Document:

ivicommunications_8k-ex1003.htm

     

    EXHIBIT 10.3

     

    STOCK PURCHASE
AGREEMENT

    

    AGREEMENT
made as of this  17th  day of June, 2008, by and between
Robin Tjon ("Seller") and Titan Global Holdings, Inc., a Utah corporation
("Buyer").

     

    W I T N E S S E T H:

    

    WHEREAS,
Seller is the owner of 700,000 shares of series A preferred stock, $.001 par
value per share (the “Series A Shares”), and no (0) shares of series B preferred
stock, $.001 par value per share (the “Series B Shares” and together with the
Series A Shares, the “Preferred Shares”), of IVI Communications, Inc., a Nevada
corporation (“IVI”); and

     

    WHEREAS,
Buyer desires to purchase from Seller and Seller desires to sell to Buyer, the
Preferred Shares upon the terms and conditions hereinafter set forth;
and

     

    WHEREAS,
Seller is the Controller of IVI.

     

    NOW
THEREFORE, in consideration of the mutual covenants and promises herein
contained and upon the terms and conditions hereinafter set forth, the parties
hereto, intending to be legally bound, agree as follows:

     

    1.    PURCHASE
AND SALE OF THE SHARES.

     

    Purchase and
Sale.  Upon the terms and conditions herein contained, at the
Closing (as hereinafter defined), Seller agrees to sell the Preferred Shares to
Buyer and Buyer agrees to purchase the Shares from Seller, free and clear of all
liens, claims, pledges, mortgages, restrictions, obligations, security interests
and encumbrances of any kind, nature and description.

     

    2.    CONSIDERATION.

     

    Purchase
Price.  The purchase price for the Shares shall be the Buyer's
payment of Ten dollars ($10.00) to Seller (the "Purchase Price"), receipt of
which is hereby acknowledged.

     

    3.    CLOSING.

     

    3.1    Closing.  The
closing of the transactions contemplated by this Agreement (the "Closing") is
taking place simultaneously with the execution of this Agreement, at the date
first set forth above (hereinafter the "Closing Date").

     

    3.2    Delivery by
Seller.  At the Closing, Seller shall deliver to Buyer,
certificates representing the Preferred Shares and executed Stock Power(s) or
other documents satisfactory to Buyer permitting transfer to Buyer of the
Shares.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    3.3    Delivery by
Buyer.  At the Closing, Buyer shall deliver to the Seller the
Purchase Price in a manner to be agreed upon by Buyer and Seller.

     

    4.    REPRESENTATIONS
AND WARRANTIES OF SELLER.  Seller hereby represents and
warrants to Buyer as follows:

     

    4.1    Status of Seller and
Shares.  The Seller is the lawful owner of the Preferred Shares
with good and marketable title thereto, and the Seller has the absolute right to
sell, assign, convey, transfer and deliver the Preferred Shares and any and all
rights and benefits incident to the ownership thereof (including, without
limitation, any registration rights pertaining to the Preferred Shares), all of
which rights and benefits are transferable by the Seller to the Buyer pursuant
to this Agreement, free and clear of all the following (collectively called
“Claims”) of
any nature whatsoever: security interests, liens, pledges, claims (pending or
threatened), charges, escrows, encumbrances, lock-up arrangements, options,
rights of first offer or refusal, community property rights, mortgages,
indentures, security agreements or other agreements, arrangements, contracts,
commitments, understandings or obligations, whether written or oral and whether
or not relating in any way to credit or the borrowing of money.  The
purchase and sale of the Preferred Shares as contemplated herein will (i) pass
good and marketable title to the Preferred Shares to the Buyer, free and clear
of all Claims (assuming that the Buyer is a bona fide purchaser within the
meaning of Section 8-302 of the New York Uniform Commercial Code), and (ii)
convey, free and clear of all Claims, any and all rights and benefits incident
to the ownership of such Preferred Shares (including, without limitation, any
registration rights pertaining to the Preferred Shares).

     

    4.2    No Conflicts;
Advice.  Neither the execution and delivery of the Transaction
Agreements, nor the consummation of the transactions contemplated thereby, does
or will violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge or other restriction of any government,
governmental agency, or court to which the Seller is subject or any provision of
its organizational documents or other similar governing instruments, or conflict
with, violate or constitute a default under any agreement, credit facility, debt
or other instrument or understanding to which the Seller is a
party.  The Seller has consulted such legal, tax and investment
advisors as it, in its sole discretion, has deemed necessary or appropriate in
connection with its sale of the Preferred Shares.

     

    4.3    Nature of Preferred
Shares.  The Preferred Shares were duly authorized and issued
by IVI for fair consideration in bona fide transactions.

     

    5.    REPRESENTATIONS,
WARRANTIES AND ACKNOWLEDGEMENTS OF BUYER.  Buyer hereby
represents, warrants and acknowledges to Seller as follows:

     

    
      
        
        

      

      
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    5.1    Investment
Purposes.  Buyer is acquiring the Preferred Shares for its own
account, for investment purposes only and not with a view to resale or other
distribution thereof, nor with the intention of selling, transferring or
otherwise disposing of all or any part of such Preferred Shares, or any interest
therein, for any particular price, or at any particular time, or upon the
happening of any particular event or circumstances, except selling,
transferring, or disposing of such Preferred Shares made in full compliance with
all applicable provisions of the Shares Act of 1993 (the "Act") and the Shares
Exchange Act of 1934 ("Exchange Act"), and the Rules and Regulations promulgated
by the Preferred Shares and Exchange Commission thereunder, all as amended; and
that such Shares must be held indefinitely unless they are subsequently
registered under the Act, or an exemption from such registration is
available.

     

    5.2    Sophisticated
Investor.  Buyer has sufficient knowledge and experience of
financial and business matters, is able to evaluate the merits and risks of
purchasing such Preferred Shares and has had substantial experience in previous
private and public purchases of securities.

     

    5.3    Buyer
Status.  At the time the Buyer was offered the Preferred
Shares, it was, at the date hereof it is, and on the Closing it will be, an
“accredited
investor” as that term is defined in Rule 501(a) of Regulation D under
the Exchange Act.

     

    6.    COVENANTS.

     

    6.1    Cancellation of
Debt.  By execution of this Agreement, Seller hereby forgives,
releases and forever discharges any debt, monies owing or other obligation owed
to him by IVI or any of its subsidiaries or affiliates.

     

    6.2    Further
Assurances.  After the Closing, at the request of either party,
the other party shall execute, acknowledge and deliver, without further
consideration, all such further assignments, conveyances, endorsements, deeds,
powers of attorney, consents and other documents and take such other action as
may be reasonably requested to consummate the transactions contemplated by this
Agreement.

     

    7.    Defense
of Actions.  Buyer hereby agrees to defend, indemnify
and hold harmless Seller from any and all defense costs incurred by Seller by
reason of or arising out of any and all demands, actions, causes of action,
suits, controversies, damages and any and all other claims, counterclaims,
defenses, rights of set-off, demands and liabilities whatsoever of every name
and nature both at law and in equity, which anyone may now or hereafter assert,
own, hold, have or claim to have against the Seller for, upon, or by reason of
any circumstance, action, cause or thing whatsoever arising under this Agreement
or the transactions contemplated hereby up to a maximum of One Hundred Thousand
Dollars ($100,000).

     

    
      
        
        

      

      
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    8.    Miscellaneous

     

    8.1    Binding Effect;
Benefits.  This Agreement shall inure to the benefit of, and
shall be binding upon, the parties hereto and their respective successors and
permitted assigns.  Except as otherwise set forth herein, this
Agreement may not be assigned by any party hereto without the prior written
consent of the other party hereto.  Except as otherwise set forth
herein, nothing in this Agreement, expressed or implied, is intended to confer
on any person other than the parties hereto or their respective successors and
permitted assigns any rights, remedies, obligations or liabilities under or by
reason of this Agreement.

     

    8.2    Notices.  All
notices, requests, demands and other communications which are required to be or
may be given under this Agreement shall be in writing and shall be deemed to
have been duly given when delivered in person, or transmitted by telecopy or
telex, or upon receipt after dispatch by certified or registered first class
mail, postage prepaid, return receipt requested, to the party to whom the same
is so given or made, at the following addresses (or such others as shall be
provided in writing hereinafter):

     

    (a)   If to Seller,
to:

     

    Ms. Robin
Tjon

    124
Fernbridge Street

    Fortuna,
CA 95540

     

    Telephone:

    Facsimile:

     

    (b)   If to the Buyer,
to:

    
       

      Titan
Global Holdings, Inc.

      1700 Jay
Ell Drive Suite 200

      Richardson,
Texas 75081

      Attention: Bryan
M. Chance, President & CEO

      Telephone: (972)
470-9100

      Facsimile: (972)
767-3117

    

     

    8.3    Entire
Agreement.  This Agreement constitutes the entire agreement and
supersedes all prior agreements and understandings, oral and written, between
the parties hereto with respect to the subject matter hereof.

     

    8.4    Headings.  The
section and other headings contained in this Agreement are for reference
purposes only and shall not be deemed to be a part of this Agreement or to
affect the meaning or interpretation of this Agreement.

     

    
      
        
        

      

      
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    8.5    Counterparts.  This
Agreement may be executed in any number of counterparts, each of which, when
executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same instrument.

     

    8.6    Governing
Law.  This Agreement shall be construed as to both validity and
performance and enforced in accordance with and governed by the laws of the
State of Texas, without giving effect to the conflicts of law principles
thereof.

     

    8.7    Submission to Jurisdiction;
Consent to Service of Process.

     

    (a)    The
parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of
any federal or state court located within the state of Texas over any dispute
arising out of or relating to this Agreement or any of the transactions
contemplated hereby and each party hereby irrevocably agrees that all claims in
respect of such dispute or any suit, action proceeding related thereto may be
heard and determined in such courts.  The parties hereby irrevocably
waive, to the fullest extent permitted by applicable law, any objection which
they may now or hereafter have to the laying of venue of any such dispute
brought in such court or any defense of inconvenient forum for the maintenance
of such dispute.  Each of the parties hereto agrees that a judgment in
any such dispute may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law.

     

    (b)    Each of
the parties hereto hereby consents to process being served by any party to this
Agreement in any suit, action or proceeding by the mailing of a copy thereof in
accordance with the provisions of Section 7.2.

     

    8.8    Severability.  If
any term or provision of this Agreement shall to any extent be invalid or
unenforceable, the remainder of this Agreement shall not be affected thereby,
and each term and provision of the Agreement shall be valid and enforced to the
fullest extent permitted by law.

     

    8.9    Amendments.  This
Agreement may not be modified or changed except by an instrument or instruments
in writing executed by the parties hereto.

    

     

     

    [Intentionally
Blank]

     

    
      
        
        

      

      
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    IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date
first above written.

     

     

    
      
        	 	TITAN GLOBAL HOLDINGS,
      INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Bryan
      M.
      Chance                             	 
	 	 	Bryan
      M. Chance,	 
	 	 	CEO	 
	 	 	 	 
	 	 	 	 
	 	 	/s/
      Robin
      Tjon                                        	 
	 	 	Robin
      Tjo	 
	 	 	 	 
	 	 	 	 

      

Agreed
and Acknowledged:

    

    IVI
COMMUNICATIONS, INC.

    

    

    By: /s/ Charles J.
Roodenburg                       

          Charles
J. Roodenburg,

     
    CEO

     

     

     

     

    6SUBSCRIPTION AGREEMENT

(for Non United States residents)

Caribbean Villa Catering Corporation

 

This Subscription Agreement ("Agreement") is entered into as of the date written below by and between Caribbean Villa Catering Corporation, a Nevada corporation (the "Company"), and the individual(s) and/or company which are set forth in Exhibit A hereto (collectively defined as the "Investor").
 

 

RECITALS

 

A.

The Company is offering units of the Company’s securities.  Each unit consists of 5,000 shares of common stock at the price of $ ___ per share.  The maximum number of units to be sold in this Offering is 300 units, unless increased at the discretion of the board of directors of the company.  The units are being offered and sold up to 1,500,000 shares of common stock of the Company (the "Shares") to non-U.S. residents only pursuant to Regulation S of the Securities Act of 1933 (“Regulation S”).  Unless exempt from minimum subscription requirements, you are required to invest the minimum aggregate investment for the jurisdiction of your residence.  It is understood that upon payment of required funds, the Shares shall be fully paid for and nonassessable.

 

B.

Investor desires to purchase the Shares upon the terms and conditions set forth below.

 

IT IS THEREFORE AGREED:

 

1.  

Agreement to Subscribe.  Investor hereby agrees to purchase ___ Units for the amount of $ ___ (number of shares x $ ___) (minimum investment is 5,000 shares).  The payment for these Units shall be as follows:

 

(i)

Investor agrees to pay total Funds on or before December 31, 2007 by means of a certified check, money order, bank draft or wire transfer (instructions attached hereto as Exhibit B the “Payment Instructions”) in the sum of US Dollars ___ (Number of Shares x $ ___ per Share; Minimum of 5,000 Shares unless approved by the Company) made payable to the Company (which date shall herein be called the “Closing”).

 

If such funds are not received as of “Closing”, this Agreement, at the option of the Company, shall be either adjusted pro rata to the funds paid or become null and void and in such event all funds provided thereafter pursuant to the payment Instructions shall be returned to the Investor;

 

(ii)

Upon the occurrence of the Closing, the Company is hereby instructed to issue the Shares to the Investor and, immediately upon such issuance, the Company is hereby authorized to use the funds received from that Investor in payment of the aggregate subscription price for those Shares.

 

2.

Representation and Warranties of the Investor.  Each Investor hereby represents and warrants to the Company as follows:

 

(a)

Investor has sufficient liquid assets to invest in the Shares.

 

(b)

Investor is a non-U.S. resident and its resident address is as indicated in Exhibit A hereto and is not a U.S. Person as set forth in Exhibit C.
 

 

 

 

 

(c)  

Investor is either exempt from accredited investor requirements according to the laws of the investor’s jurisdiction of residence, or is an “accredited investor” as that term is defined in Section 501 of Regulation D of the Act or Investor, either alone or with Investor’s professional advisers who are unaffiliated with, have no equity interest in and are not compensated by the Company or any affiliate or selling agent of the Company, directly or indirectly, has sufficient knowledge and experience in financial and business matters that Investor is capable of evaluating the merits and risks of an investment in the Shares and of making an informed investment decision with respect thereto and have the capacity to protect Investor’s own interests in connection with Investor’s proposed investment in the Shares.  An “accredited investor” includes, among other persons and entities:  (1) a natural person whose net worth, or joint net worth with that person’s spouse, exceeds $1,000,000; (2) a natural person who has had income in excess of $200,000 in each of the two most recent years, or with that person’s spouse, in excess of $300,000 in those years, and who expects to have at least that level of income in the current year; (3) a corporation, partnership or similar business entity, not formed for the specific purpose of acquiring the Shares, with total assets in excess of $5,000,000; or (4) any entity in which all of the equity owners are accredited investors.  Investor, by reason of the business or financial experience of its officers and/or directors, or the business or financial experience of its professional advisors who are not affiliated with, or compensated by the Company or any of its affiliates, or any selling agent of the Company, directly or indirectly, has the capacity to protect its own interest in connection with its subscription for the Shares.

 

(d)

The address set forth in Exhibit A is the correct principal business office or residential address of the Investor and Investor has no present intention of changing its principal business office or residential address to any other state or jurisdiction.

 

(e)

Investor understands that in connection with the subject investment it is not being provided with any formal disclosure documentation. Investor, or person or persons acting on its behalf, has had an opportunity to ask questions of and receive answers from the Company concerning the terms and conditions of the purchase of the Shares and the current and proposed future operations of the Company. Investor is satisfied with all information provided by the Company.  Investor has not been denied access to any information, which it has requested, from the Company.  Investor acknowledges that it has a pre-existing personal or business relationship with certain principals of the Company and that it learned of its investment in the Shares through this pre-existing personal or business relationship.

 

(f)

Investor acknowledges that the Shares are being solicited and are exempt from registration pursuant to an exemption from registration under the Securities Act of 1933, as amended (the "Act"), and in connection therewith, covenants and agrees that it will not offer, sell, or otherwise transfer the Shares unless and until the Shares are registered pursuant to the Act or unless the Company shall be entitled to rely upon an opinion of counsel satisfactory to Company with respect to compliance with the above securities laws.
 

 

(g)

Investor understands that the Company has virtually no operating history and that it is difficult, if not impossible, to predict the potential future success of the Company.  In this regard, the Investor hereby acknowledges that its investment in the Shares is an extremely risky investment and that the Investor may lose its entire investment in the Company.  The Investor is prepared to take this risk and hereby represents that it can afford the financial ramifications of losing its entire investment in the Shares.

 

 

 

 

(h)

The Shares for which it hereby subscribes are being acquired solely for its own account, for investment purposes only, and are not being purchased with a view to or for the resale, distribution, subdivision or fractionalizing thereof and that Investor has no present plans to enter into any such contract, undertaking, agreement or arrangement.  Investor represents and warrants that Investor is not acquiring these shares for the account of a U.S. person, as set forth in Exhibit C.

 

(i)

Other than the enforcement of the piggy-back registration rights granted in connection with the issuance of the Shares, Investor acknowledges that it shall have no right to demand that the Shares be registered under the Act and that upon Shares being registered or otherwise securing free-trading status there maybe little or no public market for the Shares; and accordingly, Investor acknowledges that it may have to hold the Shares until a market for the Shares develops.

 

3.

Method of Subscription.  In order to subscribe, Investor shall:

 

(a)

Execute this Agreement as set forth in Exhibit A and deliver it to the Company:

 

(b)

Provide the Share Payment amount by certified check, money order, bank draft or wire transfer pursuant to the Wire Transfer Instructions at the times and in the amounts set forth in Section 1. of this Agreement; and

 

(c)  

Deliver such other documents, as the Company deems necessary to complete this subscription.

 

4.

Notices.  Any notice or other communications required or permitted hereunder shall be in writing and shall be deemed to have been given by placing in the United States mail, registered or certified, return receipt requested, postage prepaid, or personally delivered, addressed as follows:

 

"Company"

Caribbean Villa Catering Corporation

c/o Empire Stock Transfer Inc.

2470 St. Rose Pkwy, Suite 304

Henderson, NV 89074

 

"Investor"

See Exhibit A

 

Each of the foregoing shall be entitled to specify a different address by giving notice of the aforesaid to the other.

 

5.

Authority.  The undersigned individuals and/or entities executing this Agreement on behalf of their respective parties represent and warrant that said individuals are authorized to enter into this Agreement on behalf of such parties, the appropriate corporate or other resolutions have been passed and obtained, and that this Agreement shall be binding on same.

 

6.

Execution of Documents.  Each party agrees to execute and deliver such other documents and instruments and to take such further actions as may be reasonably necessary to fully carry out the intent and purposes of this Agreement.

 

7.

Headings.  The headings contained in this Agreement have been inserted for convenience only and in no way define or limit the scope or interpretation of this Agreement.

 

 

 

 

8.

Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, all of which taken together shall constitute one and the same Agreement.

 

9.

Attorneys' Fees.  In the event either party hereto shall commence legal proceedings against the other to enforce the terms hereof, or to declare rights hereunder, as the result of a breach of any covenant or condition of this Agreement, the prevailing party in any such proceeding shall be entitled to recover from the losing party its costs of suit, including reasonable attorneys' fees, as may be fixed by the court including any such fees and costs incurred upon appeal of the court's decision.

 

10.

Choice of Law.  This Agreement shall be enforced, governed and construed in all respects in accordance with the laws of the State of Nevada without giving effect to any of its principles of conflicts of law.  The parties irrevocably consent to the jurisdiction of the state or federal courts of the County of Clark, State of Nevada.

 

11.

Representations of the Company. The Company hereby represents as follows: (i) the Company is a validly organized corporation and is in good standing under the laws of the state of Nevada; (ii) the Shares shall be, upon issuance, validly issued and nonassessable;  (iii) the Company has the full corporate authority to execute the documents contemplated by the transactions set forth herein and to take all actions reasonably necessary to effect such transactions.

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered one to the other as of October 18, 2007.

 

 

Caribbean Villa Catering Corporation,

 

 

 

_________________________________

President, Robert W. Seeley

 

 

 

 

 

 

EXHIBIT A

 

“INVESTOR”

 

Corporate or other Entity:

 

 

 

	
	
		
		(Printed Name of Entity)

	

	 	
	
		
		(Street Address)

	

	 	 	 
	
	
		
		(Signature)

	

	 	
	
		
		(City, Province, Country)

	

	 	 	 
	
	
		
		(Name Printed)

	

	 	
	
		
		(Telephone Number)

	

	 	 	 
	
	
		
		(Title)

	

	 	
	
		
		(Federal Tax I.D. No.)

	

 

 

Individual Subscriber(s)

 

 

	
	
		
		(Signature)

	

	 	
	
		
		(Signature)

	

	 	 	 
	
	
		
		(Name Printed)

	

	 	
	
		
		(Name Printed)

	

	 	 	 
	
	
		
		(Cedula / Passport Number)

	

	 	
	
		
		(Cedula / Passport Number)

	

	 	 	 
	 	 	 
	
	
		
		(Street Address)

	

	 	 
	 	 	 
	
	
		
		(City, Province)

	

	 	 
	 	 	 
	
	
		
		(Country)

	

	 	 
	 	 	 
	
	
		
		(Telephone Number)

	

	 	 

 

 

Form of Ownership

	
	
	[X] individual

	
	
	[   ] community property

	
	[   ] joint tenants

	
	
	[   ] tenants in common

	
	[   ] other

	
	
	__________________________

 

 

 

 

EXHIBIT B

 

(PAYMENT INSTRUCTIONS)

 

Make checks, money orders, bank drafts or cashiers checks payable to:

Caribbean Villa Catering Corporation

 

And mail to:

Caribbean Villa Catering Corporation

PO Box 025648

EPS-D 2016

Miami, FL 33102-5648

 

 

All wire transfers must be sent ONLY to:

 

	 	
	Bank of America

Hollywood, FL 33019

	
	ABA:

	
	063000047

	
	Account Name:

	
	Caribbean Villa Catering Corporation

PO Box 025648

EPS-D 2016

Miami, FL 33102-5648

	
	Account Number:

	
	898011436105

 

 

 

 

 

 

EXHIBIT C

 

As used herein, "U.S. person" means:

(a)

Any natural person resident in the United States;

(b)

Any partnership or corporation organized or incorporated under the laws of the United States;

(c)

Any estate of which any executor or administrator is a U.S. person;

(d)

Any trust of which any trustee is a U.S. person;

(e)

Any agency or branch of a foreign entity located in the United States;

(f)

Any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person;

(g)

Any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and

(h)

Any partnership or corporation if:

(1)

Organized or incorporated under the laws of any foreign jurisdiction; and

(2)

Formed by a U.S. person principally for the purpose of investing in securities not registered under the Act, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a)) who are not natural persons, estates or trusts.

In addition, but not limiting the foregoing, the following are not "U.S. persons":

(a)

Any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-U.S. person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States;

(b)

Any estate of which any professional fiduciary acting as executor or administrator is a U.S. person if:

(1)

An executor or administrator of the estate who is not a U.S. person has sole or shared investment discretion with respect to the assets of the estate; and

(2)

The estate is governed by foreign law;

(c)

Any trust of which any professional fiduciary acting as trustee is a U.S. person, if a trustee who is not a U.S. person has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. person;

(d)

An employee benefit plan established and administered in accordance with the law of a country other than the United States and customary practices and documentation of such country;

 

 

(e)

Any agency or branch of a U.S. person located outside the United States if:

(1)

The agency or branch operates for valid business reasons; and

(2)

The agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; and

(f)

The International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, and their agencies, affiliates and pension plans, and any other similar international organizations, their agencies, affiliates and pension plans.

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