Document:

San Lotus Holding Inc.

3F B302C, No. 185 Kewang Road

Longtan Township, Taoyuan County 325

Taiwan (R.O.C.)

 

 

 

March 16, 2013

 

 

Vietlink International Travel (HK) Ltd.

Attn: Luu Moc Thuy

Room No. 904, on 9/F, Podium Plaza

No 5 Hanoi Road, Tsimshatsui, Kowloon

Hong Kong

 

 

 

Re: Acquisition of Vietlink International
Travel (HK) Ltd. Letter of Intent

 

 

Dear Mr. Luu:

 

This non-binding letter
of intent (the “LOI”) sets forth our understanding of the mutual intentions of the below parties regarding the
proposed acquisition of Vietlink International Travel (HK) Ltd., a Hong Kong (S.A.R.) corporation (“Seller”),
by San Lotus Holding Inc., a Nevada corporation (“Buyer”) (Buyer and Seller may be referred to hereinafter individually
as a “Party” and collectively as the “Parties”).

 

1. Transaction Structure. Buyer is a Securities
and Exchange Commission reporting company traded on the over-the-counter bulletin board under the ticker symbol SLOT. The planned
acquisition will be accomplished by Buyer acquiring a 100 percent ownership interest in Seller (the “Acquisition”)
from Seller’s shareholders, thereby making Seller a wholly owned subsidiary of Buyer, in accordance with the terms of an
executed definitive stock purchase agreement (the “Stock Purchase Agreement”) to be negotiated by the Parties.
The Parties will jointly determine the optimum tax structure for the transaction in order to best satisfy tax planning, regulatory
and other considerations.

 

2. Transaction Closing.  The Parties shall use their
commercially best efforts to close the Acquisition (the “Closing”) within 180 days of execution by both Parties
executing the LOI. Should the Parties be unable to close the transaction within that time period, the timeline for Closing may
be extended upon written agreement of both Parties.

 

3. Definitive Agreements.  The Parties shall commence
preparation of the Stock Purchase Agreement and any other necessary documents (together, the “Definitive Agreements”)
that will define the terms and other commitments contemplated by the parties. The Definitive Agreements will contain the general
provisions outlined above in addition to the usual and customary representations and warranties, covenants, conditions and indemnifications
for a transaction of this kind, including, but not limited to, tax and securities filings, and state and local corporate filings.
 

 

    	 

    	 

    

 

4. Due Diligence.  For a period of 180 days following
execution of this LOI (the “Due Diligence Period”), the Parties must comply with all reasonable requests to
review relevant information concerning themselves and any business entities they are affiliated with, insofar as such requests
are reasonably related to the completion of the Acquisition. Upon the execution of this LOI by all Parties, and subsequent request
to or by a Party, the Parties shall mutually exchange the following:

 

		·	all Financial Statements;

		·	history of financings and related documents;

		·	all employment contracts and consulting agreements;

		·	a list of all officers, key employees, directors, and
advisors, with related bios;

		·	a list and description of all assets;

		·	a list of all known liabilities and claims;

		·	a list of all licenses and certifications;

		·	Certificate of Incorporation (with any amendments thereto);

		·	all board minutes;

		·	bylaws (with any amendments thereto); and

		·	a current shareholder list.

 

5. Audit Requirement. As a condition to entering into
the Stock Purchase Agreement, Seller shall provide Buyer with (i) fully audited financial statements and accounts and (ii) demonstrate
that the accounting procedures in place at Seller are in full conformity with the expectations and requirements of Buyer. Should
either the audit report or the accounting procedures or both fail to meet the expectations and requirements of Buyer, Buyer shall
be under no obligation to proceed with the Acquisition.

 

6. Transaction Document Expenses.  Each Party shall
be solely responsible for all fees and expenses of the Parties’ agents, advisors, attorneys and accountants with respect
to the negotiation of this LOI, the negotiation and drafting of the Definitive Agreements and, if the Definitive Agreements are
executed, the closing of the Transaction.

 

7. No Shop.  Until the closing of the Acquisition,
or termination of negotiations related to the Acquisition, Seller may not enter into any transaction or agreement related to the
sale of Seller, or any of its assets, or otherwise encumber or enter into an agreement that would encumber any of the foregoing,
or enter into any agreement outside of the ordinary course of business or that would otherwise hinder the Parties’ rights
or intentions under this LOI.  

 

8. Confidentiality, Non-Disclosure and Subsequent Public
Announcement. Neither Party shall disclose to any other person (other than such party’s employees, representatives
and agents who are bound by confidentiality agreements or other confidentiality obligations) the terms or conditions hereof or
the fact that the Acquisition is being contemplated by the Parties. Following the execution of this LOI, Buyer shall release a
Form 8-K with the Securities and Exchange Commission and a related press release regarding the LOI and the proposed Acquisition.
With the exception of the Form 8-K and press release described in this section, the Parties agree not to issue any further press
releases or make any further public announcement regarding the Acquisition prior to the Closing without prior written mutual consent
of all Parties, except where a public announcement is otherwise required by law. In addition, each of the Parties hereto shall
keep confidential each of the provisions of this LOI and the agreements referenced or contemplated herein and all information each
party obtains regarding the other party (collectively, the “Confidential Information”), except if (a) the information
is already a matter of public record or knowledge; (b) the information may be necessary to a Party’s financial or legal advisor(s)
(subject to such party agreeing to be bound to the non-disclosure covenants contained in this paragraph); or (c) such disclosure
is required by law. This covenant regarding Confidential Information shall indefinitely survive the termination of this LOI or
any Definitive Agreements.

 

    	 

    	 

    

 

9. Acknowledgments and Assent. The Parties acknowledge
that they were advised to consult with an independent attorney prior to signing this LOI and that they have in fact consulted with
counsel of their own choosing prior to executing this LOI. The Parties agree that they have read this LOI and understand the content
herein and freely and voluntarily assent to all of the terms herein.  

 

10. Entire Agreement; Amendment; Counterparts. This LOI
represents the entire understanding of the Parties with respect to the terms of Buyer’s proposed acquisition of Seller and
supersedes all prior and/or contemporaneous agreements, representations and understandings, whether written or oral. This LOI may
only be amended, modified or extended by a written agreement signed by both Parties hereto. This LOI may not be assigned without
the other Party’s written consent. This LOI may be signed in two or more counterparts, any one of which need not contain
the signature of more than one Party, but all such counterparts will constitute one and the same agreement.

 

We trust that these terms accurately reflect
our understanding. If there are any questions or comments regarding the same, please feel to contact me at your convenience. Otherwise
kindly execute this LOI acknowledging your agreement to the terms outlined above.

 

 

 

 

Agreed and accepted by:

	 	 
	
        San Lotus Holding, Inc.

        a Nevada corporation

         

         

         

        By: /s/ Chen Tseng Chih Ying       

        Name: Chen Tseng Chih Ying

        Title: Chief Executive Officer
	
        Vietlink International Travel (HK) Ltd.

        a Hong Kong (S.A.R.) corporation

         

         

         

        By:  /s/ Luu Mok Thuy               

        Name: Luu Moc Thuy

        Title: Chief Executive OfficerExhibit 10.1

 

 

 

 

March 2, 2013

 

Adam Remis:

 

Dear Adam,

 

Congratulations! Inn Suites Hospitality
Trust is pleased to offer you the Chief Financial Officer's (CFO) position at InnSuites Hospitality Trust in Phoenix Arizona. The
start date will be as soon as you are able, preferably no later than March 18, 2013.

 

Your first year total income will be a minimum
of $139,000 plus a discretionary first fiscal year bonus of at least $5,000 in your first year.

 

Your bonus projection will start March 1,
2013. You will receive our full support to onboard you with our Auditor, former Controller, Cleveland attorneys and Bankers for
fast success.

 

In addition the company will provide a company
cell phone with free Sprint calling. If you wish we can transfer your old cell number to new Sprint and if you would ever wish,
you could transfer this number away from the company phone Sprint since this number belongs to you. If you wish, the company will
pay up to $100 for provider switch if you want to cancel your cell service at another provider.

 

In addition any out of town travel will
be at the current reimbursement rate; currently this is $.48 per mile. If air travel is necessary we reimburse actual cost. Typically
we use Southwest Airlines internet reservations as our airline of choice since they allow changes to tickets without penalty and
their internet ticket costs are sometimes lower than other carriers. You and your staff are not authorized to sign contracts or
agreements over $2000 or over 30 days.

 

InnSuites will pay for your CPA/CISA annual
renewal and education hours to keep the license active during your tenure with InnSuites.

 

During your first year of employment, you
will receive one week of personal time and two weeks of vacation. After one year you are eligible to participate in the 401K program
for InnSuites Hotels.

 

After 30 days of employment you may join
the InnSuites health insurance; COBRA paid by InnSuites until the start of the health insurance.

 

With prior written authorization and approval,
InnSuites will pay for industry-related education and conferences that are measured with a verifiable ROI for your personal and
InnSuites growth.

 

All provisions of the employee handbook
and guidelines apply. Please review the Employee handbook and confirm by signing the receipt agreement in the Handbook.

 

Terms of this arrangement are confidential.

 

    	 

    	 

    

 

If you have any questions, please let me
know. If this meets your approval, please sign and return a copy of this letter. We look forward to long and prosperous career
together providing support to you and InnSuites' success. Welcome to InnSuites Hospitality Trust!

 

Sincerely,

 

InnSuites Hospitality Trust

 

	/s/ Pamela Barnhill, President	 
	Pamela Barnhill, President	 
	 	 
	/s/ Adam Remis	 
	Approved, Adam Remis	 

 

 

	Cc:	James Wirth, Chairman & CEO
	 	Marc Berg, Executive Vice President

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