Document:

mycc_ex10-1.htm

SUBSCRIPTION AGREEMENT

 

 

MyOtherCountryClub.com

 

 

1.           APPLICATION.  The undersigned (“Investor”), intending to be legally bound, hereby subscribes for 10,000 Shares of the $.001 par value Common Stock (“Securities") of MyOtherCountryClub.com, a Nevada corporation (the "Company") at a purchase price of $.01 per Share, for a total price of $100.00

The undersigned understands that his/her Subscription to purchase Securities may be accepted or rejected in whole or in part by the Company in its sole discretion.  This Subscription is and shall be irrevocable, and none of the purchase price paid shall be refundable, unless the Company rejects your Subscription.

2.           REPRESENTATIONS AND WARRANTIES.  The undersigned represents and warrants as follows:

	
(a)

	
The undersigned and/or advisors have had a reasonable opportunity to ask questions and receive answers from the Company concerning the Securities.

	
(b)

	
The undersigned is able to bear the economic risks of an investment in the Securities for an indefinite period and at the present time could afford the loss of such investment.

	
(c)

	
The undersigned understands that an investment in the Securities involves certain risks and has the knowledge and experience in financial and business matters generally such that the undersigned is capable of evaluating the merits and risks of an investment in the Securities.

	
 (d)

	
The undersigned understands and acknowledges that the Securities have not been registered for sale under the Securities Act of 1933, as amended (the "Act"), or under certain state securities laws in reliance upon exemptions therefrom for non-public offerings, and that the Securities may not be sold or transferred unless the sale or transfer is subsequently registered or an exemption from such registration is available, and there are no assurances that there will be a public market available to sell or dispose of the Securities.

	
 (e)

	
The Securities are being purchased solely for the undersigned's account, for investment purposes only and not with a view to the distribution of said Securities and not with a view to assignment or resale thereof, and no other person will have a direct or indirect beneficial interest in such Securities.

	
 (f)

	
The undersigned, if a corporation, partnership, trust or other entity is authorized and otherwise duly qualified to purchase and hold the Securities and to enter into this Subscription Agreement.

Page 1

  

  

  

3.           INDEMNIFICATION.  The undersigned agrees to indemnify and hold harmless the Company and its agents, representatives and employees from and against all liability, damage, loss, cost, fee and expense (including reasonable attorneys' fees) which they may incur by reason of the failure of the undersigned to fulfill any of the terms or conditions of this Subscription Agreement, or by reason of any inaccuracy or omission in the information furnished by the undersigned herein or any breach of the representations and warranties made by the undersigned herein, or in any document provided by the undersigned to the Company.

4.           MISCELLANEOUS.

	
(a)

	
This Subscription Agreement shall survive the death or disability of the undersigned and shall be binding upon the undersigned's heirs, executors, administrators, successors and permitted assigns.

	
(b)

	
This Subscription Agreement has been duly and validly authorized, executed and delivered by the undersigned and constitutes the valid, binding and enforceable agreement of the undersigned.  If this Subscription Agreement is being completed on behalf of a corporation, partnership, or trust, it has been completed and executed by an authorized corporate officer, general partner, or trustee.

	
(c)

	
This Subscription Agreement referred to herein constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and together supersede all prior discussions or agreements relating to the purchase of these Securities.

	
(d)

	
Within five (5) days after receipt of a written request from the Company, the undersigned agrees to provide such information, to execute and deliver such documents and to take, or forbear from taking, such actions or provide such further assurances as reasonably may be necessary to correct any errors in documentation or to comply with any and all laws to which the Company is subject.

	
(e)

	
The Company shall be notified immediately of any change in any of the information contained above occurring prior to the undersigned's purchase of the Securities or at any time thereafter for so long as the undersigned is a holder of the Securities.

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5.           REPRESENTATIONS.  The undersigned hereby additionally represents and warrants that:

	  
	
(i)           The undersigned is purchasing for his/her/its own account and not on behalf of any other person.

	  
	
(ii)           The undersigned will not sell or assign the Securities except in accordance with the provisions of the Securities Act of 1933, as amended, or pursuant to the registration Requirements under the Act, or pursuant to an available exemption under the Act such as Rule 144, which requires a prior holding period of not less than one year from date of purchase.

	  
	
(iii)           The undersigned, in evaluating the merits and risks of this investment, has determined that this investment is suitable for the undersigned's participation, and the undersigned has received and reviewed all pertinent documents requested by the undersigned.

	  
	
(iv)           Share certificates shall bear an appropriate restrictive legend that restricts the further sale or assignment of the Securities except in accordance with the foregoing provisions set forth above.

	  
	
(v)           The undersigned is aware that there is no public market for the Company's Securities that the transfer of Securities is subject to certain restrictions according to law and that, as a consequence, it may not be possible for the undersigned to liquidate the Securities, which may have to be held indefinitely, which makes this offering an illiquid investment.

	  
	
(vi)           The undersigned is able to bear the economic risk of the investment and has such business or financial experience as to be capable of evaluating the merits and risks of investing in the Company.

	  
	
(vii)           The undersigned is aware that an investment in the Company involves certain material risks.

	  
	
(viii)           The undersigned, in evaluating the merits and risks of an investment in the Securities, has been encouraged to seek the advice of his or her own personal tax and legal counsel, and has not relied upon any representations concerning this investment.

	  
	
(ix)           The undersigned has had the opportunity to personally ask questions of and receive answers from duly qualified agents and representatives of the Company and to verify the accuracy and completion of all material information about the Company, its business, officers, directors and founders, and the terms and conditions under which the Securities are being acquired.

	  

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6.           ACCREDITED INVESTOR CERTIFICATION.  The undersigned further represents and warrants as indicated below:

(Please mark one or more of the seven following statements)

	
£

	
1.

	
I am a natural person who had individual income of more than $200,000 in each of the most recent two years, or joint income with my spouse in excess of $300,000 in each of the most recent two years, and reasonably expect to reach that same income level for the current year.  The term “income”, for purposes of this Subscription Agreement, shall be computed as follows: individual adjusted gross income, as reported (or to be reported) on a federal income tax return, increased by (1) any deduction of long-term capital gains under Section 1202 of the current Internal Revenue Code (the “Code”), (2) any deduction for depletion under Section 611 of the Code, (3) any exclusion for interest under Section 103 of the Codes and (4) any losses of a partnership as reported on Schedule E of Form 1040);

	  	  	  
	
£

	
2.

	
I am a natural person whose individual net worth (i.e., total assets in excess of total liabilities), or joint net worth with my spouse, will at the time of purchase of the Securities be in excess of $1,000,000;

	  	  	  
	
£

	
3.

	
The Investor is a trust, which trust has total assets in excess of $5,000,000, which is not formed for the specific purpose of acquiring the Securities being offered and whose purchase is directed by a sophisticated person as described in Rule 506(b)(ii) of Regulation D and who has such knowledge and experience in financial and business matters that he is capable of evaluating the risks and merits of an investment in the Securities;

	  	  	  
	
£

	
4.

	
The Investor is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, and either (a) the investment decision will be made by a plan fiduciary, as defined in Section 3 (21) of such Act, which is either a bank, insurance company, or a registered investment adviser; or (b) the employee benefit plan has total assets in excess of $5,000,000; or (c) the employee benefit plan is a self-directed plan, within the meaning of Title I of such act, and the person directing the purchase is an Accredited Investor. *

	  	  	  
	
£

	
5.

	
The Investor otherwise satisfies the requirements of Section 501(a)(1), or satisfying the requirements of Section 501(a)(2) or (3) of Regulation D promulgated under the Act, which includes but is not limited to, a self-directed employee benefit plan where investment decisions are made solely by persons who are “Accredited Investors” as otherwise defined in Regulation D;

	  	  	  
	
£

	
6.

	
I am a Director or Executive Officer of  a public company

 

	  	  	  
	
 
£

	
7.

	
The Investor is an entity (other than a trust) in which all of the equity owners meet the requirements of at least one of the above subparagraphs.

	  	  	  

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The undersigned has executed this Subscription Agreement this _________ day of ______________ 2009.

               10,000                    X                  $.01            =    $100.00

 

 

(Shares being purchased)             (Subscription Price)  (Total Investment)

 

If the Investor is a £ PARTNERSHIP, (  ) CORPORATION, £ LIMITED LIABILITY COMPANY, or £ TRUST (check applicable):

	
 

	  	  
	  	  	
President

	
(Print Name of Entity or Individual))

	  	
(Title)

	
 

	  	
 

	  	  	  
	
(Owner Mailing Address)

	  	
(Print Name of Authorized Officer)

	  	  	  
	
`

	
by:

	  
	
(City)                    (State)                (Zip)

 

 

 

Accepted By:____________________________

President, MyOtherCountryClub.com

	  	
(Signature)

 

 

Page 5valcent6kexhibit10-1.htm

Pagic/Valcent Addendum to Contract

3-6-10

 

THIS ADDENDUM ("Addendum") to the Property Sales and Purchase Agreement effective April 1, 2009 (“Contract”) is executed and shall be effective concurrently with the payment to be made by Valcent pursuant to paragraph 5 below.

 

 

R E C I T A L S:

 

 

The parties to the Contract wish to clarify, amend, and add certain provisions to the Contract.

 

NOW, THEREFORE, in consideration of the promises and obligations recited herein and in the Contract, the parties hereto agree as follows:

 

	
1. 

	
Valcent expects to complete an equity private placement on or before March 31, 2010 to provide the necessary funds to continue the operation of the company.

 

	
2. 

	
Pagic agrees to rescind its Termination Notice of January 5, 2010 to the Contract and such rescission shall be effective upon the satisfaction of paragraphs 5 and 16 below.  The Contract shall continue to be terminated until the termination is rescinded when paragraphs 5 and 16 are satisfied.

 

	
3. 

	
The IP Purchase Price of Sections 1.7, 2.4 and 2.6 of the Contract and of Section 3(a) of the Escrow Agreement shall be amended and shall be $3,150,000 and a 3.0% equity interest in the Purchaser.

 

	
(a) 

	
In the event that the full $ 3.15 million is paid and the shares issued to Pagic as set forth in Article II of the Contract, then Valcent and its assigns shall own 100% of the IP and related improvements, or

 

	
(b) 

	
in the event that Valcent terminates all use of the IP and related improvements, then Valcent shall have the right of returning all IP and related improvements to Pagic and of terminating the Contract with no further payments required to be made to Pagic.  The IP and related improvements shall be re-assigned to Pagic pursuant to Section 3 of the Escrow Agreement and Pagic shall be the sole owner of the IP and related improvements, free to enter agreements with others with respect to the IP and related improvements at its sole discretion.

 

	
4. 

	
Section 2.9 of the Contract shall be amended by deleting “before the expiration of ten years following the Effective Date of this Purchase Agreement” and substituting therefore “July 12, 2014.”  The Contract shall terminate in the event that the IP Purchase Price is not paid in full by July 31, 2014.

 

	
5. 

	
The Calculated IP Payments due under the Contract for the four months from September 2009 through February 2010 plus three months’ late fees of $36,000 total $108,000.  Of this amount, Valcent has paid $8,000 leaving a balance of $100,000.  Valcent agrees to pay Pagic this $100,000 upon execution of this Addendum no later than March 5, 2010.    The $100,000 shall be held in escrow until the execution of this Addendum at which time Conley Rose shall wire the $100,000 to Pagic. The $36,000 in late fees shall not be credited to the IP Purchase Price.

 

	
6. 

	
Valcent is pursuing on a best efforts basis an equity private placement (“Private Placement”) to provide additional funds for the operation of the company.

 

	
(i). 

	
Upon the funding of the Private Placement, Valcent agrees to settle with the secured creditors and assign to Pagic the property listed on Exhibit “A” at the location at Anthony, Texas, together with all manuals and support documents.  Valcent agrees to loan the property listed in Exhibit “A” to Pagic upon the execution of this Addendum and to make the property ready for delivery and allow Glen Kertz and one or more assistants to have access to the Anthony location for the collection of the property on Exhibit “A” at a mutually convenient time after March 10, 2010.  Valcent agrees to indemnify Pagic for any loss of the property on Exhibit “A” while on loan and in the possession of Pagic; provided however that such loss is not due to the willful misconduct or gross negligence of Pagic.  In the event the secured creditors foreclose on the property listed in Exhibit “A”, the loan shall terminate and Pagic shall release possession of the property listed in Exhibit “A” to the secured creditors. In the event of an assignment of the property to Pagic, the value of the property assigned to Pagic shall be credited to the IP Purchase Price.

 

 

1

 

	
ii).

	
Upon the funding of the Private Placement, Valcent agrees to settle with the secured creditors to release the property listed on Exhibit “B” presently at the location at Anthony, Texas.  Valcent has agreed to loan the property listed on Exhibit “B” to a third party for approximately three months.  Upon the return of the property listed on Exhibit “B” from the third party, Valcent agrees to assign to Pagic the property listed on Exhibit “B”. Valcent agrees to make the property listed on Exhibit “B” ready for delivery and allow Glen Kertz and one or more assistants to have access to the Anthony location at a mutually convenient time for the collection of such property together with all manuals and support documents.  The value of the property assigned to Pagic shall be credited to the IP Purchase Price.

 

	
7. 

	
In the event the commitments of Paragraphs 6, 14, 15, and 16 are timely completed, then beginning March 1, 2010, Valcent agrees to pay Pagic the Calculated IP Payment of $12,000 on or before the tenth day of each of the months of March through July 2010.  Beginning August 1, 2010, Calculated IP Payments shall be $18,000 per month.  The Company will also obligate itself to provide quarterly unaudited sales information.  Further, Paragraph 2.11 of the Contract is hereby voided and Valcent shall be obligated to pay the Calculated IP Payments on or before the tenth day of each month or be in default. In doing the Calculated IP Payments the royalty portion will be due in two months following the month that the sales were incurred, i.e. May sales will be used in calculating the payment due on or before July 10th.

 

	
8. 

	
All payments per Paragraph 7 are due by the 10th of the month and in the event Valcent fails to make a payment due by the 10th, subject to notice, Valcent shall make the default payment plus a bonus equal to the late payment by the next 10th.  Any such bonus shall not be applied to the IP Purchase Price. In the event that Valcent fails to make a payment with bonus when due under this Paragraph, Valcent and Pagic mutually agree that the Contract shall terminate on the 10th of the month that the payment with late payment was due.  Payments shall be wired to Pagic pursuant to Pagic’s wire transfer instructions and Valcent shall pay the cost of such wire transfers.

 

	
9. 

	
A letter dated December 22, 2009 from Valcent’s legal counsel represented that Valcent should be able to offset $9,135.51 in expenses against the Calculated IP Payments.  Valcent agrees that any amounts due as set forth in such letter shall be waived and forgiven.

 

	
10. 

	
Also pursuant to such letter of December 22, 2009, an amount of approximately $6,864.49 was sent to Valcent’s office in Anthony for payment to Pagic as a partial payment of the Calculated IP Payments due.  However, this amount was never paid to Pagic but instead was used to meet payroll and certain past due bills of the Anthony facility.  Therefore, Valcent agrees that such payment was not made to Pagic and is not to be credited against the Calculated IP Payments due.

 

	
11. 

	
Valcent agrees to waive and release Pagic from any breach of Section 2.2 of the Contract, as alleged in the letter dated January 26, 2010 from Valcent’s legal counsel.

 

	
12. 

	
No further extensions of time shall be granted by Pagic.

 

	
13. 

	
Within 45 days of termination, Valcent shall turn over all IP and related improvements to Pagic and will turn over to Pagic all materials related to the IP and related improvements.

 

	
14. 

	
Valcent agrees to enter into an agreement as to the payment of all outstanding legal fees and costs owed to Conley Rose on or before March 31, 2010.

 

	
15. 

	
Valcent agrees to pay the bonus due Andy Potter by Global Green Solutions on or before March 31, 2010.

 

	
16. 

	
Valcent shall deliver stock certificates #1510 for 293,473 shares and #1524 for 97,825 shares owned by Pagic with a debt settlement letter to Pagic’s stock broker so the broker can handle the release of the stock.  All shares will be released to Pagic so that Pagic will physically possession of them.  The certificates to be legended pursuant to the lock up agreement, i.e. 25% free trading as of January 1, 2010 and the 75% balance marked as being subject to a lock up.  Valcent will insure that the lock up language on the certificates clearly indicates the lock up release dates.  The Company will provide normal course broker supporting letters and copies of the lockup agreement.

 

  

2

 

  

	
17. 

	
Any termination under this proposal shall be automatic and no notice from Pagic to Valcent shall be required; provided however that if there is a disagreement over the amount of the Royalties due, such disagreement shall be subject to the Arbitration provisions of the Contract.

 

	
18. 

	
This proposal shall be an Addendum to the Contract.  The Addendum shall amend the Contract and in the event there is any conflict between the provisions of the Addendum and the Contract, the Addendum shall control.

 

	
19. 

	
ThisAddendum to the Contract may be executed and delivered in any number of counterparts which, if read together, will constitute one and the same; it may be delivered either in the original, by facsimile or in an electronically transmitted form.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

3

  

IN WITNESS WHEREOF, the parties hereto have executed this Addendum to the Contract individually, or by their duly authorized officers or representatives, as of the date of the last party to execute this Addendum.

 

 

 

	
Valcent

	
 Products Inc.                                                                             Malcolm Glen Kertz

 

Signed: //s// Chris Bradford                                                             Signed:     //s// M. Glen Kertz

 

Name:  Chris B Bradford                                                                        Name: Malcolm Glen Kertz

 

Title: Director                                                                                         Title: Individual

 

Date:March 8, 2010                                                                               Date: March 8, 2010

 

 

 

Pagic LP

 

Signed: //s// Perry A. Martin

 

Name: Perry A. Martin

 

Title: Partner

 

Date: March 8, 2010

 

 

  

  

  

  

EXHIBIT “A”

 

 

	
2 Laminar Flow Hoods

	
$8,500

	
2 Sayno Growth Chambers

	
$10,000

	
1 Autoclave From Tissue Culture lab

	
$4,500

	
1 Centrifuge

	
$4,000

	
1 Freeze Dry Unit

	
$6,000

	
1 Lab Cart

	
$300

	
1 Ultra Sonic Cleaner

	
$300

	
TC Chemicals

	
$2,000

	
1 Incubator

	
$2,400

	
Assorted Glass and Plasticware

	
$6,000

	
2 Kawasaki ATV's

	
$15,000

	
1 John Deere Tractor and Accessories (includes Trailer)

	
$12,000

	
1 John Deere Gator and Trailer

	
$2,500

	  	  
	  	
$73,500

 

The above shall also include the recovery of all books of Pagic at Anthony and titles to the ATV, Gator, Tractor, and their trailers.

  

  

  

EXHIBIT “B”

 

	
2 Lecia  Microscopes with Light source, Computer, Micro Handlers, cameras, lenses and all support materials, big screen monitor, cabinet, books and microscope chairs, granite tabletop, microforge and micro-scale.

	
$100,000

	
1 Sarorius Balance

	
$3,000

	
1 Orbital Shaker

	
$900

	
TOTAL

	
$103,900

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