Document:

Exhibit 10.3 Spinoff Agreement

Exhibit 10.3

ASSIGNMENT AND ASSUMPTION AGREEMENT

This Assignment and Assumption Agreement (the "Agreement") is effective as of the close of business on July 30, 2013, by and between E C Consulting International, Inc., a Nevada Corporation (the "Assignor"), and Dr. Jean-Claude Gehret and Danielle J. Gehret (collectively the “Assignee”).

RECITALS

A.

Whereas, the Assignor has agreed to assign and transfer to Assignee all of Assignor's right, title and interest in and to all the Assets as defined below directly related and incidental to the operating business of providing seminars to employees of companies, principally pharmaceutical companies of Assignor (the “Business”) as it was conducted  prior to July 30, 2013.

B.

The Assignor and Assignee have agreed to cause Assignee to assume and to fully perform and satisfy and be liable for all of the liabilities and obligations of Assignor that were directly related to the operations of the commercial operations of providing seminars to employees of companies, principally pharmaceutical companies as defined below (the "Assumed Liabilities"), associated with the Business or Assets, and Assignee agreed to accept Assets and assume said liabilities.

C.

Whereas, for the purpose of this Agreement, “Assets” shall mean all personal property (both tangible and intangible), contracts, accounts receivables, equipment, fixtures, general Intangibles (such as telephone and fax numbers, e-mail addresses and website URLs), bank deposit accounts, cash, all present and future contracts, all patents, franchise rights, trademarks, service marks, trade names, inventions, processes, know-how, trade secrets, copyrights, licenses and other rights related and incidental to the commercial operations of the Business, as conducted prior to July 30, 2013.

D.

Whereas, for the purpose of this Agreement, “Assumed Liabilities” shall mean any obligation of the Assignor under any contract or agreement, verbal or written, accounts payable, unfinished work-in-progress, accrued payroll and related taxes, and other current liabilities, checks issued in excess of deposits, deferred revenue, taxes payable, deferred taxes, benefit obligations and any portion of current liabilities, any debt obligations, capital lease or similar obligations, security interest, encumbrances, levies, liens or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any Asset, claims and causes of action, damages, demands, lost profits, suits, actions, judgments, assessments, costs and expenses, of any nature related and/or incidental to the Business. Assumed Liabilities shall exclude all liabilities owed to audit firms or the transfer agent, all of which will be retained and satisfied by Assignor.

NOW, THEREFORE, for good and valuable consideration (consisting of the return of 25,000,000 shares of the Assignor’s common stock owned by the Assignee), the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

1.

Assignment.  Assignor hereby grants, sells, assigns, transfers, conveys and delivers to Assignee, their successors and assigns, all of Assignor's rights, title and interest under, in and to the Assets and Business.

2.

Assumption of Assumed Liabilities.  Assignee hereby expressly assumes and agrees to pay, perform and/or discharge in accordance with their terms the Assumed Liabilities.

3.

Further Assurances.  Each of Assignor and Assignee agree to execute such other documents and take such other actions as may be reasonably necessary or desirable to confirm or effectuate the assumption contemplated hereby.

4.

Binding Effect. This Agreement and the covenants and agreements herein contained shall be binding upon and inure to the benefit of Assignee and its successors and assigns and shall inure to the benefit of Assignor and its successors and assigns.

5.

Modification. This Agreement may be modified or supplemented only by written agreement of the parties hereto.

1

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

ASSIGNOR

E C CONSULTING INTERNATIONAL, INC.

A Nevada Corporation

/s/ Mark Wentura

By:  Mark Wentura

Its: President, Chairman and Chief Executive Officer

Dated:  July 30, 2013

ASSIGNEE

/s/ Jean-Claude Gehret

Dr. Jean-Claude Gehret

/s/ Danielle J. Gehret

Danielle J. Gehret

Dated: July 30, 2013

2ex10x1.htm

Exhibit 10.1

 

 

USMETALS, INC.

PROMISSORY NOTE

$2,635,292 July 18, 2013

FOR VALUE RECEIVED, USMetals, Inc., a Nevada corporation (the “Company”) promises to pay to USCorp, a Nevada corporation (the “Holder”), or its registered assigns, in lawful money of the United States of America the principal sum of Two Million Six Hundred Thirty-Five Thousand Two Hundred Ninety-Two Dollars ($2,635,292), or such amount as shall equal the outstanding principal amount hereof, together with interest from the date of this Note on the unpaid principal balance at a rate equal to zero  percent (0.0%) per annum, computed on the basis of the actual number of days elapsed and a year of 365 days for the period that begins on the date this Note was first issued and ends on September 30, 2014 (the “Maturity Date”).  All unpaid principal, together with any then unpaid and accrued interest and other amounts payable hereunder, shall be due and payable on the earlier of (i) the Maturity Date, or (ii) when, upon or after the occurrence of an Event of Default (as defined below), such amounts are declared due and payable by the Holder as set forth in Section 4 or made automatically due and payable in accordance with the terms hereof.

The following is a statement of the rights of the Holder and the conditions to which this Note is subject, and to which the Holder, by the acceptance of this Note, agrees:

1.           Definitions. As used in this Note, the following capitalized terms have the following meanings:

(a)           “Act” shall mean the Securities Act of 1933, as amended.

(b)           “Event of Default” has the meaning given in Section 5 hereof.

(c)           “Holder” shall mean the Person specified in the introductory paragraph of this Note or any Person who shall at the time be the registered Holder of this Note.

(d)           “Obligations” shall mean and include all loans, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to the Holder of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment of money), now existing or hereafter arising under or pursuant to the terms of this Note and the Note Purchase Agreement, including, all interest, fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Company hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement of a proceeding under Title 11 of the United States Code (11 U. S. C. Section 101 et seq.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding. (g) “Person” shall mean and include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited liability company, an unincorporated association, a joint venture or other entity or a governmental authority.

 

  

  

  

2.           Payment Upon Demand.  Following the Maturity Date, the outstanding principal amount of the Note and accrued interest hereon, will be due and payable upon written demand from the Holder. If no demand is made and the Note has not been converted, interest will continue to accrue at the prevailing rate.

3.           Prepayment. The Company may prepay this Note in whole or in part at any time; provided however, that (i) any such prepayment will be applied first to the payment of expenses due under this Note, second to interest accrued on this Note and third, if the amount of prepayment exceeds the amount of all such expenses and accrued interest, to the payment of principal of this Note and (ii) the holder of the Note has consented in writing to such prepayment.

4.           Events of Default. The occurrence of any of the following shall constitute an “Event of Default” under this Note:

(a)           Failure to Pay. The Company shall fail to pay (i) when due any principal or interest payment on the due date hereunder or (ii) any other payment required under the terms of this Note on the date due and such payment shall not have been made within ten (10) days of the Company’s receipt of the Holder’s written notice to the Company of such failure to pay; or

(b)           Voluntary Bankruptcy or Insolvency Proceedings. The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v) become insolvent (as such term may be defined or interpreted under any applicable statute), (vi) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vii) take any action for the purpose of effecting any of the foregoing; or

(c)           Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within thirty (30) days of commencement.

  

  

  

5.           Rights of the Holder upon Default. Upon the occurrence or existence of any Event of Default (other than an Event of Default, referred to in Sections 4(b) and 4(c)) and at any time thereafter during the continuance of such Event of Default, the Holder may, with the consent of a Majority-in-Interest, by written notice to the Company, declare all outstanding Obligations payable by the Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. Upon the occurrence or existence of any Event of Default described in Sections 4(b) and 4(c), immediately and without notice, all outstanding Obligations payable by the Company hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default the Holder may exercise any other right power or remedy granted to it by or otherwise permitted to it by law, either by suit in equity or by action at law, or both.

6.           Waiver and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of the Company and the Holders of a Majority-in-Interest.

7.           Assignment by the Company or Holder. Neither this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole or in part, by the Company without the prior written consent of the Holder. Neither this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole or in part, by the Holder without the prior written consent of the Company.

8.           Waivers. The Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument.

9.           Governing Law. This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance with the laws of the State of Nevada, without regard to the conflicts of law provisions of the State of Nevada, or of any other state.

IN WITNESS WHEREOF, the Company has caused this Subordinated Convertible Promissory Note to be issued as of the date first written above.

 

	
 

 

COMPANY: 

 

USMETALS, INC.

	 	 	
Accepted and Agreed:

 

HOLDER:

 

USCORP

 

	 
	
/s/ Spencer Eubank

	 	 	
/s/ Robert Dultz

	 
	
Spencer Eubank, Secretary-Treasuer

	 	 	
Robert Dultz, President and CEO

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