Document:

mddt_ex101.htm

  EXHIBIT 10.1

 

SHARE EXCHANGE AGREEMENT

 

THIS SHARE EXCHANGE AGREEMENT (this “Agreement”), dated as of the _____ day of May, 2017 (this “Agreement”) is entered into by and among, Medico International Inc., a Nevada corporation (“Medico”); Eminent Healthcare Pte. Ltd., a Singaporean corporation (“EH”); Multi Care Pte. LTD., a Singaporean corporation (“MC”) and Targeted Solutions Global Limited, a United Kingdom Private limited company (“TSG”) (each of EH and MC are referred to herein as a “Purchaser” and collectively, the “Purchasers”). Medico, Purchasers and TSG are referred to singularly as a “Party” and collectively as the “Parties.”

 

WITNESSETH:

 

WHEREAS, Purchasers own 3,000,000 collectively of the issued and outstanding shares of Medico (EH owns 900,000 shares and MC owns 2,100,000 shares), out of a total of 3,697,000 shares issued and outstanding;

 

WHEREAS, the owner of EH is an executive officer and director of Medico; 

 

WHEREAS, Medico owns 100% of the issued and outstanding shares of Smile More Holdings PTE. LTD., a Singaporean corporation, its wholly-owned subsidiary (the “Subsidiary”) and has provided the Subsidiary with certain loans and advances (the “Intra- Company Loans”);

 

WHEREAS, TSG has the right and ability to deliver and cause the assignment of US Patent No. 6,112,108 “Method for diagnosing malignancy in pelvic tumors (the “Patent”) which consists of technology and know-how for the development of an ultrasound device for the diagnosis of pelvic tumors; 

 

WHEREAS, Purchasers wish to acquire all of the issued and outstanding shares of capital stock of the Subsidiary (referred to hereinafter as the “Subsidiary Shares”), with the purpose of owning and operating the Subsidiary as the Subsidiary’s sole owners; and

 

WHEREAS, Medico, Purchasers and TSG propose to enter into this Agreement which provides, among other things, that: 

 

(a) TSG will (i) assign and deliver the Patent to Medico and (ii) pay $200,000 to the Purchasers; 

 

(b) Purchasers will deliver the aggregate total of 3,000,000 shares of Medico’s common stock to TSG; 

 

(c) Medico will transfer all of the Subsidiary Shares to the Purchasers; and

 

(d) Medico shall release the Subsidiary from the Intra-Company Loan (the “Release”). 

 

NOW, THEREFORE, in consideration, of the promises and of the mutual representations, warranties and agreements set forth herein, the Parties hereto agree as follows:

 

	 
	1
	

 
	 

 

ARTICLE I

DEFINITIONS

 

Section 1.01. Definitions. The following terms shall have the following respective meanings:

 

	
“Business Day”
	
 
	
a day (other than a Saturday) on which banks in Nevada are open for business throughout their normal business hours;

	
 
	
 
	
 

	
“Closing”
		
the closing of the transactions contemplated by this Agreement;

	
 
	
 
	
 

	
“Completion”
	
 
	
completion of acquisition of the Subsidiary Shares by the Purchasers and the return of the Medico Shares to Medico (as such term is defined below) in accordance with the terms and conditions of this Agreement;

	
 
	
 
	
 

	
“Encumbrance”
	
 
	
any mortgage, charge, pledge, lien, (otherwise than arising by statute or operation of law), equities, hypothecation or other encumbrance, priority or security interest, preemptive right deferred purchase, title retention, leasing, sale-and-repurchase or sale-and-leaseback arrangement whatsoever over or in any property, assets or rights of whatsoever nature and includes any agreement for any of the same and reference to “Encumbrances” shall be construed accordingly;

	
 
	
 
	
 

	
“US”
	
 
	
United States of America;

	
 
	
 
	
 

	
“United States Dollars” or “US$”
	
 
	
United States dollars;

 

Section 1.02. Rules of Construction.

 

(a) Unless the context otherwise requires, as used in this Agreement: (i) “including” means “including, without limitation”; (ii) words in the singular include the plural; (iii) words in the plural include the singular; (iv) words applicable to one gender shall be construed to apply to each gender; (v) the terms “hereof,” “herein,” “hereby,” “hereto” and derivative or similar words refer to this entire Agreement,; (vi) the terms “Article” and “Section” shall refer to the specified Article or Section of or to this Agreement (vii) the term “day” shall refer to calendar days.

 

(b) Titles and headings to Articles and Sections are inserted for convenience of reference only, and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

 

	 
	2
	

 
	 

 

ARTICLE II

THE TRANSFERS 

Section 2.01 Transfers of Patent and Shares. 

 

	
 
	(a)	Subject to and upon the terms and conditions of this Agreement, on the Closing Date (as defined hereafter), the following transfers shall take place, all simultaneous with each other and each transfer contingent upon all such transfers:

 

	
 
	(i)	TSG shall assign and deliver the Patent to Medico;
	
 
	
 
	
 

	
 
	(ii)	TSG shall pay Two Hundred Thousand US Dollars (USD $200,000) to the Purchasers;
	
 
	
 
	
 

	
 
	(iii)	Purchasers shall transfer and deliver to TSG all of the shares of common stock of Medico owned by the Purchasers, which amount of shares shall equal Three Million (3,000,000) shares (the “Medico Shares”);
	
 
	
 
	
 

	
 
	(iv)	Medico will transfer all of the Subsidiary Shares to the Purchasers and shall allocated thirty percent (30%) to EH and seventy percent (70%) to MC; and
	
 
	
 
	
 

	
 
	(v)	Medico shall provide the Subsidiary with a Waiver and Release to forgive the Intra-Company Loan.

  

	
 
	(b)	The transfers described above are referred to herein as a “Transfer” and collectively as the “Transfers”. All assets, shares and property that are part of the Transfers shall be acquired by the respective recipient free from all Encumbrances together with all rights now or hereafter attaching thereto and the Subsidiary shall continue to operate in its normal course of business.
	
 
	
 
	
 

	
 
	(c)	The Share Exchange shall take place upon the terms and conditions provided for in this Agreement and in accordance with applicable law. If the Closing does not occur as set forth in Section 2.02 of this Agreement due to one Party’s failure to perform, then either of the other Parties may terminate this Agreement.

 

Section 2.02. Closing Location. The Closing of the Share Exchange and the other transactions contemplated by this Agreement will occur as soon as possible (the “Closing Date.

 

Section 2.03. Purchasers’ Closing Documents. At the Closing, Purchasers shall tender the following:

 

(a) Original stock certificate(s) representing the Medico Shares, along with such stock powers, affidavit of cancellation or such other form or document required by Medico’s transfer agent for the transfer of the Medico Shares to TSG;

 

(b) Certified copies of resolutions of the Board of Directors (or similar governing body) of each Purchaser in a form satisfactory to the other Parties, acting reasonably, authorizing: 

 

	
 
	(i)	the execution and delivery of this Agreement by each Purchaser; and
	
 
	
 
	
 

	
 
	(ii)	the sale and transfer of such respective Purchaser’s portion of the Medico Shares to TSG; and

 

	 
	3
	

 
	 

 

(c) A resolution from Purchasers certifying that the conditions in Section 9.01(b) have been satisfied. 

  

Section 2.04. Medico’s Closing Documents. At the Closing, Medico will tender the following:

 

(a) A certified copy(ies) of resolutions of the Board of Directors of Medico in a form satisfactory to the other Parties, acting reasonably, authorizing: 

 

	
 
	(i)	the execution and delivery of this Agreement by Medico; and
	
 
	
 
	
 

	
 
	(ii)	the sale and transfer of the Subsidiary Shares to Purchasers.

 

(b) New stock certificates issued by the Subsidiary in the name of the Purchasers representing the Subsidiary Shares;

 

(d) A certificate executed by a duly appointed officer of Medico certifying that the conditions in Section 10.01(b) have been satisfied. 

  

Section 2.05. TSG’s Closing Documents. At the Closing, TSG will tender the following:

 

(a) A certified copy(ies) of resolutions of the Board of Directors of TSG in a form satisfactory to the other Parties, acting reasonably, authorizing: 

 

	
 
	(i)	the execution and delivery of this Agreement by Medico;
	
 
	
 
	
 

	
 
	(ii)	the payment of Two Hundred Thousand US Dollars to the Purchasers; and
	
 
	
 
	
 

	
 
	(iii)	the sale and assignment of the Patent to Medico.

 

(b) A certificate executed by a duly appointed officer of TSG certifying that the conditions in Section 9.01(b) have been satisfied. 

  

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

Section 3.01. Each Party represents and warrants to the other Party that each of the warranties it makes is accurate in all respects and not misleading as at the date of this Agreement.

 

Section 3.02. Each Party undertakes to disclose in writing to the other Party anything which is or may constitute a breach of or be inconsistent with any of the warranties immediately upon the same coming to its notice at the time of and after Completion.

 

	 
	4
	

 
	 

  

Section 3.03. Each Party agrees that each of the warranties it makes shall be construed as a separate and independent warranty and (except where expressly provided to the contrary) shall not be limited or restricted by reference to or inference from the terms of any other warranty or any other term of this Agreement.

 

Section 3.04. Each Party acknowledges that the restrictions contained in Section 13.01 shall continue to apply after the Closing without limit in time.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF MEDICO

 

Medico represents and warrants to the other Parties as follows:

 

Section 4.01. Organization, Standing and Authority; Foreign Qualification. Medico is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada and has all requisite corporate power and authority to own, lease and operate its properties and to conduct its business as presently conducted and as proposed to be conducted and is duly qualified or licensed as a foreign corporation in good standing in each jurisdiction in which the character of its properties or the nature of its business activities require such qualification. 

 

Section 4.02. Corporate Authorization. The execution, delivery and performance by Medico of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of Medico, and this Agreement constitutes a valid and binding agreement of Medico. 

 

Section 4.03. Capitalization. All of the Subsidiary Shares are duly authorized, validly issued, fully paid and non-assessable. There are no outstanding options, warrants, agreements or rights to subscribe for or to purchase, or commitments to issue, shares of capital stock in the Subsidiary or any other security of the Subsidiary or any plan for any of the foregoing. 

 

Section 4.04. Sale of Subsidiary Shares. Upon completion of the purchase and sale of the Subsidiary Shares, Purchasers shall be the beneficial and record holder of the Subsidiary Shares. 

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS

 

The Purchasers represent and warrant to the other Parties as follows:

 

Section 5.01. Organization, Standing and Authority; Foreign Qualification. 

 

The Purchasers are corporations duly organized, validly existing and in good standing under the laws of Singapore and have all requisite corporate power and authority to own, lease and operate their properties and to conduct their businesses as presently conducted and as proposed to be conducted and are duly qualified or licensed as foreign corporations in good standing in each jurisdiction in which the character of their properties or the nature of their business activities require such qualification. 

 

	 
	5
	

 
	 

  

Section 5.02. Authorization. The execution, delivery and performance by Purchasers of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary actions, as the case may be, on the part of Purchasers. Purchasers have duly executed and delivered this Agreement and this Agreement constitutes a valid and binding agreement of Purchasers. 

 

Section 5.03. Cooperation. If required by applicable securities laws or order of a securities regulatory authority, stock exchange or other regulatory authority, Purchasers will execute, deliver, file and otherwise assist TSG or Medico in filing such reports, undertakings and other documents as may be required with respect to the transfer of the Medico Shares or the transfer of the Subsidiary Shares.

 

Section 5.04. Tax Advice. Purchasers are solely responsible for obtaining such legal, including tax, advice as any of them considers necessary or appropriate in connection with the execution, delivery and performance by Purchasers of this Agreement and the transactions contemplated herein.

 

Section 5.05. No Conflict. 

 

The execution, delivery and performance of this Agreement and the completion of the transactions contemplated herein will not:

 

(a) violate any provision of the Articles of Incorporation, Bylaws or other charter or organizational document of Purchasers;

 

(b) violate, conflict with or result in the breach of any of the terms of, result in any modification of the effect of, otherwise give any other contracting party the right to terminate, or constitute (or with notice or lapse of time or both constitute) a default under, any contract to which Purchasers is a party or by or to which either of its assets or properties, may be bound or subject;

 

(c) violate any order, judgment, injunction, award or decree of any court, arbitrator or governmental or regulatory body against, or binding upon, or any agreement with, or condition imposed by, any governmental or regulatory body, foreign or domestic, binding upon Purchasers or upon the securities, assets or business of Purchasers;

 

(d) violate any statute, law or regulation of any jurisdiction as such statute, law or regulation relates to Purchasers or to the securities, properties or business of Purchasers; or

 

(e) result in the breach of any of the terms or conditions of, constitute a default under, or otherwise cause an impairment of, any permit or license held by Purchasers. 

 

	 
	6
	

 
	 

 

Section 5.06. Compliance with Laws. To the best of Purchasers’ knowledge, neither Purchaser is in violation of any applicable order, judgment, injunction, award or decree nor are they in violation of any federal, provincial, state, local, municipal or foreign law, ordinance or regulation or any other requirement of any governmental or regulatory body, court or arbitrator, other than those violations which, in the aggregate, would not have a material adverse effect on the Subsidiary or Purchasers and have not received written notice that any violation is being alleged.

 

Section 5.07. Material Information. This Agreement and all other information provided in writing by Purchasers or representatives thereof to Medico, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make any statement contained herein or therein not misleading. There are no facts or conditions, which have not been disclosed to Medico in writing which, individually or in the aggregate, could have a material adverse effect on Purchasers or a material adverse effect on the ability of Purchasers to perform any of their obligations pursuant to this Agreement.

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIEES OF TSG 

 

TSG represents and warrants to the other Parties as follows:

 

Section 6.01. Organization, Standing and Authority; Foreign Qualification. 

 

TSG is a corporation duly organized, validly existing and in good standing under the laws of the United Kingdom and has all requisite corporate power and authority to own, lease and operate its property and to conduct its business as presently conducted and as proposed to be conducted and is duly qualified or licensed as a foreign corporation in good standing in each jurisdiction in which the character of its property or the nature of its business activities require such qualification. 

 

Section 6.02. Authorization. The execution, delivery and performance by TSG this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary actions, as the case may be, on the part of TSG. TSG has duly executed and delivered this Agreement and this Agreement constitutes a valid and binding agreement of TSG. 

 

Section 6.03. Cooperation. If required by applicable securities laws or order of a securities regulatory authority, stock exchange or other regulatory authority, Purchasers will execute, deliver, file and otherwise assist TSG or Medico in filing such reports, undertakings and other documents as may be required with respect to the transfer of the Medico Shares or the transfer of the Subsidiary Shares.

 

Section 6.04. Tax Advice. TSG is solely responsible for obtaining such legal, including tax, advice as it considers necessary or appropriate in connection with the execution, delivery and performance by TSG of this Agreement and the transactions contemplated herein.

 

Section 6.05. No Conflict. 

 

	 
	7
	

 
	 

  

The execution, delivery and performance of this Agreement and the completion of the transactions contemplated herein will not:

 

(a) violate any provision of the Articles of Incorporation, Bylaws or other charter or organizational document of TSG;

 

(b) violate, conflict with or result in the breach of any of the terms of, result in any modification of the effect of, otherwise give any other contracting party the right to terminate, or constitute (or with notice or lapse of time or both constitute) a default under, any contract to which Purchasers is a party or by or to which either of its assets or properties, may be bound or subject;

 

(c) violate any order, judgment, injunction, award or decree of any court, arbitrator or governmental or regulatory body against, or binding upon, or any agreement with, or condition imposed by, any governmental or regulatory body, foreign or domestic, binding upon TSG or upon the securities, assets or business of TSG;

 

(d) violate any statute, law or regulation of any jurisdiction as such statute, law or regulation relates to Purchasers or to the securities, properties or business of TSG; or

 

(e) result in the breach of any of the terms or conditions of, constitute a default under, or otherwise cause an impairment of, any permit or license held by TSG.

 

Section 6.06. Compliance with Laws. To the best of TSG’s knowledge, TSG is not in violation of any applicable order, judgment, injunction, award or decree nor is it in violation of any federal, provincial, state, local, municipal or foreign law, ordinance or regulation or any other requirement of any governmental or regulatory body, court or arbitrator, other than those violations which, in the aggregate, would not have a material adverse effect on the TSG or the Patent and has not received written notice that any violation is being alleged.

 

Section 6.07. Material Information. This Agreement and all other information provided in writing by TSG or representatives thereof to Medico or Purchasers, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make any statement contained herein or therein not misleading. There are no facts or conditions, which have not been disclosed to Medico or Purchaser in writing which, individually or in the aggregate, could have a material adverse effect on TSG or the Patent or a material adverse effect on the ability of TSG to perform any of its obligations pursuant to this Agreement.

 

ARTICLE VII

COVENANTS AND AGREEMENTS OF PURCHASERS

 

Section 7.01. Conduct of Businesses in the Ordinary Course. From the date of this Agreement to the Closing Date, Purchasers shall cause the Subsidiary to conduct its business substantially and the businesses of its subsidiaries in the manner in which it is currently conducted.

 

	 
	8
	

 
	 

  

Section 7.02. Preservation of Permits and Services. From the date of this Agreement to the Closing Date, Purchasers shall cause the Subsidiary to use its best efforts to preserve any permits and licenses in full force and effect and to keep available the services, and preserve the goodwill, of its present managers, officers, employees, agents, and consultants.

 

Section 7.03. Conduct Pending the Closing Date. From the date of this Agreement to the Closing Date: (a) Purchasers shall cause the Subsidiary to use its best efforts to conduct its affairs in such a manner so that, except as otherwise contemplated or permitted by this Agreement, the representations and warranties contained in Article V shall continue to be true and correct on and as of the Closing Date as if made on and as of the Closing Date; and (b) Purchasers shall promptly notify Medico of any event, condition or circumstance that would constitute a violation or breach of this Agreement by Purchasers.

 

ARTICLE VIII

COVENANTS AND AGREEMENTS OF MEDICO

 

Section 8.01. Conduct of Businesses in the Ordinary Course. From the date of this Agreement to the Closing Date, Medico shall conduct its businesses substantially in the manner in which it is currently conducted.

 

Section 8.02. Conduct of Medico Pending the Closing. From the date hereof through the Closing Date:

 

(a) Medico shall use its best efforts to conduct its affairs in such a manner so that, except as otherwise contemplated or permitted by this Agreement, the representations and warranties contained in Article IV shall continue to be true and correct on and as of the Closing Date as if made on and as of the Closing Date; and

 

(b) Medico shall promptly notify Purchasers of any event, condition or circumstance occurring from the date hereof through the Closing Date that would constitute a violation or breach of this Agreement by Medico. 

 

ARTICLE IX

CONDITIONS PRECEDENT TO THE OBLIGATION OF MEDICO TO CLOSE

 

The obligations of Medico to be performed by it at the Closing pursuant to this Agreement are subject to the fulfillment on or before the Closing Date, of each of the following conditions, any one or more of which may be waived by it, to the extent permitted by law:

 

Section 9.01. Representations and Covenants. (a) The representations and warranties of Purchasers contained in this Agreement shall be true and correct on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date, except that any of such representations and warranties that are given as of a particular date and relate solely to a particular date or period shall be true as of such date or period; and

 

	 
	9
	

 
	 

  

(b) The Purchasers and TSG shall have performed and complied with all covenants and agreements required by this Agreement to be performed or complied with by each of them on or before the Closing Date. The Purchasers shall have delivered to Medico a certificate, dated the Closing Date, and signed by Purchasers to the foregoing effect.

 

Section 9.02. Governmental Permits and Approvals. 

 

(a) All approvals, authorizations, consents, permits and licenses from governmental and regulatory bodies required for the transactions contemplated by this Agreement and to permit the business currently carried on by the Subsidiary to continue to be carried on substantially in the same manner immediately following the Closing Date shall have been obtained and shall be in full force and effect, and Medico shall have been furnished with appropriate evidence, reasonably satisfactory to them, of the granting of such approvals, authorizations, consents, permits and licenses; and

 

(b) There shall not have been any action taken by any court, governmental or regulatory body then prohibiting or making illegal on the Closing Date the transactions contemplated by this Agreement.

 

Section 9.03. Third Party Consents. All consents, permits and approvals from parties to contracts with the Subsidiary that may be required in connection with the performance by Purchasers hereunder or the continuance of such contracts in full force and effect after the Closing Date, shall have been obtained.

 

Section 9.04. Litigation. No action, suit or proceeding shall have been instituted and be continuing or be threatened by any person to restrain, modify or prevent the carrying out of the transactions contemplated hereby, or to seek damages in connection with such transactions, or that has or could have a material adverse effect on the Subsidiary, Purchasers, or on the Subsidiary Shares.

 

Section 9.05. Closing Documents. The Purchasers shall have executed and delivered the documents described in Section 2.03 above.

 

ARTICLE X

CONDITIONS PRECEDENT TO THE OBLIGATION OF THE PURCHASERS TO CLOSE

 

The obligations of Purchasers to be performed by them at the Closing pursuant to this Agreement are subject to the fulfillment, on or before the Closing Date, of each the following conditions, any one or more of which may be waived by them, to the extent permitted by law:

 

Section 10.01. Representations and Covenants. (a) The representations and warranties of Medico contained in this Agreement shall be true and correct on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date, except that any of such representations and warranties that are given as of a particular date and relate solely to a particular date or period shall be true as of such date or period; and

 

	 
	10
	

 
	 

  

(b) Medico shall have performed and complied with all covenants and agreements required by this Agreement to be performed or complied with by it on or before the Closing Date. Medico shall have delivered to Purchasers a certificate dated the Closing Date, and signed by an authorized signatory of Medico to the foregoing effect.

 

Section 10.02. Closing Documents. Medico shall have executed and delivered the documents described in Section 2.04 above.

 

ARTICLE XI

CONDITIONS PRECEDENT TO THE OBLIGATION OF TSG TO CLOSE

 

The obligations of TSG to be performed by them at the Closing pursuant to this Agreement are subject to the fulfillment, on or before the Closing Date, of each the following conditions, any one or more of which may be waived by them, to the extent permitted by law:

 

Section 11.01. Representations and Covenants. (a) The representations and warranties of TSG contained in this Agreement shall be true and correct on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date, except that any of such representations and warranties that are given as of a particular date and relate solely to a particular date or period shall be true as of such date or period; and

 

(b) TSG shall have performed and complied with all covenants and agreements required by this Agreement to be performed or complied with by it on or before the Closing Date. TSG shall have delivered to Medico a certificate dated the Closing Date, and signed by an authorized signatory of Medico to the foregoing effect.

 

Section 11.02. Closing Documents. TSG shall have executed and delivered the documents described in Section 2.05 above.

 

ARTICLE XII

TERMINATION

Section 12.01. Termination.

 

(a) Notwithstanding anything to the contrary in this Agreement, this Agreement may be terminated and the Share Exchange and the other transactions contemplated by this Agreement shall be abandoned at any time prior to the Closing:

 

(i) by mutual written consent of Purchasers and Medico;

 

(ii) by either Purchasers or Medico in the event that a temporary restraining order, preliminary or permanent injunction or other judicial order preventing the consummation of the Share Exchange or any of the other transactions contemplated hereby shall have become final and non-appealable; provided, that, the party seeking to terminate this Agreement pursuant to this clause (ii) shall have used all commercially reasonable efforts to have such order, injunction or other order vacated;

 

	 
	11
	

 
	 

 

(iii) by Medico (a) if Medico is not then in material breach of this Agreement and if there shall have been any breach by Purchasers (which has not been waived) of one or more of its representations or warranties, covenants or agreements set forth in this Agreement, which breach or breaches (A) would give rise to the failure of a condition set forth in Article VIII, and (B) shall not have been cured within thirty (30) days following receipt by Purchasers of written notice of such breach, or such longer period in the event that such breach cannot reasonably be expected to be cured within such 30‐day period and Purchasers is diligently pursuing such cure, or (b) if Medico has not received results satisfactory to it, in its sole discretion, from its due diligence review of the Subsidiary and its operations; or

 

(iv) by Purchasers if they are not then in material breach of this Agreement and if there shall have been any breach by Medico (which has not been waived) of one or more of its representations or warranties, covenants or agreements set forth in this Agreement, which breach or breaches (A) would give rise to the failure of a condition set forth in Article IX, and (B) shall not have been cured within thirty (30) days following receipt by Medico of written notice of such breach.

 

(b) In the event of termination by Purchasers or Medico pursuant to this Section 10.01, written notice thereof shall forthwith be given to the other Party and the transactions contemplated by this Agreement shall be terminated, without further action by any Party. 

 

Section 12.02. Effect of Termination. If this Agreement is terminated and the transactions contemplated hereby are abandoned as described in Section 10.01, this Agreement shall become null and void and of no further force and effect, except for the provisions of (i) Section 10.01 and this Section 10.02; and (ii) Section 12.01 relating to publicity. Nothing in this Section 10.02 shall be deemed to release any Party from any liability for any breach by such Party of the terms, conditions, covenants and other provisions of this Agreement or to impair the right of any Party to compel specific performance by any other Party of its obligations under this Agreement.

 

ARTICLE XIII

POST-CLOSING COVENANTS

 

Section 13.01 Purchasers’ Covenants. The Purchasers hereby covenant with Medico and promise as follows:

 

	
 
	(a)	To maintain the books, records, accounting and financial statements of the Subsidiary and all operations related to its current business, in accordance with applicable accounting principles and practices.
	
 
	
 
	
 

	
 
	(b)	To maintain all of the legal requirements that permit the Subsidiary to operate its current business under the federal and provincial laws and regulations of Singapore and comply with all other federal and provincial laws and regulations of Singapore.
	
 
	
 
	
 

	
 
	(c)	Not to incur any debt by the Subsidiary in any event whatsoever, except with the prior written consent of the Board of Directors of Medico.

 

	 
	12
	

 
	 

  

ARTICLE XIIII

MISCELLANEOUS

 

Section 14.01. Public Notices. The Parties agree that all notices to third parties and all other publicity concerning the transactions contemplated by this Agreement shall be jointly planned and coordinated and no Party shall act unilaterally in this regard without the prior approval of the others, such approval not to be unreasonably withheld.

 

Section 14.02. Time. Time shall be of the essence hereof.

 

Section 14.03. Notices. Any notice or other writing required or permitted to be given hereunder or for the purposes hereof shall be sufficiently given if delivered or faxed to the Party to whom it is given or, if mailed, by prepaid registered mail addressed to such Party at:

 

if to Purchasers, at: 

 

Eminent Healthcare PTE. LTD.

1 North Bridge Road #19-09 

High Street Centre

Singapore 179094

 

Multi Cate PTE. Ltd.

23 New Industrial Road #07-04

Solstice Business Center

Singapore 536209

 

if to Medico, at: 

 

187 E. Warm Springs Road, Suite B273

Las Vegas, NV 89119

 

if to TSG:

 

The Bristol Office, 2nd Floor

5 High Street, Westbury on Trym

Bristol, BS9 3BY United Kingdom

 

or at such other address as the Party to whom such writing is to be given shall have last notified to the Party giving the same in the manner provided in this article. Any notice mailed shall be deemed to have been given and received on the fifth Business Day next following the date of its mailing unless at the time of mailing or within five (5) Business Days thereafter there occurs a postal interruption which could have the effect of delaying the mail in the ordinary and usual course, in which case any notice shall only be effectively given if actually delivered or sent by telecopy. Any notice delivered or faxed to the Party to whom it is addressed shall be deemed to have been given and received on the Business Day next following the day it was delivered or faxed.

 

	 
	13
	

 
	 

  

Section 14.04. Severability. If a court of competent jurisdiction determines that any one or more of the provisions contained in this Agreement is invalid, illegal or unenforceable in any respect in any jurisdiction, the validity, legality and enforceability of such provision or provisions shall not in any way be affected or impaired thereby in any other jurisdiction and the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby, unless in either case as a result of such determination this Agreement would fail in its essential purpose.

 

Section 14.05. Entire Agreement. This Agreement constitutes the entire agreement between the Parties and supersedes all prior agreements and understandings, oral or written, by and between any of the Parties with respect to the subject matter hereof.

 

Section 14.06. Further Assurances. The Parties shall with reasonable diligence, do all such things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by this Agreement, and each Party shall provide such further documents or instruments required by the other Party as may be reasonably necessary or desirable to give effect to the purpose of this Agreement and carry out its provisions whether before or after the Closing Date.

 

Section 14.07. Waiver. Except as provided in this Article, no action taken or inaction pursuant to this Agreement will be deemed to constitute a waiver of compliance with any warranties, conditions or covenants contained in this Agreement and will not operate or be construed as a waiver of any subsequent breach, whether of a similar or dissimilar nature. No waiver of any right under this Agreement shall be binding unless executed in writing by the Party to be bound thereby.

 

[the remainder of this page is intentionally left blank]

 

	 
	14
	

 
	 

 

Section 14.08. Counterparts. This Agreement may be executed in as many counterparts as may be necessary or by facsimile and each such counterpart agreement or facsimile so executed shall be deemed to be an original and such counterparts and facsimile copies together shall constitute one and the same instrument and shall be valid and enforceable.

 

IN WITNESS WHEREOF the Parties hereto have set their hand and seal as of the day and year first above written.

 

	MEDICO INTERNATIONAL INC., 
a Nevada corporation 
	
	 	 	 
	By:		
	
Name:  
		 
	Title: 		 
	 	 	 
	
 
	
 
	
 

	
EMINENT HEALTHCARE PTE. LTD.,

a Singapore corporation 
	
 

	
  
	
 
	
 

	
By: 
	
 
	
 

	
Name: 
	
Liew Min Hin  
	
 

	
Title: 
	
CEO
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
MULTI CARE PTE. LTD.,

a Singapore corporation
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:  
	
 
	
 

	
Name: 
	
Tan Audrey Siok Ling  
	
 

	
Title: 
	
CEO 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
TARGETED SOLUTIONS GLOBAL LIMITED, a 

United Kingdom Private limited Company
	
 

	
 
	
 
	
 

	
By: 
	
 
	
 

	
Name: 
	
Jiang Chun Yan 
	
 

	
Title: 
	
Owner  
	
 

 

 

 

	15Exhibit

Exhibit 10.1
INDEMNIFICATION AGREEMENT 
This Indemnification Agreement, effective as of March 27, 2017 (the “Effective Date”), is made by and between Perfumania Holdings, Inc., a Florida corporation (the “Company”), and _______, (the “Indemnitee”). 
RECITALS 
A.    The Company is aware that competent and experienced persons are increasingly reluctant to serve as directors of corporations, unless they are protected by comprehensive indemnification and liability insurance, because of increased exposure to litigation costs and risks resulting from their service to such corporations, and because the exposure frequently bears no reasonable relationship to the compensation of such directors.       
B.     Based upon their experience, the Board, as defined below, has concluded that in order to attract and retain talented and experienced individuals to serve as directors of the Company and its subsidiaries, it is necessary for the Company to contractually indemnify its directors, and to protect them against Expenses and damages in connection with certain claims against such directors. 
C.     The Company desires and has requested the Indemnitee to serve or continue to serve in one or more capacities within the meaning of “Agent”, as defined below. 
D.    The Indemnitee is willing to serve or continue serving the Company in one or more of such capacities provided that the Indemnitee is provided with the indemnity and liability insurance required in this Agreement. 
E.        This Agreement supplements and adds to any protections provided by the Company’s articles of incorporation, bylaws and any resolutions adopted pursuant thereto, and shall not be deemed to diminish or abrogate any rights of the Indemnitee thereunder.      
AGREEMENT 
NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 

		
	1.
	Definitions.   The following definitions will apply for purposes of this Agreement: 

“Agent” means any person who: (a) is or was a director, manager, officer, employee or agent of the Company or any Subsidiary; (b) is or was serving at the request of, for the convenience of or to represent the interest of the Company or any Subsidiary as a director, manager, officer, other fiduciary, employee or agent of another foreign or domestic corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity or enterprise; (c) was a director, manager, officer, employee or agent of any corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise which was a predecessor to the Company or any Subsidiary; or (d) was a 

director, manager, officer, employee or agent of another entity or enterprise at the request of, for the convenience of or to represent the interests of such predecessor entity or enterprise. 

“Board” means the Company’s board of directors.

“Disinterested Director” means a director of the Company who is not and was not a party or threatened party to the Proceeding in respect of which indemnification or advancement of expenses is sought by the Indemnitee. 
    
“Expenses” means all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements, and other out-of-pocket costs, such as, for example, those associated with time spent addressing, contesting, participating in, or responding to legal and regulatory matters or Proceedings in which the Indemnitee is not a party, such as subpoenas, testimony, bankruptcy filings or Proceedings, litigation, arbitration, government or industry regulatory inquiries, whether made at the Company’s request, the request of a third party or by subpoena or equivalent) actually and reasonably incurred by Indemnitee in connection with either the investigation, defense or appeal of a Proceeding or establishing or enforcing a right to indemnification or advancement of expenses under this Agreement or otherwise; provided, however, that  the term “Expenses” shall not include any judgments, fines, ERISA excise taxes or penalties or amounts paid in settlement of a Proceeding. 

“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (a) the Company or the Indemnitee in any matter material to either such party; or (b) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement.

“Liabilities” means any type of liabilities whatsoever including, without limitation, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement of any Proceeding.

 “Proceeding” means any threatened, pending or completed action, claim, suit or other proceeding, whether civil, criminal, administrative, investigative or any other type whatsoever. 

 “Subsidiary” means any corporation or other entity or enterprise as to which: (a) not less than 50% of the outstanding shares of stock or other ownership interests is owned directly or indirectly by the Company; or (b) the Company has control.   For purposes of this definition, the term “control” means the Company’s power, whether directly or indirectly, to direct or cause the direction of the management or policies of such corporation or other entity or enterprise.

“Triggering Event” means: 

		
	(a)
	a change in control of the Company occurring after the Effective Date of a nature that would be required to be reported in response to Item 5.01 of Current Report on Form 8-K (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934 (the “Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limiting the foregoing, a change in control shall be deemed to have occurred if, after the Effective Date, any “person” (as such term is used in Sections 13(d) and 14(d) of the Act) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing thirty percent (30%) or more of the combined voting power of the Company’s then outstanding securities without the prior approval of at least two-thirds of the members of the Board in office immediately prior to such person’s attaining of such percentage; 

		
	(b)
	a merger, consolidation, sale of assets or other transaction to which the Company is a party, or a proxy contest, as a consequence of which members of the Board in office immediately prior to such transaction or proxy contest constitute less than a majority of the Board thereafter; or 

		
	(c)
	during any period of two consecutive years, individuals who at the beginning of such period constituted the Board (including, without limitation, for this purpose any new director whose election or nomination for election by the Company’s shareholders was approved by a vote of at least a majority of the directors then still in office who were directors at the beginning of such period) cease for any reason to constitute at least a majority of the Board.  

		
	2.
	Liability Insurance. 

		
	(a)
	Maintenance of Insurance.  The Company agrees that as long as the Indemnitee shall continue to serve as an Agent and thereafter so long as the Indemnitee shall be subject to any Proceeding or possible Proceeding by reason of the fact that the Indemnitee is or was an Agent, the Company shall obtain and maintain in full force and effect directors and officers liability insurance from established and reputable insurers for the benefit of the Company and its Agents with aggregate limits not less than the limits of, and having other terms not less favorable to the insured persons than, the directors and officers liability insurance maintained by the Company as of the Effective Date (the “D&O Insurance”). The D&O Insurance shall not contain any provision that limits or impacts adversely any right or privilege granted to the Indemnitee under this Agreement. 

		
	(b)
	“Tail” Insurance.  

		
	(i)
	Upon a Triggering Event; or 

		
	(ii)
	in the event that the D&O Insurance is to be cancelled or terminated or will not be renewed (such cancellation, termination or non-renewal being called a “Lapse Event”);

the Company shall purchase prepaid “tail” insurance for the Company and its Agents who are covered by the D&O Insurance for a term of six years following the Triggering Event or Lapse Event. Such “tail” insurance shall provide aggregate limits of not less than the limits under the D&O Insurance in effect immediately prior to the Triggering Event or Lapse Event, shall have other terms not less favorable to the insured persons than under the D&O Insurance in effect immediately prior to the Triggering Event or Lapse Event with respect to claims arising from facts or events that occurred at or prior to the Triggering Event or the Lapse Event. No such “tail” insurance shall contain any provision that limits or impacts adversely any right or privilege granted under this Agreement.  The “tail” insurance with respect to any Triggering Event shall be purchased and fully paid, and shall be in effect, as of the occurrence of the Triggering Event.  The “tail” insurance with respect to any Lapse Event shall be purchased and fully paid, and shall be in effect, as of the occurrence of the Lapse Event.  Nothing in this Section 2(b) shall alter, limit or eliminate any obligation of the Company to provide and maintain D&O Insurance, under Section 2(a), for the services of the Indemnitee as an Agent following the Triggering Event or Lapse Event.
		
	3.
	Mandatory Indemnification. Except as otherwise provided in this Agreement, the Company shall indemnify the Indemnitee to the fullest extent permitted by the Florida Business Corporation Act as such law may from time to time be amended, as follows: 

		
	(a)
	Non-Derivative Actions. If the Indemnitee is or was a party to or is or was threatened to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee is or was an Agent, or by reason of anything done or not done by the Indemnitee in any such capacity, the Indemnitee shall be indemnified against any and all Liabilities and Expenses actually and reasonably incurred by the Indemnitee in connection with the investigation, defense, settlement or appeal of such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or Proceeding, the Indemnitee had no reasonable cause to believe that the Indemnitee’s conduct was unlawful; and 

		
	(b)
	Derivative Actions. If the Indemnitee is or was a party to or is threatened to be made a party to any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was an Agent, or by reason of anything done or not done by the Indemnitee in any such capacity, the Indemnitee 

shall be indemnified against any and any and all Liabilities and Expenses actually and reasonably incurred by the Indemnitee in connection with the investigation, defense, settlement or appeal of such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; except that no indemnification under this Section 3(b) shall be made in respect of any claim, issue or matter as to which the Indemnitee shall have been finally adjudged to be liable to the Company, after the time for an appeal has expired, by a court of competent jurisdiction because of the willful misconduct of a culpable nature in the performance of the Indemnitee’s duty to the Company unless and only to the extent that the court in which such Proceeding was brought shall determine, upon application, that despite such adjudication of liability, but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such amounts which the court shall deem proper. 
Notwithstanding the foregoing, the Company shall not be obligated to indemnify the Indemnitee for Liabilities or Expenses which have been paid directly to the Indemnitee under the D&O Insurance or any “tail” insurance described in Section 2(b). 

		
	4.
	Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any Liabilities or Expenses incurred by the Indemnitee in the investigation, defense, settlement or appeal of a Proceeding but the Indemnitee is not entitled, however, to indemnification for the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for such total amount minus the portion thereof to which the Indemnitee is not entitled. 

		
	5.
	Advancement of Expenses; and Payment of Certain Fees. 

		
	(a)
	Mandatory Advancement.  Subject to Section 9 below, the Company shall advance all Expenses incurred by the Indemnitee in connection with the investigation, defense, settlement or appeal of any Proceeding to which the Indemnitee is a party or is threatened to be made a party by reason of the fact that the Indemnitee is or was an Agent or by reason of anything done or not done by the Indemnitee in any such capacity. The Indemnitee hereby undertakes to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined that the Indemnitee is not entitled to be indemnified by the Company as authorized under this Agreement. The advances to be made under this Section 5(a), shall be paid by the Company to the Indemnitee within twenty (20) days following the giving of notice by the Indemnitee to the Company for such advance together with an undertaking as described in this Section 5(a). 

		
	(b)
	Hourly Payments.  In the event of any Proceeding against the Indemnitee with respect to which any indemnification of the Indemnitee under this Agreement applies or reasonably could apply, the Company shall pay the Indemnitee at the rate of Three Hundred Dollars ($300.00) for each hour reasonably spent by the Indemnitee for participating (at the request of the Company, or pursuant to any subpoena, court or 

administrative order, or process agreed to in writing by the Company), in (i) the investigation of such Proceeding, (ii) any discovery in such Proceeding, or (iii) the trial of such Proceeding or any post-trial matters (including, without limitation, any appeal, with respect to such Proceeding).  For all periods of less than one complete hour spent by the Indemnitee in any matters described in the immediately preceding sentence, the Indemnitee shall be entitled to a proportionate part of the hourly rate set forth in the immediately preceding sentence.  The Indemnitee shall maintain detailed time records of all time expended by the Indemnitee in any matters described in the first sentence of this Section 5(b) including, without limitation, a detailed description of the activities of the Indemnitee with respect to such matters, and the Indemnitee shall furnish such pertinent records for the review and approval of the Company prior to each proposed payment to the Indemnitee under this Section 5(b), which approval shall not be unreasonably withheld or delayed by the Company.  
		
	6.
	Notice and Other Indemnification Procedures. 

		
	(a)
	Within thirty (30) days after the Indemnitee receives notice of a Proceeding, as to which indemnification, or advancement of Expenses, may pertain, the Indemnitee shall, if the Indemnitee believes that indemnification with respect thereto may be sought from the Company under this Agreement, give notice to the Company of such Proceeding; provided, however, that failure of the Indemnitee to give such notice during such thirty (30) day period shall not alter, limit or eliminate the Indemnitee’s right to indemnification under this Agreement with respect to such Proceeding.

		
	(b)
	The Company shall give prompt notice, that the Company has received, of such Proceeding to the insurers of the D&O Insurance or the “tail” insurance described in Section 2(b) in accordance with the procedures set forth in the applicable insurance policy or policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policy or policies. 

		
	(c)
	In the event the Company shall be obligated under this Agreement to advance Expenses to the Indemnitee with respect to any Proceeding, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by the Indemnitee, upon notice being given to the Indemnitee of its election so to do. After such notice has been given, approval of such counsel by the Indemnitee and the retention of such counsel by the Company, except as provided in Section 6(d), the Company will not be liable to the Indemnitee under this Agreement for any fees or expenses of counsel subsequently incurred by the Indemnitee with respect to such Proceeding. The Indemnitee shall have the right to employ the Indemnitee’s separate counsel in any such Proceeding at the Indemnitee’s expense.

		
	(d)
	In the event that:

		
	(i)
	the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee with respect to the defense of such Proceeding;

		
	(ii)
	the Company shall not have engaged counsel to assume the defense of such Proceeding within a reasonable time after the Company has notice of such Proceeding; or

		
	(iii)
	the Company, having assumed the defense of such Proceeding, does not vigorously defend such Proceeding;

the fees and expenses of the Indemnitee’s counsel shall be paid by the Company. 
7.    Determination of Right to Indemnification. 

		
	(a)
	To the extent the Indemnitee has been successful on the merits or otherwise in defense of any Proceeding referred to in Section 3(a)  or Section  3(b) of this Agreement or in the defense of any claim, issue or matter described therein, the Company shall indemnify the Indemnitee against Liabilities and Expenses actually and reasonably incurred by the Indemnitee in connection therewith. 

		
	(b)
	In the event that Section 7(a) is inapplicable, the Company shall nevertheless indemnify the Indemnitee unless, and only to the extent that, the Company shall prove by clear and convincing evidence to a forum described in Section 7(c) below that the Indemnitee has not met the applicable standard of conduct required to entitle the Indemnitee to such indemnification. 

		
	(c)
	The Indemnitee shall be entitled to select, from among the following, the forum in which the validity of the Company’s claim under Section 7(b) that the Indemnitee is not entitled to indemnification will be heard: 

(i)    the Board, by majority vote of the Disinterested Directors whether or not such majority constitutes a quorum;
(ii)    the majority vote of a committee of Disinterested Directors designated by the Board in the manner described in clause (i); 
(iii)    Independent Counsel, in a written opinion to the Board, or a committee described in clause (ii) above, with a copy to the Indemnitee, which Independent Counsel shall have been selected by the Board, in the manner described in clause (i) above, or by a committee, described in clause (ii) above, in the manner described in clause (ii); 
(iv)    the Company’s shareholders who are not parties or threatened parties to the Proceeding, by a majority vote of such shareholders in attendance at a meeting at which a quorum of such shareholders is present; or

(v)    a panel of three arbitrators, one of whom is selected by the Company, another of whom is selected by the Indemnitee and the last of whom is selected by the first two arbitrators so selected. 
		
	(d)
	As soon as practicable, and in no event later than 30 days after notice of the Indemnitee’s choice of forum pursuant to Section 7(c) above has been given, the Company shall, at its own expense, submit to the selected forum in such manner as the Indemnitee or the Indemnitee’s counsel may reasonably request, the Company’s claim (if any) that the Indemnitee is not entitled to indemnification, and the Company shall act in the utmost good faith to assure the Indemnitee a complete opportunity to defend against such claim. 

		
	(e)
	Notwithstanding a determination by any forum listed in Section 7(c) hereof that the Indemnitee is not entitled to indemnification with respect to a specific Proceeding, the Indemnitee shall have the right to apply to the court in which that Proceeding is or was pending or any other court of competent jurisdiction, for the purpose of enforcing the Indemnitee’s right to indemnification pursuant to this Agreement. 

		
	(f)
	The Company agrees that if there is a Triggering Event (other than a Triggering Event that has been approved by a majority of members the Board which majority were directors immediately prior to such Triggering Event) then with respect to all matters thereafter arising concerning the rights of the Indemnitee to indemnification under the Company’s articles of incorporation or bylaws, this Agreement or any other agreement, or any other document now or hereafter in effect relating to such indemnification, the Company shall seek legal advice only from Independent Counsel selected by the Indemnitee. The Company agrees to pay the reasonable fees of such Independent Counsel and to indemnify fully such counsel against any and all attorneys’ fees and expenses, claims, liabilities and damages arising out of or relating to this Agreement or such Independent Counsel’s engagement pursuant hereto.

		
	(g)
	The Company shall indemnify the Indemnitee against all Expenses incurred by the Indemnitee in connection with any Proceeding under this Section 7 involving the Indemnitee and against all Expenses incurred by the Indemnitee in connection with any other Proceeding between the Company and the Indemnitee involving the interpretation or enforcement of the rights of the Indemnitee under this Agreement unless a court of competent jurisdiction has determined, by a final, non-appealable judgment, that the material claims or defenses of the Indemnitee in any such Proceeding were frivolous or not made in good faith. 

		
	8.
	Notice of Claims Against Indemnitee.  It shall be a condition precedent to the assertion by or on behalf of the Company or any Subsidiary of a claim against the Indemnitee, the Indemnitee’s spouse, heirs, estate or personal representatives that notice of such claim shall have been given to the Indemnitee within one year after the act or omission of the Indemnitee upon which such claim is based; provided, however, if the Indemnitee has fraudulently concealed the facts underlying such claim, it shall be a condition precedent to the assertion 

by or on behalf of the Company or any Subsidiary of a claim against the Indemnitee, the Indemnitee’s spouse, heirs, estate or personal representatives that notice of such claim shall have been given to the Indemnitee within one year after the earlier of: (a) the date on which the Company or any Subsidiary discovered such facts; or (b) the date on which the Company or any Subsidiary could have discovered such facts by the exercise of reasonable diligence. This Section 8 shall not apply to any cause of action that has accrued prior to the Effective Date and as to which the Indemnitee is aware on the Effective Date, but as to which the Company has no actual knowledge apart from the Indemnitee’s knowledge. 

		
	9.
	Exceptions.  Any other provision of this Agreement to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to: 

		
	(a)
	Indemnify the Indemnitee or advance Expenses to the Indemnitee with respect to Proceedings initiated or brought voluntarily by the Indemnitee and not by way of defense, except with respect to Proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or otherwise as required under Florida law, but such indemnification or advancement of Expenses may be provided by the Company in specific cases if the Board determines it to be appropriate; or 

		
	(b)
	indemnify the Indemnitee for any Expenses incurred by the Indemnitee with respect to any Proceeding instituted by the Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines, by a final, non-appealable judgment, that the material assertions made by the Indemnitee in such Proceeding were not made in good faith or were frivolous; or

		
	(c)
	indemnify the Indemnitee under this Agreement for any amounts paid in settlement of a Proceeding unless the Company consents to such settlement; or 

		
	(d)
	indemnify the Indemnitee or advance Expenses to the Indemnitee under this Agreement with respect to any Proceeding brought by the Company against the Indemnitee for willful misconduct, unless a court of competent jurisdiction shall have determined by a final, non-appealable judgment, that the claims by the Company in such Proceeding were not made in good faith or were frivolous; or 

		
	(e)
	indemnify the Indemnitee for Expenses and the payment of profits arising from the purchase and sale by the Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute; or 

		
	(f)
	indemnify the Indemnitee on account of the Indemnitee’s conduct which is finally adjudged by a final, non-appealable judgment of a court of competent jurisdiction to have been knowingly fraudulent or deliberately dishonest, or to constitute willful misconduct; or 

		
	(g)
	indemnify the Indemnitee if a final, non-appealable judgment of a court of competent jurisdiction shall have determined that such indemnification is not lawful; or 

		
	(h)
	indemnify the Indemnitee for the payment of amounts required to be reimbursed to the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002, as amended, or any similar successor statute. 

		
	10.
	Non-Exclusivity. The provisions for indemnification and advancement of Expenses under the terms of this Agreement shall not be deemed exclusive of any other rights which the Indemnitee may have under any provision of law, the Company’s articles of incorporation or bylaws, the vote of the Company’s shareholders or disinterested directors, other agreements, or otherwise, both as to actions in the Indemnitee’s official capacity and to actions in any other capacity while occupying the Indemnitee’s position as an Agent, and the Indemnitee’s rights under this Agreement shall continue after the Indemnitee has ceased acting as an Agent and shall inure to the benefit of the heirs, estate and personal representatives of the Indemnitee. 

		
	11.
	Interpretation of Agreement. The parties intend that this Agreement will be interpreted and enforced so as to provide indemnification to the Indemnitee to the fullest extent now or hereafter permitted by law. 

		
	12.
	 Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of the Agreement (including, without limitation, all portions of any Sections of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any Sections of this Agreement containing any such provisions held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provisions held invalid, illegal or unenforceable and to give effect to Section 11 hereof. 

		
	13.
	Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision of this Agreement (whether or not similar) nor shall such waiver constitute a continuing waiver. 

		
	14.
	Successors and Assigns. The terms of this Agreement shall bind, and shall inure to the benefit of, the Company and its successors and permitted assigns, on the one hand, and the Indemnitee and the Indemnitee’s heirs, estate, personal representatives and permitted assigns, on the other hand. Neither party may assign any of its rights or delegate any of its duties under this Agreement without the prior written consent of the other party, which consent may be granted or withheld in the sole discretion of the other party.

		
	15.
	Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given and received (a) when delivered by hand and receipted for by the party addressee, (b) when delivered by nationally recognized courier service, or (c) on the fifth day after being mailed by certified or registered mail with postage prepaid, return receipt requested, and in each of the foregoing cases, addressed to intended party at the address of such party shown on the signature page of this Agreement. Either party may change such party’s address for the giving of notices, requests, demands and other communications, or the person to whose attention such notices, requests, demands and other communications are to be given, by giving notice of such change to the other party in accordance with this Section.

		
	16.
	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida without taking into account conflicts of laws rules or principles that could result in the application of the laws of any other jurisdiction. 

		
	17.
	Consent to Jurisdiction. The Company and the Indemnitee each hereby irrevocably consent to the exclusive jurisdiction and venue of the courts of the State of Florida for all purposes in connection with any Proceeding which arises out of or relates to this Agreement. 

[Signature Page Follows]

The parties hereto have entered into this Indemnification Agreement effective as of the Effective Date. 
 

	
			
	 
	 
	THE COMPANY:

	 
	 
	PERFUMANIA HOLDINGS, INC.

	 
	 
	 

	 
	By:
	 

	 
	Name:
	 

	 
	 
	 

	 
	Title:
	 

	 
	Address of the Company:
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	Name:
	 

	 
	 
	 

	 
	Address of the Indemnitee:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]