Document:

Exhibit
            10.1

        

         

        SHARE
          EXCHANGE AGREEMENT

      

       

      This
        Share Exchange Agreement
        (the
“AGREEMENT”) dated as of the 20th day of August 2007, is by and amongst
TORBAY
        HOLDINGS, INC.,
        a
        Delaware corporation (hereinafter referred to as the “Corporation” or “Torbay”),
        and CARMINE
        CASTELLANO, an individual, and
        ALFRED
        SETTINO, an individual, (collectively,
        the “Company Shareholders”). 

       

      Recitals:

      

      A.  Torbay
        has offered to issue 45,000,000 shares of Torbay common stock, $.0001 par
        value
        (the “Common Stock”) and 2,500,000 shares of Torbay super-voting preferred
        stock, carrying sixty votes per share (the “Preferred Stock” and collectively
        with the Common Stock, the “Exchanged Corporation Stock”), to the Company
        Shareholders in exchange for their contribution to Torbay of all of the issued
        and outstanding capital stock of ICC Italy S.r.l. (the “ICC-Italy
        Shares”).

      

      B.  The
        Board
        of Directors of Torbay, and Alfred Settino and Carmine Castellano, individually,
        have determined that, subject to the terms, con-ditions, agreements,
        representations and warranties set forth herein, the exchange contemplated
        herein will serve the general welfare and advantage of their respective
        businesses.

      

      C.  Subject
        to the terms and conditions set forth herein, the Company Shareholders desire
        to
        contribute all of the shares of ICC-Italy capital stock for shares of Exchanged
        Corporation Stock in Torbay in the manner hereinafter set forth
        herein.

      

      NOW,
        THEREFORE,
        in
        consideration of the foregoing recitals, as well as the mutual covenants
        hereinafter set forth, the parties hereto, intending to be legally bound,
        hereby
        agree as follows:

       

      
        	 	
                 ARTICLE
                  I

              	 
	 	 	 
	 	
                 EXCHANGE
                  PROVISIONS

              	 

      

       

      1.1  Contribution.

      

      Subject
        to the terms and conditions hereinafter set forth:

      

      (a)  The
        Company Shareholders agree to contribute, transfer, assign and convey all
        of the
        ICC-Italy Shares to Torbay, together with all other rights, claims and interests
        it may have with respect to ICC-Italy or its respective assets, and all claims
        it may have against its officers and directors, including, but not limited
        to,
        all rights to unpaid dividends and all claims and causes of action arising
        from
        or in connection with the ownership of ICC-Italy Shares or its issuance,
        excluding any right, claim or interest of same arising under this Agreement
        or
        in connection with the transaction contemplated by this Agreement. The Company
        Shareholders shall deliver to Torbay all of the stock certificates representing
        all of the ICC-Italy Shares, together with a stock power therefore, duly
        executed in blank and any unissued or treasury shares of common stock, to
        be
        held by Torbay for delivery at Closing; and

      

      (b)  If
        all
        milestones under 1.2 are met, Torbay shall issue the Common Stock to the
        Company Shareholders.
        If all milestones under 1.3 are met, Torbay shall issue the Preferred Stock
        to
        the Company Shareholders.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      
        	1.2  	
                Common
                  Stock.
                  

              

      

       

      The
        Exchanged Corporation Stock shall be issued once all of the following conditions
        are met. Whether the Exchanged Corporation Stock is issued to the
        Company Shareholders
        is dependent on whether Torbay meets the following milestones:

      

      
        	a.  	
                Secure
                  sites for first 2 anchor stores by September 30
                  2007.

              

      

      

      
        	b.  	
                Establish
                  vendor/supplier relationships with telcomm/phone card/alimentary/etc.
                  vendors by September 30, 2007. 

              

      

      

      
        	c.  	
                Secure
                  primary warehouse location by September 30, 2007.
                  

              

      

      

      
        	d.  	
                Sign
                  consortium owner/operator members for first 3 anchor stores by
                  September
                  30, 2007.

              

      

      

      
        	e.  	
                Engage
                  initial sales/customer service team - begin signing up satellite
                  stores by
                  September 1, 2007.

              

      

      

      
        	f.  	
                Have
                  25 satellite stores open by end of September
                  2007.

              

      

      

      
        	g.  	
                Achieve
                  gross sales in September of at least
                  $25,000.

              

      

      

      
        	h.  	
                Have
                  50 satellite stores opened by end of October,
                  2007.

              

      

      

      
        	i.  	
                Achieve
                  gross sales in October of at least
                  $200,000.

              

      

      

      
        	j.  	
                Open
                  3rd Anchor Store by November 30,
                  2007.

              

      

      

      
        	k.  	
                Achieve
                  gross sales of $300K in November,
                  2007.

              

      

      

      
        	l.  	
                Achieve
                  gross sales of $400K in December,
                  2007.

              

      

      

      
        	m.  	
                Total
                  Gross Sales for all 2007 of
                  $1,000,000.

              

      

      

      (the
        “Common Milestones”).

      

      
        	1.3  	
                Preferred
                  Stock.
                  

              

      

       

      The
        Preferred Stock shall be issued once all of the following conditions are
        met.
        Whether the Preferred Stock is issued to the Company Shareholders
        is dependent on:

      

      
        	a.  	
                The
                  Company Shareholders having successfully earned the common stock
                  set forth
                  in the Common Milestones, and

              

      

      

      
        	b.  	
                Torbay
                  having paid the funds due to The Black Diamond Fund under Section
                  3.5
                  (“Put Option”) of the Share Purchase Agreement dated June 29, 2007 as
                  amended.. 

              

      

      

      (the
        “Preferred Milestones”, collectively with the Common Milestones, the
“Milestones”). 

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

      

      
        	1.4  	
                Failure
                  to Meet Milestones.
                  

              

      

      

      If
        all of
        the Milestones are met by the dates set forth, the Exchanged Corporation
        Stock
        shall be issued to the Company Shareholders.
        If Torbay becomes insolvent or if any of the above milestones are not met
        (a
“Failure Event”), the Exchanged Corporation Stock shall be cancelled, unless a
        majority of the disinterested members of the board of directors of Torbay
        agrees
        by resolution or unanimous consent to extend a date or lower a dollar value.
        

      

      If
        there
        is a sale of Torbay, its assets, or any other liquidation event of Torbay
        prior
        to the date the Common Shares are received, the Company Shareholders shall,
        to
        the extent permitted by law, participate at a rate equal to the rights of
        shares
        of Exchanged Corporation Stock due to be issued after the milestones are
        met.

      

      A
        Failure
        Event, unless waived by a majority of the disinterested members of the Board
        of
        Directors of Torbay by a board resolution or unanimous consent, will affect
        the
        ability of the Company Shareholders to receive the Exchanged Corporation
        Stock.
        There shall be no further recourse by either party in relation to that Failure
        Event.

      
         

        
          	 	
                   ARTICLE
                    II

                	 
	 	 	 
	 	
                   REPRESENTATIONS
                    AND
                    WARRANTIES

                	 

        

      

       

      a. The
        Company Shareholders represent and warrant to Torbay that:

      

      (i)  Incorporation,
        Stock, Etc.
        ICC-Italy is a corporation duly organized and existing in good standing under
        the laws of Italy, and shall be bestowed with : certain furniture, fixtures
        and
        equipment currently owned by the Company Shareholders (the corporation and
        the
        assets, each and collectively, being referred to as “ICC-Italy”). ICC-Italy
        shall have full corporate power and authority to carry on its business as
        it is
        now being conducted and to own and operate its assets, businesses and
        properties. All of ICC-Italy’s issued and outstanding capital stock shall be in
        Torbay’s name. There
        shall be no preferred shares authorized. There shall be no outstanding
        subscriptions, options, warrants, convertible securities, calls, commitments
        or
        agreements calling for or requiring issuance or transfer, sale or other
        disposition of any shares of capital stock of ICC-Italy or calling for or
        requiring the issuance of any securities or rights convertible into or
        exchangeable (including on a contingent basis) for shares of capital stock.
        All
        of the outstanding shares of ICC-Italy shall be duly authorized, validly
        issued,
        fully paid and non-assessable. There shall be no dividends due, to be paid
        or in
        arrears with respect to any of the capital stock of ICC-Italy. All of the
        assets
        of ICC shall be held by ICC-Italy. The Company Shareholders shall hold no
        interest of any kind in any other Italian communications or ethnic-based
        communications venture, or in any other venture that might reasonably be
        considered to be in competition with ICC.

      

      (ii)  Litigation.
        To the
        best of the Company Shareholders knowledge, there are no actions, suits,
        proceedings, or investigations pending or threatened or contemplated against
        ICC-Italy or any of its subsidiaries at law or in equity, before any federal,
        state, municipal or other governmental department, commission, board, agency
        or
        instrumentality, domestic or foreign. ICC-Italy is not subject to any
        outstanding judgments or operating under or subject to or in default with
        respect to any order, writ, injunction or decree of any court or federal,
        state,
        municipal or other governmental department, commission, board, agency or
        instrumentality, domestic or foreign.

      

      (iii)  Compliance
        with Laws.
        To the
        best of the Company Shareholders’ knowledge, ICC-Italy has complied in all
        material respects with all laws, regulations, orders, domestic and foreign,
        and
        neither the present uses of their properties nor the conduct of its business
        violate any such laws, regulations, orders or requirements, and ICC-Italy
        has
        not received any notice of any claim or assertion that it is not so in
        compliance. 

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      (iv)  Indebtedness.
        Except
        for the $316,494 advanced to the Company Shareholders on behalf of ICC-Italy
        and
        directly to ICC-Italy for expenses incurred on behalf of ICC-Italy during
        its
        incorporation and start up phases, neither the Company Shareholders nor
        ICC-Italy has executed any instruments, entered into any agreements or
        arrangements pursuant to which ICC-Italy has borrowed any money, incurred
        or
        guaranteed any indebtedness or established any line of credit, which represents
        a liability of ICC-Italy as of the date thereof. The $316,494 sum consists
        of
        four payments as follows:

      

      

      

      (v)  No
        Defaults.
        Neither
        the execution nor delivery of this Agreement nor the consummation of the
        contemplated transaction are events which, of themselves or with the giving
        of
        notice or passage of time or both, could constitute a violation of or conflict
        with or result in any breach of or default under the terms, conditions or
        provisions of any judgment, law, regulation or agreement, or ICC-Italy’s
        Certificate of Incorporation or Bylaws, or of any agreement or instrument
        to
        which ICC-Italy or any Company Shareholder is a party or by which it is bound;
        or could result in the creation or imposition of any lien, charge or encumbrance
        of any nature whatsoever on the property or assets of ICC-Italy; and no consent
        of any third party except as expressly contemplated herein is required for
        the
        consummation of this Agreement by ICC-Italy or the Company
        Shareholders.

      

      (vi)  Corporate
        Action of ICC-Italy.
        The
        Company Shareholders as incorporators of ICC-Italy have duly authorized the
        execution and delivery of this Agreement. This Agreement constitutes a valid,
        legal and binding agreement of ICC-Italy and is enforceable in accordance
        with
        its terms.

      

      (vii)  Liabilities.
        ICC-Italy has not incurred any liabilities except for the $316,494 in loans
        and
        advances from Torbay or on behalf of Torbay.

       

      (viii)  Taxes.
        All
        federal, state, and local tax returns, reports and declarations of estimated
        tax
        or estimated tax deposit forms required to be filed by ICC-Italy have been
        duly
        filed; ICC-Italy has paid all taxes which have become due pursuant to such
        returns or pursuant to any assessment received by it, and has paid all
        installments of estimated taxes due; and all taxes, levies and other assessments
        which it is required by law to withhold or to collect have been duly withheld
        and collected and have been paid over to the proper governmental authorities.
        The Company Shareholders have no knowledge of any tax deficiency, which has
        been
        or might be asserted against it, which would materially and adversely affect
        the
        business or operations of ICC-Italy. The Company Shareholders shall provide
        Torbay with copies of all tax returns, of any kind or nature, if any, filed
        by
        ICC-Italy, together with all accounting information.

      

      (ix)  Title
        to Property; Leases.
        ICC-Italy has good and defensible title to all personal property, currently
        owned by ICC-Italy or the Company Shareholders and intended to be used in
        the
        operations of ICC-Italy. 

      

      (x)  Licenses.
        ICC-Italy has obtained all required licenses, permits or other governmental
        authorization for the conduct of its business as now being
        conducted.

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (xi)  Contracts
        and Commitments.
        Except
        for the commission due Steve Bauer of $32,000 and the loans and advances
        made by
        or on behalf of Torbay there are neither contracts nor commitments of ICC-Italy
        requiring any future payment to an officer, director, employee, agent or
        shareholder of ICC-Italy or anyone else. 

       

      (xii)  Representations
        True and Correct.
        This
        Agreement and the Schedules and Exhibits attached hereto do not contain any
        untrue statement of a material fact concerning ICC-Italy or omits any material
        fact concerning ICC-Italy or the Company Shareholders which is necessary
        in
        order to make the statements therein not misleading. All of the representations
        and warranties contained herein (including all statements contained in any
        certificate or other instrument delivered by or on behalf of the Company
        Shareholders pursuant hereto or in connection with the transactions contemplated
        hereby) shall survive the Closing.

      

      (xiii)  Retirement
        Plans.
        Neither
        ICC-Italy nor any of its subsidiaries are obligated under any pension plan,
        profit sharing or similar employee benefit plan.

      

      (xiv)  Labor
        Matters.
        ICC-Italy is not and has never been a party to: (i) any profit sharing, pension,
        retirement, deferred compensation, bonus, stock option, stock purchase,
        retainer, consulting, health, welfare or incentive plan or agreement or other
        employee benefit plan, whether legally binding or not; or (ii) any plan
        providing for “fringe benefits” to its employees, including, but not limited to,
        vacation, disability, sick leave, hospitalization and life insurance and
        other
        insurance plans, or related benefits; or (iii) any employment agreement.
        No
        current or former employee of either of the Company Shareholders or ICC-Italy
        has any claim against ICC-Italy (whether under federal or state law, any
        employment agreement or otherwise) on account of or for: (i) overtime pay;
        (ii)
        wages or salary for any period; (iii) vacation, timeoff or pay in lieu of
        vacation or timeoff; or (iv) any violation of any statute, ordinance or
        regulation relating to minimum wages or maximum hours of work. No person
        or
        party (i-ncluding, but not limited to, governmental agencies of any kind)
        has
        any claim or basis for any action or proceeding against arising out of any
        statute, ordinance or regulation relating to discrimination in employment
        or to
        employment prac-tices or occupational safety and health standards.

      

      (xv)  Environmental
        Matters.
        ICC-Italy has not generated any hazardous wastes or engaged in activities,
        which
        are or could be interpreted to be potential violations of laws or judicial
        decrees in any manner regulating the generation or disposal of hazardous
        waste.
        There are no onsite or offsite locations where ICC-Italy has stored, disposed
        or
        arranged for the disposal of chemicals, pollutants, contaminants, wastes,
        toxic
        substances, petroleum or petroleum products; there are no under-ground storage
        tanks located on property owned or leased by ICC-Italy, and no polychlorinated
        biphenyls are used or stored at any property owned or leased by
        ICC-Italy.

       

      (xxii)  Legal
        Representation.
        The
        Company Shareholders have had the opportunity to retain independent legal
        counsel and independent legal counsel has had the opportunity to advise the
        Company Shareholders with respect to the terms and conditions of this Agreement.
        

       

      (xxiii)  Financial
        Statements.
        ICC-Italy has maintained complete financial records of all the bank accounts,
        deposits, and expenditures relative to the $316,494 in funds advanced by
        or on
        behalf of Torbay. These records will be provided to Torbay immediately upon
        request. The financial statements have not been audited by Torbay or an outside
        auditor.
        

       

      (b) The
        Company Shareholders warrant, represent, ack-nowledge and agree
        that:

       

      (i)  The
        Torbay Stock to be issued to the Company Shareholders (the “Ex-changed
        Corporation Stock”)
        is
        being issued to the Company Shareholders without registration under applicable
        United States Federal and state securities laws in reliance upon certain
        exemptions from registration under such securities laws;

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      (ii)  The
        Company Shareholders have had the opportunity to ask ques-tions of and receive
        answers from Torbay, and their respective executive officers concerning their
        businesses and the Exchanged Corporation Stock and all such in-quiries have
        been
        completed to his satisfaction;

      

      (iii)  Each
        certificate representing shares of the Ex-changed Corporation Stock will
        bear a
        legend restricting its transfer, sale, conveyance or hypothecation, unless
        such
        Ex-changed Corporation Stock is either registered under applicable securities
        laws or an exemption from such registration is applicable, and provided that
        if
        an exemption from registration is claimed, Torbay may require an opinion
        of
        legal counsel that, as a result of such exemption, registration under the
        securities laws is not required to transfer, sell, convey or hypothecate
        such
        Exchanged Corporation Stock;

      

      (iv)  The
        Company Shareholders shall not transfer any Exchanged Corporation Stock except
        in compliance with all applicable United States securities laws;

      

      (v)  The
        Company Shareholders have not relied on the advice of Torbay its officers,
        directors, agents or controlling persons in electing to participate in the
        transaction herein contemplated. The Company Shareholders, by virtue of their
        business or financial experience, can reasonab-y be assumed to have the capacity
        to protect their own interest in connection with the transaction;

      

      (vi)  The
        Company Shareholders are acquiring the Exchanged Corporation Stock for
        investment purposes and not with a view to distribution or resale, nor with
        the
        intention of selling, transferring or otherwise disposing of all or any part
        thereof for any particular price, or at any particular time, or upon the
        happening of any particular event or circumstance, except selling, transferring,
        or disposing the Securities made in full compliance with all applicable
        provisions of the Act, the rules and regulations promulgated by the United
        States Securities and Exchange Commission (the “SEC”) thereunder, and applicable
        state securities laws; and that an investment in the Securities is not a
        liquid
        investment.

      

      (vii)  The
        Company Shareholders have not received any general solicita-tion or general
        advertising regarding the acquisition of the Exchanged Corporation Stock;
        

      

      (viii)  The
        Company Shareholders are capable of evaluating the merits and risks of an
        investment in the Torbay Preferred Stock because they are sophisticated
        investors by virtue of their prior invest-ments and have experience in
        investments similar in nature to the Exchanged Corporation Stock, including
        investments in unlisted and unregistered securities, and have knowledge and
        experience in financial and business mat-ters in general;

      

      (ix)  The
        Company Shareholders acknowledge that there exists no public market for the
        Preferred Stock, that no such public market may develop in the future and
        as a
        result, the acknowledges that the Exchanged Corporation Stock must be held
        indefinitely unless subsequently registered under the Act or unless an exemption
        from such registration is available. They are aware of the provisions of
        Rule
        144 promulgated under the Act which permit resale of stock purchased in a
        private transaction subject to certain limitations and to the satisfaction
        of
        certain conditions provided for thereunder, including, among other things,
        the
        existence of a public market for the Exchanged Corporation Stock, the
        availability of certain current public information about Torbay, the resale
        occurring not less than one year after a party has purchased and paid for
        the
        security to be sold, the sale being effected through a “broker’s transaction” or
        in transactions directly with a “market maker” and the number of shares of
        Torbay stock being sold during any three-month period not exceeding specified
        limitations; and

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

                                     
        (x)  The
        Company Shareholders own 100% of the issued and outstanding shares of stock
        of
        ICC-Italy. The ICC-Italy Shares are owned free and clear of all liens and
        encumbrances. 

      

          (c)  Torbay
        represents and warrants that: 

       

      (i)  Corporate
        Status. Torbay is a corporation duly organized and existing and in good standing
        under the laws of the State of Delaware. Before consideration of the securities
        envisioned in this transaction, there are 190,277,900 issued and outstanding
        common shares of Torbay. There are 7,500,000 issued and outstanding Series
        B
        preferred shares of Torbay. There are 7,500,000 warrants outstanding for
        the
        purchase of the same number of common shares of Torbay. Any other securities
        of
        any kind or nature, which can be converted into shares of stock of Torbay
        are
        disclosed in Torbay’s financial statements and filings with the SEC..

       

      (ii)  Company
        Financial Statements.
        The
        audited and unaudited financial statements as filed with the SEC have been
        prepared using Generally Accepted Accounting Principles. These financial
        statements fairly present the financial position of the Corporation as of
        the
        dates set forth in the financial statements. There have been no material
        changes
        in the financial condition of Torbay since the date of the financial statements.
        

      

      (iii)  Compliance
        with Laws.
        To the
        best of its knowledge, Torbay has complied in all material respects with
        all
        laws, regulations, orders, domestic and foreign, and neither the present
        uses of
        their properties nor the conduct of its business violate any such laws,
        regulations, orders or requirements, and Torbay has not received any notice
        of
        any claim or assertion that it is not so in compliance. 

       

      (iv)  No
        Defaults.
        Neither
        the execution nor delivery of this Agreement nor the consummation of the
        contemplated transaction are events which, of themselves or with the giving
        of
        notice or passage of time or both, could constitute a violation of or conflict
        with or result in any breach of or default under the terms, conditions or
        provisions of any judgment, law, regulation or agreement, or the Torbay
        Certificate of Incorporation or Bylaws, or of any agreement or instrument
        to
        which Torbay or any Company is a party or by which it is bound; or could
        result
        in the creation or imposition of any lien, charge or encumbrance of any nature
        whatsoever on the property or assets of Torbay. 

      
(v)  Corporate
        Action of Company.
        The
        Board of Directors of the Company has duly authorized the execution and delivery
        of this Agreement. This Agreement constitutes a valid, legal and binding
        agreement of Torbay and is enforceable in accordance with its
        terms.

      

      (vi)  Representations
        True and Correct.
        This
        Agreement and the Schedules and Exhibits attached hereto do not contain any
        untrue statement of a material fact concerning Torbay or omits any material
        fact
        concerning Torbay which is necessary in order to make the statements therein
        not
        misleading. All of the representations and warranties contained herein
        (including all statements contained in any certificate or other instrument).
        

       

      (vii)  Reporting
        Obligations.
        Torbay
        is a fully reporting company and has filed all reports with the SEC. Torbay’s
        common stock is currently quoted on the Over-the-Counter-Bulletin Board system.
        No warranty or representation of any kind or nature is provided with respect
        to
        Torbay’s eligibility to continue trading on any exchange or listing for trading
        on any quotation system. 

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      (viii)  Indemnification.
        Torbay
shall
        indemnify and hold the Company Shareholders, its officers and directors,
        harmless of and in respect of:

      

      (1)
        Any
        damage or loss resulting from any loss, liability damage, misrepresentation,
        breach of warranty or non-fulfillment on the part of Torbay under this Agreement
        or from any misrepresentation or omission from any certificates or other
        instrument furnished to the Company Shareholders pursuant to this
        agreement.

      

      (2)
        All
        actions, suits, proceedings, demands assessments, judgments, costs and expenses
        incident to any of the foregoing including reasonable attorney's fees and
        all
        costs incurred by Company to enforce this Agreement against Torbay.  

       

      
        	 	
                ARTICLE
                  III

              	 
	 	
                INTERPRETATION
                  AND SURVIVAL OF

              	 
	 	
                ESENTATIONS
                  AND WARRANTIES

              	 

      3.1  Interpretation.
        Each
        warranty and representation made by a party in this Agreement or pursuant
        hereto
        is independent of all other warranties and representations made by the same
        party in this Agreement or pursuant hereto (whether or not covering identical,
        related or similar matters) and must be independently and separately satisfied.
        Exceptions or qualifications to any such warranty or representation shall
        not be
        construed as exceptions or qualifications to any other warranty or
        representa-tion.

      

      3.2  Survival.
        All
        representations and warranties made in this Agreement or pursuant hereto
        shall
        survive the date hereof, the Closing, the con-summation of the transaction
        con-templated hereby and any in-vestigation.

       

       

      
        	 	
                 ARTICLE
                  IV

              	 
	 	
                 NON-COMPETITION

              	 

      

      

      4.1 Non-Competition.
        The
        Company Shareholders agree that they will not, jointly or individually, during
        the term of their association with Torbay, and for a period of twenty-four
        months thereafter, engage in any Competitive Activity. The term “Competitive
        Activity” means engaging in any of the following activities: (A) serving as a
        director of any Competitor (as defined below), (B) directly or indirectly
        through one or more intermediaries, either controlling any Competitor or
        owning
        any equity or debt interests in any Competitor, (C) employment by, including
        serving as an officer, director or partner of, providing consulting services
        to,
        including, without limitation, as an independent contractor, or managing
        or
        operating the business or affairs of, any Competitor or (D) participating
        in the
        ownership, management, operation or control of or being connected in any
        manner
        with any Competitor. The term “Competitor” as used herein means any person or
        company that competes, either directly or indirectly, with any of the business
        conducted by ICC or Torbay or any other affiliate, or conducts a similar
        business to ICC, Torbay or any affiliate, even if said business is not in
        a
        similar geographical area.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      
      

       

      
        	 	
                 ARTICLE
                  V

              	 
	 	
                 MISCELLANEOUS

              	 

      

       

      5.1  Notices.
        All
        notices, requests, demands and other communications hereunder shall be deemed
        to
        have been duly given if the same shall be in writing and shall be delivered
        personally or sent by registered or certified mail, postage prepaid, or
        electronic mail (e-mail) and addressed as set forth below:

       

      
        
          	If to
                  Torbay:	Rich
                  Lauer
	 	
                  2967
                    Michelson Drive, Suite G #444

                
	 	
                  Irvine,
                    CA 92610

                
	 	 
	With a
                  copy
                  to:	Law Offices
                  of Randall
                  S. Goulding & Associates
	 	155 Revere
                  Dr.
	 	Northbrook,
                  IL
                  60062
	 	 
	If to
                  Company
                  Shareholders: 	Carmine
                  Castellano:
                  
	 	382 Clay
                  Pitts
                  Road
	 	Hamlet
                  of East
                  Northport
	 	Long Island,
                  NY
                  11731
	 	 
	With a
                  copy
                  to: 	Alfred
                  Settino
	 	Corso
                  Vittorio Emmanuel
                  II, 52
	 	10125
                  Torino,
                  Italy

        

      

       

      5.2  Entire
        Agreement.
        This
        Agreement, including the Schedules attached hereto and the documents delivered
        pursuant hereto, sets forth all the promises, covenants, agreements, conditions
        and understandings among the parties hereto with respect to the subject matter
        hereof, and supersedes all prior and contemporaneous agreements, understandings,
        inducements or conditions, expressed or implied, oral or written, except
        as
        herein contained. No changes of or modifications or additions to this Agreement
        shall be valid unless it shall be in writing and signed by the parties
        hereto.

      

      5.3  Binding
        Effect; Assignment.
        This
        Agreement shall be binding upon the parties hereto, their beneficiaries,
        heirs
        and administrators. No party may assign or transfer its interests herein,
        or
        delegate its duties hereunder, without the written consent of the other
        parties.

      

      5.4  Amendment.
        The
        parties hereby irrevocably agree that no attempted amendment, modification
        or
        change (collectively, “Amendment”) of this Agreement shall be valid and
        effective, unless the parties shall unanimously agree in writing to such
        Amendment.

      

      5.5  No
        Waiver.
        No
        waiver of any provision of this Agreement shall be effective unless it is
        in
        writing and signed by the party against whom it is asserted, and any such
        written waiver shall only be applicable to the specific instance to which
        it
        relates and shall not be deemed to be a continuing or future
        waiver.

      

      5.6  Gender
        and Use of Singular and Plural.
        All
        pronouns shall be deemed to refer to the masculine, feminine, neuter, singular
        or plural, as the identity of the party or parties or their personal
        representatives, successors and assigns may require.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

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

      

      5.8  Headings.
        The
        article and section headings contained in this Agreement are inserted for
        convenience only and shall not affect in any way the meaning or interpretation
        of the Agreement.

      

      5.9  Governing
        Law.
        This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of Delaware. The parties hereto submit themselves to the jurisdiction
        of
        such courts and waive and right to contest said jurisdiction.

       
        5.10  Further
        Assurances.
        The
        parties hereto shall execute and deliver such further instruments and do
        such
        further acts and things as may be reasonably required to carry out the intent
        and purposes of this Agreement.

      

      IN
        WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
        as
        of the first date and year set forth above.

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      TORBAY
        HOLDINGS, INC.

      
 

      /s/
        Richard Lauer 

      By:
        Rich
        Lauer, President

      

      

      /s/
        Carmine Castellano 

      Carmine
        Castellano, an individual 

      

      

      /s/
        Alfred Settino 

      Alfred
        Settino, an individual 

       

      
        
          
          

        

        
          11Exhibit
      10.2

     

    
      
         FIRST
          AMENDMENT TO

      

       SHARE
        EXCHANGE AGREEMENT

       

      This
        First Amendment to
        the
        Share Exchange Agreement (the “FIRST AMENDMENT) is dated as of the 21th day of
        August, 2007, and is by and amongst TORBAY
        HOLDINGS, INC.,
        a
        Delaware corporation (hereinafter referred to as the “Corporation” or “Torbay”),
        and CARMINE
        CASTELLANO, an individual, and
        ALFRED
        SETTINO, an individual, (collectively,
        the “Company Shareholders”) and amends the Share Exchange Agreement dated August
        20, 2007 among the same parties.

      

      In
        order
        to clarify the terms and date of close under the Share Exchange Agreement
        dated
        August 20, 2007 among the parties, the following amendments are made to that
        Share Exchange Agreement:

       

      1.
        Recitals A is amended and replaced in its entirety with:

      

      Torbay
        has offered to issue 45,000,000 shares of Torbay common stock, $.0001 par
        value
        (the “Common Stock”), 2,500,000 shares of Torbay super-voting preferred stock,
        carrying sixty votes per share (the “Preferred Stock” and collectively with the
        Common Stock, the “Exchanged Corporation Stock”), and $100 cash to the Company
        Shareholders in exchange for their contribution to Torbay of all of the issued
        and outstanding capital stock of ICC Italy S.r.l. (the “ICC-Italy
        Shares”).

      

      2.
        Section 1.1 is amended and replaced in its entirely with:

      

      1.1  Contribution.

      

      Subject
        to the terms and conditions hereinafter set forth:

      

      (c)  The
        Company Shareholders agree to contribute, transfer, assign and convey all
        of the
        ICC-Italy Shares to Torbay, together with all other rights, claims and interests
        it may have with respect to ICC-Italy or its respective assets, and all claims
        it may have against its officers and directors, including, but not limited
        to,
        all rights to unpaid dividends and all claims and causes of action arising
        from
        or in connection with the ownership of ICC-Italy Shares or its issuance,
        excluding any right, claim or interest of same arising under this Agreement
        or
        in connection with the transaction contemplated by this Agreement. The Company
        Shareholders shall deliver to Torbay no later than September 15, 2007, all
        of
        the stock certificates representing all of the ICC-Italy Shares, together
        with a
        stock power therefore, duly executed in favor of Torbay and any unissued
        or
        treasury shares of common stock, at which point Torbay will pay $100 by Torbay
        company check to the Company Stockholders, and

      

      (d)  If
        all
        milestones under 1.2 are met, Torbay shall issue the Common Stock to the
        Company Shareholders.
        If all milestones under 1.3 are met, Torbay shall issue the Preferred Stock
        to
        the Company Shareholders.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the parties hereto have caused this First Amendment to the
        Share Exchange Agreement to be executed as of the first date and year set
        forth
        above.

      

      

      TORBAY
        HOLDINGS, INC.

       

       

      /s/
        Richard Lauer 

      By:
        Rich
        Lauer, President

      
 

      

      /s/
        Carmine Castellano 

      Carmine
        Castellano, an individual 

      

      

      /s/
        Alfred Settino 

      Alfred
        Settino, an individual 

       

       

      
        
          
          

        

        
          2

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