Document:

exhibit101.htm - Generated by SEC Publisher for SEC Filing

 

Exhibit 10.1

 

RECISSION AGREEMENT

 

This RESCISSION
 AGREEMENT (this “Agreement”) is dated as of December 7, 2010,
between Trim Holding Group, a Nevada corporation (the “Company”),
and Allkey Ltd., a United Kingdom registered entity (the “Shareholder”).

 

            WHEREAS, the Company and the Shareholder (the “Parties”) entered into that certain Purchase
Agreement dated August 6, 2010 (the “Purchase Agreement”) for the
purchase Six Million (6,000,000) shares of the common stock of the Company, par
value US $0.0001 per share (the “Shares”) and Nine Million (9,000,000)
warrants (the “Warrants”); and

 

WHEREAS, the Parties entered into that certain Registration Rights Agreement dated
August 6, 2010 (the “Rights Agreement”) for the registration of the
Shares and the Warrants; 

 

WHEREAS, the
Parties have agreed to rescind Purchase Agreement and the Rights Agreement, to
return the Shares to the Company and to terminate the Warrants.

 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are
hereby acknowledged, the Parties agree as follows:

 

 

ARTICLE I

 DEFINITIONS

 

1.1.      Definitions. 
In addition to the terms defined elsewhere in this Agreement, for all purposes
of this Agreement, the following terms have the meanings set forth in this Section 1.1:

 

“Affiliate” means any Person that, directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 144 under the Securities Act.  With respect to the Shareholder, any investment fund or managed account that
is managed on a discretionary basis by the same investment manager as the
Shareholder will be deemed to be an Affiliate of the Shareholder.

 

 “Commission” means the Securities and Exchange Commission.

 

“Liens” means a lien, charge, security interest, encumbrance, right of first refusal,
preemptive right or other restriction.

 

 “Person” means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability the Company, joint
stock the Company, government (or an agency or subdivision thereof) or other
entity of any kind.

 

                                               1

 

 

 

                        “Transfer Agent” means Bay City Transfer Agency and Registrar, Inc.

 

 

ARTICLE II

RESCISSION AND RETURN OF SHARES; CANCELLATION OF WARRANTS

 

As
of the date of this Agreement, the Purchase Agreement and the Rights Agreement
are rescinded and the Warrants are cancelled.  The Shareholder has returned all
the Shares and the Warrants to the Transfer Agent and The Company for
cancellation. 

  

 

ARTICLE III

 REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDER

 

The Shareholder hereby represents
and warrants Date to the Company as of the date hereof the following:

 

3.1       Organization; Authority.  The Shareholder is an entity duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization with full right,
corporate or partnership power and authority to enter into and to consummate this
Agreement and otherwise to carry out its obligations hereunder and thereunder.
The execution, delivery and performance by the Shareholder of this Agreement
and the transactions contemplated by this Agreement have been duly authorized
by all necessary corporate or similar action on the part of the Shareholder. 
This Agreement has been duly executed by the Shareholder, and when delivered by
the Shareholder in accordance with the terms hereof, will constitute the valid
and legally binding obligation of the Shareholder, enforceable against it in
accordance with its terms, except (i) as limited by general equitable
principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’
rights generally, (ii) as limited by laws relating to the availability of
specific performance, injunctive relief or other equitable remedies and
(iii) insofar as indemnification and contribution provisions may be limited
by applicable law.

   

3.2      
Title and Encumbrances.  The Shareholder is sole and beneficial owner of
record of the Shares and the Warrants free and clear of all Liens,
encumbrances, security agreements, equities, options, claims, charges,
restrictions, except for the Purchase Agreement, and no other Person has any
interest therein, including any security interest, Lien, claim of title, or
other right to possess, own, claim, foreclose upon, or assert any interest in
the Shares.

 

 

ARTICLE IV

 OTHER AGREEMENTS OF THE PARTIES

 

4.1       Securities
Laws Disclosure; Publicity.  The Company shall issue a Current Report on Form 8-K, disclosing the material terms of this Agreement and filing of this
Agreement as an exhibit thereto.  The Shareholder shall not issue a press
release or otherwise make any such public statement without the prior consent
of the Company, with respect to this Agreement. 

2

 

 

 

 

4.2       Release of the
Shareholder.  The Company does hereby remise, release, acquit and forever
discharge the Shareholder and its owners, officers, directors, employees,
agents, Affiliates, advisors and attorneys (collectively, the “Shareholder
Released Parties”) of and from all manner of actions, causes of action, suits,
debts, covenants, accounts, trespasses, contracts, agreements, damages,
judgments, liabilities, losses, costs, expenses, and claims of any nature
whatsoever, in law or equity, whether or not now or hereafter known, suspected
or claimed, which the Company ever had, now has, or which he hereafter can,
shall or may have or allege against the Shareholder or the Shareholder Released
Parties upon or by reason of any matter, cause or thing from the beginning of
the world to the date hereof related to the Purchase Agreement.

4.3       Release
of the Company.  The Shareholder does hereby remise, release, acquit and
forever discharge the Company and its shareholders, officers, directors,
employees, agents, Affiliates, advisors and attorneys (collectively, the “Company
Released Parties”) of and from all manner of actions, causes of action, suits,
debts, covenants, accounts, trespasses, contracts, agreements, damages,
judgments, liabilities, losses, costs, expenses, and claims of any nature
whatsoever, in law or equity, whether or not now or hereafter known, suspected
or claimed, which the Shareholder ever had, now has, or which it hereafter can,
shall or may have or allege against the Company or the Company Released Parties
upon or by reason of any matter, cause or thing from the beginning of the world
to the date hereof related to the Purchase Agreement or the Shareholder’s
ownership or investment in the Company.  

 

 

ARTICLE V

 MISCELLANEOUS

 

5.1       Fees and Expenses.  The Parties shall
pay the fees and expenses of its advisers, counsel, accountants and other
experts, if any, and all other expenses incurred by such party incident to the
negotiation, preparation, execution, delivery and performance of this Agreement.  

 

5.2       Entire Agreement.  This Agreement contains the entire understanding of the Parties with
respect to the subject matter hereof and supersedes all prior agreements and
understandings, oral or written, with respect to such matters, which the Parties
acknowledge have been merged into such documents, exhibits and schedules.

 

5.3       Notices.  Any and all notices or other communications or deliveries required or permitted to
be provided hereunder shall be in writing and shall be deemed given and
effective on the earliest of (a) the date of transmission, if such notice
or communication is delivered via facsimile at the facsimile number set forth
on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number set
forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the 2nd
 Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be
given.  The address for such notices and communications shall be as
follows:

3

 

 

 

 

                        The
Company:             Trim Holding Group

                                                            300 Center Ave. Suite 202

                                                            Bay City, MI 48708

                                                            Attn: Nitin Amersey

 

                        With
a copy to:           Joyce, Thrasher, Kaiser & Liss, LLC

                                                            Five Concourse Parkway, Suite 2350

                                                            Atlanta, Georgia 30328

                                                            Attn: H. Grady Thrasher, IV, Esq.

 

                        The
Shareholder:         Allkey Ltd.

                                                            57-61 Market Place

                                                            Cannock, Staffordshire WS11-1BP, England

                                                            Attn: Luciano Marinelli

 

5.4       Amendments; Waivers.  No provision of this Agreement may be waived or amended except
in a written instrument signed, in the case of an amendment, by the Parties or,
in the case of a waiver, by the party against whom enforcement of any such
waived provision is sought.  No waiver of any default with respect to any
provision, condition or requirement of this Agreement shall be deemed to be a
continuing waiver in the future or a waiver of any subsequent default or a
waiver of any other provision, condition or requirement hereof, nor shall any
delay or omission of any party to exercise any right hereunder in any manner
impair the exercise of any such right.

 

5.5       Headings.  The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

 

5.6       Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of
the Parties and their successors and permitted assigns.  The Company may
not assign this Agreement or any rights or obligations hereunder without the
prior written consent of the Shareholder (other than by merger). The
Shareholder may assign any or all of its rights under this Agreement to any Person to whom the Shareholder assigns or transfers any Securities, provided such
transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the Shareholder.

 

5.7       No Third-Party Beneficiaries.  This Agreement is intended for the benefit of the Parties
hereto and their respective successors and permitted assigns and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth herein.

 

5.8       Governing Law.  All questions concerning the construction, validity, enforcement and
interpretation of the Transaction Documents shall be governed by and construed
and enforced in accordance with the internal laws of
the State of Nevada, USA without regard to the principles of conflicts of law
thereof.

4

 

 

 

  

5.9       Survival.  The representations and warranties contained herein shall survive the Closing and the delivery of the Shares and the Warrants.

 

5.10     Execution.  This Agreement may be executed in two or more counterparts, all of which when
taken together shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the
other party, it being understood that both parties need not sign the same
counterpart.  

 

5.13     Remedies.  In addition to being entitled to exercise all rights provided herein or granted
by law, including recovery of damages, The Parties will be entitled to specific
performance under the Transaction Documents.  The Parties agree that
monetary damages may not be adequate compensation for any loss incurred by
reason of any breach of obligations contained in the Transaction Documents and
hereby agrees to waive and not to assert in any action for specific performance
of any such obligation the defense that a remedy at law would be adequate.

 

5.14     Construction. 
The Parties agree that each of them and/or their respective counsel has
reviewed and had an opportunity to revise the Transaction Documents and,
therefore, the normal rule of construction to the effect that any
ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of the Transaction Documents or any amendments hereto.

 

[Signatures Appear On Following Page]

5

 

 

 

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed by their respective authorized signatories, under seal, as of the date first indicated above.

 

 

                                                                        THE COMPANY:

 

                                                                        Trim Holding Group, 

a Nevada corporation.

 

 

 

 

/s/ Louis Bertoli

By: Louis Bertoli

Title: President & C.E.O.

                                                                                                       

 

                                                

 

/s/ Nitin Amersey

By: Nitin Amersey

Title: C.F.O./Director 

 

 

 

 

 

                                                                        THE SHAREHOLDER:

 

                                                                        Allkey Ltd., 

a United Kingdom registered entity.

 

                                                                        

                                                                        /s/ Luciano Marinelli

By: Luciano Marinelli

Title: President/Director

6exhibit102.htm - Generated by SEC Publisher for SEC Filing

 

Exhibit 10.2

 

REDEMPTION
AND ASSIGNMENT AGREEMENT

 

This REDEMPTION
AND ASSIGNMENT AGREEMENT (this “Agreement”) is dated as of December 9,
2010, between Trim Holding Group, a Nevada corporation (the “Company”),
and Allkey Ltd., a United Kingdom registered entity ( “Allkey”).

 

            WHEREAS, the Company and Allkey (the “Parties”) entered into that certain patent assignment
agreement dated December 31, 2009 (the “Assignment Agreement”) whereby Allkey
assigned U.S. Patent No. 6,685,660 B1, Canadian patent No. 2.345.653, Mexican
Patent No. 232187 (the “Patents”) and options to acquire patent rights
in certain other countries (the “Options”), named therein in
consideration for the issuance of 3,750,000 Series 2, Class P-2 preferred
shares (the “Shares”);  

 

WHEREAS, the
Parties have agreed, as described herein, to terminate the Assignment Agreement
and Options, redeem the Shares and assign the Patent Rights back to Allkey.

 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are
hereby acknowledged, the Parties agree as follows:

 

 

ARTICLE I

 DEFINITIONS

 

1.1.      Definitions. 
In addition to the terms defined elsewhere in this Agreement, for all purposes
of this Agreement, the following terms have the meanings set forth in this Section 1.1:

 

“Affiliate” means any Person that, directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 144 under the Securities Act.  With respect to Allkey, any investment fund or managed account that is
managed on a discretionary basis by the same investment manager as Allkey will
be deemed to be an Affiliate of Allkey.

 

 “Commission” means the Securities and Exchange Commission.

 

“Liens” means a lien, charge, security interest, encumbrance, right of first refusal,
preemptive right or other restriction.

 

 “Person” means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint
stock company, government (or an agency or subdivision thereof) or other entity
of any kind.

 

                        “Transfer Agent” means Bay City Transfer Agency and Registrar, Inc.

                                               1

 

 

 

 

 

ARTICLE II

REDEMPTION AND RETURN OF SHARES

 

As
of the date of this Agreement, Allkey sells, transfers and assigns to the
Company the Shares in consideration for the assignment of Patent Rights set
forth in Article III. 

  

 

ARTICLE III

ASSIGNMENT OF THE PATENTS

            As
of the date of this Agreement and in consideration for the Shares being
redeemed pursuant to Article II, the Company sells and assigns to Allkey the Patents
and the full and exclusive right, title and interest in: 

(i)         the
invention and improvements that are disclosed in the Patents; 

(ii)        any
continuation, divisional, continuation-in-part, re-issue application or patent,
re-examination application or patent, and the like, of the Patents and the inventions and improvements
disclosed in the Patents;

(iii)       the
right of priority in, and any patent or application claiming priority from, any
of the Patents or items listed under subsection (ii);

(iv)       any
foreign (non-U.S.) counterpart patent or patent application that claims
priority to or from any of the Patents or items listed under subsections (ii)
to (iii) as well as related patent rights arising from subsections (ii) to
(iv);

(v)        the
right to sue in the Company’s own name for past infringement of, and any and
all causes of action for past infringement of any of, the Patents, or any
patent or application issuing therefrom;

The foregoing rights (the “Patent
Rights”) to be held and enjoyed by Allkey, its successors, and assigns, as
fully and entirely as the same would have been held and enjoyed by the Company
had this assignment and sale not been made.

 

ARTICLE IV

TERMINATION OF ASSIGNMENT AGREEMENT

 

            The Assignment
Agreement and all rights therein (including, without limitation, all of the Options
and all of Allkey’s rights to payment) are terminated as of the date of this
Agreement.

 

2

 

 

 

ARTICLE V

 REPRESENTATIONS AND WARRANTIES OF SHAREHOLDER

 

Allkey hereby
represents and warrants Date to the Company as of the date hereof the following:

 

5.1       Organization; Authority.  Allkey is an entity duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization with full right, corporate or
partnership power and authority to enter into and to consummate this Agreement
and otherwise to carry out its obligations hereunder and thereunder. The
execution, delivery and performance by Allkey of this Agreement and the
transactions contemplated by this Agreement have been duly authorized by all
necessary corporate or similar action on the part of Allkey.  This
Agreement has been duly executed by Allkey, and when delivered by Allkey in
accordance with the terms hereof, will constitute the valid and legally binding
obligation of Allkey, enforceable against it in accordance with its terms,
except (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as
limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

   

5.2      
Title and Encumbrances.  Allkey is sole and beneficial owner of record
of the Shares free and clear of all Liens, encumbrances, security agreements,
equities, options, claims, charges, restrictions, except for the Purchase
Agreement, and no other Person has any interest therein, including any security
interest, Lien, claim of title, or other right to possess, own, claim,
foreclose upon, or assert any interest in the Shares.

 

 

ARTICLE VI

 OTHER AGREEMENTS OF THE PARTIES

 

6.1       Securities
Laws Disclosure; Publicity.  The Company shall issue a Current Report on Form 8-K, disclosing the material terms of this Agreement and filing this
Agreement as an exhibit thereto.  Allkey shall not issue a press release
or otherwise make any such public statement with respect to this Agreement without
the prior consent of the Company. 

6.2       Release of Allkey. 
The Company does hereby remise, release, acquit and forever discharge Allkey
and its owners, officers, directors, employees, agents, Affiliates, advisors
and attorneys (collectively, the “Allkey Released Parties”) of and from
all manner of actions, causes of action, suits, debts, covenants, accounts,
trespasses, contracts, agreements, damages, judgments, liabilities, losses,
costs, expenses, and claims of any nature whatsoever, in law or equity, whether
or not now or hereafter known, suspected or claimed, which the Company ever had,
now has, or which he hereafter can, shall or may have or allege against Allkey
or the Allkey Released Parties upon or by reason of any matter, cause or thing
from the beginning of the world to the date hereof related to the Assignment
Agreement.

3

 

 

 

6.3       Release of the Company.  Allkey does
hereby remise, release, acquit and forever discharge the Company and its
shareholders, officers, directors, employees, agents, Affiliates, advisors and
attorneys (collectively, the “Company Released Parties”) of and from all
manner of actions, causes of action, suits, debts, covenants, accounts,
trespasses, contracts, agreements, damages, judgments, liabilities, losses,
costs, expenses, and claims of any nature whatsoever, in law or equity, whether
or not now or hereafter known, suspected or claimed, which Allkey ever had, now
has, or which it hereafter can, shall or may have or allege against the Company
or the Company Released Parties upon or by reason of any matter, cause or thing
from the beginning of the world to the date hereof related to the Assignment
Agreement or Allkey’s ownership or investment in the Company.  

 

 

ARTICLE VII

 MISCELLANEOUS

 

7.1       Fees and Expenses .  Each Party shall pay the fees and expenses of its advisers, counsel,
accountants and other experts, if any, and all other expenses incurred by such
party incident to the negotiation, preparation, execution, delivery and
performance of this Agreement.  

 

7.2       Entire Agreement.  This Agreement contains the entire understanding of the Parties with
respect to the subject matter hereof and supersedes all prior agreements and
understandings, oral or written, with respect to such matters, which the Parties
acknowledge have been merged into such documents, exhibits and schedules.

 

7.3       Notices.  Any and all notices or other communications or deliveries required or permitted to
be provided hereunder shall be in writing and shall be deemed given and
effective on the earliest of (a) the date of transmission, if such notice
or communication is delivered via facsimile at the facsimile number set forth
on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number set
forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the 2nd
 Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service, or (d) upon actual receipt by the
party to whom such notice is required to be given.  The address for such
notices and communications shall be as follows:

 

                        The
Company:             Trim Holding Group

                                                            300 Center Ave. Suite 202

                                                            Bay City, MI 48708

                                                            Attn: Nitin Amersey

 

                        With
a copy to:           Joyce, Thrasher, Kaiser & Liss, LLC

                                                            Five Concourse Parkway, Suite 2350

                                                            Atlanta, Georgia 30328

                                                            Attn: H. Grady Thrasher, IV, Esq.

 

4

 

 

 

 

                        Allkey:                        Allkey
Ltd.

                                                            57-61 Market Place

                                                            Cannock-Staffordshire WS11-1BP England

                                                            Attn: Luciano Marinelli

 

7.4       Amendments; Waivers.  No provision of
this Agreement may be waived or amended except in a written instrument signed,
in the case of an amendment, by the Parties or, in the case of a waiver, by the
party against whom enforcement of any such waived provision is sought.  No
waiver of any default with respect to any provision, condition or requirement
of this Agreement shall be deemed to be a continuing waiver in the future or a
waiver of any subsequent default or a waiver of any other provision, condition
or requirement hereof, nor shall any delay or omission of any party to exercise
any right hereunder in any manner impair the exercise of any such right.

 

7.5       Headings.  The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

 

7.6       Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of
the Parties and their successors and permitted assigns.  The Company may not assign this Agreement or any rights or obligations hereunder without the prior
written consent of Allkey (other than by merger). Allkey may assign any or
all of its rights under this Agreement to any Person to whom Allkey assigns or
transfers any Securities, provided such transferee agrees in writing to be
bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to Allkey.

 

7.7       No Third-Party Beneficiaries.  This Agreement is intended for the benefit of the Parties
hereto and their respective successors and permitted assigns and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth herein.

 

7.8       Governing Law.  All questions concerning the construction, validity, enforcement and
interpretation of the Transaction Documents shall be governed by and construed
and enforced in accordance with the internal laws of the State of Nevada, USA without regard to the principles of conflicts of law thereof.

  

7.9       Survival.  The representations and warranties contained herein shall survive the Closing and the delivery of the Shares.

 

7.10     Execution.  This Agreement may be executed in two or more counterparts, all of which when
taken together shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the
other party, it being understood that both parties need not sign the same
counterpart.  

 

7.13     Remedies.  In addition to being entitled to exercise all rights provided herein or granted
by law, including recovery of damages, each of the Parties will be entitled to
specific performance under the Transaction Documents.  The Parties agree that monetary damages may not be adequate
compensation for any loss incurred by reason of any breach of obligations
contained in the Transaction Documents and hereby agrees to waive and not to
assert in any action for specific performance of any such obligation the
defense that a remedy at law would be adequate.

5

 

 

 

 

7.14     Construction.  The Parties agree that each of them and/or their respective counsel has
reviewed and had an opportunity to revise the Transaction Documents and,
therefore, the normal rule of construction to the effect that any
ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of the Transaction Documents or any amendments hereto.

 

[Signatures Appear On Following Page]

6

 

 

 

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed by their respective authorized signatories, under seal, as of the date first indicated above.

 

 

                                                                        THE COMPANY:

 

                                                                        Trim Holding Group, 

a Nevada corporation.

 

 

 

 

/s/ Louis Bertoli

By: Louis Bertoli

Title: President & C.E.O.

                                                                                                       

 

                                                

 

/s/ Nitin Amersey

By: Nitin Amersey

Title: C.F.O./Director 

 

 

 

 

 

ALLKEY:

 

Allkey Ltd., 

a United Kingdom registered entity.

 

                                                                        

                                                                        /s/ Luciano Marinelli

By: Luciano Marinelli

Title: President/Director          

 

7

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