Document:

Exhibit 10.3

 

IRREVOCABLE BUSINESS SALE AGREEMENT

 

 

THIS IRREVOCABLE BUSINESS SALE AGREEMENT
("Agreement") has been made and entered into as of this 27th day of September, 2010, by and between Reshoot Production
Company, a Nevada corporation, and its Team Sports Superstore, Inc. (“TSS”) a California corporation.

 

 

RECITALS

 

 

A. The parties hereto desire to enter into
this Agreement whereby Team Sports Superstore, Inc. will sell to Reshoot Production Company the following:

 

·        
Team Sports Superstore, Inc. business operations, including assets and liabilities

·        
Team Sports Superstore, Inc. trademark and logo.

 

·        
The clientele of Team Sports Superstore, Inc.

 

(hereinafter collectively referred to as the "Business").

 

NOW, THEREFORE, in consideration of the mutual agreements and covenants
contained herein, the parties hereto agree as follows:

 

ARTICLE I.

THE BUSINESS SALE

 

1.1. Sale of Business. Team Sports Superstore, Inc. hereby agrees
to sell 100% of the equity interest in the company to Reshoot Production Company, in the form of a tax free exchange of stock,

 

1.1. Sale of Business. Team Sports Superstore,
Inc. hereby agrees to sell 100% of the equity interest in the company to Reshoot Production Company, in the form of a tax free
exchange of stock, at the time when Team Sports Superstore, Inc. can present audited financials prepared by a PCOAB auditing firm
to Reshoot Production Company. This sale includes all the assets, liabilities, tradenames, and business operations of Team Sports
Superstore, Inc.

 

1.2 No Warranty. The Business is sold on an
"AS IS" basis and without warranty including no warranty of merchantability or fitness for a particular purpose for its
products and services.

 

1.3 The Business Transfer. The sale of the
Business will be accomplished by placing the Business together with all assets and liabilities of Team Sports Superstore, Inc.
as of the date the audited financials are completed for Team Sports Superstore, Inc. into the ownership and control of Reshoot
Production Company.

 

 

 

ARTICLE II.

REPRESENTATIONS AND WARRANTIES

of Team Sports Superstore, Inc.

 

2.1 Representations and Warranties
of Team Sports Superstore, Inc. Team Sports represents and warrants to Reshoot Production Company as
follows:

 

a) Representations and Warranties of Team Sports
Superstore, Inc. Team Sports Superstore, Inc. hereby represents and warrants that is a company in good standing in California,
and has the requisite organizational power and authority to carry on its business as now being conducted.

 

b) Team Sports Superstore, Inc. has the
requisite power and authority to enter into this Agreement and to consummate this Agreement. The execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action
on the part of Team Sports. This Agreement has been duly executed and delivered and constitutes a valid and binding obligation,
enforceable against both Parties in accordance with its terms.

 

c) Management of the Company represents they
has taken the required steps to start the audit process of its financial statements by engaging a PCOAB auditor.

 

d) As of September 27, 2011, Bill Sigler is
the 100% owner of Team Sports Superstore, Inc. Bill Sigler has the requisite power and authority to
enter into this Agreement on behalf of Team Sports Superstore.

 

e) The management of Team Sports Superstore,
Inc. agrees to conduct its business only in the ordinary course of business consistent with past practice
based on the best efforts of the management team, whereby there will be no condition, event or occurrence which could reasonably
be expected to prevent, hinder or materially delay the ability of Team Sports Superstore, Inc. to
consummate the transactions contemplated by this Agreement.

 

f) Team Sports Superstore, Inc.
has good, clear and marketable titles to all the tangible properties and tangible assets as being owned by Team Sports or acquired
after the date thereof which are, individually or in the aggregate, material to Team Sports' business.

 

g) Team Sports Superstore, Inc. has
filed all tax returns required to be filed, and does not have a tax liability exceeding one hundred thousand ($100,000) dollars.
No material claim for unpaid taxes have been made or become a lien against the property of Team Sports. 

 

h) To the best of management’s knowledge,
Team Sports Superstore is not infringing on any existing trademarks, service marks, patents, trade names, copyrights or licenses.
Team Sports in the process of refining its trademarks, and service marks.

 

 

i) There are no claims, actions, suits, proceedings
or investigations pending or threatened or reasonably anticipated against or affecting Team Sports or any of their assets or business
or this Agreement or any exhibit hereto, at law or in equity, by or before any court, arbitrator or governmental authority, domestic
or foreign.

 

j) It is understood that Bill Sigler personally
owns 29,000,000 common shares, par value $0.001 of Reshoot Production Company, a Nevada Corporation, whose stock is quoted on the
OTC-Bulletin Board under the stock symbol: RSPO. Mr. Bill Sigler, at his sole discretion, may transfer, grant, gift or assign his
RSPO shares to other employees or corporate officers/directors of Team Sports Superstore, Inc., future owners of Team Sports Superstore,
Inc., corporate consultants, Athletic Ambassadors or non-employees of the Company.
It would be expected that any transfer of shares would take place after this Irrevocable Business Sale Agreement is consummated.

 

REPRESENTATIONS AND WARRANTIES

of Reshoot Production Company

 

2.2 Representations
and Warranties of Reshoot Production Company. Reshoot Production represents and warrants to Team
Sports Superstore, Inc. as follows:

 

a) Organization,
Standing and Corporate Power. Reshoot Production Company is duly incorporated, validly existing and in good standing under the
laws of the State of Nevada, as is applicable, and has the requisite corporate power and authority to carry on its business as
now being conducted. Reshoot Production is duly qualified or licensed to do business and is in good standing in each jurisdiction
in which the nature of its business or the ownership or leasing of its properties makes such qualification or licensing necessary,
other than in such jurisdictions where the failure to be so qualified or licensed (individually or in the aggregate) would not
have a material adverse effect with respect to Reshoot Production.

 

b) Reshoot Production has
the requisite power and authority to enter into this Agreement and to consummate this Agreement. The execution and delivery of
this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate
action on the part of Reshoot Production. This Agreement has been duly executed and delivered and constitutes a valid and binding
obligation, enforceable against both Parties in accordance with its terms.

 

c) There is no suit,
action or proceeding or investigation pending or, to the knowledge of Reshoot Production, threatened against or affecting Reshoot
Production or any basis for any such suit, action, proceeding or investigation that, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect or prevent, hinder or materially delay the ability of Reshoot Production to consummate
the transactions contemplated by this Agreement, nor is there any judgment, decree, injunction, rule or order of any Governmental
Entity or arbitrator outstanding against Reshoot Production having, or which, insofar as reasonably could be foreseen by Reshoot
Production, in the future could have, a Material Adverse Effect.

 

d) The conduct of the business of Reshoot Production
complies with all statutes, laws, regulations, ordinances, rules, judgments, orders, decrees or arbitration awards applicable thereto
except for such violation thereof would not have a Material Adverse Effect.

 

e) Reshoot Production
has filed all reports, schedules, forms, statements and other documents as required by the U. S. Securities and Exchange Commission
(the "SEC.") and Reshoot Production has made available to Team Sports Superstore all
reports, schedules, forms, statements and other documents filed with the SEC. The Reshoot Production’s SEC documents complied
in all material respects with the requirements of the Securities Act or the Securities Exchange Act of 1934, as amended, as the
case may be, and the rules and regulations of the SEC promulgated thereunder applicable to such SEC documents, and none of the
SEC Documents (including any and all consolidated financial statements included therein) as of such date contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. Except to the extent revised or superseded by
a subsequent filing with the SEC. The consolidated financial statements of Reshoot Production comply as to form in all material
respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, have
been prepared in accordance with generally accepted accounting principles (except, in the case of unaudited consolidated quarterly
statements, as permitted by Form 10-Q of the SEC) applied on a consistent basis during the periods involved (except as may be indicated
in the notes thereto) and fairly present the consolidated financial position of Reshoot Production as of the dates thereof and
the consolidated results of operations and changes in cash flows for the periods then ended (subject, in the case of unaudited
quarterly statements, to normal year-end audit adjustments as determined by Parent's independent accountants). As set forth in
the SEC Documents, at the date of the most recent financial statements, Reshoot Production has not incurred, any liabilities or
obligations of any nature (whether accrued, absolute, contingent or otherwise) which, individually or in the aggregate, could reasonably
be expected to have a material adverse effect with respect to this Agreement.

 

 

ARTICLE III.

MISCELLANEOUS

 

3.1. Assignability and Parties in Interest.
This Agreement shall not be assignable by any of the parties hereto without the consent of all other parties hereto. This Agreement
shall inure to the benefit of and be binding upon the parties hereto and their respective successors. Nothing in this Agreement
is intended to confer, expressly or by implication, upon any other person any rights or remedies under or by reason of this Agreement.

 

3.2. Governing Law. This Agreement shall be
governed by, and construed and enforced in accordance with, the laws of the State of Nevada. Each of the parties hereto consents
to the personal jurisdiction of the federal and state courts in the State of Nevada in connection with any action arising under
or brought with respect to this Agreement.

 

3.3. Counterparts. This Agreement may be executed
as of the same effective date in one or more counterparts, each of which shall be deemed an original.

 

3.4. Headings. The headings and subheadings
contained in this Agreement are included solely for ease of reference, and are not intended to give a full description of the contents
of any particular Section and shall not be given any weight whatever in interpreting any provision of this Agreement.

 

3.5. Complete Agreement. This Agreement and
the documents referred to herein contain the entire agreement between the parties and, except as provided herein, supersede all
previous negotiations, commitments and writings.

 

3.6. Modifications, Amendments and Waivers.
This Agreement shall not be modified or amended except by a writing signed by each of the parties hereto.

 

3.7. Severability. If any term or other provision
of this Agreement is invalid, illegal, or incapable of being enforced by any rule of law or public policy, all other terms and
provisions of this Agreement will nevertheless remain in full force and effect. Upon any such determination that any term or other
provision is invalid, illegal, or incapable of being enforced, the parties hereto will negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties as closely as possible.

 

IN WITNESS WHEREOF, the parties have
executed this Agreement as of the day and year first above written.

 

 

RESHOOT PRODUCTION COMPANY

 

By: /s/ Bill Sigler

Bill Sigler

CEO/President

 

 

Team Sports Superstore,
Inc.

 

By: /s/ Bill Sigler

Bill Sigler

CEO/Presidentex10-2.htm

Exhibit 10.2

 

PROMISSORY NOTE

	  	  
	
US $10,000

	
September 22, 2011

FOR VALUE RECEIVED, the undersigned, VIM Beverage, Inc., a Nevada corporation ("Borrower"), hereby promises to pay to the order of Aaron Suen, an individual ("Lender"), the principal sum of Ten Thousand Dollars ($10,000), in lawful money in the United States of America, which shall be legal tender, bearing interest and payable as provided herein.  This Note is entered into in connection with and shall be subject to the terms and conditions of the Revolving Line of Credit Agreement,
entered into between the Borrower and the Lender on or around March 25, 2011 (the “Effective Date” and the “Line of Credit”).  This Note evidences and memorializes amounts loaned to the Borrower by Lender on August 22, 2011, which date shall be the “Effective Date” of this Note.

	
1.  

	
Interest on the unpaid balance of this Note shall bear interest at the rate of twelve percent (12%) per annum, which interest shall accrue from the Effective Date until the Maturity Date (as defined below), unless prepaid prior to such Maturity Date. All past-due principal and interest (which failure to pay such amounts shall be defined herein as an "Event of Default") shall bear interest at the rate of fifteen percent (15%) per annum until paid in full.
Interest will be computed on the basis of a 360-day year.

	
2.  

	
The principal and accrued interest due on this Note shall be due and payable on March 25, 2012 (the “Maturity Date”).

	
3.  

	
This Note may be prepaid in whole or in part, at any time and from time to time, without premium or penalty.

	
4.  

	
If any amount of this Note is not paid when due under this Note, or otherwise cured as provided in the Line of Credit (if such Line of Credit provides for the cure of such payment), an Event of Default shall be deemed to have occurred and each such Event of Default hereunder shall also constitute an “Acceleration Event” under this Note.  Upon an Acceleration Event, the Lender shall have the right to provide for the entire amount of unpaid principal and interest on this Note to be immediately due and payable, by providing the Borrower fifteen (15) days prior written notice of Lender’s desire to make the entire
outstanding amount of principal and interest due on this Note immediately payable, which Note shall then be payable by the Borrower after the expiration of the fifteenth (15th) day following the receipt of such notice by the Borrower (an “Event of Default”).

	
5.  

	
If any payment of principal or interest on this Note shall become due on a Saturday, Sunday or any other day on which national banks are not open for business, such payment shall be made on the next succeeding business day.

	
6.  

	
This Note shall be binding upon and inure to the benefit of the Lender named herein and Lender's respective successors and assigns. Each holder of this Note, by accepting the same, agrees to and shall be bound by all of the provisions of this Note. Lender may assign this Note or any of its rights, interests or obligations to this Note without the prior written approval of Borrower.

  

  

  

	
7.  

	
No provision of this Note shall alter or impair the obligation of Borrower to pay the principal of and interest on this Note at the times, places and rates, and in the coin or currency, herein prescribed.

	
8.  

	
Notwithstanding anything to the contrary in this Note or any other agreement entered into in connection herewith, whether now existing or hereafter arising and whether written or oral, it is agreed that the aggregate of all interest and any other charges constituting interest, or adjudicated as constituting interest, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction, shall under no circumstances exceed the Maximum Rate.

	
9.  

	
If an Event of Default (as defined herein and/or below) occurs (unless all Events of Default have been cured or waived by Lender), an Acceleration Event shall be deemed to have occurred and Lender may, by notice to Borrower, declare the principal amount then outstanding of, and the accrued interest and all other amounts payable on this Note to be immediately due and payable as provided above.  The then-outstanding principal balance of this Note, together with any interest accrued thereon shall become immediately due and payable if any of the following events ("Events of
Default"), and/or any other Events of Default defined elsewhere in this Note shall occur:

 

	
  

	
(a)

	
Borrower shall fail to pay, when and as due, the principal or interest payable hereunder on the due date of such payment, or the Borrower shall fail to pay any amounts due on any other notes entered into in connection with the Line of Credit; or

 

	
  

	
(b)

	
If there shall exist final judgments against Borrower aggregating in excess of One Hundred Thousand Dollars ($100,000) and if any one of such judgments shall have been outstanding for any period of forty-five (45) days or more from the date of its entry and shall not have been discharged in full or stayed pending appeal; or

 

	
  

	
(c)

	
Borrower shall have breached in any material respect any covenant in this Note (other than the requirement that payments be made on the due date of such payments, which shall have no cure rights), and, with respect to breaches capable of being cured, such breach shall not have been cured within five (5) days following the occurrence of such breach; or

 

	
  

	
 (d)

	
Borrower shall: (i) become insolvent or take any action which constitutes its admission of inability to pay its debts as they mature; (ii) make an assignment for the benefit of creditors, file a petition in bankruptcy, petition or apply to any tribunal for the appointment of a custodian, receiver or a trustee for it or a substantial portion of its assets; (iii) commence any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation or statute of any jurisdiction, whether now or hereafter in effect; (iv) have filed against it any such petition or application in which an order for relief is entered or which remains undismissed for a period of ninety (90) days or more; (v) indicate
its consent to, approval of or acquiescence in any such petition, application, proceeding or order for relief or the appointment of a custodian, receiver or trustee for it or a substantial portion of its assets; or (vi) suffer any such custodianship, receivership or trusteeship to continue undischarged for a period of ninety (90) days or more; or

 

  

  

  

	
  

	
(e)

	
Borrower shall take any action authorizing, or in furtherance of, any of the foregoing; or

 

	
  

	
(f)

	
An Event of Default shall have occurred under the Line of Credit or any other note entered into in connection with the Line of Credit.

	
10.  

	
In case any one or more Events of Default shall occur and be continuing, Lender may proceed to protect and enforce its rights by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or for an injunction against a violation of any of the terms hereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.  In case of a default in the payment of any principal of or premium, if any, or interest on this Note, Borrower will pay to Lender such further amount as shall be sufficient to cover the reasonable cost and expenses of collection, including, without limitation, reasonable attorneys’ fees, expenses
and disbursements.  No course of dealing and no delay on the part of Lender in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice Lender’s rights, powers or remedies.  No right, power or remedy conferred by this Note upon Lender shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.

	
11.  

	
In the event the maturity of this Note is accelerated by reason of an Event of Default or Acceleration Event under this Note, any other agreement entered into in connection herewith or therewith, or by voluntary prepayment by Borrower or otherwise, then earned interest may never include more than the Maximum Rate allowable by law, computed from the dates of each advance of the loan proceeds outstanding until payment. If from any circumstance any holder of this Note shall ever receive interest or any other charges constituting interest, or adjudicated as constituting interest, the amount, if any, which would exceed the Maximum Rate shall be applied to the reduction of the principal amount owing on this Note, and not to the payment
of interest; or if such excessive interest exceeds the unpaid balance of principal hereof, the amount of such excessive interest that exceeds the unpaid balance of principal hereof shall be refunded to Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, to the extent permitted by applicable law (i) any nonprincipal payment shall be characterized as an expense, fee or premium rather than as interest; and (ii) all interest at any time contracted for, charged, received or preserved in connection herewith shall be amortized, prorated, allocated and spread in equal parts during the period of the full stated term of this Note. The term "Maximum
Rate" shall mean the maximum rate of interest allowed by applicable federal or state law.

 

 

 

 

  

  

  

	
12.  

	
This Note is hereby expressly limited so that in no event whatsoever, whether by reason of deferment or advancement of loan proceeds, acceleration of maturity of the loan evidenced hereby, or otherwise, shall the amount paid or agreed to be paid to Lender hereunder for the loan, use, forbearance or detention of money exceed the maximum interest rate permitted by the laws of the State of Nevada.  If at any time the performance of any provision involves a payment exceeding the limit of the price that may be validly charged for the loan, use, forbearance or detention of money under applicable law, then automatically and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the
specific intent of Borrower and Lender that all payments under this Note are to be credited first to interest as permitted by law, but not in excess of (i) the agreed rate of interest hereunder, or (ii) that permitted by law, whichever is the lesser, and the balance toward the reduction of principal.

	
13.  

	
Except as provided herein, Borrower and any sureties, guarantors and endorsers of this Note jointly and severally waive demand, presentment, notice of nonpayment or dishonor, notice of intent to accelerate, notice of acceleration, diligence in collecting, grace, notice and protest, and consent to all extensions without notice for any period or periods of time and partial payments, before or after maturity, without prejudice to the holder. The holder shall similarly have the right to deal in anyway, at anytime, with one or more of the foregoing parties without notice to any other party, and to grant any such party any extensions of time for payment of any of said indebtedness, or to grant any other indulgences or forbearance
whatsoever, without notice to any other party and without in any way affecting the personal liability of any party hereunder. If any efforts are made to collect or enforce this Note or any installment due hereunder, the undersigned agrees to pay all collection costs and fees, including reasonable attorney's fees.

 

	
14.  

	
This Note is a legally binding obligation of the Borrower, enforceable against the Borrower in accordance with the terms hereof, except to the extent that (i) such enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights, and (ii) the availability of the remedy of specific performance or in injunctive or other equitable relief is subject to the discretion of the court before which any proceeding therefore may be brought.

	
15.  

	
This Note may be executed in several counterparts, each of which is an original.  It shall not be necessary in making proof of this Note or any counterpart hereof to produce or account for any of the other counterparts.  A copy of this Note signed by one Party and faxed or scanned and emailed to another Party (as a PDF or similar image file) shall be deemed to have been executed and delivered by the signing Party as though an original.  A photocopy or PDF of this Note shall be effective as an original for all purposes.

	
16.  

	
This Note shall be governed by and construed exclusively in accordance with the laws of the State of Nevada without regard to the conflicts of laws principles thereof. The parties hereto hereby agree that any suit or proceeding arising directly and/or indirectly pursuant to or under this instrument or the consummation of the transactions contemplated hereby, shall be brought solely in a federal or state court located in Clark, County, Nevada. By its execution hereof, the parties hereby covenant and irrevocably submit to the in personam jurisdiction of the federal and state courts located in the City, County and State of Clark, County, Nevada and agree that any process in any such action may be served upon any of them personally,
or by certified mail or registered mail upon them or their agent, return receipt requested, with the same full force and effect as if personally served upon them in Clark County, Nevada. The parties hereto waive any claim that any such jurisdiction is not a convenient forum for any such suit or proceeding and any defense or lack of in personam jurisdiction with respect thereto. In the event of any such action or proceeding, the party prevailing therein shall be entitled to payment from the other party hereto of its reasonable and documented counsel fees and disbursements in an amount judicially determined.

  

  

  

	
17.  

	
This Note shall be binding upon the parties hereto and their respective heirs, legal representatives, successors and permitted assigns.

	
18.  

	
In the event any one or more of the provisions contained in this Note 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 provision hereof, and this Note shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

	
19.  

	
No modification, amendment, addition to, or termination of this Note, nor waiver of any of its provisions, shall be valid or enforceable unless in writing and signed by all the parties hereto.

	
20.  

	
The Note constitutes the entire agreement of the parties regarding the matters contemplated herein, or related thereto, and supersedes all prior and contemporaneous agreements, and understandings of the parties in connection therewith.

[Remainder of page left intentionally blank.  Signature page follows.]

 

 

 

 

 

  

  

  

IN WITNESS WHEREOF, Borrower has duly executed this Promissory Note as of the day and year first above written, with an Effective Date as provided above.

	  	
“Borrower”

	  	  
	  	  
	  	
VIM Beverage, Inc.

	  	  
	  	  
	  	
/s/ Candace Suen

	  	
Candace Suen

	  	
Vice President of Operations

 

 

“Lender”

/s/ Aaron Suen

Aaron Suen

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