Document:

ex10_1.htm

EXHIBIT 10.1

 

Amendment Letter

This amendment letter agreement (this “Letter”) is made this 21st day of May, 2012 among:

	
(i)

	
Far East Energy (Bermuda), Ltd., acting as Borrower (and any successors and assigns in such capacity);

	
(ii)

	
Far East Energy Corporation, acting as Guarantor (and any successors and assigns in such capacity); and

	
(iii)

	
Standard Chartered Bank, acting as Lender (and any successors and assigns in such capacity).

We refer to the Facility Agreement dated as of 28 November 2011 (as amended, the “Facility Agreement”), among Far East Energy (Bermuda), Ltd., Far East Energy Corporation, acting as Guarantor and Standard Chartered Bank, acting as Lender.  Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in the Facility Agreement.

The parties hereto wish to execute this Letter in order to reflect their agreement that, effective as of the Lender’s confirmation that the Lender’s legal counsel has confirmed that all of the Guarantor’s and Borrower’s accounts are subject to the Security (and the Account Charge Agreement has been amended accordingly)):

	
A.

	
The Facility Agreement is amended as follows:

	
  

	
1.

	
effective on the delivery to the Lender by the Borrower or the Guarantor of: (x) an extension notice and (y)(i) reasonable evidence of an offer in connection with a potential strategic transaction involving the Guarantor, the proceeds of which would be used to prepay in full the Loans; or (ii) a refinancing plan for the Facility; in each case, in form and substance acceptable to the Lender (acting in its sole discretion), and provided that, at the time of such delivery, no Default is continuing, the Lender confirms that the requirements of Section 6.2 (Extension option) shall have been met (such date on which all of the terms and conditions of this Section A(1) are satisfied, the “Extension Date”) and accordingly, the definition of “Termination Date”, as set forth in Section 1.1 (Definitions) is amended and restated to read as follows:

“Termination Date” means the date which is 12 Months after the date of this Agreement (except that, if the Termination Date would otherwise fall on a day which is not a Business Day, it will instead be the immediately preceding Business Day).”

	
  

	
2.

	
the Lender hereby waives its right of first refusal to lead arrange any long term financing of the Project or any existing or future asset of the Guarantor or the right to act as joint or sole lead manager or joint book-runner in respect of any relisting or equity fundraising of the Guarantor, as set forth in section 21.21 (Future Mandate) of the Facility Agreement (for the avoidance of doubt, all parties recognize and reaffirm that any additional financial indebtedness that is incurred or proceeds that are raised would, in accordance with section 21.16(c) (Financial Indebtedness) of the Facility Agreement be used to prepay in full the Loans);

 

  

  

  

 

	
  

	
3.

	
the Lender hereby waives its rights under Section 22.18 (Ministry of Commerce approval) until the Termination Date (then in-effect pursuant to paragraph A1 above); provided that, if the approval by the Ministry of Commerce, the government of the PRC of the extension of the PSC as contemplated in the Fifth Modification Agreement, is not received by June 30, 2012, the Borrower shall procure that CUCBM provides the Lender with a written update by June 30, 2012 regarding the status of such approval, in form and substance acceptable to the Lender (acting in its sole discretion), which shall include background as to: (i) the reason for the delay in receiving such approval by such date; (ii) CUCBM’s estimate of the date that such approval would be received; and (iii) CUCBM’s view of the remaining steps that need to be taken for such approval to be obtained.  The failure to provide an acceptable report shall result in an immediate Default.

	
  

	
4.

	
Section 5.5 (Cancellation of Commitment) is hereby amended by adding at the end of such section: “; provided, however, that if the Borrower has failed, within nine months of the date of the first Utilisation under this Facility, to provide to the Lender satisfactory evidence of approval by the Ministry of Commerce, the government of the PRC of the extension of the PSC as contemplated in the Fifth Modification Agreement, the Commitment which, at that time, is unutilised shall be immediately cancelled.”.

	
  

	
5.

	
Clause (ii)(c) of Section 4.2(f) (Further conditions precedent) is hereby amended by adding the following at the end of such clause:

“, the Borrower has provided to the Lender a written update regarding the status of (x) any potential strategic transaction involving the Guarantor, the proceeds of which would be used to prepay in full the Loans; and (y) the refinancing plan for the Facility; in each case, in form and substance acceptable to the Lender (acting in its sole discretion) and the Borrower may utilize the proceeds of such draw to meet expenses only if at least 50% of such expenses are able to be satisfied with funds from sources other than the drawdown proceeds.”

	
  

	
6.

	
Clause (h) of Section 19.3 (Information: miscellaneous) is hereby amended by adding the following at the end of such clause:

“and an update on the status of the Borrower’s and the Guarantor’s cash expenditures through to the Termination Date; provided, further, that as soon as reasonably practicable, and, in any case, no later than May 30, 2012, the Borrower and the Guarantor shall provide to the Lender a plan (acceptable in form and substance to the Lender) for capital expenditure through to the Termination Date”.

	
B.

	
As soon as reasonably practicable, and, in any case, no later than 30 days after the date of this Letter, the Account Charge Agreement shall be amended (or a new account control agreement shall be entered into) to provide for the following (the amendments documentation will be prepared and circulated under separate cover):

 

  

  

  

 

	
  

	
1.

	
provision at the beginning of each month of account balance updates for all accounts of the Borrower and the Guarantor, together with (i) projected fees and expenses to be paid over the following month and the provision of a reconciliation report reconciling such projected expenses to the actual expenses incurred for the applicable month, which reconciliation report shall be provided to the Lender within ten (10) Business Days following the last day of the month covered by the account balance and projected expense report;

	
  

	
2.

	
creation of security over the balances in all accounts of the Borrower and the Guarantor (other than accounts to the extent that the funds held therein are used for payroll, the payment of employment withholding and related Taxes or the funding of an employee benefit plan and other accounts to the extent in which a lien thereon is prohibited by operation of law or as agreed to by the Lender) (in addition to the security already created over the accounts currently subject to the Account Charge Agreement); provided, however, that the Borrower may continue to temporarily invest the balances in such revenue generating investments (such investments would be allowed pursuant to a “permitted investments” regime); and

	
  

	
3.

	
prior to the payment of any expense by the Borrower or the Guarantor (as applicable), the Lender shall have the right to approve such expenses (such approval not to be unreasonably withheld or delayed), unless such expenses are either: (a) incurred by the Borrower or the Guarantor (as applicable) in the ordinary course  of business consistent with past practice and (i) are reasonably necessary in the Borrower’s or the Guarantor’s respective business or (ii) relate to a contractual obligation of the Borrower or the Guarantor in existence on or prior to the date hereof or (b) incurred by the Borrower or the Guarantor (as applicable) in connection with the due diligence, negotiation or execution of any strategic transaction involving the Borrower or the Guarantor or any financing or equity fund raising of the Borrower or the Guarantor and such expenses are reasonably determined to be in the best interests of the Borrower or the Guarantor; provided that from and after the date hereof, without the approval of the Lender (such approval not to be unreasonably withheld or delayed) such expenses incurred under this subclause 3(b) shall not exceed the greater of U.S.$ 250,000 each calendar month and an average of U.S.$ 250,000 during any three calendar month period; provided further that, notwithstanding the foregoing, the Borrower or the Guarantor (as applicable) may pay such expenses if the Borrower shall provide to the Lender a report that is accepted by the Lender (acting reasonably) reflecting that the Group has sufficient liquidity to meet its reasonably expected expenses through the earlier of the Termination Date and the date of the consummation of any strategic transaction.

	
C.

	
Subject to terms and conditions of this Section C, the parties hereby agree that in consideration of the amendments above, a one-time amendment fee of U.S.$ 800,000 (the “Amendment Fee”). The Amendment Fee will be due on the date hereof and will be payable as follows:

 

	
  

	
1.

	
U.S.$ 300,000  of the Amendment Fee will be payable within 10 days of the date hereof and;

	
  

	
2.

	
the remainder of the Amendment Fee will be payable on the the later of (i) the Extension Date and (ii) the earlier of:

	
  

	
a.

	
August 30, 2012;

	
  

	
b.

	
the date that any additional amount is drawn under the Facility Agreement other than the payment described in paragraph C(1) above, with the proceeds of such draw; and

	
  

	
c.

	
the date that amounts are drawn under any third party financing pursuant to section 21.16(c) (Financial Indebtedness) of the Facility Agreement, with the proceeds of the first draw of such financing; and

  

  

  

	
  

	
3.

	
the Borrower or Guarantor may make such payments as cash payments via wire transfer to the Lender; provided, however, to the extent that the Amendment Fee is not paid on the relevant due date by the Borrower or Guarantor through a cash payment, such amount due will be deemed drawn from the then remaining un-cancelled, undrawn Commitment available; provided, further, that, to the extent that any relevant condition precedent to make such payment has not been met, the Parties agree to waive such condition to make such drawing.

This Letter may be executed in counterparts, all of which together shall constitute a single instrument.  Additionally, any party hereto may execute this Letter by facsimile or other electronic means, and any counterpart so executed shall be treated for all purposes as the original signature of the relevant party.

The Facility Agreement and the other Finance Documents shall remain in full force and effect and are hereby ratified and confirmed in all respects.

This Letter shall be governed by and construed in accordance with the laws of the State of New York, and the other provisions of Section 12 (Governing Law and Enforcement) of the Facility Agreement are hereby incorporated herein as if set forth in this Letter.

 

  

  

  

 

	/s/ Michael R. McElwrath	 
	
for and on behalf of Far East Energy (Bermuda), Ltd., acting as Borrower

	 
	
Name:

	
Michael R. McElwrath

	 
	
Title:

	
Chairman

	 
	  	  	 
	/s/ Michael R. McElwrath	 
	
for and on behalf of Far East Energy Corporation, acting as Guarantor

	 
	
Name:

	
Michael R. McElwrath

	 
	
Title:

	
Chief Executive Officer and President

	 
	  	  	 
	/s/ Olivier Mussat	 
	
for and on behalf of Standard Chartered Bank, acting as Lender

	 
	
Name:

	
Olivier Mussat

	 
	
Title:

	
Acting Co-Head, Director Oil & Gas project FinanceStock
Purchase Agreement

 

 

Dated as of November 6, 2012

 

 

By and Among

 

 

IRINA TCHERNIKOVA,

 

 

LARS AARUP POULSEN,

 

GREG MAY,

 

and

 

VITAS GROUP, INC. 

 

    	 

    	 	

    
 

 

 

Stock
Purchase Agreement

 

This stock purchase
agreement (“Agreement”), dated as of November 6, 2012, is entered into by and among VITAS GROUP, INC. (“VITAS”
or the “Company”) and IRINA TCHERNIKOVA (the “Seller”), LARS AARUP POULSEN and GREG MAY (the
“Purchasers” and together with the Company and the Seller, the “Parties”).

 

W
i t n e s s e t h:

 

Whereas,
the Seller is a shareholder of Vitas, a corporation organized and existing under the laws of the State of Nevada, who owns and/or
controls in the aggregate 2,500,000 shares of common stock, par value $0.001 per share, of the Company, which represents 83.19%
of the issued and outstanding shares; and

 

Whereas,
the Purchasers each desire to acquire 1,250,000 shares for a total aggregate amount of 2,500,000 shares;

 

Now,
Therefore, in consideration of the premises and of the covenants, representations, warranties and agreements herein
contained, the Parties have reached the following agreement with respect to the sale by the Seller of such shares to the Purchasers:

 

Section
1. Construction and Interpretation

 

1.1. Principles of
Construction.

 

(a) All references
to Articles, Sections, subsections and Appendixes are to Articles, Sections, subsections and Appendixes in or to this Agreement
unless otherwise specified. The words “hereof,” “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.
The term “including” is not limiting and means “including without limitations.”

 

(b) In the computation
of periods of time from a specified date to a later specified date, the word “from” means “from and including;”
the words “to” and “until” each mean “to but excluding;” and the word “through”
means “to and including.”

 

(c) This Agreement
is the result of negotiations among and has been reviewed by each Party’s counsel. Accordingly, this Agreement shall not
be construed against any Party merely because of such Party’s involvement in its preparation.

 

(d) Wherever in this
Agreement the intent so requires, reference to the neuter, masculine or feminine shall be deemed to include each of the other,
and reference to either the singular or the plural shall be deemed to include the other.

 

Section
2. The Transaction

 

2.1. Purchase Price.

 

The Seller hereby agrees
to sell to the Purchasers, and the Purchasers, in reliance on the representations and warranties contained herein, and subject
to the terms and conditions of this Agreement, agree to purchase from the Seller 2,500,000 shares (the “Acquired Shares”)
for a total purchase price of $150,000 (the “Purchase Price”), payable in full to the Seller according to the
terms of this Agreement, in United States currency as directed by the Seller at the closing of the transaction contemplated herein
(the “Closing”).

 

    	 

    	 	

    

 

2.2. Transfer of Shares
and Terms of Payment.

 

In consideration for
the transfer of the Acquired Shares by the Seller to the Purchasers, the Purchasers shall pay the Purchase Price in accordance
with the terms of this Agreement. Transfer of the shares and payment thereof shall be in the following manner:

 

		i)	Upon execution of this Agreement, the Purchasers shall transfer the Purchase Price to Anslow &
Jaclin, LLP (the “Escrow Agent”);

 

		ii)	Simultaneously with the transfer of the Purchase Price, the Seller shall deliver to the Escrow
Agent the certificates for the Acquired Shares duly endorsed for transfer or with executed stock powers medallion guaranteed attached
to be released and delivered to Purchasers upon receipt of the Purchase Price by the Escrow Agent.

 

2.3. Closing.

 

Subject to the terms
and conditions of this Agreement, the Closing shall take place by wire transfer and overnight mail on or before November 6, 2012
(the “Closing Date”).

 

Section
3. Representations and Warranties 

 

3.1. Representations
and Warranties of the Seller and the Company. The Seller and the Company hereby make the following representations and warranties
to the Purchasers:

 

3.1.1The Company
is a corporation duly organized and validly existing under the laws of the State of Nevada and has all corporate power necessary
to engage in all transactions in which it has been involved, as well as any general business transactions in the future that may
be desired by its directors.

 

3.1.2The Company
is in good standing with the Secretary of State of Nevada.

 

3.1.3Prior to or at Closing, all
of the Company’s outstanding debts and obligations shall be paid off (at no expense or liability to the Purchasers) and the
Seller shall provide evidence of such payoff to the Purchasers’ reasonable satisfaction. Should the Purchasers discover any
obligation of the Company that was not paid prior to the Closing Date, the Seller shall indemnify the Purchasers for any and all
such liabilities, whether outstanding or contingent at the time of Closing.

 

3.1.4The Company
will have no assets or liabilities at the Closing Date.

 

3.1.5The Company
is not subject to any pending or threatened litigation, claims or lawsuits from any party, and there are no pending or threatened
proceedings against the Company by any federal, state or local government, or any department, board, agency or other body thereof.

 

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3.1.6The Company
is not a party to any contract, lease or agreement which would subject it to any performance or business obligations after the
Closing.

 

Notwithstanding the
foregoing, the Company has an existing contract with Island Stock Transfer to act as the Company’s transfer agent.

 

3.1.7The Company
does not own any real estate or any interests in real estate.

 

3.1.8The Company
is not liable for any taxes, including income, real or personal property taxes, to any governmental or state agencies whatsoever.
The Company has timely filed all income, real or personal property, sales, use, employment or other governmental tax returns or
reports required to be filed by it with any federal, state or other governmental agency and all taxes required to be paid by the
Company in respect of such returns have been paid in full. None of such returns are subject to examination by any such taxing authority
and the Company has not received notice of any intention to require the Company to file any additional tax returns in any jurisdiction
to which it may be subject.

 

3.1.9The Company,
to the actual knowledge of Seller, is not in violation of any provision of laws or regulations of federal, state or local government
authorities and agencies.

 

3.1.10The Seller
is the lawful owner of record of the Acquired Shares, and the Seller presently has, and will have at the Closing Date, the power
to transfer and deliver the Acquired Shares to the Purchasers in accordance with the terms of this Agreement. The delivery to the
Purchasers of certificates evidencing the transfer of the Acquired Shares pursuant to the provisions of this Agreement will transfer
to the Purchasers good and marketable title thereto, free and clear of all liens, encumbrances, restrictions and claims of any
kind.

 

3.1.11There are
no authorized shares of the Company other than 75,000,000 common shares, and there are 3,005,000 issued and outstanding shares
of the Company. Seller at the Closing Date will have full and valid title to the Acquired Shares, and there will be no existing
impediment or encumbrance to the sale and transfer of the Acquired Shares to the Purchasers; and on delivery to the Purchasers
of the Acquired Shares being sold hereby, all of such Shares shall be free and clear of all liens, encumbrances, charges or assessments
of any kind; such Shares will be legally and validly issued and fully paid and non-assessable shares of the Company’s common
stock; and all such common stock has been issued under duly authorized resolutions of the Board of Directors of the Company.

 

3.1.12All issuances
of the Company of the Shares in past transactions have been legally and validly effected, without violation of any preemptive rights,
if any existed, and all of such shares of common stock are fully paid and non-assessable.

 

3.1.13There are no outstanding subscriptions, options,
warrants, convertible securities or rights or commitments of any nature in regard to the Company’s authorized but unissued
common stock or any agreements restricting the transfer of outstanding or authorized but unissued common stock. There are no shareholders
agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company
is a party or, to the knowledge of the Company, between or among any of the Company’s shareholders.

 

    	3

    	 

    
 

 

3.1.14There are
no outstanding judgments, liens or any other security interests filed against the Company or any of its properties.

 

3.1.15The Company
has no subsidiaries.

 

3.1.16The Company
has no employment contracts or agreements with any of its officers, directors, or with any consultants; and the Company has no
employees or other such parties.

 

3.1.17The Company
has no insurance or employee benefit plans whatsoever.

 

3.1.18The Company
is not in default under any contract, or any other document.

 

3.1.19The Company
has no outstanding powers of attorney and no obligations concerning the performance of the Seller concerning this Agreement.

 

3.1.20The execution
and delivery of this Agreement, and the subsequent Closing, will not result in the breach by the Company or the Seller of (i) any
agreement or other instrument to which they are or have been a party or (ii) the Company’s Articles of Incorporation or Bylaws.

 

3.1.21All financial
and other information which the Company and/or the Seller furnished or will furnish to the Purchasers, including information with
regard to the Company and/or the Seller contained in the SEC filings filed by the Company since its inception (i) is true, accurate
and complete as of its date and in all material respects except to the extent such information is superseded by information marked
as such, (ii) does not omit any material fact and is not misleading, and (iii) presents fairly the financial condition of the organization
as of the date and for the period covered thereby.

 

3.1.22The Company
has a Registration Statement on Form S-1 that went effective on November 10, 2011, and there are no proceedings pending to revoke
or terminate such registration. Since such date, the Company has filed all periodic reports with the Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934, as amended, including its Annual Report on Form 10-K for the fiscal year ended
May 31, 2012, and all such reports were filed timely.

 

The representations
and warranties herein by the Seller and the Company shall be true and correct in all material respects on and as of the Closing
Date hereof with the same force and effect as though said representations and warranties had been made on and as of the Closing
Date.

 

The representations
and warranties made above shall survive the Closing Date and shall expire for all purposes in the date numerically corresponding
to the Closing Date in the thirty-sixth month after the Closing Date.

 

3.2. Covenants of the
Seller and the Company.

 

From the date of this
Agreement and until the Closing Date, the Seller and the Company covenant the following:

 

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3.2.1The Seller
will, to the best of his ability, preserve intact the effectiveness of the Company’s Registration Statement on Form S-1.

 

3.2.2The Seller
will furnish Purchasers with all corporate records and documents, such as Articles of Incorporation and Bylaws, minute books, stock
books, or any other corporate document or record (including financial and bank documents, books and records) requested by the Purchasers.

 

3.2.3The Company
will not enter into any contract or business transaction, merger or business combination, make any material purchases or acquisitions,
or incur any further debts or obligations without the express written consent of the Purchasers.

 

3.2.4The Company
will not amend or change its Articles of Incorporation or Bylaws, or issue any further shares or create any other class of shares
in the Company without the express written consent of the Purchasers.

 

3.2.5The Company
will not issue any stock options, warrants or other rights or interests in or to its shares without the express written consent
of the Purchasers.

 

3.2.6The Seller
will not encumber or mortgage any right or interest in his Shares being sold to the Purchasers hereunder, and also they will not
transfer any rights to such shares of the common stock to any third party whatsoever.

 

3.2.7The Company
will not declare any dividend in cash or stock, or any other benefit.

 

3.2.8The Company
will not institute any bonus, benefit, profit sharing, stock option, pension retirement plan or similar arrangement.

 

3.2.9At Closing,
the Company and the Seller will obtain and submit to the Purchasers resignations of current officers and directors.

 

3.2.10The Seller
agrees to indemnify the Purchasers against and to pay any loss, damage, expense or claim or other liability incurred or suffered
by the Purchasers by reason of the breach of any covenant or inaccuracy of any warranty or representation contained in this Agreement.

 

3.2.11 For thirty-six
months after Closing, the Seller agrees to cooperate with the Purchasers and provide the Purchasers and the Company with any documentation
and assistance that they may reasonable require to file Exchange Act on behalf of the Company.

 

3.3Representations
and Warranties of the Purchasers. The Purchasers hereby make the following representations and warranties to the Seller:

 

3.3.1The Purchasers
have the requisite power and authority to enter into and perform this Agreement and to purchase the shares being sold to it hereunder.
The execution, delivery and performance of this Agreement by such Purchasers and the consummation by it of the transactions contemplated
hereby and thereby have been duly authorized by all necessary action, and no further consent or authorization of such Purchasers
is required. This Agreement has been duly authorized, executed and delivered by such Purchasers and constitutes, or shall constitute
when executed and delivered, a valid and binding obligation of such Purchasers enforceable against such Purchasers in accordance
with the terms thereof.

 

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3.3.2The Purchasers
are, and will be at the time of the execution of this Agreement, an “accredited investor”, as such term is defined
in Regulation D promulgated by the Commission under the Securities Act of 1933, as amended (the “1933 Act”), is experienced
in investments and business matters, has made investments of a speculative nature and has purchased securities of United States
publicly-owned companies in the past and, with its representatives, has such knowledge and experience in financial, tax and other
business matters as to enable such Purchasers to utilize the information made available by the Company to evaluate the merits and
risks of and to make an informed investment decision with respect to the proposed purchase, which represents a speculative investment.
The Purchasers have the authority and are duly and legally qualified to purchase and own shares of the Company. The Purchasers
are able to bear the risk of such investment for an indefinite period and to afford a complete loss thereof. The information set
forth on the signature page hereto regarding the Purchasers is accurate.

 

3.3.3On the Closing
Date, such Purchasers will purchase the Acquired Shares pursuant to the terms of this Agreement for its own account for investment
only and not with a view toward, or for resale in connection with, the public sale or any distribution thereof.

 

3.3.4The Purchasers
understand and agree that the Acquired Shares have not been registered under the 1933 Act or any applicable state securities laws,
by reason of their issuance in a transaction that does not require registration under the 1933 Act (based in part on the accuracy
of the representations and warranties of the Purchasers contained herein), and that such Acquired Shares must be held indefinitely
unless a subsequent disposition is registered under the 1933 Act or any applicable state securities laws or is exempt from such
registration. In any event, and subject to compliance with applicable securities laws, the Purchasers may enter into lawful hedging
transactions in the course of hedging the position they assume and the Purchasers may also enter into lawful short positions or
other derivative transactions relating to the Acquired Shares, or interests in the Acquired Shares, and deliver the Acquired Shares,
or interests in the Acquired Shares, to close out their short or other positions or otherwise settle other transactions, or loan
or pledge the Acquired Shares, or interests in the Acquired Shares, to third parties who in turn may dispose of these Acquired
Shares.

 

3.3.5The
Acquired Shares shall bear the following or similar legend:

 

“THE
ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, NOR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN
THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B)
AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE
SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

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3.3.6The offer
to sell the Acquired Shares was directly communicated to the Purchasers by the Company. At no time were the Purchasers presented
with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement, or any other form of general
advertising or solicited or invited to attend a promotional meeting otherwise than in connection and concurrently with such communicated
offer.

 

3.3.7Such Purchasers
represents that the foregoing representations and warranties are true and correct as of the date hereof and, unless such Purchasers
otherwise notifies the Company prior to the Closing Date shall be true and correct as of the Closing Date.

 

3.3.8The foregoing
representations and warranties shall survive the Closing Date and for a period of one year thereafter.

 

Section
4. Miscellaneous 

 

4.1. Expenses.

 

Each of the Parties
shall bear his own expenses in connection with the transactions contemplated by this Agreement.

 

4.2. Governing Law.

 

The interpretation
and construction of this Agreement, and all matters relating hereto, shall be governed by the laws of the State of Nevada applicable
to agreements executed and to be wholly performed solely within such state.

 

4.3. Resignation of
Old and Appointment of New Board of Directors and Officers.

 

The Company and the
Seller shall take such corporate action(s) required by the Company’s Articles of Incorporation and/or Bylaws to (a) appoint
the below named persons to their respective positions, to be effective on the eleventh day following the Closing Date, and (b)
obtain and submit to the Purchasers, together with all required corporate action(s) the resignation of the current board of directors,
and any and all corporate officers and check signers as of the Closing Date.

 

	Name	Position
	Lars Aarup Poulsen	Director, President, CEO
	Greg May	Director, COO
	Steve Matteson	CFO

 

4.4. Disclosure.

 

The Seller and the
Company agree that they will not make any public comments, statements, or communications with respect to, or otherwise disclose
the execution of this Agreement or the terms and conditions of the transactions contemplated by this Agreement without the prior
written consent of the Purchasers, which consent shall not be unreasonably withheld.

 

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4.5. Notices.

 

Any notice or other
communication required or permitted under this Agreement shall be sufficiently given if delivered in person or sent by facsimile
or by overnight registered mail, postage prepaid, addressed as follows:

 

If to Seller, to:

 

Irina Tchernikova

 

If to the Company:

 

Vitas Group, Inc.

c/o Anslow & Jaclin, LLP

195 Route 9, Suite 204

Manalapan, NJ 07726

 

With a copy to (which
shall not constitute notice):

 

Anslow & Jaclin,
LLP

195 Route 9, Suite
204

Manalapan, NJ 07726

 

If to the Purchasers, to:

 

Lars Aarup Poulsen

c/o Anslow & Jaclin, LLP

195 Route 9, Suite 204

Manalapan, NJ 07726

 

Greg May

c/o Anslow & Jaclin, LLP

195 Route 9, Suite 204

Manalapan, NJ 07726

 

Or such other address
or number as shall be furnished in writing by any such Party, and such notice or communication shall, if properly addressed, be
deemed to have been given as of the date so delivered or sent by facsimile.

 

4.6. Parties in Interest.

 

This Agreement may
not be transferred, assigned or pledged by any Party hereto, other than by operation of law. This Agreement shall be binding upon
and shall inure to the benefit of the Parties hereto and their respective heirs, executors, administrators, successors and permitted
assigns.

 

4.7. Entire Agreement.

 

    	8

    	 

    
 

This Agreement and
the other documents referred to herein contain the entire understanding of the Parties hereto with respect to the subject matter
contained herein. This Agreement shall supersede all prior agreements and understandings between the Parties with respect to the
transactions contemplated herein.

 

4.8. Amendments.

 

This Agreement may
not be amended or modified orally, but only by an agreement in writing signed by the Parties.

 

4.9. Severability.

 

In case any provision
in this Agreement shall be held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
hereof will not in any way be affected or impaired thereby.

 

4.10. Counterparts.

 

This Agreement may
be executed in any number of counterparts, including counterparts transmitted by telecopier, PDF or facsimile transmission, any
one of which shall constitute an original of this Agreement. When counterparts of copies have been executed by all parties, they
shall have the same effect as if the signatures to each counterpart or copy were upon the same document and copies of such documents
shall be deemed valid as originals. The Parties agree that all such signatures may be transferred to a single document upon the
request of any Party.
  

[-signature
page follows-]

 

    	9

    	 

    
 

 

In
Witness Whereof, each of the Parties hereto has caused its/his name to be hereunto subscribed as of the day and year
first above written.

 

	 	Company:
	 	 	 
	 	VITAS GROUP, INC.
	 	 	 
	 	By:	/s/ Irina Tchernikova
	 	Name:	Irina Tchernikova
	 	Title:	Chief Executive Officer
	 	 	 
	 	Seller:
	 	 
	 	By:	/s/ Irina Tchernikova
	 	Name:	Irina Tchernikova, Individually
	 	 	 
	 	Purchasers:
	 	 	 
	 	By:	/s/ Lars Aarup Poulsen
	 	Name:	Lars Aarup Poulsen
	 	 	 
	 	 	 
	 	By:	/s/ Greg May
	 	Name:	Greg May

    	10

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