Document:

ASSET SALE AGREEMENT

DATE

THIS AGREEMENT is made on the date set out in
item 1 of the schedule.

PARTIES

BETWEEN the parties described in item 2 of the
schedule.

RECITALS

	A	The Vendor owns and uses the Assets in its Business.
	 	 
	B	The Vendor has agreed to sell and the Purchaser has agreed to purchase the Assets subject to the terms and conditions of this agreement.

AGREEMENT

THE PARTIES AGREE THAT:

	1	INTERPRETATION
	 	 
	 	1.1	Definitions
	 	 	 
	 	 	In this agreement, unless the subject or the context otherwise requires:
	 	 	 
	 	 	(a)	‘ASSETS’ means the assets as described in item 4 of the schedule;
	 	 	 	 
	 	 	(b)	‘BUSINESS’ means the business conducted by the Vendor as described in item 3 of the schedule;
	 	 	 	 
	 	 	(c)	‘COMPLETION DATE’ means the date specified in item 5 of the schedule or such other date as agreed in writing between the Vendor and the Purchaser;
	 	 	 	 
	 	 	(d)	‘DEPOSIT’ means the amount set out in item 7 of the schedule;
	 	 	 	 
	 	 	(e)	‘PURCHASER’ means the person so described in item 2 of the schedule;
	 	 	 	 
	 	 	(f)	‘PURCHASE PRICE’ means the price as specified in item 6 of the schedule; and
	 	 	 	 
	 	 	(g)	‘VENDOR’ means the person so described in item 2 of the schedule.
	 	 	 	 
	 	1.2	Construction
	 	 	 
	 	 	In this agreement, unless the subject or the context otherwise requires:
	 	 	 
	 	 	(a)	words importing the singular include the plural and vice versa;
	 	 	 	 
	 	 	(b)	words importing one gender include the other gender;
	 	 	 	 
	 	 	(c)	a reference to any party or other person includes that person’s successors and permitted assigns;
	 	 	 	 
	 	 	(d)	a reference to a statute, ordinance or other legislation includes any amendment, replacement or re-enactment for the time being in force and includes all regulations, by-laws and statutory instruments made thereunder;
	 	 	 	 
	 	 	(e)	a reference to this or any other document includes a reference to that document as amended, supplemented, novated or replaced from time to time;
	 	 	 	 
	 	 	(f)	a reference to a recital, clause or schedule is a reference to a recital, clause or schedule of this agreement;
	 	 	 	 
	 	 	(g)	a reference to writing includes all means of reproducing words in a tangible and permanently visible form;
	 	 	 	 
	 	 	(h)	a reference to time is a reference to time in the State specified in item 8 of the schedule;
	 	 	 	 
	 	 	(i)	a reference to a person includes a natural person, corporation, partnership, trust, estate, joint venture, sole partnership, government or governmental subdivision or agency, association, cooperative and any other legal or commercial entity or undertaking;
	 	 	 	 
	 	 	(j)	the headings in this agreement do not affect its interpretation; and
	 	 	 	 
	 	 	(k)	the recitals and the schedule form part of this agreement.
	 	 	 	 
	2	SALE AND PURCHASE
	 	 
	 	2.1	The Vendor agrees to sell and the Purchaser agrees to buy from the Vendor all the Vendor’s right, title and interest in the Assets for the Purchase Price.

 

    	 

    	 

    

 

	3	PURCHASE PRICE
	 	 
	 	3.1	The Purchase Price is payable on the date set out in item 1 of the schedule.
	 	 	 
	 	3.2	Any money payable in accordance with this agreement will be made or tendered in Australian currency either in cash or by a draft or cheque drawn by a bank as defined by the Banking Act 1959.
	 	 	 
	4	OBLIGATIONS OF VENDOR
	 	 
	 	4.1	Until the Completion Date the Vendor will inform and keep the Purchaser informed of any matter which materially affects the Business and will consult the Purchaser before taking any action in respect of such matter.
	 	 	 
	 	4.2	The Vendor agrees that until the Completion Date it will not, except where such action or activity is in the ordinary course of business:
	 	 	 
	 	 	(a)	enter into any abnormal or unusual transactions relating to or adversely affecting any or all of the Assets;
	 	 	 	 
	 	 	(b)	incur any liabilities in relation to any or all of the Assets;
	 	 	 	 
	 	 	(c)	grant or agree to grant any encumbrance over any or all of the Assets.
	 	 	 	 
	5	PROPERTY AND POSSESSION
	 	 
	 	5.1	Possession of the Assets will be given to the Purchaser on the Completion Date.
	 	 	 
	 	5.2	Until the Completion Date all Assets are at the risk of the Vendor.
	 	 	 
	6	RESERVED
	 	 	 	 
	7	VENDOR’S WARRANTIES
	 	 
	 	7.1	The Vendor warrants that the Assets:
	 	 	 
	 	 	(a)	are the Vendor’s sole and absolute property and are not subject to any encumbrance;
	 	 	 	 
	 	 	(b)	will be in substantially the same state and condition (fair wear and tear excepted) at the Completion Date as at the date of this agreement.
	 	 	 	 
	8	GST	 	 
	 	 	 	 
	 	8.1	GST definitions
	 	 	 
	 	 	For the purpose of this Clause 8:
	 	 	 
	 	 	(a)	‘GST’ means GST within the meaning of the GST Act;
	 	 	 	 
	 	 	(b)	‘GST Act’ means the A New Tax System (Goods and Services Tax) Act 1999 (as amended);
	 	 	 	 
	 	 	(c)	expressions set out in italics in this clause bear the same meaning as those expressions in the GST Act.
	 	 	 	 
	 	8.2	Amounts otherwise payable do not include GST
	 	 	 
	 	 	To the extent that a party makes a taxable supply in connection with this agreement, except where express provision is made to the contrary, and subject to this Clause 8, the consideration payable by a party under this agreement represents the value of the taxable supply for which payment is made.
	 	 	 
	 	8.3	Liability to pay GST
	 	 	 
	 	 	Subject to Clause 8.4, if a party makes a taxable supply in connection with this agreement for a consideration which under Clause 8.2 represents its value, then the party liable to pay for the taxable supply must also pay, at the same time and in the same manner as the value is otherwise payable, the amount of any GST payable in respect of the taxable supply.
	 	 	 
	 	8.4	Tax invoice
	 	 	 
	 	 	A party’s right to payment under Clause 8.3 is subject to a valid tax invoice being delivered to the party liable to pay for the taxable supply.
	 	 	 
	 	8.5	GST warranties
	 	 	 
	 	 	If, in connection with this agreement, rights or benefits under or in connection with any other agreement are conferred on the Purchaser, or if obligations owed under any other agreement are assumed by the Purchaser, including assumption or conferral by way of assignment or novation, the Vendor warrants that, if any GST is liable to be paid in connection with any taxable supply made by the Purchaser under that other agreement (including that other agreement as assigned or novated), the Purchaser is or will be entitled to recover from the party required to pay for the taxable supply, an amount so that after meeting any liability to pay GST, the Purchaser retains the same amount as if GST was not payable in connection with the taxable supply.
	 	 	 
	9	MISCELLANEOUS
	 	 
	 	9.1	Further acts
	 	 	 
	 	 	Each party agrees to do all things that may be necessary or desirable to give full effect to every part of this agreement if asked in writing by another party to do so.
	 	 	 
	 	9.2	Assignment
	 	 	 
	 	 	Neither the rights nor the obligations of any party under this agreement may be assigned, transferred, subcontracted or otherwise disposed of, in whole or in part, without the prior written consent of the other parties.
	 	 	 
	 	9.3	Waiver
	 	 	 
	 	 	No waiver by any party of any default in the strict and literal performance of or compliance with any provision, condition or requirement of this agreement is to be deemed to be a waiver of strict and literal performance of and compliance with any other provision, condition or requirement in this agreement, nor to be a waiver of or in any manner release any party from strict and literal performance of and compliance with any provision, condition or requirement in the future, nor will any delay or omission of any party to exercise any right in any manner impair the exercise of any such right accruing to such party thereafter.
	 	 	 
	 	9.4	Notice
	 	 	 
	 	 	Any notice, demand or other communication to be given or required to be made pursuant to this agreement is to be in writing and is to be given by post, facsimile or hand to a party at the party’s address as set out in item 2 of the schedule or at such other address or facsimile number as is notified by one party to the other.
	 	 	 
	 	9.5	Costs
	 	 	 
	 	 	Each party is responsible for its own costs in relation to the preparation and execution of this agreement.
	 	 	 
	 	9.6	Stamp duty
	 	 	 
	 	 	The Purchaser must bear and is responsible for all stamp duty on or in respect of:
	 	 	 
	 	 	(a)	this agreement;
	 	 	 	 
	 	 	(b)	the sale, purchase or assignment of any property or interest under this agreement; and
	 	 	 	 
	 	 	(c)	any instrument or transaction contemplated by this agreement.
	 	 	 	 
	 	9.7	Provisions severable
	 	 	 
	 	 	If any provision of this agreement is invalid, illegal or unenforceable in any respect the validity, legality and enforceability of the remaining provisions will not be affected and such invalid, illegal or unenforceable provision is to be severed from this agreement.
	 	 	 
	 	9.8	Governing law
	 	 	 
	 	 	This agreement is governed by and construed in accordance with the laws of the State specified in item 8 of the schedule and the parties irrevocably submit to the jurisdiction of the courts of that State.
	 	 	 
	 	9.9	Entire agreement
	 	 	 
	 	 	This agreement sets out the entire agreement and understanding between the parties with respect to the subject matter of this agreement and supersedes all prior agreements, understandings and representations.
	 	 	 

SIGNATURES

 

EXECUTED by the parties.

 

EXECUTED by

Camtech Investments Pty Ltd as trustee for Munro Family Trust

ABN 98 863 980 372

in accordance with section 127(1) of the

Corporations Act 2001 (Commonwealth)

by authority of its directors:

 

	/s/ D Munro	 	 
	Signature of Director/Secretary* of Vendor	 	Signature of Director of Vendor

*delete whichever is not applicable

 

 

	 	 	 
	Office held	 	Office held

 

 

	Darryl James Munro	 	 
	Name of Director/Secretary* of Vendor	 	Name of Director of Vendor
	(in block letters)	 	(in block letters)

*delete whichever is not applicable

 

     

     

    

 

EXECUTED by

Novagen Precision Engineering Pty Ltd.

ABN 16 155 194 228

in accordance with section 127(1) of the

Corporations Act 2001 (Commonwealth)

by authority of its directors:

 

	/s/ Micheal P. Nugent	 	 
	Signature of Director/Secretary* of Purchaser	 	Signature of Director of Purchaser

*delete whichever is not applicable

 

 

	 	 	 
	Office held	 	Office held

 

 

	Micheal P. Nugent	 	 
	Name of Director/Secretary* of Purchaser	 	Name of Director of Purchaser
	(in block letters)	 	(in block letters)

*delete whichever is not applicable

 

     

     

    

 

SCHEDULE

 

ITEM 1

 

	Date of Agreement:	December 27, 2013

 

ITEM 2

 

Parties (Heading and Clause 10.4):

 

	 	Vendor:	Camtech Investments Pty Ltd
	 	 	as trustee for Munro Family Trust
	 	 	ABN 98 863 980 372
	 	 	c/- 47 Nerang Street, Nerang in the state of Queensland, Australia
	 	 	 
	 	Purchaser:	Novagen Precision Engineering Pty Ltd.
	 	 	ABN 16 155 194 228
	 	 	5/142 Signanto Drive, Helensvale in the state of
	 	 	Queensland, Australia

 

ITEM 3

 

	Business (Recital A and Clause 1.1(b)):	Engineering Workshop

 

ITEM 4

 

	Assets (Clause 1.1(a)):	 	All of the following equipment as set forth below:
	 	 	 	 
	 	 	Quantity	Description
	 	 	1	Lathe
	 	 	1	Supermax YCM-85A CNC
	 	 	1	Dongawoo Chuck
	 	 	1	ISO-40 Metric R/Angle
	 	 	1	Colchester Lathe
	 	 	1	Hydraulic Press
	 	 	1	Extron Machine Centre
	 	 	1	Tapping Arm
	 	 	1	Airtower Compressor
	 	 	1	Heine 55A Press
	 	 	1	Direct 30mm Mill Drill
	 	 	1	SAIMP Milling Machine
	 	 	1	Cosen X-300NC Auto Bandsaw
	 	 	1	Gibbscam Software and Dongle
	 	 	1	Forklift
	 	 	1	Miscellaneous tools and accessories

 

ITEM 5

 

	Completion Date (Clause 1.1(c)):	December 27, 2013

 

ITEM 6

 

	Purchase Price (Clauses 1.1(f) and 4.1):	A$270,000

 

ITEM 7

 

	Deposit (Clauses 1.1(d) and 4.1(a)):	$NIL

 

ITEM 8

 

Time and Governing law 

 

	(Clauses 1.2(h) and 10.8):	Queensland, Australia

 

ITEM 9

 

	Conditions precedent (Clause 2.1):	NILpbsv_ex101.htm

Exhibit 10.1

 

CONSULTING AGREEMENT

 

This Consulting Agreement (the "Agreement") is entered into by Pharma-Bio Serv, Inc., a Delaware corporation (the "Company"), Strategic Consultants International, LLC, a Puerto Rico registered Limited Liability Corporation (the “Consultant"), and Elizabeth Plaza, residing in Dorado, Puerto Rico (“Plaza”), effective as of January 1, 2014.

WHEREAS, the Company desires to engage the Consultant to provide advice and assistance to the Company’s Board of Directors (the “Board”) and the Company’s Operations Management Team, and the Consultant is willing to provide such services for the Company, as more particularly described herein.

 

NOW, THEREFORE, the parties agree as follows:

 

1. Services to Be Performed. Consultant will consult with the Board regarding the Company’s strategic initiatives, company services, management, operations and other matters as may be requested from time to time by the Board (the "Services"). Consultant shall report directly to the Board.  The Consultant agrees to use its best efforts in the performance of the Services under this Agreement. The Consultant shall cooperate with the Company’s personnel and shall observe all Company rules, including specifically those relating to discrimination and harassment, security and confidentiality.

 

2. Term. This Agreement will have a term commencing as of January 1, 2014 through December 31, 2014 (the "Term").

 

3. Independent Contractor Status. It is the express intention of the parties hereto that, for purposes of the Agreement, the Consultant is and shall remain an independent contractor and not an employee of the Company.

 

4. Performance of Services. Consultant shall have the right to control and determine the time, place, methods, manner and means of performing the Services; provided, however, that Consultant shall ensure that Plaza is the only individual who shall be assigned to perform the Services.  In performing the Services, the amount of time devoted by Consultant on any given day will be entirely within Consultant's control, and the Company will rely on Consultant to devote the number of hours as are necessary to fulfill the requirements of the Agreement.  However, the Services contemplated herein must meet the Company’s standards and approval.

 

(a) Non-Exclusivity. Except as set forth in this Agreement, Consultant retains the right to contract with other companies or entities for consulting services. Likewise, the Company retains a reciprocal right to contract with other companies and/or individuals for consulting services without restriction. Notwithstanding the foregoing, neither the Consultant nor Plaza shall engage in any activities, whether for compensation or otherwise, that would constitute a direct conflict of interest with its duties for Company.

 

(b) Taxes. Since Consultant will be an independent contractor during the Term, all compensation under this Agreement shall be paid to Consultant without the Company withholding any payroll taxes or deductions and shall be reported by the Company as required by taxing authorities.

 

(c) Other Covered Expenses. During the Term of this Agreement, Plaza shall be entitled to receive (i) such insurance, including major health insurance and life insurance, as the Company provided Plaza during her last year of employment with the Company and (ii) a company automobile as the Company provided Plaza during her last year of employment with the Company. Consultant shall be solely responsible for all state and federal income taxes, unemployment insurance, social security taxes and state disability insurance and for maintaining adequate workers’ compensation insurance coverage to the extent legally required.

 

  

 

  

 

5. Compensation. For the full and proper performance of this Agreement, the Company agrees to compensate Consultant a monthly retainer fee of $42,000 during the Term.

 

6. Expenses. Consultant shall be reimbursed for all reasonable out-of-pocket expenses incurred by Consultant in the course of performing its services hereunder, upon the submission of an expense report in which adequate support is provided for the expenses to be reimbursed.

 

7. Covenant Not To Compete.  During the Term of this Agreement, neither Consultant nor Plaza will, directly or indirectly, engage in any business in the United States or Puerto Rico whether as an officer, director, consultant, partner, guarantor, principal, agent, employee, advisor or in any manner, which directly competes with the business of the Company, provided, however, that nothing in this Section 7 shall be construed to prohibit the Consultant or Plaza from owning an interest of not more than five (5%) percent of any public company engaged in such activities.

 

8. Non-Disparaging Statements.  Neither the Consultant nor Plaza will, during or after the Term of this Agreement, make any disparaging statements concerning the Company, its business, officers, directors and employees that could injure, impair, damage or otherwise affect the relationship between the Company, on the one hand, and any of the Company’s employees, suppliers, customers, clients or any other person with which the Company has or may conduct business or otherwise have a business relationship of any kind and description.  The Company will not make any disparaging statements concerning Consultant or Plaza; provided, however, that this sentence shall not be construed to prohibit the Company from giving factual information concerning Consultant or Plaza in response to inquiries that the Company believes are bona fide.

 

9. Trade Secrets and Proprietary Information.

 

(a) Consultant and Plaza recognize and acknowledge that the Company, through the expenditure of considerable time and money, has developed and will continue to develop in the future information concerning customers, clients, marketing, products, services, business, research and development activities and operational methods of the Company and its customers or clients, contracts, financial or other data, technical data or any other confidential or proprietary information possessed, owned or used by the Company, the disclosure of which could or does have a material adverse effect on the Company, its businesses, any business in which it proposes to engage, its operations, financial condition or prospects and that the same are confidential and proprietary and considered “confidential information” of the Company for the purposes of this Agreement. Consultant and Plaza agree that they will not, during or after the Term of this Agreement, without the consent of the Board make any disclosure of confidential information to any person, partnership, corporation or entity either during or after the Term of this Agreement, except that nothing in this Agreement shall be construed to prohibit Consultant or Plaza from using or disclosing (a) if such disclosure is necessary in the normal course of the Company’s business in accordance with policies or instructions or authorization from the Board, (b) Consultant or Plaza can demonstrate that such information shall have (i) become public knowledge other than by or as a result of disclosure by a person not having a right to make such disclosure, (ii) been developed by Consultant or Plaza independent of any of the Company’s confidential or proprietary information or (iii) been disclosed to Consultant or Plaza by a person not subject to a confidentiality agreement with or other obligation of confidentiality to the Company.

 

(b) In the event that any confidential information is required to be produced by Consultant or Plaza pursuant to legal process, Consultant or Plaza shall give the Company notice of such legal process within a reasonable time, but not later than ten business days prior to the date such disclosure is to be made, unless Consultant or Plaza has received less notice, in which event Consultant or Plaza shall immediately notify the Company.  The Company shall have the right to object to any such disclosure, and if the Company objects (at the Company’s cost and expense) in a timely manner so that Consultant or Plaza is not subject to penalties for failure to make such disclosure, Consultant or Plaza shall not make any disclosure until there has been a court determination on the Company’s objections.  If disclosure is required by a court order, final beyond right of review, or if the Company does not object to the disclosure, Consultant or Plaza shall make disclosure only to the extent that disclosure is required by the court order, and Consultant or Plaza will exercise reasonable efforts at the Company’s expense, to obtain reliable assurance that confidential treatment will be accorded the confidential information.

 

  

2

  

 

(c) Neither Consultant nor Plaza shall, upon expiration or termination of the Term, or earlier at the request of the Company, turn over to the Company or destroy all documents, papers, computer disks or other material in Consultant’s or Plaza’s possession or under Consultant’s or Plaza’s control which may contain or be derived from confidential information.  To the extent that any confidential information is on Consultant’s or Plaza’s hard drive or other storage media, they shall, upon the request of the Company, cause either such information to be erased from their computer disks and all other storage media or otherwise take reasonable steps to maintain the confidential nature of the material.

(d) Consultant and Plaza further realize that any trading in the Company's common stock or other securities or aiding or assisting others in trading in the Company's common stock or other securities, including disclosing any non-public information concerning the Company to a person who uses such information in trading in the Company's common stock or other securities, constitutes a violation of federal and state securities laws.  Neither Consultant nor Plaza will engage in any transactions involving the Company's common stock or other securities while in the possession of material non-public information.

 

(e) For the purposes of Sections 7, 8 and 9 of this Agreement, the term “Company” shall include the Company, its subsidiaries and affiliates.

 

10. Warranties. Consultant will assume sole responsibility for its compliance with applicable federal and state laws and regulations, and shall rely exclusively upon its own determination, or that of its legal advisers, that the performance of services and the receipt of fees hereunder comply with such laws and regulations.

 

11. Non-Assignability of Contract. The parties shall not have the right to assign any of the contractual rights or delegate any of the duties under this Agreement without the express written consent of the parties.

 

12. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Commonwealth of Puerto Rico.

 

13. Severability. In the event any provision of this Agreement shall be held invalid, the same shall not invalidate or otherwise affect in any respect any other term or terms of this Agreement, which term or terms shall remain in full force and effect.

 

14. Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and Consultant.

 

15. Complete Agreement. This Agreement contains the entire understanding between the parties and supersedes, replaces and takes precedence over any prior or contemporaneous understanding or oral or written agreement between the parties respecting the subject matter of this Agreement. There are no representations, agreements, arrangements, nor understandings, oral or written, between the parties hereto relating to the subject matter of this Agreement which are not fully expressed herein.

 

16. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument.

 

 

[Signatures on Next Page]

 

  

3

  

 

This Agreement is executed and entered into this 31st day of December, 2013.

 

	
Strategic Consultants International LLC

 

     /s/ Elizabeth Plaza                                                                                     

Name: Elizabeth Plaza

Title:

	
Pharma-Bio Serv, Inc.

 

         /s/ Pedro J. Lasanta                                                                                                 

Name: Pedro J. Lasanta

Title:   Chief Financial Officer and Vice-President – Finance and Administration

	
 

   /s/ Elizabeth Plaza                                                                                     

Elizabeth Plaza, individually

	  

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}]]