Document:

EXHIBIT 10.1

 

MIX 1 Life, Inc.

C/O Zouvas Law Group, P.C. – 3990 Old Town Avenue, Suite C102 - San Diego, CA 92110

Phone (619) 688-1715 - Fax (619) 688-1716

 

February 26, 2015

 

Shadow Beverage and Snack, LLC

4650 East Cotton Center Blvd., ARE 240

Phoenix, AZ 85040 - United States

 

Re: Letter of Intent to Acquire the “No Fear” Brand Asset

 

This binding letter confirms our mutual intention to enter into a business transaction (the "Transaction") on the terms set forth below. This letter is intended to create legally binding obligations, including paragraphs 4, 6 and 7 which are separately enforceable and will serve as the basis for negotiating a more formal agreement leading to the completion of the Transaction.

 

1. The Transaction

 

	 	
1.1

	
Structure: This Transaction is contemplated an asset acquisition, whereby Mix 1 Life, Inc. (hereinafter “Mix 1”) purchases the “No Fear” brand asset (“No Fear”) from Shadow Beverage and Snack, LLC (hereinafter “Shadow”) in exchange for shares of Mix 1. The parties will jointly determine the optimum closing structure for the Transaction in order to best satisfy regulatory and other considerations.

	 	
 

	 
	 	
1.2

	
Purchase: The purchase price (hereinafter (“Purchase Price”) will be $12,000,000.00 USD.

	 	
 

	 
	 	
1.3

	
Terms and conditions: The definitive agreement under which the parties will agree to carry out the Transaction (the "Transaction Agreement") will contain provisions that are customary for a transaction of this nature, and will include (but not be limited to) representations and of both Shadow and Mix 1 (and the Shadow principal shareholders), including Mix 1's status as a reporting issuer with the U.S. Securities and Exchange Commission Exchange (the "SEC"). The Closing conditions in favor of both Mix 1 and Shadow will include the following:

 

	 	 	
(a)

	
Execution of all required regulatory approvals execution of the Acquisition; and

	 	 	
 

	 
	 	 	
(b)

	
Approvals of the boards of directors of Shadow and Mix 1 and shareholders of Shadow as required; and

	 	 	
 

	 
	 	 	
(c)

	
Obtaining all required consents of third parties; and

	 	 	
 

	 
	 	 	
(d)

	
All representations in the Acquisition Agreement being accurate as of the Closing of the Acquisition; and

	 	 	
 

	 
	 	 	
(e)

	
Notice of completion of substantial due diligence and board approval by both parties by March 15, 2015; and

	 	 	
 

	 
	 	 	
(f)

	
Closing of Acquisition by March 31, 2015.

 

2. Due Diligence

 

Once all parties have signed this letter, the due diligence teams of Shadow and Mix 1 will commence due diligence investigations on the other entity. Shadow and Mix 1 will give the other full access to all of its (i) books, records, business plans, financial and operating data and all other information; (ii) assets and operations; including but not limited to all intellectual property assets, both current and pending, in regards to patents, trademarks, and licenses.

 

3. Definite Agreement

 

Upon the satisfactory completion of diligence by Shadow and Mix 1, the parties shall negotiate the terms of the written Acquisition Agreement, acting reasonably and in good faith, with a view to executing the agreement on or before March 31, 2015. No oral agreements shall be enforceable under this agreement.

 

4. Standstill

 

During the period from the satisfactory completion of diligence until this term sheet is either superseded by the Acquisition Agreement or terminated, Shadow agrees that it will not solicit offers or have discussion with any third parties regarding its sale of its “No Fear” asset.

 

	 
	
1

	

 

5. Acquisition Costs

 

Each of the parties will be responsible for their own costs (including, but not limited to, accounting, legal and other professional or consulting fees and expenses) incurred by it in connection with the Acquisition contemplated.

 

6. Publicity

 

Neither party will make any announcement, issue any press release or otherwise disclose the existence of this term sheet, without the prior written consent of the other party. Shadow acknowledges that, as a reporting issuer, Mix 1 will be required to give public disclosure about the Acquisition and as such provides its consent for any required disclosure.

 

7. Confidentiality Agreement

 

Each party agrees that any information provided to the other in connection with the negotiation and entering into of the agreements for the Acquisition will be maintained in confidence, will not be disclosed to any other party, other than each party's respective professional advisors, except where disclosure is compelled by applicable law and will not be used by the party for any purpose other than the evaluation and completion of the Acquisition.

 

8. General

 

This letter will be governed by and construed in accordance with the laws of Nevada. Mix 1 and Shadow submit to the jurisdiction of the courts of Nevada with respect to any matters arising out of this letter. This letter will not constitute an offer capable of acceptance. Upon the written confirmation of the general terms and conditions set out in this letter by the parties to whom it is addressed, it will constitute a legally binding memorandum of understanding between the Parties with respect to the principal terms and conditions to be included in a more formal agreement.

 

This letter may be executed in any number of counterparts, each of when executed and delivered (including by way of facsimile) is an original but all of which taken together shall constitute one and the same instrument.

 

THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK

 

	 
	
2

	

 

 

Agreed and confirmed this 26th day of February, 2015.

 

	Shadow Beverage and Snack, LLC.	 	
	 	 	 	
	By:	/s/ George Martinez	 Date: 2/26/15	
	 	George Martinez	 	
	 	President	 	

  

Agreed and confirmed this 26th day of February, 2015.

 

	Mix 1 Life, Inc.	 	 
	 	 	 	 
	By:	/s/ Cameron Robb	 Date: 2/26/15	 
	 	Cameron Robb	 	 
	 	CEO	 	 

 

 

3ex10-24.htm

Exhibit 10.24

 

DIRECTOR COMPENSATION SUMMARY

 

 

 

Employee directors receive no additional compensation other than their normal salary for serving on the Board or its committees. The Chairman of the Board receives $130,000 annually. Each non-employee director (other than the Chairman of the Board) receives $55,000 annually. In addition, the Chairman of the Audit Committee receives a $30,000 annual retainer. The Chairmen of the Compensation and the Nominating and Corporate Governance Committees each receive an additional $20,000 annual retainer. Each Audit Committee member (other than the Chairman of the Committee) receives an additional $15,000 annual retainer. Each member of the Compensation and Nominating and Corporate Governance Committees (other than the Chairmen of those Committees) receives an additional $10,000 annual retainer. Outside directors also receive an initial grant, upon first election or appointment, and an annual grant of shares of restricted stock equal to $150,000, except the Chairman of the Board who receives an annual grant of shares of restricted stock equal to $170,000, which valuation is based on the price of Newpark stock on the date of the grant (appointment, election or re-election).ex4m 2014

Re: Extension of Maturity Date

Ladies/Gentlemen:

Please refer to the letter dated November 12, 2014 from Northwest Natural Gas Company (the “Company”') requesting an extension of the scheduled Maturity Date under and as defined in   the Credit Agreement dated as of December 20, 2012 among the Company, various financial institutions and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Credit Agreement”).  Subject to satisfaction of the conditions set forth in Section 2.14 of the Credit Agreement and the payment by the Company of an extension fee in an amount equal to ____% of the commitment of      the undersigned, the undersigned consents to the extension of the scheduled Maturity Date from  December 20, 2018 to December 20, 2019.

In addition to the foregoing, the Company has advised the undersigned that effective on November 5, 2014, Palomar Gas Holdings, LLC changed its name to Trail West Holdings, LLC    and Palomar Gas Transmission, LLC changed its name Trail West Pipeline, LLC. The      undersigned agrees that Schedule 3.8 of the Credit Agreement shall be deemed to be amended to reflect (i) such name changes and (ii) any future name changes for entities listed on such               Schedule 3.8, in each case so long as the state of incorporation, parent company and percentage ownership specified for the applicable entity on such Schedule 3.8 remain the same.

By: __________________________
Name:________________________    
Title:_________________________
    

Date:ex4n 2014

December 20, 2014

NW Natural Gas Company 
220 NW Second Avenue 
Portland, Oregon 97209
Attn:  C. Alex Miller
Re:  First Amendment to Credit Agreement
Ladies/Gentlemen:
Please refer to the Credit Agreement dated as of December 20, 2012 among Northwest Natural Gas Company, as Borrower, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and U.S. Bank, N.A. and Wells Fargo Bank, N.A., as Co-Syndication Agents (the “Credit Agreement”). Capitalized terms used but not defined in this letter amendment (this “Amendment”) shall have the meanings specified in the Credit Agreement.
The Borrower, the Required Lenders and the Administrative Agent agree that the Credit Agreement is amended as follows:
1.  Definition of Issuing Bank.  The definition of “Issuing Bank” is amended in its entirety to read as follows:
“Issuing Bank” means JPMorgan, Wells Fargo Bank, N.A. and U.S. Bank, N.A., in each case in its capacity as an issuer of Letters of Credit hereunder, and any other Person that, with the consent of the Borrower and the Administrative Agent, agrees to become an “Issuing Bank” hereunder, together with their respective successors in such capacity.  An Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.
2.  Addition of Definition of LC Cap.  The following definition is added to Section 1.1 in appropriate alphabetical sequence:
“LC Cap” means, with respect to any Issuing Bank, the maximum amount of the commitment of such Issuing Bank to issue Letters of Credit hereunder, which shall be (i) in the case of JPMorgan, $34,000,000; (ii) in the case of each of Wells Fargo Bank, N.A. and U.S. Bank, N.A., $33,000,000; (iii) in the case of any other Issuing Bank, the amount agreed between the Borrower and such Issuing Bank at the time it becomes an Issuing Bank; and (iv) in any case, such other amount as such Issuing Bank and the Borrower may agree in writing from time to time. 
3.  Reduction in Overall LC Exposure and Limitation on each Issuing Bank’s LC Exposure.  The last sentence of Section 2.6(b) is amended in its entirety to read as follows:
  A Letter of Credit shall be issued, amended, renewed or extended by an Issuing Bank only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the total Revolving Credit Exposures shall not exceed 

the total Commitments, (ii) the LC Exposure shall not exceed $100,000,000 and (iii) the LC Exposure under all Letters of Credit issued by such Issuing Bank shall not exceed such Issuing Bank’s LC Cap.
4.  References to Issuing Bank.  As there will be multiple Issuing Banks under the Credit Agreement after giving effect to this Amendment, each reference in the Credit Agreement to “the Issuing Bank” or any similar phrase shall be deemed to be a reference to “an Issuing Bank”, “any Issuing Bank”, “the applicable Issuing Bank”, “each applicable Issuing Bank”, “such Issuing Bank”, “any Issuing Bank”, “the Issuing Banks” or a similar phrase, in each case as appropriate in the context of the applicable provision of the Credit Agreement.  
This Amendment shall become effective when the Administrative Agent has received counterparts hereof (i) signed by the Required Lenders and each Lender that is to be an Issuing Bank after giving effect hereto and (iii) acknowledged by the Borrower.          .
The provisions of Sections 9.6 (Counterparts; Integration; Effectiveness), 9.9 (Governing Law; Jurisdiction; Consent to Service of Process) and 9.10 (WAIVER OF JURY TRIAL) of the Credit Agreement are incorporated herein by reference as if fully set forth herein, mutatis mutandis.
Please evidence your agreement to the foregoing by signing below and returning a counterpart hereof to the Administrative Agent. 
Very truly yours,
JPMORGAN CHASE BANK, N.A., individually, as an Issuing Bank and as Administrative Agent

By:                             
Name:                        _______
Title:                            

U.S. BANK, N.A., individually, as an Issuing Bank and as Co‐Syndication Agent

By:                             
Name:                        _______
Title:                            

WELLS FARGO BANK, N.A., individually, as an Issuing Bank and as Co‐Syndication Agent

By:                             
Name:                        _______
Title:                            

BANK OF AMERICA, N.A.

By:                             
Name:                        _______
Title:                            

CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK AGENCY

By:                             
Name:                        _______
Title:                            

UNION BANK, N.A.

By:                             
Name:                        _______
Title:                            

TD BANK, N.A.

By:                             
Name:                        _______
Title:                            

ROYAL BANK OF CANADA

By:                             
Name:                        _______
Title:                            

Acknowledged and agreed as of the date first written above: 
NORTHWEST NATURAL GAS COMPANY 

By:                             
Name:  C. Alex Miller
Title: Vice President, Regulation and Treasurer

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