Document:

Enertopia Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

ENERTOPIA CORPORATION. 

July 18, 2011 

Altar Resources (“Vendor”) 

PO Box 42831 
Tucson, AZ 
USA, 85733 

Attention: David Lajack and John Duncan 

Re: Proposed Terms of Acquisition of certain Federal
Mining Claims and State Mineral Exploration Permits in Arizona,
USA 

This offer letter (the “Offer”) sets out certain basic
terms and conditions by which Enertopia Corporation (“Enertopia”)
proposes to enter into negotiations to effect the optional acquisition of
certain federal mining claims and state mineral exploration permits (the
“Claims”) in Arizona covering approximately: 

I.      5,000 acres of State Mineral
Exploration Permits from Altar Resources; and, 

II.     The ROFR (Right of First Refusal)
on 980 acres of federal mining claims from Altar Resources; and, 

III.    the ROFR on federal mining claims and
state mineral exploration permits covering approximately 1,800 acres from Altar
Resources,

with all federal mining claims and state mineral exploration
permits subject to a 2.5% Net Smelter Return Royalty ( NSR ) in favour of Altar
Resources.

Altar Resources holds the Claims directly or indirectly through
federal mining claims and state mineral exploration permits, or represents that
it will hold such claims in good standing at the time of closing a definitive
agreement. Upon the closing date of the transaction (the “Effective
Date”) Altar Resources will have the right to transfer, option, sell or
assign the Claims to Enertopia. The Claims and any underlying agreements will be
acquired by Enertopia through a mineral property option agreement, an assignment
agreement or an asset acquisition (the “Transaction”) on the terms set
forth below. 

Upon acceptance of this Offer by Altar Resources, both Altar
Resources and Enertopia are obligated to use their best efforts to complete the
Transaction contemplated herein which is subject to the negotiation of
definitive documentation (the “Transaction Document”) which shall contain
the terms and conditions as set out in this Offer together with all schedules
and such other terms and conditions as are customary for transactions of the
nature contemplated herein. This Offer is intended to bind the parties, and it
is further intended that the terms set forth below will provide the basis upon
which Enertopia and Altar Resources will negotiate in good faith the Transaction
Documents. The Transaction Document will supersede this Offer and shall include
definitive schedules describing the Claims and any underlying agreements. All
documentation shall be in a form and content satisfactory to each of Altar
Resources and Enertopia and is subject to receiving the approval of their
respective boards of directors prior to signing, and in the case of Enertopia
the receipt of any necessary regulatory approval(s). When used in this Offer
capitalized terms not otherwise defined herein but defined in any of Policy 1 or
Policy 8 of the Canadian National Stock Exchange (the “Exchange”) will
have the meanings ascribed thereto in such applicable Exchange Policy. Each of
Enertopia and Altar Resources acknowledges that the initial 100,000 Enertopia
shares (as defined below) to be received by persons or companies who become
shareholders of Enertopia following completion of the Transaction may be subject to a
legend restricting trading of these shares as required by the applicable
regulatory authorities.

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	1. 	
      Transaction Description

The Transaction may be effected in one of several different
ways including a, mineral property option agreement, assignment agreement or an
asset acquisition.

The parties will jointly determine the optimum structure for
the Transaction in order to best satisfy tax planning, regulatory and other
considerations. Prior to the Altar Resources shall confirm that it owns or
controls the Claims.

	2. 	
      Purchase Price for the
Claims

A.      The consideration payable by
Enertopia to Altar Resources pursuant to this Offer shall consist of: 

	 	(a) 	
      paying $15,000 on signing the Offer; such payment is
      refundable by Altar Resources if Altar Resources fails to deliver the
      Claims to Enertopia co-incidental with signing of Transaction Documents as
      described above,

	 	 	 
	 	(b) 	
      paying $35,000 on signing of the definitive agreement
      (the “Agreement”) and issuing 100,000 common shares in the capital stock
      of Enertopia as soon as practicable following the execution of the
      Agreement,

	 	 	 
	 	(c) 	
      issuing an optional 100,000 shares in the capital stock
      of Enertopia on or before the first anniversary of the
Agreement,

	 	 	 
	 	(d) 	
      issuing an optional 200,000 shares in the capital stock
      of Enertopia on or before the second anniversary of the Agreement,
    and

	 	 	 
	 	(e) 	
      issuing an optional 300,000 shares in the capital stock
      of Enertopia on or before the third anniversary of the
Agreement,

	 	 	 
	 	(f) 	
      issuing an optional 300,000 shares in the capital stock
      of Enertopia on or before the third anniversary of the
Agreement,

	 	 	 
	 	(g) 	
      paying an optional $40,000 on or before the first
      anniversary of the Agreement,

	 	 	 
	 	(h) 	
      paying an optional $70,000 on or before the second
      anniversary of the Agreement,

	 	 	 
	 	(i) 	
      paying an optional $100,000 on or before the third
      anniversary of the Agreement,

	 	 	 
	 	(j) 	
      paying an optional $200,000 on or before the fourth
      anniversary of the Agreement,

	 	 	 
	 	(k) 	
      paying an optional $400,000 on or before the fifth
      anniversary of the Agreement,

B.      with agreement that, if the
federal mining claims referred to as “II)”, above, are NOT delivered in good
standing to Enertopia at the time of closing the Definitive Agreement, then each
of the payments referred to from 2 (b) through and including 2 (k), shall be
reduced by 20% of each listed amount. Enertopia is responsible to keep the
Claims and any underlying agreements in good standing during the currency of the
Transaction.

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	3. 	
      NSR

There is a 2.5% Net Smelter Return (“NSR”) payable on all
Claims from commercial production to be paid according to the terms and
conditions as set forth in the Transaction Documents.

	4. 	
      Terms and Conditions in Favour of
  Enertopia

Enertopia’s obligation to complete the Transaction described
herein will be subject to the following conditions (the “Enertopia Closing
Conditions”): 

	 	(a) 	
      execution of Transaction Documents on substantially the
      same terms described herein, together with such other terms as are
      customary in a transaction of this nature,

	 	 	 
	 	(b) 	
      receipt by Enertopia of all required regulatory approvals
      in form and substance satisfactory to Enertopia,

	 	 	 
	 	(c) 	
      any underlying agreements being assigned to Enertopia,
      upon terms and conditions satisfactory to Enertopia,

	 	 	 
	 	(d) 	
      Enertopia shall have arranged and closed an equity
      financing of Enertopia common shares for minimum gross proceeds of
      $2,000,000 at a price of $0.15 per share or higher (each, a “Unit”) (the
      “Financing”) on or before 130 days from the date of this Offer. The
      Financing must be substantially complete prior to completion of the
      Transaction,

	 	 	 
	 	(e) 	
      Enertopia being satisfied acting reasonably as to its due
      diligence investigations of the business, assets and affairs of Altar
      Resources and that that no material adverse change in the condition,
      business, properties or financial affairs of Altar Resources has occurred
      prior to the Effective Date

	 	 	 
	 	(f) 	
      if required, the receipt of shareholder approval by Altar
      Resources shareholders to the Transaction,

	 	 	 
	 	(g) 	
      if required, the receipt of shareholder approval by
      Enertopia shareholders to the Transaction,

	 	 	 
	 	(h) 	
      all of the representations and warranties of Altar
      Resources set forth in the Transaction Documents will be true and correct
      in all material respects as at the date made and as at the Effective
      Date;

	 	 	 
	 	(i) 	
      all of the obligations, covenants and requirements of
      Altar Resources described in this Offer and the Transaction Documents will
      have been met and complied with, and

	 	 	 
	 	(j) 	
      the Effective Date shall have occurred on or before
      November 30, 2011 (the “Outside Date”), or such other date as
      Enertopia and Altar Resources shall agree in
writing.

The Enertopia Closing Conditions are for the exclusive benefit
of Enertopia and may be waived in whole or in part by it at any time. 

	5. 	
      Terms and Conditions in Favour of Altar
      Resources

Altar Resources obligation to complete the Transaction will be
subject to the following conditions (the “Altar Closing Conditions”):

	 	(a) 	
      execution of the Transaction Documents on substantially
      the same terms described herein, together with such other terms as are
      customary in a transaction of this nature,

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	 	(b) 	
      receipt by Enertopia of all required regulatory approvals
      in form and substances satisfactory to Altar Resources,

	 	 	 
	 	(c) 	
      if required, the receipt of shareholder approval by Altar
      Resources shareholders to the Transaction,

	 	 	 
	 	(d) 	
      if required, the receipt of shareholder approval by
      Enertopia’s shareholders to the Transaction,

	 	 	 
	 	(e) 	
      Altar Resources being satisfied acting reasonably as to
      its due diligence investigations of the business, assets and affairs of
      Enertopia and that that no material adverse change in the condition,
      business, properties or financial affairs of Enertopia has occurred prior
      to the Effective Date

	 	 	 
	 	(f) 	
      all of the representations and warranties of Enertopia
      which are set forth in the Transaction Documents will be true and correct
      in all material respects as at the date made and as at the Effective
      Date;

	 	 	 
	 	(g) 	
      the Effective Date shall have occurred by the Outside
      Date, or such other date as Enertopia and Altar Resources shall agree in
      writing and

	 	 	 
	 	(h) 	
      all of the covenants, obligations and requirements of
      Enertopia described in the Transaction Documents will have been met and
      complied with.

The Altar Resources Closing Conditions are for the exclusive
benefit of Altar Resources and may be waived in whole or in part by it at any
time. 

	6. 	
      Standstill

During the period from the satisfactory completion of due
diligence until this Offer is either superseded by the Transaction Documents or
November 30, 2011 or such other date agreed upon by the parties, Altar Resources
agrees that it will: 

	 	(a) 	
      not solicit offers or have discussion with any third
      parties regarding the sale of the Concessions.

	7. 	
      Transactional Support

The parties acknowledge that the Transaction Documents will
provide that Enertopia and Altar Resources shall use their best efforts to
ensure that the transactions contemplated in this Offer receive all applicable
regulatory, shareholder and director approvals.

	8. 	
      Access to Information

Upon acceptance of this Offer and until the completion of the
transactions contemplated by this Offer or the termination of the negotiations
contemplated herein, each party will allow the other and its respective
authorized representatives, including legal counsel and financial advisors,
access to all information, books or records relevant for the purpose of the
transactions contemplated herein. Each party hereto agrees that all information
and documents so obtained will be kept confidential and the contents thereof
will not be disclosed to any person without the prior written consent of the
disclosing party. 

- 5 - 

	9. 	
      Expenses and Commission

Each of Enertopia and Altar Resources shall be responsible for
their own expenses and costs related to the transactions contemplated herein
including, without limitation, all costs and charges incurred prior to the date
of this Offer and all legal, advisory and accounting fees and disbursements
relating to the transactions contemplated herein. 

	10. 	
      Other Items

The Transaction Documents shall also contain such other terms,
conditions and agreements to which the parties hereto may reasonably request and
agree in order to complete the transactions contemplated in this Offer. 

	11. 	
      Use and Confidentiality

All of the information and other data to which the each party
and/or their respective representatives are given access as set forth above will
be used by such party solely for the purpose of analyzing the other party hereto
and will be treated on a confidential basis. The terms, conditions and existence
of this Offer and all further discussions between the parties will also be
treated on a confidential basis, subject to appropriate disclosure to regulatory
authorities and as otherwise required by the requirements of any regulatory
authorities or securities exchanges which may be applicable. 

All announcements pertaining to the contemplated transaction
will be subject to approval by the other party before public disclosure, subject
to a party's need to immediately comply with the requirements of any regulatory
authority (in which case best efforts will be made to obtain the other party's
approval). Altar Resources acknowledges the requirement for Enertopia to issue a
press release announcing the entering into of the Offer, a draft of which will
be made available for review and comment by Altar Resources, prior to
dissemination. 

- 6 - 

If this Offer is acceptable, please communicate your acceptance
by executing the duplicate copy hereof in the appropriate space below and
returning such executed copy to us, marked "STRICTLY CONFIDENTIAL" prior
to 4:00 p.m. on July 22, 2011, or such other date
as Enertopia and Altar Resources may agree in writing. This offer maybe signed
in as many counterparts as may be necessary, each of which so signed shall be
deemed to be an original ( and each signed copy sent by email or electronic
facsimile transmission shall be deemed to be an original), and such counterparts
together shall constitute one and the same instrument and notwithstanding the
date of execution shall be deemed to bear the date as set forth above. 

ENERTOPIA CORPORATION. 

Per: __________________________
Robert McAllister,
President

Per:__________________________
Chris Bunka, CEO 

THIS OFFER is hereby accepted on the terms and
conditions set forth herein as of the ____ day of ______________, 2011. 

ALTAR RESOURCES 

Per: __________________________
David Lajack 

Per: __________________________
John Duncanf8k063011ex10i_epunk.htm

Exhibit 10.1

 

 

 

 

SHARE EXCHANGE AGREEMENT

by and among

ePunk, Inc.

a Nevada Corporation

and

Punk Industries, Inc.,

a Nevada Corporation

and

The Shareholders of

Punk Industries, Inc.

Dated as of June 30, 2011

 

 

 

 

  

  

  

SHARE EXCHANGE AGREEMENT

THIS SHARE EXCHANGE AGREEMENT, is made and entered into this 30th day of June, 2011 (the “Agreement”), by and among ePunk, Inc., a Nevada corporation (“ePunk”) with its principal executive offices at  32792 Shipside Dr., Dana Point, CA 92629, Punk Industries, Inc. (“Punk Industries”), a Nevada corporation, and the shareholders of Punk Industries (the “Punk Industries Shareholders”).

Premises

A.           This Agreement provides for the acquisition of Punk Industries whereby Punk Industries shall become a wholly owned subsidiary (or majority owned subsidiary depending on the number of shareholders agreeing to exchange their shares at the time of Closing) of ePunk and in connection therewith.

B.           The boards of directors of Punk Industries and ePunk have determined, subject to the terms and conditions set forth in this Agreement, that the transaction contemplated hereby is desirable and in the best interests of their stockholders, respectively.  This Agreement is being entered into for the purpose of setting forth the terms and conditions of the proposed acquisition.

Agreement

NOW, THEREFORE, on the stated premises and for and in consideration of the mutual covenants and agreements hereinafter set forth and the mutual benefits to the parties to be derived here from, it is hereby agreed as follows:

ARTICLE I

REPRESENTATIONS, COVENANTS AND WARRANTIES OF PUNK INDUSTRIES, INC.

As an inducement to and to obtain the reliance of ePunk, Punk Industries represents and warrants as follows:

Section 1.1         Organization.   Punk Industries is a corporation duly organized, validly existing, and in good standing under the State of Nevada and has the corporate power and is duly authorized, qualified, franchised and licensed under all applicable laws, regulations, ordinances and orders of public authorities to own all of its properties and assets and to carry on its business in all material respects as it is now being conducted, including qualification to do business as a foreign corporation in the jurisdiction in which the character and location of the assets owned by it or the nature of the business transacted by it requires qualification.  Included in the Schedules attached hereto (hereinafter defined) are complete and correct copies of the articles of incorporation, bylaws and amendments thereto as in effect on the date hereof.  The execution and delivery of this Agreement does not and the consummation of the transactions contemplated by this Agreement in accordance with the terms hereof will not violate any provision of Punk Industries’ articles of incorporation or bylaws.  Punk Industries has full power, authority and legal right and has taken all action required by law, its articles of incorporation, its bylaws or otherwise to authorize the execution and delivery of this Agreement.

Section 1.2         Capitalization.   The authorized Capitalization of Punk Industries consists of 75,000,000 shares of common stock, par value $0.001 per share, and no preferred shares.  As of the date hereof, Punk Industries has 24,750,000 shares of common stock outstanding.

 

  

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All issued and outstanding shares are legally issued, fully paid and nonassessable and are not issued in violation of the preemptive or other rights of any person.  Punk Industries has no warrants or options authorized or issued.

Section 1.3          Subsidiaries.   Punk Industries has no subsidiary.

Section 1.4          Tax Matters: Books and Records.

(a)   The books and records, financial and others, of Punk Industries are in all material respects complete and correct and have been maintained in accordance with good business accounting practices; and

(b)   Punk Industries has no liabilities with respect to the payment of any country, federal, state, county, or local taxes (including any deficiencies, interest or penalties).

(c)   Punk Industries shall remain responsible for all debts incurred by Punk Industries prior to the date of closing.

Section 1.5         Litigation and Proceedings.   There are no actions, suits, proceedings or investigations pending or threatened by or against or affecting Punk Industries or its properties, at law or in equity, before any court or other governmental agency or instrumentality, domestic or foreign or before any arbitrator of any kind that would have a material adverse affect on the business, operations, financial condition or income of Punk Industries.  Punk Industries is not in default with respect to any judgment, order, writ, injunction, decree, award, rule or regulation of any court, arbitrator or governmental agency or instrumentality or of any circumstances which, after reasonable investigation, would result in the discovery of such a default.

Section 1.6         Material Contract Defaults.   Punk Industries is not in default in any material respect under the terms of any outstanding contract, agreement, lease or other commitment which is material to the business, operations, properties, assets or condition of Punk Industries, and there is no event of default in any material respect under any such contract, agreement, lease or other commitment in respect of which Punk Industries has not taken adequate steps to prevent such a default from occurring.

Section 1.7          Information.   The information concerning Punk Industries as set forth in this Agreement and in the attached Schedules is complete and accurate in all material respects and does not contain any untrue statement of a material fact or omit to state a material fact required to make the statements made in light of the circumstances under which they were made, not misleading.

Section 1.8         Title and Related Matters.  Punk Industries has good and marketable title to and is the sole and exclusive owner of all of its properties, inventory, interest in properties and assets, real and personal (collectively, the “Assets”) free and clear of all liens, pledges, charges or encumbrances.  Punk Industries owns free and clear of any liens, claims, encumbrances, royalty interests or other restrictions or limitations of any nature whatsoever and all procedures, techniques, marketing plans, business plans, methods of management or other information utilized in connection with Punk Industries’ business.   No third party has any right to, and Punk Industries has not received any notice of infringement of or conflict with asserted rights of other with respect to any product, technology, data, trade secrets, know-how, proprietary techniques, trademarks, service marks, trade names or copyrights which, singly on in the aggregate, if the subject of an unfavorable decision ruling or finding, would have a materially adverse affect on the business, operations, financial conditions or income of Punk Industries or any material portion of its properties, assets or rights.

 

  

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Section 1.9          Contracts    On the closing date:

(a)   There are no material contracts, agreements franchises, license agreements, or other commitments to which Punk Industries is a party or by which it or any of its properties are bound;

(b)   Punk Industries is not a party to any contract, agreement, commitment or instrument or subject to any charter or other corporate restriction or any judgment, order, writ, injunction, decree or award materially and adversely affects, or in the future may (as far as Punk Industries now foresee) materially and adversely affect, the business, operations, properties, assets or conditions of Punk Industries; and

(c)   Punk Industries is not a party to any material oral or written: (I) contract for the employment of any officer or employee; (ii) profit sharing, bonus, deferred compensation, stock option, severance pay, pension benefit or retirement plan, agreement or arrangement covered by Title IV of the Employee Retirement Income Security Act, as amended; (iii)  agreement, contract or indenture relating to the borrowing of money; (iv) guaranty of any obligation for the borrowing of money or otherwise, excluding endorsements made for collection and other guaranties, of obligations, which, in the aggregate exceeds $1,000; (v) consulting or other contract with an unexpired term of more than one year or providing for payments in excess of $10,000 in the aggregate; (vi) collective bargaining agreement; (vii) contract, agreement or other commitment involving payments by it for more than $10,000 in the aggregate.

Section  1.10      Compliance With Laws and Regulations.    To the best of Punk Industries’ knowledge and belief, Punk Industries has complied with all applicable statutes and regulations of any federal, state or other governmental entity or agency thereof, except to the extent that noncompliance would not materially and adversely affect the business, operations, properties, assets or condition of Punk Industries or would not result in Punk Industries incurring material liability.

Section 1.11       Insurance.    All of the insurable properties of Punk Industries are insured for Punk Industries’ benefit under valid and enforceable policy or policies containing substantially equivalent coverage and will be outstanding and in full force at the Closing Date.

 

Section 1.12       Approval of Agreement. The directors of Punk Industries have authorized the execution and delivery of the Agreement by and have approved the transactions contemplated hereby.

 

Section 1.13       Material Transactions or Affiliations.   Except as otherwise disclosed, there are no material contracts or agreements of arrangement between Punk Industries and any person, who was at the time of such contract, agreement or arrangement an officer, director or person owning of record, or known to beneficially own ten percent (10%) or more of the issued and outstanding shares of common stock of Punk Industries and which is to be performed in whole or in part after the date hereof.  Punk Industries has no commitment, whether written or oral, to lend any funds to, borrow any money from or enter into material transactions with any such affiliated person.

 

Section 1.14       No Conflict With Other Instruments.   The execution of this Agreement and the consummation of the transactions contemplated by this Agreement will not result in the breach of any term or provision of, or constitute an event of default under, any material indenture, mortgage, deed of trust or other material contract, agreement or instrument to which Punk Industries is a party or to which any of its properties or operations are subject.

 

  

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Section 1.15       Governmental Authorizations.   Punk Industries has all licenses, franchises, permits or other governmental authorizations legally required to enable it to conduct its business in all material respects as conducted on the date hereof.  Except for compliance with federal and state securities and corporation laws, as hereinafter provided, no authorization, approval, consent or order of, or registration, declaration or filing with, any court or other governmental body is required in connection with the execution and delivery by Punk Industries of this Agreement and the consummation of the transactions contemplated hereby.

 

ARTICLE II

REPRESENTATIONS, COVENANTS AND WARRANTIES OF

PUNK INDUSTRIES SHAREHOLDERS

 

Section 2.1          Lawful Owner.   Each shareholder of Punk Industries is the lawful owner of the shares of Punk Industries and presently has and will have at the Closing Date, the power to transfer and deliver the Shares in accordance with the terms of this Agreement.  The delivery of certificates evidencing the transfer of the Acquired Shares pursuant to the provisions of this Agreement will transfer to ePunk with good and marketable title thereto, free and clear of all liens, encumbrances, restrictions and claims of any kind.

Section 2.2          No Encumbrances.   PUNK INDUSTRIES SHAREHOLDERS will not encumber or mortgage any right or interest in their shares of the common stock and also they will not transfer any rights to such shares of the common stock to any third party whatsoever.

ARTICLE III

REPRESENTATIONS, COVENANTS AND

WARRANTIES OF ePunk

As an inducement to, and to obtain the reliance of Punk Industries, ePunk represents and warrants as follows:

Section 3.1          Organization.  ePunk is a corporation duly organized, validly existing and in good standing under the laws of Nevada and has the corporate power and is duly authorized, qualified, franchised and licensed under all applicable laws, regulations, ordinances and orders of public authorities to own all of its properties and assets and to carry on its business in all material respects as it is now being conducted, including qualification to do business as a foreign entity in the country or states in which the character and location of the assets owned by it or the nature of the business transacted by it requires qualification.  Included in the Attached Schedules (as hereinafter defined) are complete and correct copies of the articles of incorporation, bylaws and amendments thereto as in effect on the date hereof.  The execution and delivery of this Agreement does not and the consummation of the transactions contemplated by this Agreement in accordance with the terms hereof will not, violate any provision of ePunk’s certificate of incorporation or bylaws.  ePunk has full power, authority and legal right and has taken all action required by law, its articles of incorporation, bylaws or otherwise to authorize the execution and delivery of this Agreement.

  

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Section 3.2         Capitalization.  The authorized Capitalization of ePunk consists of 100,000,000 shares of common stock, par value $0.001 per share and 25,000,000 shares of preferred stock.  As of the date of the Agreement, there are 308,534 shares of common stock issued and outstanding. On June 20, 2011, the shareholders and the board of directors of ePunk authorized a 100 for 1 reverse stock split. FINRA approved the reverse split on June 28, 2011 and declared the reverse split effective as of July 5, 2011. The shares of common stock of the Company listed on Schedule II will be issued after the reverse split is effective. Once the reverse stock split is effective and the shares of common stock listed on Schedule II are issued, the Company will have  25,058,534 shares of common stock issued and outstanding.  All issued and outstanding shares of common stock have been legally issued, fully paid, are nonassessable and not issued in violation of the preemptive rights of any other person.  ePunk has no other securities, warrants or options authorized or issued.

Section 3.3          Subsidiaries.  ePunk has no subsidiaries.

Section 3.4          Tax Matters; Books & Records

(a)  The books and records, financial and others, of ePunk are in all material respects complete and correct and have been maintained in accordance with good business accounting practices;

(b)  ePunk has no liabilities with respect to the payment of any country, federal, state, county, local or other taxes (including any deficiencies, interest or penalties); and

(c)   ePunk shall remain responsible for all debts incurred prior to the closing.

Section 3.5          Information.   The information concerning ePunk as set forth in this Agreement and in the attached Schedules is complete and accurate in all material respects and does not contain any untrue statement of a material fact or omit to state a material fact required to make the statements made, in light of the circumstances under which they were made, not misleading.

Section 3.6          Title and Related Matters.  ePunk has good and marketable title to and is the sole and exclusive owner of all of its properties, inventory, interests in properties and assets, real and personal (collectively, the “Assets”) free and clear of all liens, pledges, charges or encumbrances.  Except as set forth in the Schedules attached hereto, ePunk owns free and clear of any liens, claims, encumbrances, royalty interests or other restrictions or limitations of any nature whatsoever and all procedures, techniques, marketing plans, business plans, methods of management or other information utilized in connection with ePunk’s business.  Except as set forth in the attached Schedules, no third party has any right to, and ePunk has not received any notice of infringement of or conflict with asserted rights of others with respect to any product, technology, data, trade secrets, know-how, proprietary techniques, trademarks, service marks, trade names or copyrights which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a materially adverse affect on the business, operations, financial conditions or income of ePunk or any material portion of its properties, assets or rights.

Section 3.7          Litigation and Proceedings.  There are no actions, suits or proceedings pending or threatened by or against or affecting ePunk, at law or in equity, before any court or other governmental agency or instrumentality, domestic or foreign or before any arbitrator of any kind that would have a material adverse effect on the business, operations, financial condition, income or business prospects of ePunk.  ePunk does not have any knowledge of any default on its part with respect to any judgment, order, writ, injunction, decree, award, rule or regulation of any court, arbitrator or governmental agency or instrumentality.

  

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Section 3.8          Contracts.   On the Closing Date:

(a) There are no material contracts, agreements, franchises, license agreements, or other commitments to which ePunk is a party or by which it or any of its properties are bound;

(b)  ePunk is not a party to any contract, agreement, commitment or instrument or subject to any charter or other corporate restriction or any judgment, order, writ, injunction, decree or award which materially and adversely affects, or in the future may (as far as ePunk can now foresee) materially and adversely affect, the business, operations, properties, assets or conditions of ePunk; and

(c)  ePunk is not a party to any material oral or written:  (i) contract for the employment of any officer or employee;  (ii) profit sharing, bonus, deferred compensation, stock option, severance pay, pension, benefit or retirement plan, agreement or arrangement covered by Title IV of the Employee Retirement Income Security Act, as amended; (iii) agreement, contract or indenture relating to the borrowing of money;  (iv) guaranty of any obligation for the borrowing of money or otherwise, excluding endorsements made for collection and other guaranties of obligations, which, in the aggregate exceeds $1,000;  (v)  consulting or other contract with an unexpired term of more than one year or providing for payments in excess of $10,000 in the aggregate;  (vi)  collective bargaining agreement; (vii) contract, agreement, or other commitment involving payments by it for more than $10,000 in the aggregate.

Section 3.9          No Conflict With Other Instruments. The execution of this Agreement and the consummation of the transactions contemplated by this Agreement will not result in the breach of any term or provision of, or constitute an event of default under, any material indenture, mortgage, deed of trust or other material contract, agreement or instrument to which ePunk is a party or to which any of its properties or operations are subject.

Section 3.10        Material Contract Defaults.   To the best of ePunk’s knowledge and belief, it is not in default in any material respect under the terms of any outstanding contract, agreement, lease or other commitment which is material to the business, operations, properties, assets or condition of ePunk, and there is no event of default in any material respect under any such contract, agreement, lease or other commitment in respect of which ePunk has not taken adequate steps to prevent such a default from occurring.

Section 3.11        Governmental Authorizations.   To the best of ePunk’s knowledge, ePunk has all licenses, franchises, permits and other governmental authorizations that are legally required to enable it to conduct its business operations in all material respects as conducted on the date hereof.  Except for compliance with federal and state securities or corporation laws, no authorization, approval, consent or order of, or registration, declaration or filing with, any court or other governmental body is required in connection with the execution and delivery by ePunk of the transactions contemplated hereby.

Section 3.12        Compliance With Laws and Regulations.  To the best of ePunk’s knowledge and belief, ePunk has complied with all applicable statutes and regulations of any federal, state or other governmental entity or agency thereof, except to the extent that noncompliance would not materially and adversely affect the business, operations, properties, assets or condition of ePunk or would not result in ePunk’s incurring any material liability.

Section 3.13        Insurance.  All of the insurable properties of ePunk are insured for ePunk’s benefit under valid and enforceable policy or policies containing substantially equivalent coverage and will be outstanding and in full force at the Closing Date.

Section 3.14        Approval of Agreement.  The directors of ePunk have authorized the execution and delivery of the Agreement and have approved the transactions contemplated hereby.

 

  

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Section 3.15        Material Transactions or Affiliations.  As of the Closing Date, except as otherwise disclosed, there will exist no material contract, agreement or arrangement between ePunk and any person who was at the time of such contract, agreement or arrangement an officer, director or person owning of record, or known by ePunk to own beneficially, ten percent (10%) or more of the issued and outstanding shares of common stock of ePunk and which is to be performed in whole or in part after the date hereof.  ePunk has no commitment, whether written or oral, to lend any funds to, borrow any money from or enter into any other material transactions with, any such affiliated person.

ARTICLE IV

EXCHANGE PROCEDURE AND OTHER CONSIDERATION

Section 4.1          Share Exchange/Delivery of EPunk Securities. On the Closing Date, the holders of all (or substantially all, as the case may be) of the Punk Industries shares of common stock shall deliver to ePunk certificates or other documents evidencing the issued and outstanding Punk Industries shares of common stock, duly endorsed in blank or with executed power attached thereto in transferable form listed on Schedule I.  On the Closing Date, all (or substantially all, as disclosed on Schedule I) previously issued and outstanding shares of common stock of Punk Industries shall be transferred to ePunk, so that Punk Industries shall become a wholly-owned (or majority-owned) subsidiary of ePunk.

Section 4.2          Issuance/Delivery of EPunk Securities.  In exchange for ePunk acquiring all of the Punk Industries shares of common stock tendered pursuant to Section 4.1, ePunk shall issue and deliver 202,582 shares of ePunk Common Stock to the persons and in the amounts listed in Schedule II attached hereto.

Section 4.3          Events Prior to Closing.  Upon execution hereof or as soon thereafter as practical, management of Punk Industries and ePunk shall execute, acknowledge and deliver (or shall cause to be executed, acknowledged and delivered) any and all certificates, opinions, financial statements, schedules, agreements, resolutions rulings or other instruments required by this Agreement to be so delivered, together with such other items as may be reasonably requested by the parties hereto and their respective legal counsel in order to effectuate or evidence the transactions contemplated hereby, subject only to the conditions to Closing referenced herein below.

Section 4.4          Closing.  The closing (“Closing”) of the transactions contemplated by this Agreement shall be June 30, 2011.

Section 4.5          Termination.  This Agreement may be terminated by the Board of Directors of each party only in the event that the other party does not meet the conditions precedent set forth in Articles VI and VII.  If this Agreement is terminated pursuant to this section, this Agreement shall be of no further force or effect, and no obligation, right or liability shall arise hereunder.

ARTICLE V

SPECIAL COVENANTS

Section 5.1          Access to Properties and Records.    Prior to closing, Punk Industries and ePunk will each afford to the officers and authorized representatives of the other full access to the properties, books and records of each other, in order that each may have full opportunity to make such reasonable investigation as it shall desire to make of the affairs of the other and each will furnish the other with such additional financial and operating data and other information as to the business and properties of each other, as the other shall from time to time reasonably request.

  

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Section 5.2          Availability of Rule 144. ePunk and the ePunk Shareholders holding “restricted securities”, as that term is defined in Rule 144 of the 1933 Securities Act will remain as “restricted securities.”  ePunk is under no obligation to register such shares under the Securities Act, or otherwise.  The stockholders of ePunk holding restricted securities of ePunk as of the date of this Agreement and their respective heirs, administrators, personal representatives, successors and assigns, are intended third party beneficiaries of the provisions set forth herein.  The covenants set forth in this Section 5.2 shall survive the Closing Date and the consummation of the transactions herein contemplated.

Section 5.3          Special Covenants and Representations Regarding the ePunk shares of common stock to be Issued in the Exchange.  The consummation of this Agreement, including the issuance of the ePunk shares of common stock to the shareholders of Punk Industries as contemplated hereby, constitutes the offer and sale of securities under the Securities Act, and applicable state statutes.  Such transaction shall be consummated in reliance on exemptions from the registration and prospectus delivery requirements of such statutes which depend, inter alia, upon the circumstances under which the Punk Industries Shareholders acquire such securities.

Section 5.4          Third Party Consents.   Punk Industries and ePunk agree to cooperate with each other in order to obtain any required third party consents to this Agreement and the transactions herein contemplated.

Section 5.5          Actions Prior and Subsequent to Closing.

(a)  From and after the date of this Agreement until the Closing Date, except as permitted or contemplated by this Agreement, Punk Industries and ePunk will each use its best efforts to:

(i)  maintain and keep its properties in states of good repair and condition as at present, except for depreciation due to ordinary wear and tear and damage due to casualty;

(ii) maintain in full force and effect insurance comparable in amount and in scope of coverage to that now maintained by it;

(iii) perform in all material respects all of its obligations under material contracts, leases and instruments relating to or affecting its assets, properties and business;

(b)  From and after the date of this Agreement until the Closing Date, Punk Industries will not, without the prior consent of ePunk:

(i) except as otherwise specifically set forth herein, make any change in its articles of incorporation or bylaws;

(ii) declare or pay any dividend on its outstanding shares of common stock, except as may otherwise be required by law, or effect any stock split or otherwise change its capitalization, except as provided herein;

(iii) enter into or amend any employment, severance or agreements or arrangements with any directors or officers;

(iv) grant, confer or award any options, warrants, conversion rights or other rights not existing on the date hereof to acquire any shares of common stock; or

(v) purchase or redeem any shares of common stock, other than in connection with this Agreement.

  

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Section 5.6          Indemnification.

(a)  Punk Industries hereby agrees to indemnify ePunk, each of the officers, agents and directors and current shareholders of ePunk as of the Closing Date against any loss, liability, claim, damage or expense (including, but not limited to, any and all expense whatsoever reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened or any claim whatsoever), to which it or they may become subject to or rising out of or based on any inaccuracy appearing in or misrepresentation made in this Agreement.  The indemnification provided for in this paragraph shall survive the Closing and consummation of the transactions contemplated hereby and termination of this Agreement; and

(b)  ePunk hereby agrees to indemnify Punk Industries, each of the officers, agents, directors and current shareholders of Punk Industries as of the Closing Date against any loss, liability, claim, damage or expense (including, but not limited to, any and all expense whatsoever reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened or any claim whatsoever), to which it or they may become subject arising out of or based on any inaccuracy appearing in or misrepresentation made in this Agreement. The indemnification provided for in this paragraph shall survive the Closing and consummation of the transactions contemplated hereby and termination of this Agreement.

ARTICLE VI

CONDITIONS PRECEDENT TO OBLIGATIONS OF ePUNK

 

 

The obligations of ePunk under this Agreement are subject to the satisfaction, at or before the Closing Date, of the following conditions:

Section 6.1          Accuracy of Representations.  The representations and warranties made by Punk Industries in this Agreement were true when made and shall be true at the Closing Date with the same force and effect as if such representations and warranties were made at the Closing Date (except for changes therein permitted by this Agreement), and Punk Industries shall have performed or complied with all covenants and conditions required by this Agreement to be performed or complied with by Punk Industries prior to or at the Closing.  ePunk shall be furnished with a certificate, signed by a duly authorized officer of Punk Industries and dated the Closing Date, to the foregoing effect.

Section 6.2          Director Approval.  The Board of Directors of Punk Industries shall have approved this Agreement and the transactions contemplated herein.

Section 6.3          Officer’s Certificate.  ePunk shall have been furnished with a certificate dated the Closing Date and signed by a duly authorized officer of Punk Industries to the effect that:  (a)  the representations and warranties of Punk Industries set forth in the Agreement and in all Exhibits, Schedules and other documents furnished in connection herewith are in all material respects true and correct as if made on the Effective Date;  (b)  Punk Industries has performed all covenants, satisfied all conditions, and complied with all other terms and provisions of this Agreement to be performed, satisfied or complied with by it as of the Effective Date;  (c)  since such date and other than as previously disclosed to ePunk, Punk Industries has not entered into any material transaction other than transactions which are usual and  in the ordinary course if its business; and  (d) no litigation, proceeding, investigation or inquiry is pending or, to the best knowledge of Punk Industries, threatened, which might result in an action to enjoin or prevent the consummation of the transactions contemplated by this Agreement or, to the extent not disclosed in the Punk Industries Schedules, by or against Punk Industries which might result in any material adverse change in any of the assets, properties, business or operations of Punk Industries.

  

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Section 6.4          No Material Adverse Change.  Prior to the Closing Date, there shall not have occurred any material adverse change in the financial condition, business or operations of nor shall any event have occurred which, with the lapse of time or the giving of notice, may Punk Industries use or create any material adverse change in the financial condition, business or operations of Punk Industries.

Section 6.5          Other Items.  ePunk shall have received such further documents, certificates or instruments relating to the transactions contemplated hereby as ePunk may reasonably request.

ARTICLE VII

CONDITIONS PRECEDENT TO OBLIGATIONS OF

PUNK INDUSTRIES AND PUNK INDUSTRIES SHAREHOLDERS

The obligations of Punk Industries and the Punk Industries Shareholders under this Agreement are subject to the satisfaction, at or before the Closing date (unless otherwise indicated herein), of the following conditions:

Section 7.1          Accuracy of Representations. The representations and warranties made by ePunk in this Agreement were true when made and shall be true as of the Closing Date (except for changes therein permitted by this Agreement) with the same force and effect as if such representations and warranties were made at and as of the Closing Date, and ePunk shall have performed and complied with all covenants and conditions required by this Agreement to be performed or complied with by ePunk prior to or at the Closing.  Punk Industries shall have been furnished with a certificate, signed by a duly authorized executive officer of ePunk and dated the Closing Date, to the foregoing effect.

Section 7.2          Director Approval.   The Board of Directors of ePunk shall have approved this Agreement and the transactions contemplated herein.

Section 7.3          Officer’s Certificate.   Punk Industries shall be furnished with a certificate dated the Closing date and signed by a duly authorized officer of ePunk to the effect that:  (a) the representations and warranties of ePunk set forth in the Agreement and in all Exhibits, Schedules and other documents furnished in connection herewith are in all material respects true and correct as if made on the Effective Date; and (b) ePunk had performed all covenants, satisfied all conditions, and complied with all other terms and provisions of the Agreement to be performed, satisfied or complied with by it as of the Effective Date.

Section 7.4          No Material Adverse Change.  Prior to the Closing Date, there shall not have occurred any material adverse change in the financial condition, business or operations of nor shall any event have occurred which, with the lapse of time or the giving of notice, may cause or create any material adverse change in the financial condition, business or operations of ePunk.

 

  

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ARTICLE VIII

MISCELLANEOUS

Section 8.1          Brokers and Finders.    Each party hereto hereby represents and warrants that it is under no obligation, express or implied, to pay certain finders in connection with the bringing of the parties together in the negotiation, execution, or consummation of this Agreement. The parties each agree to indemnify the other against any claim by any third person for any commission, brokerage or finder’s fee or other payment with respect to this Agreement or the transactions contemplated hereby based on any alleged agreement or understanding between the indemnifying party and such third person, whether express or implied from the actions of the indemnifying party.

Section 8.2          Law, Forum and Jurisdiction.  This Agreement shall be construed and interpreted in accordance with the laws of the State of Nevada, United States of America.

Section 8.3          Notices.  Any notices or other communications required or permitted hereunder shall be sufficiently given if personally delivered to it or sent by registered mail or certified mail, postage prepaid, or by prepaid telegram addressed as follows:

 

	  If to Punk Industries 	Punk Industries, Inc.
	 	

Attn: Richard Jesse Gonzales

	 	

Chief Executive Officer

	 	

32792 Shipside Dr.

	 	

Dana Point, CA 92629 

	 	 
	 	 
	If to ePunk: 	ePunk, Inc.
	 	

Attn: Richard Jesse Gonzales

	 	

Chief Executive Officer

	 	

32792 Shipside Dr.

	 	

Dana Point, CA 92629

 

 

	With a copy to (which shall not constitute notice): 
	 	Anslow & Jaclin, LLP
	 	

Attn: Gregg E. Jaclin, Esq.

	 	

195 Route 9 South, Suite 204

	 	

Manalapan, NJ 07726

	 	

Telephone: (732)409-1212

	 	

Facsimile: (732)577-1188

 

or such other addresses as shall be furnished in writing by any party in the manner for giving notices hereunder, and any such notice or communication shall be deemed to have been given as of  the date so delivered, mailed or telegraphed.

 

Section 8.4          Attorneys’ Fees.  In the event that any party institutes any action or suit to enforce this Agreement or to secure relief from any default hereunder or breach hereof, the breaching party or parties shall reimburse the non-breaching party or parties for all costs, including reasonable attorneys’ fees, incurred in connection therewith and in enforcing or collecting any judgment rendered therein.

  

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Section 8.5         Confidentiality.  Each party hereto agrees with the other party that, unless and until the transactions contemplated by this Agreement have been consummated, they and their representatives will hold in strict confidence all data and information obtained with respect to another party or any subsidiary thereof from any representative, officer, director or employee, or from any books or records or from personal inspection, of such other party, and shall not use such data or information or disclose the same to others, except:  (i)  to the extent such data is a matter of public knowledge or is required by law to be published; and (ii)  to the extent that such data or information must be used or disclosed in order to consummate the transactions contemplated by this Agreement.

Section 8.6         Schedules; Knowledge.  Each party is presumed to have full knowledge of all information set forth in the other party’s schedules delivered pursuant to this Agreement.

Section 8.7         Third Party Beneficiaries.  This contract is solely between Punk Industries, the Punk Industries Shareholders and ePunk and except as specifically provided, no director, officer, stockholder, employee, agent, independent contractor or any other person or entity shall be deemed to be a third party beneficiary of this Agreement.

Section 8.8          Entire Agreement.  This Agreement represents the entire agreement between the parties relating to the subject matter hereof.  This Agreement alone fully and completely expresses the agreement of the parties relating to the subject matter hereof.  There are no other courses of dealing, understanding, agreements, representations or warranties, written or oral, except as set forth herein.  This Agreement may not be amended or modified, except by a written agreement signed by all parties hereto.

Section 8.9          Survival; Termination.  The representations, warranties and covenants of the respective parties shall survive the Closing Date and the consummation of the transactions herein contemplated for 12 months.

Section 8.10       Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall be but a single instrument.

Section 8.11       Amendment or Waiver.  Every right and remedy provided herein shall be cumulative with every other right and remedy, whether conferred herein, at law, or in equity, and may be enforced concurrently herewith, and no waiver by any party of the performance of any obligation by the other shall be construed as a waiver of the same or any other default then, theretofore, or thereafter occurring or existing.  At any time prior to the Closing Date, this Agreement may be amended by a writing signed by all parties hereto, with respect to any of the terms contained herein, and any term or condition of this Agreement may be waived or the time for performance hereof may be extended by a writing signed by the party or parties for whose benefit the provision is intended.

Section 8.12        Expenses.  Each party herein shall bear all of their respective cost s and expenses incurred in connection with the negotiation of this Agreement and in the consummation of the transactions provided for herein and the preparation thereof.

Section 8.13        Headings; Context.  The headings of the sections and paragraphs contained in this Agreement are for convenience of reference only and do not form a part hereof and in no way modify, interpret or construe the meaning of this Agreement.

Section 8.14        Benefit.  This Agreement shall be binding upon and shall inure only to the benefit of the parties hereto, and their permitted assigns hereunder.  This Agreement shall not be assigned by any party without the prior written consent of the other party.

  

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Section 8.15       Public Announcements.  Except as may be required by law, neither party shall make any public announcement or filing with respect to the transactions provided for herein without the prior consent of the other party hereto.

Section 8.16       Severability.  In the event that any particular provision or provisions of this Agreement or the other agreements contained herein shall for any reason hereafter be determined to be unenforceable, or in violation of any law, governmental order or regulation, such unenforceability or violation shall not affect the remaining provisions of such agreements, which shall continue in full force and effect and be binding upon the respective parties hereto.

Section 8.17       Failure of Conditions; Termination.  In the event of any of the conditions specified in this Agreement shall not be fulfilled on or before the Closing Date, either of the parties have the right either to proceed or, upon prompt written notice to the other, to terminate and rescind this Agreement.  In such event, the party that has failed to fulfill the conditions specified in this Agreement will liable for the other parties legal fees.  The election to proceed shall not affect the right of such electing party reasonably to require the other party to continue to use its efforts to fulfill the unmet conditions.

Section 8.18       No Strict Construction.  The language of this Agreement shall be construed as a whole, according to its fair meaning and intendment, and not strictly for or against either party hereto, regardless of who drafted or was principally responsible for drafting the Agreement or terms or conditions hereof.

Section 8.19       Execution Knowing and Voluntary.  In executing this Agreement, the parties severally acknowledge and represent that each:  (a) has fully read and considered this Agreement; (b) has been or has had the opportunity to be fully apprized by its attorneys of the legal effect and meaning of this document and all terms and conditions hereof; (c) is executing this Agreement voluntarily, free from any influence, coercion or duress of any kind.

Section 8.20       Amendment.  At any time after the Closing Date, this Agreement may be amended by a writing signed by both parties, with respect to any of the terms contained herein, and any term or condition of this Agreement may be waived or the time for performance hereof may be extended by a writing signed by the party or parties for whose benefit the provision is intended.

Section 8.21       Conflict of Interest.  Both ePunk and Punk Industries understand that Anslow & Jaclin, LLP is representing both parties in this transaction which represents a conflict of interest.  Both ePunk and Punk Industries have the right to different counsel due to this conflict of interest.  Notwithstanding the above, both ePunk and Punk Industries agree to waive this conflict and have Anslow & Jaclin, LLP represent both parties in the above-referenced transaction.  Both ePunk and Punk Industries agree to hold this law firm harmless from any and all liabilities that may occur or arise due to this conflict.

 

[Remainder of Page Intentionally Left Blank]

 

  

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[Signature Page to Share Exchange Agreement]

IN WITNESS WHEREOF, the corporate parties hereto have caused this Agreement to be executed by their respective officers, hereunto duly authorized, and entered into as of the date first above written.

 

 

	
  

	
ePUNK, INC.

 

By: ___________________________ 

Name: Richard Jesse Gonzales

Title: President & CEO

 

PUNK INDUSTRIES, INC. 

By: ___________________________ 

Name: Richard Jesse Gonzales 

Title: President & CEO

 

  

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Shareholders of Punk Industries:

	
 

 

By: ______________________________

       Richard Jesse Gonzales

	  
	
 

By: ______________________________

       Justin Matthew Dornan

	
 

 

	
 

By: ______________________________

       Frank J. Drechsler

	
 

 

  

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SCHEDULE I

	
Punk Industries, Inc. Shareholders

	
Name of Shareholder

	
# of Shares Exchanging

	
% of Ownership in Punk Industries, Inc.

	
Richard Jesse Gonzales

	
12,500,000

	
50.50

	
Justin Matthew Dornan

	
7,500,000

	
30.30

	
Frank J. Drechsler

	
4,750,000

	
19.20

	  	  	  
	
Total Shares

	
24,750,000

	  

 

  

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SCHEDULE II

	
ePunk, Inc. Shareholders

	
Name of Shareholder

	
# of Shares Exchanging

	
% of Ownership in ePunk, Inc. (1)

	
Richard Jesse Gonzales

	
12,500,000

	
50.30

	
Justin Matthew Dornan

	
7,500,000

	
30.17

	
Frank J. Drechsler

	
4,750,000

	
19.11

	  	  	  
	
Total Shares

	
24,750,000

	  

(1)  the percentage ownership is being calculated on the number of shares that will be issued and outstanding post effective reverse split and is less after the exchange because there are 308,534 shares owned by shareholders of ePunk, Inc.  that remain outstanding and are not being delivered or cancelled pursuant to this Agreement.  Accordingly, the percentage ownership is being calculated based on 25,058,534 shares outstanding.

 

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