claim for breach or non-performance of any contract) based upon
      actions, omissions or events relating to the Business.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]