Document:

f8k032113ex4i_resource.htm

Exhibit 4.1

 

THIS SECURED NOTE, INCLUDING THE COMMON STOCK INTO WHICH THIS SECURED NOTE MAY BE CONVERTED, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE OR SOLD, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAW OR UPON ISSUANCE OF AN OPINION OF COUNSEL (SATISFACTORY TO THE COMPANY) THAT SUCH SALES ARE PERMISSIBLE UNDER RULE 144 OR PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS.

RESOURCE EXCHANGE OF AMERICA CORP

6% CONVERTIBLE PROMISSORY NOTE

 

	$ ___________ 	  Dated:  ________ __, 2012
	(Original Principal Amount)	  (“Issuance Date”)

 

 

           FOR VALUE RECEIVED, RESOURCE EXCHANGE OF AMERICA CORP., a company organized under the laws of Florida (the “Company” or the “Maker”), hereby promises to pay to ______________ (the “Payee” or the “Holder”), or its registered assigns, the principal amount of __________Dollars ($ ____________ USD) together with interest thereon calculated from the Issuance Date (“Interest Commencement Date”) in accordance with the provisions of this 6% Convertible Promissory Note (as amended, modified and supplemented from time to time, this “Note”).

           Certain capitalized terms are defined in Section 8 hereof.

1.             Payment of Interest. Interest shall accrue at a rate equal to six percent (6%) per annum (the “Interest Rate”) beginning on the Interest Commencement Date on the unpaid principal amount of this Note and shall be due and payable on the Maturity Date in cash or, at the Company’s option, in a number if shares of Common Stock (as hereinafter defined) equal to the quotient obtained by dividing the amount of interest by the Conversion Price (as such Conversion Price may be adjusted in accordance with Section 7 of this Note).

               2.              Maturity Date. If, on the first anniversary of the Issuance Date (such date, the “Maturity Date”), this Note has not been converted as provided in Section 3 below, the entire principal amount of this Note and all accrued, but unpaid interest thereon shall be due and payable in full in cash in immediately available funds. No principal of this Note shall be due or payable prior to the Maturity Date.

  

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3.             Conversion.

 

(i)   The Holder shall have the right from time to time, and at any time prior to the Maturity Date and as long as there remains outstanding principal amount of this Note, to convert all or any part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common Stock, as such Common Stock exists on the Issuance Date, or any shares of capital stock or other securities of the Company into which such Common Stock shall hereafter be changed or reclassified at the conversion price  determined as provided herein (a “Conversion”).  The number of shares that shall be issuable upon conversion of this Note (the “Conversion Shares”) shall equal the number obtained by dividing (x) the principal amount of this Note plus accrued and unpaid interest thereon, by (y) the Conversion Price.

 

(ii)   The “Conversion Price” shall equal the Market Price. For the purpose of this Agreement, “Market Price” means the average of the Trading Prices (as defined below) for the Common Stock during the immediately preceding thirty (30) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date.  “Trading Price” means, for any security as of any date, the closing bid price on the Over-the-Counter Bulletin Board, or applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to the Company and Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the OTC Pink Market.  If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as determined by the board of directors of the Company.  

(iii)   Subject to Section 3(i) hereof, this Note may be converted by the Holder in whole or in part at any time from time to time after the Issuance Date, by (A) submitting to the Company a Notice of Conversion as (by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) surrendering this Note at the principal office of the Company. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire unpaid principal amount of this Note is so converted.  The Holder and the Company shall maintain records showing the principal amount so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Note upon each such conversion.  In the event of any dispute or discrepancy, such records of the Company shall, primafacie, be controlling and determinative in the absence of manifest error.  Notwithstanding the foregoing, if any portion of this Note is converted as aforesaid, the Holder may not transfer this Note unless the Holder first physically surrenders this Note to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Note of like tenor, registered as the Holder (upon payment by the Holder of any applicable transfer taxes) may request, representing in the aggregate the remaining unpaid principal amount of this Note.  The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a portion of this Note, the unpaid and unconverted principal amount of this Note represented by this Note may be less than the amount stated on the face hereof. At such time as such conversion has been effected, the rights of the Holder of this Note as the Holder of such Note shall cease (with respect to the amount so converted), and the Person or Persons in whose name or names any certificate or certificates for the Common Stock are to be issued upon such conversion shall be deemed to have become the holder or holders of record of the Common Stock represented thereby.

  

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(iv)    As soon as possible after the conversion has been effected (but in any event within five (5) Business Days), the Company or its acquirer shall deliver to the converting holder a certificate or certificates representing the Common Stock issuable by reason of such conversion in such name or names and such denomination or denominations as the converting holder has specified.

(v)    The issuance of certificates for Common Stock upon conversion of this Note shall be made without charge to the holder hereof in respect thereof or other cost incurred by the Company or acquirer in connection with such conversion and the related issuance of Common Stock.

(vi)    Neither the Company nor acquirer shall close its books against the transfer of this Note in any manner which interferes with the timely conversion of this Note. The Company shall assist and cooperate with any Holder of this Note required to make any governmental filings or obtain any governmental approval prior to or in connection with the conversion of this Note (including, without limitation, making any filings required to be made by the Company).

(vii)  The Company shall at all times reserve and keep available out of its authorized, but unissued shares of the Common Stock, solely for the purpose of issuance upon conversion hereunder, such number of shares of Common Stock issuable upon conversion. All shares of such capital stock which are so issuable shall, when issued, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges.  The Company shall take all such actions as may be necessary to assure that all such shares of capital stock may be so issued without violation of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which such shares of capital stock.

4.             Prepayment.

 

The Notes may be prepaid in whole or part without penalty with a prior written notice to the Payee (“Prepayment Notice”).

            5.             Method of Payments.

(i)           Payment.  So long as this Note shall be outstanding, and notwithstanding anything contained elsewhere in this Note to the contrary, the Company will pay to the Payee or its registered assigns all sums for principal, interest, or otherwise becoming due on this Note not later than 3:00 p.m. New York time, on the date such payment is due, in immediately available funds, in accordance with the payment instructions that the Payee or its registered assigns may designate in writing, without the presentation or surrender of such Note or the making of any notation thereon. Any payment made after 3:00 p.m. New York time, on a Business Day will be deemed made on the next following Business Day. If the due date of any payment in respect of this Note would otherwise fall on a day that is not a Business Day, such due date shall be extended to the next succeeding Business Day, and interest shall be payable on any principal so extended for the period of such extension. All amounts payable under this Note shall be paid free and clear of, and without reduction by reason of, any deduction, set-off or counterclaim. The Company will afford the benefits of this Section to the Payee and to each other Person holding this Note.

  

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(ii)           Transfer and Exchange. This Note has not been and is not being registered under the provisions of the Act or any state securities laws and this Note may not be transferred prior to the end of the holding period applicable to sales under Rule 144 unless in accordance with applicable law and unless (1) the transferee is an “accredited investor” (as defined in Regulation D under the Act) and (2) the Holder shall have delivered to the Company an opinion of counsel, reasonably satisfactory in form, scope and substance to the Company, to the effect that this Note may be sold or transferred without registration under the Act. Prior to any such transfer, such transferee shall have represented in writing to the Company that such transferee has requested and received from the Company all information relating to the business, properties, operations, condition (financial or other), results of operations or prospects of the Company deemed relevant by such transferee, and that such transferee has been afforded the opportunity to ask questions of the Company concerning the foregoing. Upon surrender of this Note for registration of transfer or for exchange to the Company at its principal office, the Company at its sole expense will execute and deliver in exchange therefor a new Note or Notes, as the case may be, as requested by the Holder or transferee, which aggregate principal amount is equal the unpaid principal amount of such Note, registered as such holder or transferee may request, dated so that there will be no loss of interest on the Note and otherwise of like tenor; provided that this Note may not be transferred by Payee to any Person other than Payee’s affiliates without the prior written consent of the Company (which consent shall not be unreasonably withheld or delayed). The issuance of new Notes shall be made without charge to the holder(s) of the surrendered Note for any issuance tax in respect thereof or other cost incurred by the Company in connection with such issuance, provided that the Holder of this Note shall pay any transfer taxes associated therewith. The Company shall be entitled to regard the registered Holder of this Note as the Holder of the Note so registered for all purposes until the Company or its agent, as applicable, is required to record a transfer of this Note on its register.

(iii)           Replacement. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Note and, in the case of any such loss, theft or destruction of this Note, upon receipt of an indemnity reasonably satisfactory to the Company or, in the case of any such mutilation, upon the surrender and cancellation of this Note, the Company, at its expense, will execute and deliver, in lieu thereof, a new Note of like tenor and dated the date of such lost, stolen, destroyed or mutilated Note.

 

6.             Events of Default. If any of the following events takes place before the Maturity Date (each, an “Event of Default”), the Holder of this Note, at its option, may declare all principal and accrued and unpaid interest thereon and all other amounts payable under this Note immediately due and payable; provided, however, that (i) this Note shall automatically become due and payable without any declaration in the case of an Event of Default specified in clause (iii), (iv), (v) or (vi), below and (ii) any Event of Default which may be cured shall be subject to a ten (10) Business Day period within which the Company may cure such Event of Default:

	
  

	
(i)

	
Company fails to make payment of any amount when due under this Note; or

 

	 	
(ii)

	A receiver, liquidator or trustee of Company or any substantial part of Company’s assets or properties is appointed by a court order; or

 

	 	
(iii)

	 Company is adjudicated bankrupt or insolvent; or

 

	
  

	
(iv)

	
Any of Company’s property is sequestered by or in consequence of a court  order and such order remains in effect for more than 30 days; or

	
  

	
(v)

	
Company files a petition in voluntary bankruptcy or requests reorganization under any provision of any bankruptcy, reorganization or insolvency law or consents to the filing of any petition against it under such law, or

	
  

	
(vi)

	
Any petition against Company is filed under bankruptcy, receivership or insolvency law, which has not be dismissed within 60 days after its filing; or

	
  

	
(vii)

	
Company makes a formal or informal general assignment for the benefit of its creditors, or admits in writing its inability to pay debts generally when they become due, or consents to the appointment of a receiver or liquidator of Company or of all or any part of its property; or

	
  

	
(viii)

	
An attachment or execution is levied against any substantial part of Company’s assets that is not released within 30 days; or

	
  

	
(ix)

	
Company dissolves, liquidates or ceases business activity, or transfers any major portion of its assets other than in the ordinary course of business; or

	
  

	
(x)

	
Company breaches any covenant or agreement on its part contained in this Note.

  

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7.             Adjustment to the Conversion Price. If at any time or from time to time after the Issuance Date and prior to the Maturity Date, the Company takes action with respect to any of the following, the Conversion Price and kind of shares or other securities to be issued upon conversion shall be adjusted pursuant to this Section 7:

(i)   Stock Splits, Combinations and Dividends.  If the shares of Common Stock outstanding at any time after the date hereof are subdivided or combined into a greater or smaller number of shares of Common Stock, or if a dividend is paid on the Common Stock in shares of Common Stock, the Conversion Price or the Conversion Shares to be issued, as the case may be, shall be proportionately reduced in case of subdivision of shares or stock dividend or proportionately increased in the case of combination of shares, in each such case by the ratio which the total number of shares of Common Stock outstanding immediately after such event bears to the total number of shares of Common Stock outstanding immediately prior to such event.

(ii)   Merger, Sale, Reclassification, Exchange and Substitution.

a.  In case the Company within two years after the Issuance Date shall do any of the following (each, a “Triggering Event”): (a) consolidate or merge with or into any other Person and the Company shall not be the continuing or surviving Company of such consolidation or merger, or (b) permit any other Person to consolidate with or merge into the Company and the Company shall be the continuing or surviving Person but, in connection with such consolidation or merger, any securities of the Company shall be changed into or exchanged for securities of any other Person or cash or any other property, or (c) transfer all or substantially all of its properties or assets to any other Person, or (d) effect a capital reorganization or reclassification of its securities, then, and in the case of each such Triggering Event, proper provision shall be made to the Conversion Price so that, upon the basis and the terms and in the manner provided herein, the Holder shall be entitled upon the conversion hereof at any time after the consummation of such Triggering Event, to the extent the Note has not been converted or redeemed prior to such Triggering Event, to receive at the Conversion Price in effect at the time immediately prior to the consummation of such Triggering Event, in lieu of the Common Stock issuable upon such conversion prior to such Triggering Event, the securities, cash and property to which such Holder would have been entitled upon the consummation of such Triggering Event if such Holder had converted immediately prior thereto (including the right of a shareholder to elect the type of consideration it will receive upon a Triggering Event), subject to adjustments (subsequent to such corporate action) as nearly equivalent as possible to the adjustments provided for elsewhere in this Section 7.  Promptly upon the occurrence of a Triggering Event, the Company shall notify the Holder in writing of such Triggering Event and provide the calculations in determining the number of shares of Common Stock issuable upon conversion and the adjusted Conversion Price.

 

b.  The surviving entity and/or each Person (other than the Company) which may be required to deliver any securities, cash or property upon the conversion of the Note as provided herein shall assume, by written instrument delivered to, and reasonably satisfactory to, the Holder, (A) the obligations of the Company under this Note (and if the Company shall survive the consummation of such Triggering Event, such assumption shall be in addition to, and shall not release the Company from, any continuing obligations of the Company under this Note) and (B) the obligation to deliver to such holder such securities, cash or property as, in accordance with the foregoing provisions of this subsection (b).

 

c.  Upon any liquidation, dissolution or winding up of the Company, the Common Stock issuable upon the conversion of the Note is changed into the same or a different number of shares of any class of stock, whether by recapitalization, reclassification or otherwise (other than a subdivision or combination of shares provided for above), then, in any such event, each Holder shall have the right thereafter to convert the Note into the kind and amount of stock and other securities and property receivable upon the recapitalization, reclassification or other change by a holder of the number of shares of Common Stock into which the shares of this Note could have been converted immediately prior to the recapitalization, reclassification or change.

  

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8.             Definitions.

 “Business Day” means a day (other than a Saturday or Sunday) on which banks generally are open in New York, New York for the conduct of substantially all of their activities.

“Person” means any person or entity of any nature whatsoever, specifically including an individual, a firm, a company, a Company, a partnership, a limited liability company, a trust or other entity.

“Noteholder” with respect to this Note, means at any time each Person then the record owner hereof.

“Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded.

9.             Amendment and Waiver. The provisions of this Note (including any Event of Default) may not be modified, amended or waived, and the Company may not take any action herein prohibited, or omit to perform any act herein required to be performed by it, without the written consent of the Holder.

10.           Remedies Cumulative. No remedy herein conferred upon the Holder is intended to be exclusive of any other remedy and each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or otherwise.

11.           Remedies Not Waived. No course of dealing between the Company and the Payee or any delay on the part of the Payee in exercising any rights hereunder shall operate as a waiver of any right of the Payee.

12.           Assignments. The Payee may assign, participate, transfer or otherwise convey this Note and any of its rights or obligations hereunder or interest herein, in whole or part,  to any other Person subject to the requirements and limitations set forth in this Note. This Note shall inure to the benefit of the Payee’s successors and assigns.  The Company shall not assign or delegate this Note or any of its liabilities or obligations hereunder.

13.           Headings. The headings of the sections and paragraphs of this Note are inserted for convenience only and do not constitute a part of this Note.

14.           Severability. If any provision of this Note is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Note will remain in full force and effect. Any provision of this Note held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

15.           Cancellation. After all principal, premiums (if any) and accrued interest at any time owed on this Note have been paid in full, or this Note has been converted this Note will be surrendered to the Company for cancellation and will not be reissued.

16.           Maximum Legal Rate. If at any time an interest rate applicable hereunder exceeds the maximum rate permitted by law, such rate shall be reduced to the maximum rate so permitted by law.

  

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17.           Place of Payment and Notices. Unless otherwise stated herein, payments of principal and interest are to be delivered to the Noteholder of this Note at the address provided by the Holder below or subsequent Holder, or at such other address as the Holder has specified by prior written notice to the Company. No notice shall be deemed to have been delivered until the first Business Day following actual receipt thereof at the foregoing address.

 

To Holder:

18.           Waiver of Jury Trial. The Payee and the Company each hereby waives any right it may have to a trial by jury in respect of any litigation directly or indirectly arising out of, under or in connection with this Note and/or the transactions contemplated hereunder.

19.           Submission to Jurisdiction.

(i)           Any legal action or proceeding with respect to this Note may be brought in the courts of the State of New York or of the United States of America sitting in New York County, and, by execution and delivery of this Note, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts.

(ii)          The Company hereby irrevocably waives, in connection with any such action or proceeding, any objection, including, without limitation, any objection to the laying of venue or based on the grounds of forum non conveniens, which they may now or hereafter have to the bringing of any such action or proceeding in such respective jurisdictions.

(iii)         Nothing herein shall affect the right of the Payee to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Company in any other jurisdiction.

20.           GOVERNING LAW. ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

 

IN WITNESS WHEREOF, the Company has executed and delivered this  Convertible Promissory Note on the date first written above.

 

 

	 	RESOURCE EXCHANGE OF AMERICA CORP	 
	 	 	 	 
	
 

	
By: 

	/s/ 	 
	 	 	Name: 	 
	 	 	Title :	 

 

  

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EXHIBIT A:

	
NOTICE OF CONVERSION

The undersigned hereby elects to convert $_________________ principal amount of the Note (defined below) into that number of shares of Common Stock to be issued pursuant to the conversion of the Note (“Common Stock”) as set forth below, of RESOURCE EXCHANGE OF AMERICA CORP., a Florida corporation (the “Company”) according to the conditions of the convertible note of the Company dated as of _________, 2012 (the “Note”), as of the date written below.  No fee will be charged to the Holder for any conversion, except for transfer taxes, if any.  

The undersigned hereby requests that the Company issue a certificate or certificates for the number of shares of Common Stock set forth below (which numbers are based on the Holder’s calculation attached hereto) in the name(s) specified immediately below or, if additional space is necessary, on an attachment hereto:

____________________

____________________

____________________

____________________

	  	  	  
	
Date of Conversion:  

	  	  
	
Applicable Conversion Price:

	
$

	  
	
Number of Shares of Common Stock to be Issued

	  	  
	
    Pursuant to Conversion of the Notes:  

	  	  
	
Amount of Principal Balance Due remaining

	  	  
	
    Under the Note after this conversion:    

	  	  

By:_____________________________

Name:

Title:

Date:  __________________________

8f8k032113ex10i_resource.htm

Exhibit 10.1

 

SHARE EXCHANGE AGREEMENT

 

This SHARE EXCHANGE AGREEMENT, dated as of March 21, 2013 (the “Agreement”) by and among RESOURCE EXCHANGE OF AMERICA CORP., a Florida corporation (“RXAC”), ALLERAYDE SAB LIMITED, a private limited liability company incorporated under the laws of United Kingdom (“Allerayde”), and Michael Rhodes, Allerayde’s sole shareholder  (“Allerayde Holder”).

WHEREAS, the authorized capital of RXAC consists of 400,000,000 shares of common stock, par value $.0001 per share (the "RXAC Common Stock"), with 786,328 shares issued and outstanding;

 

 

WHEREAS, the Allerayde Holder owns 100% equity interests of Allerayde;

 

WHEREAS, the Allerayde Holder believe it is in his best interest to exchange with RXAC all of the equity interests of Allerayde such person holds for the number of the RXAC Common Stock as provided in Section 1.1 herein; and

 

WHEREAS, RXAC implemented a 1-for-100 reverse split of its Common Stock, without effecting its number of authorized shares of Common Stock, effective as of January 31, 2013 (the “Reverse Split”); and

 

WHEREAS, it the intention of the parties that:  (i) said exchange of shares shall qualify as a tax-free reorganization under Section 368(a)(1)(B) of the Internal Revenue Code of 1986, as amended (the “Code”); and (ii) said exchange shall qualify as a transaction in securities exempt from registration or qualification under the Securities Act of 1933, as amended and in effect on the date of this Agreement (the “1933 Act”).

NOW, THEREFORE, in consideration of the mutual terms, conditions and other agreements set forth herein, the parties hereto hereby agree as follows:

 

ARTICLE I

 

EXCHANGE OF ALLERAYDE SECURITIES FOR RXAC SECURITIES

Section 1.1           Agreement of Allerayde Holder and RXAC to Exchange RXAC Common Stock for all equity interests of Allerayde.  On the Closing Date (as hereinafter defined) and upon the terms and subject to the conditions set forth in this Agreement, Allerayde Holder shall sell, assign, transfer, convey and deliver all of the equity interests of Allerayde to RXAC, and RXAC shall accept all of the equity interests from Allerayde Holder in exchange for the issuance to the Allerayde Holder 75,872,411 shares of RXAC Common Stock.

Section 1.2           Closing.  The closing of the exchange to be made pursuant to this Agreement (the "Closing") shall take place at 10:00 a.m. E.S.T. on the second business day after the conditions to closing set forth in Articles V and VI have been satisfied or waived, or at such other time and date as the parties hereto shall agree in writing (the "Closing Date"), at the offices of Ofsink, LLC, 900 Third Avenue, 5th Floor, New York, New York 10022. At the Closing, Allerayde Holder shall deliver to RXAC the certificate of 10 capital shares representing 100% of equity interests of Allerayde, duly endorsed for transfer or accompanied by appropriate stock powers or warrant assignments duly executed in blank.  In full consideration and exchange for all equity interests of Allerayde, RXAC shall issue and exchange to Allerayde Holder 75,872,411 shares of the RXAC Common Stock.

 

  

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Section 1.3           Tax Treatment. The exchange described herein is intended to comply with Section 368(a)(1)(B) of the Code, and all applicable regulations thereunder.  In order to ensure compliance with said provisions, the parties agree to take whatever steps may be necessary, including, but not limited to, the amendment of this Agreement.

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF RXAC

RXAC hereby represents, warrants and agrees as follows:

Section 2.1           Corporate Organization.  RXAC is a corporation duly organized, validly existing and in good standing under the laws of Florida, and has all requisite corporate power and authority to own its properties and assets and to conduct its business as now conducted and is duly qualified to do business in good standing in each jurisdiction in which the nature of the business conducted by RXAC or the ownership or leasing of its properties makes such qualification and being in good standing necessary, except where the failure to be so qualified and in good standing will not have a material adverse effect on the business, operations, properties, assets, condition or results of operation of RXAC (a "RXAC Material Adverse Effect");

Section 2.2           Capitalization of RXAC.  The authorized capital stock of RXAC consists of 400,000,000 shares of RXAC Common Stock. Of such authorized capital, 786,328 shares of RXAC Common Stock are issued and outstanding as of the date hereof. All of the RXAC Common Stock to be issued pursuant to this Agreement have been duly authorized and will be validly issued, fully paid and non-assessable and no personal liability will attach to the ownership thereof.  As of the date of this Agreement there are and as of the Closing Date, there will be, no outstanding options, warrants, agreements, commitments, conversion rights, preemptive rights or other rights to subscribe for, purchase or otherwise acquire any shares of capital stock or any un-issued or treasury shares of capital stock of RXAC, except for the RXAC Common Stock to be issued pursuant to this Agreement.

Section 2.3           Subsidiaries and Equity Investments.  RXAC does not own any subsidiaries or equity interest in corporations, partnerships or joint ventures except as set forth on Schedule 2.3.

 

  

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Section 2.4           Authorization and Validity of Agreements.  RXAC has all corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby.  The execution and delivery of this Agreement by RXAC and the consummation by RXAC of the transactions contemplated hereby have been duly authorized by all necessary corporate action of RXAC, and no other corporate proceedings on the part of RXAC are necessary to authorize this Agreement or to consummate the transactions contemplated hereby.

Section 2.5           No Conflict or Violation.  The execution, delivery and performance of this Agreement by RXAC does not and will not violate or conflict with any provision of its Articles of Incorporation or By-laws, and does not and will not violate any provision of law, or any order, judgment or decree of any court or other governmental or regulatory authority, nor violate or result in a breach of or constitute (with due notice or lapse of time or both) a default under, or give to any other entity any right of termination, amendment, acceleration or cancellation of, any contract, lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or instrument to which RXAC is a party or by which it is bound or to which any of their respective  properties or assets is subject, nor will it result in the creation or imposition of any lien, charge or encumbrance of any kind whatsoever upon any of the properties or assets of RXAC, nor will it result in the cancellation, modification, revocation or suspension of any of the licenses, franchises, permits to which RXAC is bound.

Section 2.6           Consents and Approvals.  No consent, waiver, authorization or approval of any governmental or regulatory authority, domestic or foreign, or of any other person, firm or corporation, is required in connection with the execution and delivery of this Agreement by RXAC or performance by RXAC of its obligations hereunder.

Section 2.7           Absence of Certain Changes or Events.  Since its inception:

(a)          RXAC is not currently engaged in any business and have not engaged in any operations and have been dormant. As of the date of this Agreement, there is no, and as of the Closing Date there shall not be any, event, condition, circumstance or prospective development which threatens or may threaten to have a material adverse effect on the assets, properties, operations, prospects, net income or financial condition of RXAC; and

(b)          there has not been, and as of the Closing Date there shall not be, any declaration, setting aside or payment of dividends or distributions with respect to shares of capital stock of RXAC or any redemption, purchase or other acquisition of any capital stock of RXAC or any other of RXAC’s securities.

Section 2.8           Survival.  Each of the representations and warranties set forth in this Article II shall be deemed represented and made by RXAC at the Closing as if made at such time and shall survive the Closing for a period terminating on the first anniversary of the date of this Agreement.

 

  

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ARTICLE III

REPRESENTATIONS AND WARRANTIES OF ALLERAYDE

Allerayde represents, warrants and agrees as follows:

Section 3.1           Corporate Organization.

(a)         Allerayde is duly organized, validly existing and in good standing under the laws of the United Kingdom and has all requisite corporate power and authority to own its properties and assets and to conduct its business as now conducted and is duly qualified to do business in good standing in each jurisdiction in where the nature of the business conducted by Allerayde or the ownership or leasing of its properties makes such qualification and being in good standing necessary, except where the failure to be so qualified and in good standing will not have a material adverse effect on the business, operations, properties, assets, condition or results of operation of Allerayde (a " Allerayde Material Adverse Effect").

 

(b)         Copies of the Articles of Incorporation of Allerayde, with all amendments thereto to the date hereof, have been furnished to RXAC, and such copies are accurate and complete as of the date hereof.  Allerayde does not own or maintain any minute books that contain the minutes of all meetings of the Board of Directors and the shareholder of Allerayde as of the date of this Agreement.

Section 3.2           Capitalization of Allerayde; Title to the Allerayde Equity Interests.  On the Closing Date, immediately before the transactions to be consummated pursuant to this Agreement, Allerayde has a total share capital of 10 shares of its share capital issued and outstanding. Allerayde Holder shall collectively own 100% of the equity interests of Allerayde.

Section 3.3           Disclosure.  This Agreement, the schedules hereto and any certificate attached hereto or delivered in accordance with the terms hereby by or on behalf of Allerayde in connection with the transactions contemplated by this Agreement, when taken together, do not contain any untrue statement of a material fact or omit any material fact necessary in order to make the statements contained herein and/or therein not misleading.

Section 3.4           Survival.  Each of the representations and warranties set forth in this Article III shall be deemed represented and made by Allerayde at the Closing as if made at such time and shall survive the Closing for a period terminating on the first anniversary of the date of this Agreement.

 

  

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ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF ALLERAYDE HOLDER

The Allerayde Holder represents, warrants and agrees as follows:

Section 4.1           Authorization and Validity of Agreements. The Allerayde Holder has all entity power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby and the execution and delivery of this Agreement by the Allerayde Holder and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action and no other proceedings on the part of the Allerayde Holder are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. No approvals by the shareholder of Allerayde are required for Allerayde Holder to consummate the transactions contemplated hereby.

Section 4.2           No Conflict or Violation.  The execution, delivery and performance of this Agreement by Allerayde Holder does not and will not violate or conflict with any provision of the constituent documents of the Allerayde Holder, and does not and will not violate any provision of law, or any order, judgment or decree of any court or other governmental or regulatory authority.

Section 4.3           Investment Representations.  (a) All of the RXAC Common Stock to be acquired by Allerayde Holder pursuant to this Agreement will be acquired hereunder solely for the account of Allerayde Holder, for investment, and not with a view to the resale or distribution thereof. Each of the Allerayde Holder understands and is able to bear any economic risks associated with Allerayde Holder’ investment in the RXAC Common Stock. The Allerayde Holder has had full access to all the information. The Allerayde Holder considers necessary or appropriate to make an informed investment decision with respect to the RXAC Common Stock to be acquired under this Agreement.

Section 4.4           Allerayde Holder Status.  The Allerayde Holder is either (i) an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D promulgated under the 1933 Act), or (ii) not a “U.S. person” (as such term is defined in Regulation S promulgated under the 1933 Act) and is not acquiring the RXAC Common Stock for the benefit of any U.S. person.

 

Section 4.5           Reliance on Exemptions.  The Allerayde Holder understands that the RXAC Common Stock is being offered and issued to it in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that RXAC is relying upon, among other things, the truth and accuracy of, and Allerayde Holder’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of Allerayde Holder set forth herein in order to determine the availability of such exemptions and the eligibility of Allerayde Holder to acquire the RXAC Common Stock.

 

Section 4.6           Information.  Allerayde Holder and his advisors, if any, have been furnished with all materials relating to the offer and sale of the RXAC Common Stock which have been requested by Allerayde Holder. Allerayde Holder and his advisors, if any, have been afforded the opportunity to ask questions of RXAC.  Neither such inquiries nor any other due diligence investigations conducted by Allerayde Holder or his advisors, if any, or its representatives shall modify, amend or affect Allerayde Holder’s right to rely on the representations and warranties contained herein. Allerayde Holder understands that its investment in the RXAC Common Stock involves a high degree of risk and is able to afford a complete loss of such investment. Allerayde Holder has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision in respect of its acquisition of the RXAC Common Stock.

 

  

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Section 4.7           No Governmental Review.  Allerayde Holder understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the RXAC Common Stock or the fairness or suitability of the investment in the RXAC Common Stock nor have such authorities passed upon or endorsed the merits of the offering of the RXAC Common Stock.

 

Section 4.8           Transfer or Resale.  Allerayde Holder understands:  (i) none of the RXAC Common Stock has been or are being registered under the 1933 Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder, (B) Allerayde Holder shall have delivered to RXAC an opinion of counsel, in a form reasonably acceptable to RXAC, to the effect that such RXAC Common Stock to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration, or (C) Allerayde Holder provides RXAC with assurance reasonably acceptable to RXAC that such RXAC Common Stock and the Convertible can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A promulgated under the 1933 Act, as amended, (or a successor rule thereto) (collectively, “Rule 144”); (ii) any sale of the RXAC Common Stock made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of the RXAC Common Stock under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder; and (iii) none of RXAC or any other person is under any obligation to register the RXAC Common Stock under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder.

Section 4.9           Survival.  Each of the representations and warranties set forth in this Article IV shall be deemed represented and made by the Allerayde Holder at the Closing as if made at such time and shall survive the Closing for a period terminating on the second anniversary of the date of this Agreement.

ARTICLE V

COVENANTS

Section 5.1           Certain Changes and Conduct of Business.

(a)         From and after the date of this Agreement and until the Closing Date, RXAC shall not, and the shareholders of RXAC shall cause RXAC not to, carry out any business other than maintaining its corporate existence and making any governmental filings necessary and in a manner consistent with all representations, warranties or covenants of RXAC and the shareholders of RXAC and shall not and shall cause RXAC to not:

	
i.            

	
make any change in its Articles of Incorporation or Bylaws; issue any additional shares of capital stock or equity securities or grant any option, warrant or right to acquire any capital stock or equity securities or issue any security convertible into or exchangeable for its capital stock or alter in any material term of any of its outstanding securities or make any change in its outstanding shares of capital stock or its capitalization, whether by reason of a reclassification, recapitalization, stock split or combination, exchange or readjustment of shares, stock dividend or otherwise;

 

  

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ii.            

	
A.

	
incur, assume or guarantee any indebtedness for borrowed money, issue any notes, bonds, debentures or other corporate securities or grant any option, warrant or right to purchase any thereof; or

 

	
  

	
B.

	
issue any securities convertible or exchangeable for debt or equity securities of RXAC;

	
iii.            

	
make any sale, assignment, transfer, abandonment or other conveyance of any of its assets or any part thereof;

	
iv.            

	
subject any of its assets, or any part thereof, to any lien or suffer such to be imposed t;

	
v.            

	
acquire any assets, raw materials or properties, or enter into any other transaction;

	
vi.            

	
enter into any new (or amend any existing) employee benefit plan, program or arrangement or any new (or amend any existing) employment, severance or consulting agreement, grant any general increase in the compensation of officers or employees (including any such increase pursuant to any bonus, pension, profit-sharing or other plan or commitment) or grant any increase in the compensation payable or to become payable to any employee;

	
vii.            

	
make or commit to make any material capital expenditures;

	
viii.            

	
pay, loan or advance any amount to, or sell, transfer or lease any properties or assets to, or enter into any agreement or arrangement with, any of its affiliates;

	
ix.           

	
guarantee any indebtedness for borrowed money or any other obligation of any other person;

 

  

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x.            

	
fail to keep in full force and effect insurance comparable in amount and scope to coverage maintained by it (or on behalf of it) on the date hereof;

	
xi.           

	
take any other action that would cause any of the representations and warranties made by it in this Agreement not to remain true and correct in all material aspect;

	
xii.           

	
make any loan, advance or capital contribution to or investment in any person;

	
xiii.           

	
make any change in any method of accounting or accounting principle, method, estimate or practice;

	
xiv.           

	
settle, release or forgive any claim or litigation or waive any right;

	
xv.           

	
commit itself to do any of the foregoing.

(b)           From and after the date of this Agreement and until the Closing Date Allerayde shall:

	
1.            

	
continue to maintain, in all material respects, its properties in accordance with present practices in a condition suitable for its current use;

	
2.            

	
conduct no business other than maintaining its corporate existence and making necessary governmental filings; and

	
3.            

	
keep its books of account, records and files in the ordinary course and in accordance with existing practices.

Section 5.2           Access to Properties and Records.  Allerayde shall afford RXAC’s accountants, counsel and authorized representatives, and RXAC shall afford to Allerayde’s accountants, counsel and authorized representatives full access during normal business hours throughout the period prior to the Closing Date (or the earlier termination of this Agreement) to all of such parties’ properties, books, contracts, commitments and records and, during such period, shall furnish promptly to the requesting party all other information concerning the other party's business, properties and personnel as the requesting party may reasonably request, provided that no investigation or receipt of information pursuant to this Section 5.2 shall affect any representation or warranty of or the conditions to the obligations of any party.

 

  

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Section 5.4           Consents and Approvals.  The parties shall:

(a)           use their reasonable commercial efforts to obtain all necessary consents, waivers, authorizations and approvals of all governmental and regulatory authorities, domestic and foreign, and of all other persons, firms or corporations required in connection with the execution, delivery and performance by them of this Agreement; and

(b)           diligently assist and cooperate with each party in preparing and filing all documents required to be submitted by a party to any governmental or regulatory authority, domestic or foreign, in connection with such transactions and in obtaining any governmental consents, waivers, authorizations or approvals which may be required to be obtained connection in with such transactions.

Section 5.5           Public Announcement.  Unless otherwise required by applicable law, the parties hereto shall consult with each other before issuing any press release or otherwise making any public statements with respect to this Agreement and shall not issue any such press release or make any such public statement prior to such consultation.

Section 5.6           Stock Issuance.  From and after the date of this Agreement until the Closing Date, neither RXAC nor Allerayde shall issue any additional shares of its capital stock or other securities or equity interests except for the RXAC Common Stock which are to be issued pursuant to this Agreement.

ARTICLE VI

CONDITIONS TO OBLIGATIONS OF ALLERAYDE HOLDER

The obligations of Allerayde Holder to consummate the transactions contemplated by this Agreement are subject to the fulfillment, at or before the Closing Date, of the following conditions, any one or more of which may be waived by Allerayde Holder in his sole discretion:

Section 6.1           Representations and Warranties of RXAC. All representations and warranties concerning RXAC made in this Agreement shall be true and correct on and as of the Closing Date as if again made by RXAC as of such date.

Section 6.2           Agreements and Covenants.  RXAC shall have performed and complied in all material respects to all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date.

Section 6.3           Consents and Approvals.  Consents, waivers, authorizations and approvals of any governmental or regulatory authority, domestic or foreign, and of any other person, firm or corporation, required in connection with the execution, delivery and performance of this Agreement shall be in full force and effect on the Closing Date.

 

  

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Section 6.4           No Violation of Orders.  No preliminary or permanent injunction or other order issued by any court or governmental or regulatory authority, domestic or foreign, nor any statute, rule, regulation, decree or executive order promulgated or enacted by any government or governmental or regulatory authority, which declares this Agreement invalid in any respect or prevents the consummation of the transactions contemplated hereby, or which materially and adversely affects the assets, properties, operations, prospects, net income or financial condition of RXAC shall be in effect; and no action or proceeding before any court or governmental or regulatory authority, domestic or foreign, shall have been instituted or threatened by any government or governmental or regulatory authority, domestic or foreign, or by any other person, or entity which seeks to prevent or delay the consummation of the transactions contemplated by this Agreement or which challenges the validity or enforceability of this Agreement.

Section 6.5           Other Closing Documents.  Allerayde Holder shall have received such other certificates, instruments and documents in confirmation of the representations and warranties of RXAC or in furtherance of the transactions contemplated by this Agreement as they or their counsel may reasonably request.

Section 6.6           Absence of Litigation. No action, suit or proceeding before any court or any governmental body or authority, pertaining to the transactions contemplated by this Agreement or to its consummation, shall have been instituted or threatened.

Section 6.7           Disposition of RXAC’s Existing Business, Assets and Liabilities. As of the Closing Date, except for cash, RXAC shall have no assets, including, without limitation, contract rights (other than its rights and obligations under contracts as set forth in Schedule 6.7), and RXAC shall have no liabilities or contingent liabilities.

Section 6.8           Board and Management. As of the Closing Date, RXAC shall cause the resignations of such all current directors and officers from all of their positions as directors and officers of the Company, and RXAC shall have duly executed corporate actions accepting such resignations and appointing the individuals as officers and directors of RXAC as requested by the Allerayde Holder.

ARTICLE VII

CONDITIONS TO OBLIGATIONS OF RXAC

The obligations of RXAC to consummate the transactions contemplated by this Agreement are subject to the fulfillment, at or before the Closing Date, of the following conditions, any one or more of which may be waived by RXAC in its sole discretion:

Section 7.1           Representations and Warranties of Allerayde and Allerayde Holder.  All representations and warranties made by Allerayde and Allerayde Holder in this Agreement shall be true and correct on and as of the Closing Date as if again made by Allerayde and Allerayde Holder on and as of such date.

Section 7.2           Agreements and Covenants.  Allerayde and Allerayde Holder shall have performed and complied in all material respects to all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date.

 

  

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Section 7.3           Consents and Approvals.  All consents, waivers, authorizations and approvals of any governmental or regulatory authority, domestic or foreign, and of any other person, firm or corporation, required in connection with the execution, delivery and performance of this Agreement, shall have been duly obtained and shall be in full force and effect on the Closing Date.

Section 7.4           No Violation of Orders.  No preliminary or permanent injunction or other order issued by any court or other governmental or regulatory authority, domestic or foreign, nor any statute, rule, regulation, decree or executive order promulgated or enacted by any government or governmental or regulatory authority, domestic or foreign, that declares this Agreement invalid or unenforceable in any respect or which prevents the consummation of the transactions contemplated hereby, or which materially and adversely affects the assets, properties, operations, prospects, net income or financial condition of Allerayde, taken as a whole, shall be in effect; and no action or proceeding before any court or government or regulatory authority, domestic or foreign, shall have been instituted or threatened by any government or governmental or regulatory authority, domestic or foreign, or by any other person, or entity which seeks to prevent or delay the consummation of the transactions contemplated by this Agreement or which challenges the validity or enforceability of this Agreement.

Section 7.5.          Other Closing Documents.  Allerayde shall have received such other certificates, instruments and documents in confirmation of the representations and warranties of Allerayde and Allerayde Holder or in furtherance of the transactions contemplated by this Agreement as RXAC or its counsel may reasonably request.

Section 7.6           Absence of Litigation. No action, suit or proceeding before any court or any governmental body or authority, pertaining to the transactions contemplated by this Agreement or to its consummation, shall have been instituted or threatened against Allerayde or Allerayde Holder.

ARTICLE VIII

TERMINATION AND ABANDONMENT

SECTION 8.1       Methods of Termination.  This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time before the Closing:

(a)           By the mutual written consent of the parties;

(b)           By RXAC upon a material breach of any representation, warranty, covenant or agreement on the part of Allerayde Holder set  forth in this Agreement, or if any representation or warranty of Allerayde and Allerayde Holder shall become untrue, in either case such that any of the conditions set forth in Article VII hereof would not be satisfied, and such breach shall, if capable of cure, has not been cured within ten (10) days after receipt by the party in breach of a notice from the non-breaching party setting forth in detail the nature of such breach;

 

  

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(c)           By Allerayde Holder, upon a material breach of any representation, warranty, covenant or agreement on the part of RXAC set forth in this Agreement, or, if any representation or warranty of RXAC and the shareholders of RXAC shall become untrue, in either case such that any of the conditions set forth in Article VI hereof would not be satisfied, and such breach shall, if capable of cure, not have been cured within ten (10) days after receipt by the party in breach of a written notice from the non-breaching party setting forth in detail the nature of such breach; and

(d)           By any party if a court of competent jurisdiction or governmental, regulatory or administrative agency or commission shall have issued an order, decree or ruling or taken any other action (which order, decree or ruling the parties hereto shall use its best efforts to lift), which permanently restrains, enjoins or otherwise prohibits the transactions contemplated by this Agreement.

Section 8.2           Procedure Upon Termination.  In the event of termination and abandonment of this Agreement by a party pursuant to Section 8.1, written notice thereof shall forthwith be given by the terminating party to the other parties and this Agreement shall terminate and the transactions contemplated hereby shall be abandoned, without further action.  If this Agreement is terminated as provided herein, no party to this Agreement shall have any liability or further obligation to any other party to this Agreement; provided, however, that no termination of this Agreement pursuant to this Article VIII shall relieve any party of liability for a breach of any provision of this Agreement occurring before such termination.

 

ARTICLE IX

MISCELLANEOUS PROVISIONS

Section 9.1           Survival of Provisions.  The respective representations, warranties, covenants and agreements of each of the parties to this Agreement (except covenants and agreements which are expressly required to be performed and are performed in full on or before the Closing Date) shall survive the Closing Date and the consummation of the transactions contemplated by this Agreement for a period of one year. In the event of a breach of any of such representations, warranties or covenants, the party to whom such representations, warranties or covenants have been made shall have all rights and remedies for such breach available to it under the provisions of this Agreement or otherwise, whether at law or in equity, regardless of any disclosure to, or investigation made by or on behalf of such party on or before the Closing Date.

Section 9.2           Publicity.  No party shall cause the publication of any press release or other announcement with respect to this Agreement or the transactions contemplated hereby without the consent of the other parties, unless a press release or announcement is required by law.  If any such announcement or other disclosure is required by law, the disclosing party agrees to give the non-disclosing parties prior notice and an opportunity to comment on the proposed disclosure.

 

  

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Section 9.3           Successors and Assigns.  This Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors and assigns; provided, however, that no party shall assign or delegate any of the obligations created under this Agreement without the prior written consent of the other parties.

Section 9.4           Fees and Expenses.  Except as otherwise expressly provided in this Agreement, all legal and other fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such fees, costs or expenses.

Section 9.5           Notices.  All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been given or made if in writing and delivered personally or sent by registered or certified mail (postage prepaid, return receipt requested) to the parties at the following addresses:

 

If to RXAC to:

Resource Exchange of America Corp.

273 Walt Whitman Road, Suite 306

Huntington Station, NY 11746

Attn: Mark Dresner

 

If to Allerayde or Allerayde Holder, to:

1 Meadow Road, New Balderton, Newark

Nottinghamshire, UK NG243BP

Attn.: Michael J. Rhodes

with a copy to:

Ofsink, LLC

900 Third Avenue, 5th Floor

New York, New York 10022

Attn: Darren Ofsink, Esq.

Fax: 646-224-9844

or to such other persons or at such other addresses as shall be furnished by any party by like notice to the others, and such notice or communication shall be deemed to have been given or made as of the date so delivered or mailed. No change in any of such addresses shall be effective insofar as notices under this Section 9.5 are concerned unless such changed address is located in the United States of America and notice of such change shall have been given to such other party hereto as provided in this Section 9.5

 

  

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Section 9.6           Entire Agreement.  This Agreement, together with the exhibits hereto, represents the entire agreement and understanding of the parties with reference to the transactions set forth herein and no representations or warranties have been made in connection with this Agreement other than those expressly set forth herein or in the exhibits, certificates and other documents delivered in accordance herewith.  This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements between the parties relating to the subject matter of this Agreement and all prior drafts of this Agreement, all of which are merged into this Agreement.  No prior drafts of this Agreement and no words or phrases from any such prior drafts shall be admissible into evidence in any action or suit involving this Agreement.

Section 9.7           Severability.  This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof.  Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible so as to be valid and enforceable.

Section 9.8           Titles and Headings.  The Article and Section headings contained in this Agreement are solely for convenience of reference and shall not affect the meaning or interpretation of this Agreement or of any term or provision hereof.

Section 9.9           Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall be considered one and the same agreement.

Section 9.10        Convenience of Forum; Consent to Jurisdiction.  The parties to this Agreement, acting for themselves and for their respective successors and assigns, without regard to domicile, citizenship or residence, hereby expressly and irrevocably elect as the sole judicial forum for the adjudication of any matters arising under or in connection with this Agreement, and consent and subject themselves to the jurisdiction of, the courts of the State of New York located in County of New York, and/or the United States District Court for the Southern District of New York, in respect of any matter arising under this Agreement. Service of process, notices and demands of such courts may be made upon any party to this Agreement by personal service at any place where it may be found or giving notice to such party as provided in Section 9.5.

Section 9.11         Enforcement of the Agreement.  The parties hereto agree that irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.  It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereto, this being in addition to any other remedy to which they are entitled at law or in equity.

 

  

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Section 9.12         Governing Law.  This Agreement shall be governed by and interpreted and enforced in accordance with the laws of the State of New York without giving effect to the choice of law provisions thereof.

Section 9.13         Amendments and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by all of the parties hereto.  No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

[Remainder of page intentionally left blank]

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Share Exchange Agreement as of the date first above written.

 

	 	

RESOURCE EXCHANGE OF

AMERICA CORP.

	 
	 	 	 	 
	 	By:	/s/ Mark Resner  	 
	 	Name: 	Mark Dresner	 
	 	Title:	CEO and Director	 
	 	 	 	 
	 	

ALLERAYDE SAB LIMITED

	 
	 	 	 	 
	 	By:	/s/ Michel J. Rhodes	 
	 	Name:  	Michael J. Rhodes	 
	 	Title:	CEO	 
	 	 	 	 
	 	

ALLERAYDE HOLDER:

	 
	 	 	 	 
	 	 	/s/ Michael J. Rhodes	 
	 	 	

Michael J. Rhodes

	 

  

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SCHEDULE 6.7

OUTSTANDING CONTRACTS

 

 

17

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