Document:

ex10-1.htm

Exhibit 10.1

 

LEASE TERMINATION AGREEMENT

 

THIS LEASE TERMINATION AGREEMENT (“Agreement”) is made this 17th day of July, 2015, by and between EXETER 10 FORGE, LLC, a Delaware limited liability company (“Landlord”), and ECHO THERAPEUTICS, INC., a Delaware corporation (“Tenant”).

 

BACKGROUND

 

A. Landlord (as successor in interest to Forge Park Investors LLC and CRP-2 Forge, LLC) and Tenant (as successor to Sontra Medical Corporation) are parties to that certain Lease Agreement dated January 24, 2003 (the “Initial Lease”),  as such Initial Lease was amended by that certain First Amendment to Lease dated February 11, 2008, Second Amendment to Lease dated January 13, 2009, Third Amendment to Lease dated September 30, 2009, Fourth Amendment to Lease dated November 29, 2010 and Fifth Amendment to Lease dated April 3, 2012 (collectively, the “Lease), covering approximately 37,050 rentable square feet of space (the “Premises”) in Landlord's building known as 10 Forge Park Drive, Franklin, Massachusetts.

 

B. Subject to the terms and conditions of this Agreement, Landlord and Tenant desire to terminate the Lease for the Premises effective as of May 31, 2015 (the “Termination Date”).  Any capitalized terms used and not otherwise defined herein shall have the meaning given to such terms in the Lease.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

1. Contingency.  Intentionally Omitted.

 

2. Termination.  The Lease shall be deemed to have expired effective 11:59 p.m. local time on the Termination Date, subject to the terms and conditions of the Lease.  On or before July 3, 2015, Tenant shall surrender the Premises in accordance with the terms, conditions and provisions of the Lease.  Unless Tenant executes a side letter or some other written understanding with Landlord’s proposed successor tenant for the Premises, if Tenant fails to timely vacate the Premises as herein provided then Tenant shall be deemed to be in holdover under the Lease and in default of this Agreement and Landlord shall have all remedies available to Landlord under the Lease, at law or in equity.

 

3. Adjustments.  All Base Rent, Additional Rent, other additional rental and utilities for the Premises shall be paid through and adjusted as of the Termination Date.  Subject to the payment of the Termination Fee set forth in Section 4 below, such termination shall be without further liability of Landlord and Tenant to one another under the Lease, except for such rights and obligations of the Landlord and Tenant as shall have accrued under the Lease up to the Termination Date, and those liabilities of Landlord and Tenant that survive termination of the Lease by the express terms thereof.  For the avoidance of doubt, Landlord's and Tenant's obligation to pay any overpayment or deficiency due the other pursuant to Section 4 of the Initial Lease (relating to Operating Expenses, Insurance Expenses, Utility Expenses, Taxes, Forge Park Common Expenses and other items of Additional Rent) shall expressly survive the termination of the Lease and this Agreement.

 

4. Termination Fee.  In consideration for Landlord agreeing to the early termination of the Lease, Tenant shall pay to Landlord a termination fee equal to One Hundred Fifty Thousand Dollars ($150,000.00) (the “Termination Fee”).  The Termination Fee shall be paid by Tenant to Landlord in immediately available funds, without demand, deduction or offset contemporaneously with Tenant’s execution of this Agreement. Upon receipt of the Termination Fee the Landlord shall immediately return the Letter of Credit drawn by the Tenant in favor of the Landlord and held by the Landlord pursuant to the Lease.

 

5. Severability. If any provisions of this Agreement shall be declared unenforceable in any respect, such unenforceability shall not affect any other provision of this Agreement, and each such provision shall be deemed to be modified, if possible, in such a manner as to render it enforceable and to preserve to the extent possible the intent of the parties as set forth herein.

 

6. Prevailing Parties.  If either party commences an action against the other party arising out of or in connection with this Lease, the prevailing party shall be entitled to have and recover from the other party attorneys' fees, costs of suit, investigation expenses and discovery costs, including costs of appeal.

 

7. Counterparts.  This Agreement may be signed in counterparts.  Each counterpart shall be deemed an original as to any party whose signature it bears, and all such counterparts shall constitute one document.  Fax or PDF copies shall be deemed originals.

 

8. Binding Effect.  Except as specifically amended hereby, the Lease shall remain in full force and effect in accordance with its terms.  In the event that the terms of the Lease shall conflict with the terms of this Agreement, the terms of this Agreement shall prevail. This Agreement shall not be modified in any manner except by an instrument in writing executed by the parties. This Agreement supersedes all previous communications between the parties, their agents and employees regarding the Lease or the termination thereof.  This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns.

 

[Signature Page to Follow]

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives.

 

LANDLORD:

EXETER 10 FORGE PARK, LLC,

a Delaware limited liability company

By:          Exeter Suburban Boston I, LLC,

a Delaware limited liability company,

its sole member

By:          Exeter Operating Partnership II, L.P.,

a Delaware limited partnership,

its sole member

By:          Exeter Operating Partnership II GP LLC,

a Delaware limited liability company,

its sole general partner

By:          Exeter Industrial REIT II,

a Maryland statutory trust,

its sole member

                    By:        /s/ Timothy Weber

Name:   Timothy J. Weber

Title:     Secretary/Treasurer

TENANT:

ECHO THERAPEUTICS, INC., a Delaware corporation

By:        /s/Alan W. Schoenbart

Name:   Alan W Schoenbart

Title:     Chief Financial OfficerASSET
PURCHASE AGREEMENT

 

THIS
AGREEMENT (the “Agreement”) is made and entered into and effective as of this 15th day of July 2015
(the “Effective Date”), by and between Valmie Resources, Inc. of 1001 S. Dairy Ashford Ste 100 Houston, TX
77077, a Nevada corporation (“Purchaser”) and Gerald Hammack of 551 County Road 884, Cushing , TX 75760, an
individual (“Seller”).

 

Background

 

Seller
is the owner of certain intellectual property assets related to the development and programing of the AIMD Platform, the assets
Autonomous Intelligence for Mobile Devices (“AIMD”) were developed by the Seller and are owned personally by the Seller.
Seller wishes to sell, assets and Purchaser wishes to purchase all of the AIMD Assets upon and subject to the terms and conditions
set forth in this Agreement.

 

Agreement

 

For
and in consideration of the mutual representations, warranties, covenants, and agreements contained herein and for other good
and valuable consideration, the receipt and legal sufficiency of which is hereby acknowledged, the parties hereto agree:

 

	1.	PURCHASE
                                         AND SALE OF ASSETS

 

	 	1.1	Purchase
    of Assets. On and subject to the terms and conditions of this Agreement, Purchaser hereby
    purchases and Seller hereby sells, assigns, grants, transfers, and conveys to Purchaser all of the right, title, and interest
    of Seller in and to the AIMD Assets free and clear of any and all liens, claims, charges, security interests, and encumbrances
    as the same exist on the Closing Date. The AIMD Assets include, but are not limited to, all intellectual property, trade name,
    trade secrets, trademarks, personnel contracts, web site domain and content, strategic partnerships, publications, operating
    model, manuals, licenses, and all other confidential information relating to the AIMD Platform concept in development by Gerald
    Hammack.
	 	 	 
	 	1.2	Assumption
    of Debt and Excluded Liabilities. Purchaser shall take title to the AIMD assets free
    and clear of all liabilities. All other liabilities of Seller are hereinafter
    referred to as (“Excluded Liabilities”).
    

 

	2.	PURCHASE
                                         PRICE AND CLOSING

 

	 	2.1	Purchase
    Price. The parties agree that the purchase price for the AIMD Assets shall be $100,000.00
    in restricted common stock of Valmie Resources, Inc. The number of shares to be issued to satisfy the agreed upon purchase
    price shall be determined by the closing price on the date of closing per section 2.2 herein and said shares shall be issued
    at the direction of the seller.

 

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	 	2.2	Time
    and Place of Closing. The closing of the purchase and sale of the AIMD assets (the “Closing”)
    will be upon delivery of all signed documentation as required under this Agreement, and all documentation necessary to perfect
    the delivery of the AIMD assets.

 

	3.	REPRESENTATIONS
                                         AND WARRANTIES OF SELLER

 

Seller
represents and warrants to Purchaser as follows:

 

	 	3.1	Authority.
    Seller has full power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.
    The execution, delivery, and performance of this Agreement by Seller has been duly and validly authorized and approved by
    all necessary action on the part of Seller. This Agreement is the legal, valid, and binding obligation of Seller enforceable
    against Seller in accordance with its terms.
	 	 	 
	 	3.2	Personal
    Property. Seller, to the best of its knowledge, has good and marketable title to the AIMD Assets free and clear of all
    liens, claims, charges, security interests, and other encumbrances of any kind or of any nature.
	 	 	 
	 	3.3	Compliance
    with Laws. Seller, to the best of its knowledge, is not subject to any judgment, order, writ, injunction, or decree that
    adversely affects, or might in the future reasonably be expected to adversely affect any of the AIMD Assets.
	 	 	 
	 	3.4	Litigation.
    There are no formal or informal complaints, investigations, claims, charges, arbitration, grievances, actions, suits,
    or proceedings pending, or to the knowledge of Seller threatened against any of the AIMD Assets at law or in equity or admiralty,
    or before or by any federal, state, municipal, or other governmental department, commission, board, bureau, agency, or instrumentality,
    domestic or foreign which would affect the purchased assets materially. To the best of its knowledge, Seller is not subject
    to any order, writ, injunction, or decree of any federal, state, municipal court, or other governmental department, commission,
    board, bureau, agency, or instrumentality, domestic or foreign, affecting the AIMD Assets.
	 	 	 
	 	3.5	Brokers
    and Finders. Seller has not incurred any obligation or liability to any party for any brokerage fees, agent’s commissions,
    or finder’s fees in connection with the transactions contemplated hereby. 

 

	4.	REPRESENTATIONS
                                         AND WARRANTIES OF PURCHASER

 

Purchaser
hereby represents and warrants to Seller as follows:

 

	 	4.1	Organization
    and Qualification. Purchaser is a corporation duly organized,
    validly existing, and in good standing under the laws of the State of Nevada.

 

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	 	4.2	Authority.
    Purchaser has full power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.
    The execution, delivery, and performance of this Agreement by Purchaser has been duly and validly authorized and approved
    by all necessary action on the part of Purchaser, and this Agreement is the legal, valid, and binding obligation of Purchaser
    enforceable against Purchaser in accordance with its terms, except as enforceability may be limited by applicable equitable
    principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors’ rights generally,
    and by the exercise of judicial discretion in accordance with equitable principles.
	 	 	 
	 	4.3	Litigation.
    There is no suit, action, proceeding, claim or investigation pending, or, to Purchaser’s knowledge, threatened,
    against Purchaser that would prevent Purchaser from consummating the transactions contemplated by this Agreement. 
	 	 	 
	 	4.4	Brokers
    and Finders. Purchaser has not incurred any obligation or liability to any party for brokerage fees, agent’s commissions,
    or finder’s fees in connection with the transactions contemplated hereby.

 

		5.	General
                                         Provisions

 

	 	5.1	Bulk
    Sales Law Waiver. Purchaser and Seller each agree to waive compliance by the other with the provisions of the bulk sales
    law or comparable law of any jurisdiction to extent that the same may be applicable to the transactions contemplated by this
    Agreement.
	 	 	 
	 	5.2	Expenses.
    All expenses incurred by the parties hereto in connection with or related to the authorization, preparation, and execution
    of this Agreement and the Closing of the transaction contemplated hereby, including without limiting the generality of the
    foregoing, all fees and expenses of agents, representatives, counsel, and accountants employed by any such party, shall be
    borne solely and entirely by the party which has incurred the same.
	 	 	 
	 	5.3	Binding
    Effect. This Agreement shall be binding upon the parties hereto and their respective successors or assigns, as permitted
    herein. 
	 	 	 
	 	5.4	Headings.
    The Section, subsection, and other headings in this Agreement are inserted solely as a matter of convenience and for reference,
    and are not a part of this Agreement.
	 	 	 
	 	5.5	Counterparts.
    This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement
    and shall become effective when one counterpart has been signed by each party and delivered to the other party hereto and
    such execution shall be conclusively evidenced by a facsimile transmitted copy or electronic mail transmitted copy of the
    execution page hereof.

 

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	 	5.6	Governing
    Law. This Agreement shall be construed under the laws of the State of Nevada, without giving effect to applicable principles
    of conflicts of law.
	 	 	 
	 	5.7	Additional
    Actions. Each party covenants that at any time, and from time to time, it will execute such additional instruments
    and take such actions as may be reasonably requested by the other parties to confirm or perfect or otherwise to carry out
    the intent and purposes of this Agreement.
	 	 	 
	 	5.8	Entire
    Agreement. This Agreement constitutes the entire agreement among the parties hereto and supersedes and cancels
    any prior agreements, representations, warranties, or communications, whether oral or written, among the parties hereto relating
    to the transactions contemplated hereby or the subject matter herein. Neither this Agreement nor any provisions hereof may
    be changed, waived, discharged or terminated orally, but only by an agreement in writing signed by the party against whom
    or which the enforcement of such change, waiver, discharge or termination is sought.
	 	 	 
	 	5.9	Preparation
    of Agreement. This Agreement shall not be construed more strongly against any party regardless of who is responsible for
    its preparation. The parties acknowledge each contributed and is equally responsible for its preparation.
	 	 	 
	 	5.10	Assignment.
    This Agreement shall not be assigned by operation of law or otherwise. However, the assets and liabilities being acquired
    by the Purchaser may be transferred to a newly formed corporation at the sole discretion of the Purchaser. 
	 	 	 
	 	5.11	Third
    Parties. Nothing in this Agreement, whether express or implied, is intended to confer any rights or remedies under or
    by reason of this Agreement on any persons other than the parties hereto and their respective administrators, executors, legal
    representatives, heirs, successors and assignees. Nothing in this Agreement is intended to relieve or discharge the obligation
    or liability of any third persons to any party to this Agreement, nor shall any provision give any third persons any right
    of subrogation or action over or against any party to this Agreement.
	 	 	 
	 	5.12	Notices.
    All notices and other communications hereunder shall be in writing and shall be deemed to have been given (i) on the date
    they are delivered if delivered in person; (ii) on the date initially received if delivered by facsimile transmission with
    independent confirmation of receipt followed by confirmation of notice by registered or certified mail or overnight courier
    service; (iii) on the date delivered by an overnight courier service; or (iv) on the fifth business day after it is mailed
    by registered or certified mail, return receipt requested with postage and other fees prepaid, to the address set forth herein
    of such other addresses provided by each party to the other parties in accordance with the terms or provisions hereof. 
	 	 	 
	 	5.13	Partial
    Invalidity. Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and valid
    under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be
    invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other
    provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision
    or provisions had never been contained herein unless the deletion of such provision or provisions would result in such a material
    change as to cause completion of the transactions contemplated hereby to be unreasonable.
	 	 	 
	 	5.14	Arbitration.
    Any controversy, dispute, or claim arising out of or relating to this Agreement or a claimed default hereunder, other
    than requests for injunctive relief or damages for a breach of a Restrictive Covenant shall be resolved by arbitration in
    accordance with the rules of the American Arbitration Association (the “AAA”), by which each party will be bound.

 

(SIGNATURE
PAGE FOLLOWS)

 

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IN
WITNESS WHEREOF, each party hereto has executed this Agreement, or caused this Agreement to be executed as of the Effective Date.

 

	Purchaser	 	Seller
	Valmie Resources,
    Inc.	 	Gerald Hammack
	 	 	 
	/s/
    Gerald Hammack	 	/s/
    Gerald Hammack
	Gerald Hammack,
    President	 	Gerald Hammack,
    an individual

 

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