Document:

exh_10-2.htm

Exhibit 10-2

 

 

CANCELLATION AGREEMENT

 

 

CANCELLATION AGREEMENT, dated December 28,  2010 (this “Agreement”), by and among, IVT Software,  Inc.  ("IVTW")  (“The Company”) a Nevada Corporation  and Deric Haddad,  its Chief Executive Officer and Director   (the “Canceling Party”).

 

 

BACKGROUND

 

 

Concurrently herewith, the Company is entering into an Agreement and Plan of Share Exchange with Haddad Wylie Industries   (“HWI”), and its CEO, Deric Haddad,  (the “Canceling Party”), pursuant to which the Company will acquire from the   Haddad Wylie Industries, Inc.  all of the issued and outstanding members ownership of  (“HWI”), in exchange for 9,929,716   shares of the Company’s common stock (the “Share Exchange Transaction”).

 

 

It is a condition precedent to the consummation of the Share Exchange Transaction that the Canceling Party enter into this Agreement, which will effectuate the cancellation of 10,133,333 shares of the common stock, par value $0.0001 per share, of the Company held by the Canceling Party (the “Subject Shares”). The Canceling Party is entering into this Agreement to, among other things, induce  (“The Company”) to enter into the Share Exchange Transaction and the Canceling Party acknowledges that (“The Company”) would not consummate the transactions contemplated by the Share Exchange Transaction unless the transactions contemplated hereby are effectuated in accordance herewith.

 

 

AGREEMENT

 

 

NOW, THEREFORE, in consideration of the mutual promises herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.   Cancellation of Subject Shares. The Canceling Party has delivered to the Company for cancellation stock certificates representing the Subject Shares along with duly executed medallion guaranteed stock powers covering the Subject Shares (or such other documents acceptable to the Company’s transfer agent) and hereby irrevocably instructs the Company and the Company’s transfer agent to cancel the Subject Shares such that the Subject Shares will no longer be outstanding on the stock ledger of the Company and such that the Canceling Party shall no longer have any interest in the Subject Shares whatsoever. The Company shall immediately deliver to the Company’s transfer agent irrevocable instructions providing for the cancellation of the Subject Shares.

 

2. Representations by the Canceling Party.

 

(a)  The Canceling Party owns the Subject Shares, of record and beneficially, free and clear of all liens, claims, charges, security interests, and encumbrances of any kind whatsoever. The Canceling Party has sole control over the Subject Shares or sole discretionary authority over any account in which they are held. Except for this Agreement, no person has any option or right to purchase or otherwise acquire the Subject Shares, whether by contract of sale or otherwise, nor is there a “short position” as to the Subject Shares.

(b)  The Canceling Party has full right, power and authority to execute, deliver and perform this Agreement and to carry out the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the Canceling Party and constitutes a valid, binding obligation of the Canceling Party, enforceable against it in accordance with its terms (except as such enforceability may be limited by laws affecting creditor's rights generally).

 

3. Further Assurances. Each party to this Agreement will use his or its best efforts to take all action and to do all things necessary, proper, or advisable in order to consummate and make effective the transactions contemplated by this Agreement (including the execution and delivery of such other documents and agreements as may be necessary to effectuate the cancellation of the Subject Shares).

 

 

4. Amendment and Waiver. Any term, covenant, agreement or condition of this Agreement may be amended, with the written consent of the Company and the Canceling Party, or compliance therewith may be waived (either generally or in a particular instance and either retroactively or prospectively), by one or more substantially concurrent written instruments signed by the Company and the Canceling Party.

 

5. Survival of Agreements, Representations and Warranties, etc. All representations and warranties contained herein shall survive the execution and delivery of this Agreement. 

6. Successors and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by the Company and the Canceling Party, and their respective successors and assigns. 

7.  Governing Law. This Agreement (including the validity thereof and the rights and obligations of the parties hereunder and thereunder) and all amendments and supplements hereof and thereof and all waivers and consents hereunder and thereunder shall be construed in accordance with and governed by the internal laws of the State of New York without regard to its conflict of laws rules, except to the extent the laws of Nevada are mandatorily applicable.

8. Miscellaneous. This Agreement embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. In case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. This Agreement may be executed in any number of counterparts and by the parties hereto on separate counterparts but all such counterparts shall together constitute but one and the same instrument. This Agreement may be reproduced by any electronic, photographic, photostatic, magnetic, microfilm, microfiche, microcard, miniature photographic, facsimile or other similar process and the original thereof may be destroyed. The parties agree that any such reproduction shall, to the extent permitted by law, be as admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not the reproduction was made in the regular course of business) and that any enlargement, facsimile or further reproduction shall likewise be admissible in evidence. Facsimile execution and delivery of this Agreement is legal, valid and binding execution and delivery for all purposes.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

 

IVT SOFTWARE, INC.

 

 

By: /s/ Deric Haddad                                  

 

 

Title: President and Chief Executive Officer

 

 

Deric Haddad , By:

 

 

 /s/ Deric Haddad, Individuallyaec_ex101.htm

EXHIBIT 10.1

 

AMENDING AGREEMENT

(MERGER AGREEMENT AND PLAN OF MERGER)

AND CONSENT BY AMERICAN EXPLORATION CORPORATION TO 

PRIVATE PLACEMENT BY MAINLAND RESOURCES INC.

 

THIS AMENDING AGREEMENT AND CONSENT is made as of December 23, 2010

 

BETWEEN:  MAINLAND RESOURCES INC., a company existing under the laws of the State of Nevada, USA

 

    (“Mainland”)

 

AND:   AMERICAN EXPLORATION CORPORATION, a company existing under the laws of the State of Nevada, USA

 

    (“American Exploration”)

 

WHEREAS:

 

(A)   Mainland and American Exploration (each a “Party” and, together, the “Parties”) have entered into a Merger Agreement and Plan of Merger dated March 22, 2010, as amended by a Letter Agreement dated July 28, 2010, as further amended by an Amending Agreement dated September 7, 2010 (as so amended, the “Merger Agreement”) which, subject to certain conditions, contemplates a merger between the Parties to be effected pursuant to Chapters 78 (Private Corporations) and 92A – Mergers, Conversions, Exchanges and Domestications, of the Nevada Revised Statutes, with Mainland as the surviving corporation;

 

(B)   Section 7.1 of the Merger Agreement provides for the amendment of the Merger Agreement in accordance with the terms set forth therein;

 

(C)   The Merger Agreement is subject to termination by either Party under Section 7.3 of the Merger Agreement if certain conditions specified in the Merger Agreement are not satisfied at or before the “Termination Date”, which is defined in Section 1.1 of the Merger Agreement to mean December 31, 2010, or such later date as may be mutually agreed by the Parties;

 

(D)   The Parties wish to amend the terms of the Merger Agreement to extend the Termination Date as described in this Agreement;

 

(E)    Section 5.4(c)(vi) of the Merger Agreement provides that until the Effective Date or the earlier termination of the Merger Agreement, except with the consent of American Exploration, which consent shall not be unreasonable withheld, other than the grant of stock options by Mainland in the ordinary course, Mainland shall not sell, pledge, encumber, allot, reserve, set aside or issue, authorize or propose the sale, pledge, encumbrance, allotment, reservation, setting aside or issuance of, or purchase or redeem or propose the purchase or redemption of, any shares in its capital stock or of any Subsidiary thereof or any class of securities convertible or exchangeable into, or rights, warrants or options to acquire, any such shares or other convertible or exchangeable securities; and

 

  

  

  

 

(F)    Mainland desires to effect a private placement (the “Private Placement”) of units, with each unit consisting of one common share of Mainland and one-half of one share purchase warrant, and American hereby agrees to provide its consent for Mainland to effect such Private Placement.

 

THIS AGREEMENT WITNESSES that in consideration of the respective covenants and agreements herein contained, the Parties hereto covenant and agree as follows:

 

Certain Definitions

 

1.   Capitalized terms not otherwise herein defined shall have the meaning ascribed to them in the Merger Agreement.

 

Termination Date

 

2.   Section 1.1 of the Merger Agreement is hereby amended to replace “December 31, 2010” with “March 31, 2011” in the definition of “Termination Date”.

 

Amendment

 

3.   Except as expressly amended hereby, the Merger Agreement is in all respects ratified and confirmed and all the terms, conditions, and provisions thereof shall remain in full force and effect as of the date hereof.

 

Effect of Amendment

 

4.   This Amendment shall form a part of the Merger Agreement for all purposes, and each Party thereto and hereto shall be bound hereby. From and after the execution of this Amendment by the Parties hereto, any reference to the Merger Agreement shall be deemed a reference to the Merger Agreement as amended hereby.

 

Consent to Private Placement

 

5.    American Exploration hereby consents to the proposed Private Placement by Mainland of up to 5,714,286 units at a price of US$0.35 per unit for total proceeds of up to US$2,000,000, with each unit consisting of one common share of Mainland and one-half of one share purchase warrant, and with each whole warrant entitling the holder thereof to purchase one additional common share of Mainland at an exercise price of US$0.65 per share for five years from the issuance date of such warrants.

 

Entire Agreement

 

6.    This Agreement constitutes the entire agreement between the Parties, and supersedes every previous agreement, communication, expectation, negotiation, representation or understanding, whether oral or written, express or implied, statutory or otherwise between the Parties, with respect to the subject matter of this Agreement.  Nothing in this Section 6 will limit or restrict the effectiveness and validity of any document with respect to the subject matter of this Agreement that is executed and delivered contemporaneously with or pursuant to this Agreement.

 

Governing Laws

 

7.    This Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein and shall be treated in all respects as a British Columbia contract.

 

  

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Counterparts

 

8.    This Agreement may be executed in any number of counterparts, in original form or by facsimile, each of which will together, for all purposes, constitute one and the same instrument, binding on the Parties, and each of which will together be deemed to be an original, notwithstanding that each Party is not a signatory to the same counterpart.

 

Headings

 

9.    The descriptive headings of the several Sections of this Amendment were formulated, used and inserted in this Amendment for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof.

 

THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK

 

  

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IN WITNESS WHEREOF this Agreement has been executed by the Parties effective as of the day and year first above written.

 

	MAINLAND RESOURCES INC.	 	 	AMERICAN EXPLORATION CORPORATION	 
	 	 	 	 	 
	
/s/

	 	 	
/s/ 

	 
	
Name

	 	 	
Name 

	 
	
Title 

	 	 	
Title

	 

 

 

  

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