Document:

BWP 13 10K Ex. 10.12

Exhibit 10.12

Execution Version

______________, 2014

[Mr.][Ms.] ___________________
____________________________
____________________________

Re:      Retention Payment 

Dear             :

Boardwalk Pipeline Partners, LP (the “Partnership”) recognizes and appreciates your contribution to the continuing success of the Partnership and its affiliates.  Accordingly, the Partnership would like to offer you an opportunity to earn a special retention payment equal to $[•] (the “Retention Payment”).   Except as otherwise provided in this letter, if you remain continuously employed by the Partnership or one of its affiliates from the date of this letter through each “Vesting Date” identified in the schedule below then, on a date selected by the Partnership that is no later than 10 business days after such Vesting Date, you will receive a cash payment from the Partnership (or its affiliate that employs you) equal to the portion of the Retention Payment that becomes vested on such Vesting Date in accordance with the schedule below, less applicable tax withholding.  
	
		
	Vesting Date
	Portion of the Retention 
Payment that Becomes Vested

	February 28, 2015
	25%

	February 29, 2016
	25%

	February 28, 2017
	50%

Notwithstanding the employment requirement described above, if your employment with the Partnership and its affiliates is terminated prior to February 28, 2017 due to your death or a disability that entitles you to benefits under a long-term disability plan of the Partnership or one of its affiliates (a “Qualifying Disability”), then you (or your estate in the case of your death) will receive a cash payment from the Partnership (or its affiliate that employs you) equal to the portion of the Retention Payment that would have become vested on the next Vesting Date following the date of such termination if you had remained actively employed by the Partnership or one of its affiliates on such Vesting Date, which payment will be prorated through and including the date of such termination (based on the ratio of the number of days you were employed by the Partnership or one of its affiliates during the 12-month period ending on such Vesting Date to the number of days in such 12-month period).  However, other than the payment described in the preceding sentence, you will not be entitled to receive any portion of the Retention Payment that has not previously become vested.  If applicable, the payment described in the first sentence of this paragraph will be paid to you (or your estate in the case of your death) on a date selected by the Partnership that is no later than 30 business days after the date of the termination of your employment with the Partnership and its affiliates.  For the avoidance of doubt, if your employment is terminated by the Partnership or any of its affiliates other than due to your death or a Qualifying Disability or you resign from your employment with the Partnership and its affiliates, then you will not have any right to receive any portion of the Retention Payment scheduled to become vested on a Vesting Date following the date of such termination.  For all purposes of this letter, you will be considered to be employed by the Partnership or one of its affiliates if you are in active status or are on an authorized and qualified family, medical or military leave of absence.  

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This letter and the special retention payment opportunity described in this letter are being made available to you on the condition that, except as required by applicable law or any applicable rules or regulations of the New York Stock Exchange, you will not disclose the terms of this letter to anyone (including to other employees of the Partnership and its affiliates) other than your spouse and financial and legal advisors.  You agree that any unauthorized disclosure of the terms of this letter could cause undue harm to the Partnership and its affiliates.  You also agree that you will not make any disclosure of the terms of this letter to your spouse or financial or legal advisors without advising the recipient of the disclosure of the nondisclosure provisions of this paragraph and obtaining their agreement to comply with these provisions.  The Partnership shall have the authority and right to forfeit your entitlement to receive the portion (if any) of the Retention Payment payable to you under this letter if the Partnership or any of its affiliates determines that you have violated the provisions of this paragraph.
Nothing contained in this letter alters the at-will nature of your employment, confers upon you the right to continue to be employed by the Partnership or any of its affiliates for any particular period of time, or interferes with or restricts in any way the right of the Partnership or any of its affiliates, or you, to terminate your employment at any time, with or without Cause and for any reason or no reason at all.  The Retention Payment described in this letter will not be taken into account to increase any benefits or compensation provided, or to continue coverage, under any other plan, program, policy or arrangement of the Partnership or any of its affiliates, except as otherwise expressly provided in such other plan, program, policy or arrangement.
This letter shall be construed and interpreted in accordance with the laws of the State of Texas (without regard to the conflicts of laws principles thereof) and applicable Federal law.  Further, this letter may be amended only by a written instrument executed by you and the Partnership.
If you disagree with any of the terms of this letter or choose not to participate in the Retention Payment opportunity described above, please contact [•] on or before the close of business on [•].  Otherwise, you will be deemed to have accepted and agreed to the terms and conditions set forth in this letter.  
Should you have any questions, please call [•] at (713) ___ - _____.  Thank you again for the contribution you have made to our growth and success.

Sincerely,
BOARDWALK PIPELINE PARTNERS, LP
By:     Boardwalk GP, LP, its general partner
By:    Boardwalk GP, LLC, its general partner

By:                                 
Stanley C. Horton
President and Chief Executive Officer

2talk_ex101.htm

Exhibit 10.1

 

REGULATION S

STOCK PURCHASE AGREEMENT

This STOCK PURCHASE AGREEMENT (the "Agreement") is made effective this 18th day of February 2014 (the "Effective Date") by and between the undersigned. 

 

    1. iTalk Inc. with a principal address at 2400 W. Cypress Creek Rd, #111, Fort Lauderdale, FL 33309 hereinafter to be referred to as "Seller"; and, 

 

    2. 33 Ltd., a Bermuda Exempted Company with a principal business address at New Venture House, 3 Mill Creek Road, 3rd Floor, Pembroke, Bermuda, HM05 , with business at all times outside the United States ("US"), hereinafter referred to as "Buyer. 

 

    WHEREAS, Seller will sell 25,000,000 (Twenty Five Million) Regulation S common stock shares (the "Shares") of iTalk Inc, a corporation domiciled in the US, state of Nevada (the "Company"), which Seller is willing to sell and Buyer is willing to purchase , all in accordance with the terms and conditions of this Agreement; and, 

 

    WHEREAS, Seller will sell the Shares to Buyer in one transaction, not more than 25,000,000 (Twenty Five Million) of the Shares, as Buyer may determine in its sole discretion, provided the total number of the Shares purchased by Buyer under this Agreement shall not be less than 25,000,000 (Twenty Five Million) of the Shares (the "Total Purchase"); and, 

 

    WHEREAS, the Total Purchase Price for the Shares shall be$ 500,000 USD. 

 

    NOW THEREFORE THE PARTIES HAVE AGREED AS FOLLOWS: 

 

Article 1. Purchase and Sale. 

 

    Seller hereby agrees to sell, assign, transfer and convey the Shares to Buyer the Shares, and Buyer accepts such conveyance and assumes the obligations attendant to being the lawful owner and holder of the Shares with respect to all matters arising on or after the Purchase Date. The buyer agrees to purchase from the Company an aggregate of 25,000,000 (Twenty Five Million) shares of Regulation S stock for $500,000 USD. Buyer may at its sole discretion purchase the Shares in tranches, at a per share price of $0.02 per share ("Purchase Price"). 

 

Article 2. Undertaking By Buyer. 

 

    To induce Seller to enter into this Stock Purchase Agreement. Buyer agrees to provide Seller with viewing rights over the account containing the Shares, in a manner acceptable to Seller in its sole discretion. 

 

Article 3. Purchase of Shares: Purchase Date. 

 

    In the event of a closing in tranches, Buyer shall remit wire transfers for the applicable amount based on the Purchase Price as shares are sold into market on a weekly basis. 

 

Article 4. Sellers Representations and Warranties 

 

Seller hereby represents and warrants to Buyer that: 

 

4.1     Seller owns or has the rights to the Shares and has not granted any pre-emptive rights or options in respect of such Shares, and will hereby instruct Agent to deliver such Shares free and clear of any liens, encumbrances, pledges and restriction s of any kind or nature; 

 

4.2     All declarations , returns, forms and documents required to be filed by Seller to any administration and/or Government Authority have been filed. 

 

  

 

  

 

Article 5 

 

    Buyer hereby represents, warrants covenants to Seller that: 

 

5.1     Buyer has evaluated the merits and risks of the proposed investment in the Shares, including those risks particular to Buyer's situation, and has determined that this investment is suitable for Buyer. Buyer bas adequate financial resource s for an investment of this character, and at this time Buyer can bear a complete loss of the Purchase Price. Further, Buyer will continue to have, after making the proposed investment in the Shares, adequate means of providing for Buyer's current needs, the needs of those dependent on Buyer, and possible contingencies; 

 

5.2     Buyer understands that the sale of Shares is not being registered on the basis that this purchase and sale is exempt from registration under applicable territorial securities rules and regulations , including hut not limited to the US Securities Act of 1933, as amended {the "Act"), and other applicable US and foreign state and federal rules and regulations. Further, the Shares, when issued, will bear a legend pursuant the US securities mles and regulations, which will read as follows: 

 

    "THE SHARES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("THE SECURITIES ACT")) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATIONS PROMULGATED UNDER THE SECURITIES ACT." 

 

5.3     Buyer understands that there are substantial restrictions on the transferability of the Shares. The Shares will not be, and Buyer has no right to require that the Shares be registered by the Seller or the Company. And, accordingly, Buyer may have to hold the Shares for an indefinite period of time if there is no market for the Shares. Further, Buyer affirms that it is a non-US resident and an entity not formed not solely for the purpose of acquiring the Shares; 

 

5.4     Buyer acknowledges that it bas conducted , or has been afforded the opportunity to conduct an investigation of the Company and has been offered the opportunity to ask representatives of the Company questions about the Company's financial condition and proposed business , and that Buyer has obtained such available information as Buyer has requested, to the extent Buyer has deemed necessary, to permit Buyer to fully evaluate the merits and risks of an investment in the Shares. Buyer is satisfied as to all inquiries that Buyer has concerning the Company and its business activities, and the purchase of the Shares; 

 

5.5     Buyer is sufficiently experienced in financial and business matters to be capable of evaluating the merits and risks of an investment in the Shares or, if it has utilized the services of a purchaser representative , together with such representative, have sufficient experience in financial and business matter to be capable of evaluating the merits and risks of an investment in the Shares; 

 

5.6     Buyer understands that no US or foreign federal or state agency has made any finding or determination as to the fairness of the terms of an investment in the Shares, or any recommendation for or endorsement of the Shares being purchased pursuant to this Agreement; 

 

5.7     Buyer acknowledges that Seller, in its sole individual discretion, shall have the right to terminate this Agreement at any time, in whole or in part, if Buyer is in default under any of the terms hereof. As long as this Agreement is in effect Buyer agrees to execute any and all further documents necessary in the opinion of Seller's counsel to effect the sale and transfer of the Shares. 

 

5.8     Buyer will resell the Shares only to non-US persons, as defined under Regulation S of the Act, and in accordance with all applicable terms of Regulation S. 

 

  

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Article 6. Notices 

 

    Any notice, advice, direction, or other document or communication required or permitted to be given hereunder shall be in writing and shall be mailed by overnight delivery or courier service or delivered (in person or by facsimile) against receipt to the Party to whom it is to be given at address of such Party set forth below (or to such other address as the Party shall have furnished in writing to the other Parties to this Agreement), with a copy to each of the other Parties hereto:

 

	 	If to Buyer: 	33 Ltd., 	 
	 	 	a Bermuda Exempted Company 	 
	 	 	New Venture House 	 
	 	 	3 Mill Creek Road, 3'd Floor 	 
	 	 	Pembroke, Bermuda, HM05 	 
	 	 	 	 
	 	If to Seller:	at the address set forth above 	 

 

Article 7. Governing Law 

 

    This Agreement shall be governed by and construed and enforced in accordance with the laws of the state of Nevada without regard to the principles of conflicts of law thereof. Each party hereby irrevocably submits to the exclusive jurisdiction of the State of Nevada for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. 

 

Article 8. 

 

    The terms and provisions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties and their respective administrators, personal or legal representatives, heirs, successors and permitted assign. 

 

Article 9. Counterparts 

 

    This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original. 

 

  

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Article 10. Legal Fees 

 

    The non-prevailing party in any cause of action brought hereunder shall be liable for the actual attorney's fees, expenses, and costs of suit incurred by the prevailing Party or Parties therein. If any part of this Agreement is deemed to be unenforceable the balance of the Agreement shall remain in full force and effect. 

 

Article 11. Entire Agreement 

 

    This Agreement sets forth the entire understanding of the Parties with respect to the subject matter hereof, supersedes all existing agreements among them concerning such subject matter, and may be modified only by a written instrument duly executed by each Party. 

 

Article 12. Term 

 

    This Agreement shall be effective the Effective Date and, unless terminated sooner in writing by either Party pursuant to Article 14, shall remain for 6 (six) consecutive months following the Effective Date (the "Expiration Date"). 

 

Article 13. Confidentiality. 

 

    Seller and Buyer mutually agree to keep the contents and conditions of this Agreement confidential. 

 

Article 14. Authorization 

 

    Seller and Buyer mutually represent and covenant that this Agreement has been duly authorized, executed and delivered by Buyer and Seller, and represent s the legal obligation of Buyer and Seller, enforceable against Buyer or Seller in accordance with its terms. 

 

    Done and executed effective this 18th day of February, 2014.

 

 

	 "Seller"	           "Buyer"
	iTalk Inc. 	             33 Limited
	
 

/s/ David F. Levy

_______________________

By: David F. Levy

 

Its: CEO

	
 /s/ Richard Di Biase

________________________

By: Richard Di Biase

 

Its: CEO

	 	 

 

 

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