Document:

Unassociated Document

    
      

    

    Exhibit
10.48

     

    NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAVE
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE
SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY.  THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN SECURED BY SUCH SECURITIES.

    
      

      COMMON
STOCK PURCHASE WARRANT

      

      To
Purchase 1,200,063 Shares of Common Stock of

      

      MARSHALL
HOLDINGS INTERNATIONAL, INC.

      

      THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies
that, for value received, CAMOFI Master LDC (the “Holder”), is
entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after the date hereof (the
“Initial Exercise
Date”) and on or prior to the close of business on October 31, 2012, the
five year anniversary of the Initial Exercise Date (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Marshall Holdings
International, Inc., a Nevada corporation (the “Company”), 1,200,063
shares (the “Warrant
Shares”) of Common Stock, $0.001 par value, of the Company (the “Common Stock”). The
purchase price of one share of Common Stock under this Warrant shall be equal to
the Exercise Price, as defined in Section 2(b).

      

      Section
1.           Definitions.Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in
that certain Purchase Agreement (the “Purchase Agreement”),
dated October 26, 2007, between D.L. Claire Capital, Inc. and the Buyers
signatory thereto.

      

      
        	
                Section
      2.

              	
                Exercise.

              

      

      

      
        	
                 
      

              	
                a)

              	
                Exercise of
      Warrant. Exercise of the purchase rights represented by this
      Warrant may be made at any time or times on or after the Initial Exercise
      Date and on or before the Termination Date by delivery to the Company of a
      duly executed facsimile copy of the Notice of Exercise Form
      annexed  hereto (or such other office or agency of the Company
      as it may designate by notice in writing to the registered Holder at the
      address of such Holder appearing on the books of the Company); provided, however, within
      5 Trading Days of the date said Notice of Exercise is delivered to the
      Company, the Holder shall have surrendered this Warrant to the Company and
      the Company shall have received  payment of the aggregate
      Exercise Price of the shares thereby purchased by wire transfer or
      cashier’s check drawn on a United States
bank.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                b)

              	
                Exercise Price.
      The exercise price of the Common Stock under this Warrant shall be equal
      to 110% of the closing price of the common stock on October 25, 2007 (the
      “Exercise
      Price”), subject to adjustment pursuant to Section 3
      hereof.

              

      

      

      
        	
                 
      

              	
                c)

              	
                Cashless
      Exercise. This Warrant may also be exercised by means of a
      “cashless exercise” in which the Holder shall be entitled to receive a
      certificate for the number of Warrant Shares equal to the quotient
      obtained by dividing [(A-B) (X)] by (A),
where:

              

      

      

      (A) = the
VWAP on the Trading Day immediately preceding the date of such
election;

      

      (B) = the
Exercise Price of this Warrant, as adjusted; and

      

      (X) = the
number of Warrant Shares issuable upon exercise of this Warrant in accordance
with the terms of this Warrant by means of a cash exercise rather than a
cashless exercise.

      

      
        	
                 
      

              	
                d)

              	
                Exercise
      Limitations; Holder’s
      Restrictions. The Holder shall not have the right to exercise any
      portion of this Warrant, pursuant to Section 2(c) or otherwise, to the
      extent that after giving effect to such issuance after exercise, the
      Holder (together with the Holder’s affiliates), as set forth on the
      applicable Notice of Exercise, would beneficially own in excess of 4.9% of
      the number of shares of the Common Stock outstanding immediately after
      giving effect to such issuance. For purposes of the foregoing sentence,
      the number of shares of Common Stock beneficially owned by the Holder and
      its affiliates shall include the number of shares of Common Stock issuable
      upon exercise of this Warrant with respect to which the determination of
      such sentence is being made, but shall exclude the number of shares of
      Common Stock which would be issuable upon (A) exercise of the remaining,
      nonexercised portion of this Warrant beneficially owned by the Holder or
      any of its affiliates and (B) exercise or conversion of the unexercised or
      nonconverted portion of any other securities of the Company (including,
      without limitation, any other Notes or Warrants) subject to a limitation
      on conversion or exercise analogous to the limitation contained herein
      beneficially owned by the Holder or any of its
      affiliates.  Except as set forth in the preceding sentence, for
      purposes of this Section 2(d), beneficial ownership shall be calculated in
      accordance with Section 13(d) of the Exchange Act, it being acknowledged
      by Holder that the Company is not representing to Holder that such
      calculation is in compliance with Section 13(d) of the Exchange Act and
      Holder is solely responsible for any schedules required to be filed in
      accordance therewith. To the extent that the limitation contained in this
      Section 2(d) applies, the determination of whether this Warrant is
      exercisable (in relation to other securities owned by the Holder) and of
      which a portion of this Warrant is exercisable shall be in the sole
      discretion of such Holder, and the submission of a Notice of Exercise
      shall be deemed to be such Holder’s determination of whether this Warrant
      is exercisable (in relation to other securities owned by such Holder) and
      of which portion of this Warrant is exercisable, in each case subject to
      such aggregate percentage limitation, and the Company shall have no
      obligation to verify or confirm the accuracy of such
      determination.  For purposes of this Section 2(d), in
      determining the number of outstanding shares of Common Stock, the Holder
      may rely on the number of outstanding shares of Common Stock as reflected
      in (x) the Company’s most recent Form 10-QSB or Form 10-KSB (or similar
      form), as the case may be, (y) a more recent public announcement by the
      Company or (z) any other notice by the Company or the Company’s Transfer
      Agent setting forth the number of shares of Common Stock
      outstanding.  Upon the written or oral request of the Holder,
      the Company shall within two Trading Days confirm orally and in writing to
      the Holder the number of shares of Common Stock then
      outstanding.  In any case, the number of outstanding shares of
      Common Stock shall be determined after giving effect to the conversion or
      exercise of securities of the Company, including this Warrant, by the
      Holder or its affiliates since the date as of which such number of
      outstanding shares of Common Stock was reported.  The provisions
      of this Section 2(d) may be waived by the Holder upon, at the election of
      the Holder, not less than 61 days’ prior notice to the Company, and the
      provisions of this Section 2(d) shall continue to apply until such 61st
      day (or such later date, as determined by the Holder, as may be
      specified in such notice of
waiver).

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                e)

              	
                Mechanics of
      Exercise.

              

      

      

      
        	
                 
      

              	
                i)

              	
                Authorization of
      Warrant Shares.  The Company covenants that all Warrant
      Shares which may be issued upon the exercise of the purchase rights
      represented by this Warrant will, upon exercise of the purchase rights
      represented by this Warrant, be duly authorized, validly issued, fully
      paid and nonassessable and free from all taxes, liens and charges in
      respect of the issue thereof (other than taxes in respect of any transfer
      occurring contemporaneously with such issue).  The Company
      covenants that during the period the Warrant is outstanding, it will
      reserve from its authorized and unissued Common Stock a sufficient number
      of shares to provide for the issuance of the Warrant Shares upon the
      exercise of any purchase rights under this Warrant.  The Company
      further covenants that its issuance of this Warrant shall constitute full
      authority to its officers who are charged with the duty of executing stock
      certificates to execute and issue the necessary certificates for the
      Warrant Shares upon the exercise of the purchase rights under this
      Warrant.  The Company will take all such reasonable action as
      may be necessary to assure that such Warrant Shares may be issued as
      provided herein without violation of any applicable law or regulation, or
      of any requirements of the Trading Market upon which the Common Stock may
      be listed.

              

      

      

      
        	
                 
      

              	
                ii)

              	
                Delivery of
      Certificates Upon Exercise. Certificates for shares purchased
      hereunder shall be transmitted by the transfer agent of the Company to the
      Holder by crediting the account of the Holder’s prime broker with the
      Depository Trust Company through its Deposit Withdrawal Agent Commission
      (“DWAC”)
      system if the Company is a participant in such system, and otherwise by
      physical delivery to the address specified by the Holder in the Notice of
      Exercise within 3 Trading Days from the delivery to the Company of the
      Notice of Exercise Form, surrender of this Warrant and payment of the
      aggregate Exercise Price as set forth above (“Warrant Share Delivery
      Date”). This Warrant shall be deemed to have been exercised on the
      date the Exercise Price is received by the Company. The Warrant Shares
      shall be deemed to have been issued, and Holder or any other person so
      designated to be named therein shall be deemed to have become a holder of
      record of such shares for all purposes, as of the date the Warrant has
      been exercised by payment to the Company of the Exercise Price and all
      taxes required to be paid by the Holder, if any, pursuant to Section
      2(e)(vii) prior to the issuance of such shares, have been
      paid.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                iii)

              	
                Delivery of New
      Warrants Upon Exercise. If this Warrant shall have been exercised
      in part, the Company shall, at the time of delivery of the certificate or
      certificates representing Warrant Shares, deliver to Holder a new Warrant
      evidencing the rights of Holder to purchase the unpurchased Warrant Shares
      called for by this Warrant, which new Warrant shall in all other respects
      be identical with this Warrant.

              

      

      

      
        	
                 
      

              	
                iv)

              	
                Rescission
      Rights. If the Company fails to cause its transfer agent to
      transmit to the Holder a certificate or certificates representing the
      Warrant Shares pursuant to this Section 2(e)(iv) by the Warrant Share
      Delivery Date, then the Holder will have the right to rescind such
      exercise.

              

      

      

      
        	
                 
      

              	
                v)

              	
                Compensation for
      Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In
      addition to any other rights available to the Holder, if the Company fails
      to cause its transfer agent to transmit to the Holder a certificate or
      certificates representing the Warrant Shares pursuant to an exercise on or
      before the Warrant Share Delivery Date, and if after such date the Holder
      is required by its broker to purchase (in an open market transaction or
      otherwise) shares of Common Stock to deliver in satisfaction of a sale by
      the Holder of the Warrant Shares which the Holder anticipated receiving
      upon such exercise (a “Buy-In”), then
      the Company shall (1) pay in cash to the Holder the amount by which (x)
      the Holder’s total purchase price (including brokerage commissions, if
      any) for the shares of Common Stock so purchased exceeds (y) the amount
      obtained by multiplying (A) the number of Warrant Shares that the Company
      was required to deliver to the Holder in connection with the exercise at
      issue times (B) the price at which the sell order giving rise to such
      purchase obligation was executed, and (2) at the option of the Holder,
      either reinstate the portion of the Warrant and equivalent number of
      Warrant Shares for which such exercise was not honored or deliver to the
      Holder the number of shares of Common Stock that would have been issued
      had the Company timely complied with its exercise and delivery obligations
      hereunder. For example, if the Holder purchases Common Stock having a
      total purchase price of $11,000 to cover a Buy-In with respect to an
      attempted exercise of shares of Common Stock with an aggregate sale price
      giving rise to such purchase obligation of $10,000, under clause (1) of
      the immediately preceding sentence the Company shall be required to pay
      the Holder $1,000. The Holder shall provide the Company written notice
      indicating the amounts payable to the Holder in respect of the Buy-In,
      together with applicable confirmations and other evidence reasonably
      requested by the Company. Nothing herein shall limit a Holder’s right to
      pursue any other remedies available to it hereunder, at law or in equity
      including, without limitation, a decree of specific performance and/or
      injunctive relief with respect to the Company’s failure to timely deliver
      certificates representing shares of Common Stock upon exercise of the
      Warrant as required pursuant to the terms
  hereof.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                vi)

              	
                No Fractional Shares
      or Scrip. No fractional shares or scrip representing fractional
      shares shall be issued upon the exercise of this Warrant.  As to
      any fraction of a share which Holder would otherwise be entitled to
      purchase upon such exercise, the Company shall pay a cash adjustment in
      respect of such final fraction in an amount equal to such fraction
      multiplied by the Exercise Price.

              

      

      

      
        	
                 
      

              	
                vii)

              	
                Charges, Taxes and
      Expenses. Issuance of certificates for Warrant Shares shall be made
      without charge to the Holder for any issue or transfer tax or other
      incidental expense in respect of the issuance of such certificate, all of
      which taxes and expenses shall be paid by the Company, and such
      certificates shall be issued in the name of the Holder or in such name or
      names as may be directed by the Holder; provided, however, that
      in the event certificates for Warrant Shares are to be issued in a name
      other than the name of the Holder, this Warrant when surrendered for
      exercise shall be accompanied by the Assignment Form attached hereto duly
      executed by the Holder; and the Company may require, as a condition
      thereto, the payment of a sum sufficient to reimburse it for any transfer
      tax incidental thereto.

              

      

      

      
        	
                 
      

              	
                viii)

              	
                Closing of
      Books. The Company will not close its stockholder books or records
      in any manner which prevents the timely exercise of this Warrant, pursuant
      to the terms hereof.

              

      

      

      
        	
                Section
      3.

              	
                Certain
      Adjustments.

              

      

      

      
        	
                 
      

              	
                a)

              	
                Stock Dividends and
      Splits. If the Company, at any time while this Warrant is
      outstanding: (A) pays a stock dividend or otherwise make a distribution or
      distributions on shares of its Common Stock or any other equity or equity
      equivalent securities payable in shares of Common Stock (which, for
      avoidance of doubt, shall not include any shares of Common Stock issued by
      the Company pursuant to this Warrant), (B) subdivides outstanding shares
      of Common Stock into a larger number of shares, (C) combines (including by
      way of reverse stock split) outstanding shares of Common Stock into a
      smaller number of shares, or (D) issues by reclassification of shares of
      the Common Stock any shares of capital stock of the Company, then in each
      case the Exercise Price shall be multiplied by a fraction of which the
      numerator shall be the number of shares of Common Stock (excluding
      treasury shares, if any) outstanding before such event and of which the
      denominator shall be the number of shares of Common Stock outstanding
      after such event and the number of shares issuable upon exercise of this
      Warrant shall be proportionately adjusted.  Any adjustment made
      pursuant to this Section 3(a) shall become effective immediately after the
      record date for the determination of stockholders entitled to receive such
      dividend or distribution and shall become effective immediately after the
      effective date in the case of a subdivision, combination or
      re-classification.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                b)

              	
                Subsequent Equity
      Sales. If the Company, at any time while this Warrant is
      outstanding, shall offer, sell, grant any option to purchase or offer,
      sell or grant any right to reprice its securities, or otherwise dispose of
      or issue (or announce any offer, sale, grant or any option to purchase or
      other disposition) any Common Stock or Common Stock Equivalents entitling
      any Person to acquire shares of Common Stock, at an effective price per
      share less than the then Exercise Price (such lower price, the “Base Share
      Price” and such issuances collectively, a “Dilutive
      Issuance”), as adjusted hereunder (if the holder of the Common
      Stock or Common Stock Equivalents so issued shall at any time, whether by
      operation of purchase price adjustments, reset provisions, floating
      conversion, exercise or exchange prices or otherwise, or due to warrants,
      options or rights per share which is issued in connection with such
      issuance, be entitled to receive shares of Common Stock at an effective
      price per share which is less than the Exercise Price, such issuance shall
      be deemed to have occurred for less than the Exercise Price), then, the
      Exercise Price shall be reduced to equal the Base Share Price and the
      number of Warrant Shares issuable hereunder shall be increased such that
      the aggregate Exercise Price payable hereunder, after taking into account
      the decrease in the Exercise Price, shall be equal to the aggregate
      Exercise Price prior to such adjustment. Such adjustment shall be made
      whenever such Common Stock or Common Stock Equivalents are
      issued.  Such adjustment shall be made whenever such Common
      Stock or Common Stock Equivalents are issued. The Company shall notify the
      Holder in writing, no later than the Trading Day following the issuance of
      any Common Stock or Common Stock Equivalents subject to this section,
      indicating therein the applicable issuance price, or of applicable reset
      price, exchange price, conversion price and other pricing terms (such
      notice the “Dilutive Issuance
      Notice”). For purposes of clarification, whether or not the Company
      provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon
      the occurrence of any Dilutive Issuance, after the date of such Dilutive
      Issuance the Holder is entitled to receive a number of Warrant Shares
      based upon the Base Share Price regardless of whether the Holder
      accurately refers to the Base Share Price in the Notice of
      Exercise.

              

      

      

      
        	
                 
      

              	
                c)

              	
                Pro Rata
      Distributions. If the Company, at any time prior to the Termination
      Date, shall distribute to all holders of Common Stock (and not to Holders
      of the Warrants) evidences of its indebtedness or assets or rights or
      warrants to subscribe for or purchase any security other than the Common
      Stock (which shall be subject to Section 3(b)), then in each such case the
      Exercise Price shall be adjusted by multiplying the Exercise Price in
      effect immediately prior to the record date fixed for determination of
      stockholders entitled to receive such distribution by a fraction of which
      the denominator shall be the VWAP determined as of the record date
      mentioned above, and of which the numerator shall be such VWAP on such
      record date less the then per share fair market value at such record date
      of the portion of such assets or evidence of indebtedness so distributed
      applicable to one outstanding share of the Common Stock as determined by
      the Board of Directors in good faith.  In either case the
      adjustments shall be described in a statement provided to the Holders of
      the portion of assets or evidences of indebtedness so distributed or such
      subscription rights applicable to one share of Common
      Stock.  Such adjustment shall be made whenever any such
      distribution is made and shall become effective immediately after the
      record date mentioned above.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                d)

              	
                Calculations.
      All calculations under this Section 3 shall be made to the nearest cent or
      the nearest 1/100th of a share, as the case may be. The number of shares
      of Common Stock outstanding at any given time shall not includes shares of
      Common Stock owned or held by or for the account of the Company, and the
      description of any such shares of Common Stock shall be considered on
      issue or sale of Common  Stock. For purposes of this Section 3,
      the number of shares of Common Stock deemed to be issued and outstanding
      as of a given date shall be the sum of the number of shares of Common
      Stock (excluding treasury shares, if any) issued and
      outstanding.

              

      

      

      
        	
                 
      

              	
                e)

              	
                Notice to
      Holders.

              

      

      

      i.        
     Adjustment to Exercise
Price. Whenever the Exercise Price is adjusted pursuant to this Section
3, the Company shall promptly mail to each Holder a notice setting forth the
Exercise Price after such adjustment and setting forth a brief statement of the
facts requiring such adjustment. If the Company issues a variable rate security,
the Company shall be deemed to have issued Common Stock or Common Stock
Equivalents at the lowest possible conversion or exercise price at which such
securities may be converted or exercised.

      

      ii.       
     Notice to Allow Exercise by
Holder. If (A) the Company shall declare a dividend (or any other
distribution) on the Common Stock; (B) the Company shall declare a special
nonrecurring cash dividend on or a redemption of the Common Stock; (C) the
Company shall authorize the granting to all holders of the Common Stock rights
or warrants to subscribe for or purchase any shares of capital stock of any
class or of any rights; (D) the approval of any stockholders of the Company
shall be required in connection with any reclassification of the Common Stock,
any consolidation or merger to which the Company is a party, any sale or
transfer of all or substantially all of the assets of the Company, of any
compulsory share exchange whereby the Common Stock is converted into other
securities, cash or property; (E) the Company shall authorize the voluntary or
involuntary dissolution, liquidation or winding up of the affairs of the
Company; then, in each case, the Company shall cause to be mailed to the Holder
at its last addresses as it shall appear upon the Warrant Register of the
Company, at least 20 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is
to be taken for the purpose of such dividend, distribution, redemption, rights
or warrants, or if a record is not to be taken, the date as of which the holders
of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which
such reclassification, consolidation, merger, sale, transfer or share exchange
is expected to become effective or close, and the date as of which it is
expected that holders of the Common Stock of record shall be entitled to
exchange their shares of the Common Stock for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange; provided, that the
failure to mail such notice or any defect therein or in the mailing thereof
shall not affect the validity of the corporate action required to be specified
in such notice. The Holder is entitled to exercise this Warrant during the
20-day period commencing the date of such notice to the effective date of the
event triggering such notice.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                f)

              	
                Fundamental
      Transaction. If, at any time while this Warrant is outstanding, (A)
      the Company effects any merger or consolidation of the Company with or
      into another Person, (B) the Company effects any sale of all or
      substantially all of its assets in one or a series of related
      transactions, (C) any tender offer or exchange offer (whether by the
      Company or another Person) is completed pursuant to which holders of
      Common Stock are permitted to tender or exchange their shares for other
      securities, cash or property, or (D) the Company effects any
      reclassification of the Common Stock or any compulsory share exchange
      pursuant to which the Common Stock is effectively converted into or
      exchanged for other securities, cash or property (in any such case, a
      “Fundamental
      Transaction”), then, upon any subsequent conversion of this
      Warrant, the Holder shall have the right to receive, for each Warrant
      Share that would have been issuable upon such exercise absent such
      Fundamental Transaction, at the option of the Holder, (a) upon exercise of
      this Warrant, the number of shares of Common Stock of the successor or
      acquiring corporation or of the Company, if it is the surviving
      corporation, and Alternate Consideration receivable upon or as a result of
      such reorganization, reclassification, merger, consolidation or
      disposition of assets by a Holder of the number of shares of Common Stock
      for which this Warrant is exercisable immediately prior to such event or
      (b) cash equal to the value of this Warrant as determined in accordance
      with the Black-Scholes option pricing formula (the “Alternate
      Consideration”). For purposes of any such exercise, the
      determination of the Exercise Price shall be appropriately adjusted to
      apply to such Alternate Consideration based on the amount of Alternate
      Consideration issuable in respect of one share of Common Stock in such
      Fundamental Transaction, and the Company shall apportion the Exercise
      Price among the Alternate Consideration in a reasonable manner reflecting
      the relative value of any different components of the Alternate
      Consideration. If holders of Common Stock are given any choice as to the
      securities, cash or property to be received in a Fundamental Transaction,
      then the Holder shall be given the same choice as to the Alternate
      Consideration it receives upon any exercise of this Warrant following such
      Fundamental Transaction.  To the extent necessary to effectuate
      the foregoing provisions, any successor to the Company or surviving entity
      in such Fundamental Transaction shall issue to the Holder a new warrant
      consistent with the foregoing provisions and evidencing the Holder’s right
      to exercise such warrant into Alternate Consideration. The terms of any
      agreement pursuant to which a Fundamental Transaction is effected shall
      include terms requiring any such successor or surviving entity to comply
      with the provisions of this paragraph (f) and insuring that this Warrant
      (or any such replacement security) will be similarly adjusted upon any
      subsequent transaction analogous to a Fundamental
    Transaction.

              

      

      

      
        	
                 
      

              	
                g)

              	
                Voluntary Adjustment
      By Company. The Company may at any time during the term of this
      Warrant reduce the then current Exercise Price to any amount and for any
      period of time deemed appropriate by the Board of Directors of the
      Company.

              

      

      

      
        	
                 
      

              	
                Section
      4.

              	
                Transfer of
      Warrant.

              

      

      

      
        	
                 
      

              	
                a)

              	
                Transferability.
      Subject to compliance with any applicable securities laws and the
      conditions set forth in Sections 5(a) and 4(d) hereof, this Warrant and
      all rights hereunder are transferable, in whole or in part, upon surrender
      of this Warrant at the principal office of the Company, together with a
      written assignment of this Warrant substantially in the form attached
      hereto duly executed by the Holder or its agent or attorney and funds
      sufficient to pay any transfer taxes payable upon the making of such
      transfer.  Upon such surrender and, if required, such payment,
      the Company shall execute and deliver a new Warrant or Warrants in the
      name of the assignee or assignees and in the denomination or denominations
      specified in such instrument of assignment, and shall issue to the
      assignor a new Warrant evidencing the portion of this Warrant not so
      assigned, and this Warrant shall promptly be cancelled.  A
      Warrant, if properly assigned, may be exercised by a new holder for the
      purchase of Warrant Shares without having a new Warrant
      issued.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                b)

              	
                New Warrants.
      This Warrant may be divided or combined with other Warrants upon
      presentation hereof at the aforesaid office of the Company, together with
      a written notice specifying the names and denominations in which new
      Warrants are to be issued, signed by the Holder or its agent or
      attorney.  Subject to compliance with Section 4(a), as to any
      transfer which may be involved in such division or combination, the
      Company shall execute and deliver a new Warrant or Warrants in exchange
      for the Warrant or Warrants to be divided or combined in accordance with
      such notice.

              

      

      

      
        	
                 
      

              	
                c)

              	
                Warrant
      Register. The Company shall register this Warrant, upon records to
      be maintained by the Company for that purpose (the “Warrant
      Register”), in the name of the record Holder hereof from time to
      time.  The Company may deem and treat the registered Holder of
      this Warrant as the absolute owner hereof for the purpose of any exercise
      hereof or any distribution to the Holder, and for all other purposes,
      absent actual notice to the
contrary.

              

      

      

      
        	
                 
      

              	
                d)

              	
                Transfer
      Restrictions. If, at the time of the surrender of this Warrant in
      connection with any transfer of this Warrant, the transfer of this Warrant
      shall not be registered pursuant to an effective registration statement
      under the Securities Act and under applicable state securities or blue sky
      laws, the Company may require, as a condition of allowing such transfer
      (i) that the Holder or transferee of this Warrant, as the case may be,
      furnish to the Company a written opinion of counsel (which opinion shall
      be in form, substance and scope customary for opinions of counsel in
      comparable transactions) to the effect that such transfer may be made
      without registration under the Securities Act and under applicable state
      securities or blue sky laws, (ii) that the holder or transferee execute
      and deliver to the Company an investment letter in form and substance
      acceptable to the Company and (iii) that the transferee be an “accredited
      investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), or (a)(8)
      promulgated under the Securities Act or a qualified institutional buyer as
      defined in Rule 144A(a) under the Securities
  Act.

              

      

      

      
        	
                 
      

              	
                Section
      5.

              	
                Miscellaneous.

              

      

      

      
        	
                 
      

              	
                a)

              	
                Title to
      Warrant. Prior to the Termination Date and subject to compliance
      with applicable laws and Section 4 of this Warrant, this Warrant and all
      rights hereunder are transferable, in whole or in part, at the office or
      agency of the Company by the Holder in person or by duly authorized
      attorney, upon surrender of this Warrant together with the Assignment Form
      annexed hereto properly endorsed. The transferee shall sign an investment
      letter in form and substance reasonably satisfactory to the
      Company.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                b)

              	
                No Rights as
      Shareholder Until Exercise.  This Warrant does not
      entitle the Holder to any voting rights or other rights as a shareholder
      of the Company prior to the exercise hereof. Upon the surrender of this
      Warrant and the payment of the aggregate Exercise Price (or by means of a
      cashless exercise), the Warrant Shares so purchased shall be and be deemed
      to be issued to such Holder as the record owner of such shares as of the
      close of business on the later of the date of such surrender or
      payment.

              

      

      

      
        	
                 
      

              	
                c)

              	
                Loss, Theft,
      Destruction or Mutilation of Warrant. The Company covenants that
      upon receipt by the Company of evidence reasonably satisfactory to it of
      the loss, theft, destruction or mutilation of this Warrant or any stock
      certificate relating to the Warrant Shares, and in case of loss, theft or
      destruction, of indemnity or security reasonably satisfactory to it
      (which, in the case of the Warrant, shall not include the posting of any
      bond), and upon surrender and cancellation of such Warrant or stock
      certificate, if mutilated, the Company will make and deliver a new Warrant
      or stock certificate of like tenor and dated as of such cancellation, in
      lieu of such Warrant or stock
certificate.

              

      

      

      
        	
                 
      

              	
                d)

              	
                Saturdays, Sundays,
      Holidays, etc. If the last or appointed day for the taking of any
      action or the expiration of any right required or granted herein shall be
      a Saturday, Sunday or a legal holiday, then such action may be taken or
      such right may be exercised on the next succeeding day not a Saturday,
      Sunday or legal holiday.

              

      

      

      
        	
                 
      

              	
                e)

              	
                Authorized
      Shares. The Company covenants that during the period the Warrant is
      outstanding, it will reserve from its authorized and unissued Common Stock
      a sufficient number of shares to provide for the issuance of the Warrant
      Shares upon the exercise of any purchase rights under this
      Warrant.  The Company further covenants that its issuance of
      this Warrant shall constitute full authority to its officers who are
      charged with the duty of executing stock certificates to execute and issue
      the necessary certificates for the Warrant Shares upon the exercise of the
      purchase rights under this Warrant. The Company will take all such
      reasonable action as may be necessary to assure that such Warrant Shares
      may be issued as provided herein without violation of any applicable law
      or regulation, or of any requirements of the trading market upon which the
      Common Stock may be listed.

              

      

      

      Except
and to the extent as waived or consented to by the Holder, the Company shall not
by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of Holder as set forth in this Warrant against
impairment. Without limiting the generality of the foregoing, the Company will
(a) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (b)
take all such action as may be necessary or appropriate in order that the
Company may validly and legally issue fully paid and nonassessable Warrant
Shares upon the exercise of this Warrant, and (c) use commercially reasonable
efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof as may be necessary to enable
the Company to perform its obligations under this Warrant.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Before
taking any action which would result in an adjustment in the number of Warrant
Shares for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents
thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.

      

      
        	
                 
      

              	
                f)

              	
                Jurisdiction.
      All questions concerning the construction, validity, enforcement and
      interpretation of this Warrant shall be determined in accordance with the
      provisions of the Purchase
Agreement.

              

      

      

      
        	
                 
      

              	
                g)

              	
                Restrictions.  The
      Holder acknowledges that the Warrant Shares acquired upon the exercise of
      this Warrant, if not registered, will have restrictions upon resale
      imposed by state and federal securities
laws.

              

      

      

      
        	
                 
      

              	
                h)

              	
                Nonwaiver and
      Expenses. No course of dealing or any delay or failure to exercise
      any right hereunder on the part of Holder shall operate as a waiver of
      such right or otherwise prejudice Holder’s rights, powers or remedies,
      notwithstanding the fact that all rights hereunder terminate on the
      Termination Date. If the Company willfully and knowingly fails to comply
      with any provision of this Warrant, which results in any material damages
      to the Holder, the Company shall pay to Holder such amounts as shall be
      sufficient to cover any costs and expenses including, but not limited to,
      reasonable attorneys’ fees, including those of appellate proceedings,
      incurred by Holder in collecting any amounts due pursuant hereto or in
      otherwise enforcing any of its rights, powers or remedies
      hereunder.

              

      

      

      
        	
                 
      

              	
                i)

              	
                Notices. Any
      notice, request or other document required or permitted to be given or
      delivered to the Holder by the Company shall be delivered in accordance
      with the notice provisions of the Purchase
  Agreement.

              

      

      

      
        	
                 
      

              	
                j)

              	
                Limitation of
      Liability. No provision hereof, in the absence of any affirmative
      action by Holder to exercise this Warrant or purchase Warrant Shares, and
      no enumeration herein of the rights or privileges of Holder, shall give
      rise to any liability of Holder for the purchase price of any Common Stock
      or as a stockholder of the Company, whether such liability is asserted by
      the Company or by creditors of the
Company.

              

      

      

      
        	
                 
      

              	
                k)

              	
                Remedies.
      Holder, in addition to being entitled to exercise all rights granted by
      law, including recovery of damages, will be entitled to specific
      performance of its rights under this Warrant.  The Company
      agrees that monetary damages would not be adequate compensation for any
      loss incurred by reason of a breach by it of the provisions of this
      Warrant and hereby agrees to waive the defense in any action for specific
      performance that a remedy at law would be
  adequate.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                l)

              	
                Successors and
      Assigns. Subject to applicable securities laws, this Warrant and
      the rights and obligations evidenced hereby shall inure to the benefit of
      and be binding upon the successors of the Company and the successors and
      permitted assigns of Holder. The provisions of this Warrant are intended
      to be for the benefit of all Holders from time to time of this Warrant and
      shall be enforceable by any such Holder or holder of Warrant
      Shares.

              

      

      

      
        	
                 
      

              	
                m)

              	
                Amendment. This
      Warrant may be modified or amended or the provisions hereof waived with
      the written consent of the Company and the
  Holder.

              

      

      

      
        	
                 
      

              	
                n)

              	
                Severability.
      Wherever possible, each provision of this Warrant shall be interpreted in
      such manner as to be effective and valid under applicable law, but if any
      provision of this Warrant shall be prohibited by or invalid under
      applicable law, such provision shall be ineffective to the extent of such
      prohibition or invalidity, without invalidating the remainder of such
      provisions or the remaining provisions of this
  Warrant.

              

      

      

      
        	
                 
      

              	
                o)

              	
                Headings. The
      headings used in this Warrant are for the convenience of reference only
      and shall not, for any purpose, be deemed a part of this
      Warrant.

              

      

      

      ********************

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
WITNESS THEREOF, the Company has caused this Warrant to be executed bu its
officer thereunto duly authorized.

      

      Dated:
October 31, 2007

      
 

      
        	 
      	
                MARSHALL
      HOLDINGS INTERNATIONAL, INC.

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By

              	
                /s/
      Richard A. Bailey

              	 
      
	 
      	 
      	
                Richard
      A. Bailey, President and Chief Executive
Officer

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      NOTICE
OF EXERCISE

      

      TO:

       

      (1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company
pursuant to the terms of the attached Warrant (only if exercised in full), and
tenders herewith payment of the exercise price in full, together with all
applicable transfer taxes, if any.

       

      (2) Payment shall take
the form of (check applicable box):

       

      £
in lawful money of the United States; or

       

      £
the cancellation of such number of Warrant Shares as is necessary, in accordance
with the formula set forth in subsection 2(c), to exercise this Warrant with
respect to the maximum number of Warrant Shares purchasable pursuant to the
cashless exercise procedure set forth in subsection 2(c).

       

      (3) Please issue a
certificate or certificates representing said Warrant Shares in the name of the
undersigned or in such other name as is specified
below:

       

      _______________________________

       

      The
Warrant Shares shall be delivered to the following:

       

      _______________________________

       

      _______________________________

       

      _______________________________

       

      (4)
Accredited
Investor. The undersigned is an “accredited investor” as defined in
Regulation D promulgated under the Securities Act of 1933, as
amended.

       

      [SIGNATURE
OF HOLDER]

       

      Name
of Investing Entity: ______________________________________________

      Signature of
Authorized Signatory of Investing Entity:

      __________________________________________________________________

      Name
of Authorized Signatory:

      __________________________________________________________________

      Title
of Authorized Signatory:

      __________________________________________________________________

      Date:

      __________________________________________________________________

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      ASSIGNMENT
FORM

       

      (To
assign the foregoing warrant, execute

      this
form and supply required information.

      Do
not use this form to exercise the warrant.)

       

       

      FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are
hereby assigned to

       

      _______________________________________________
whose address is

       

      _______________________________________________________________.

       

       

      _______________________________________________________________.

      
         

        
          	 	Dated:
      ______________, _______

        

         

         

      

      Holder’s
Signature: _____________________________

       

      Holder’s
Address:  _____________________________

       

      _____________________________

       

       

      Signature
Guaranteed:  ___________________________________________

       

      NOTE:
The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing
Warrant.ex10_63.htm

    
      

    

    Exhibit 10.63

     

    TERMINATION AND RELEASE
AGREEMENT

    

    This
Termination and Release Agreement (this "Release") is entered into as
of February 6, 2008, by and between Antik Denim LLC, a California limited
liability company ("Licensor"), and North Star
LLC, a limited liability company ("Licensee"). Licensor and
Licensee are sometimes referred to herein individually as a “party,” and collectively, as
the "parties."

    

    RECITALS:

    

    A.           Licensor
and Licensee entered into that certain License Agreement dated as of October 1,
2006 (the “Agreement”),
pursuant to which Licensor granted Licensee the right to, among other matters,
develop, manufacture and distribute, throughout the world, knit and other
products utilizing or otherwise based on Licensor’s “ANTIK DENIM” trademark
(collectively, the “Property”).

    

    B.           Licensor
and Licensee entered into that certain Amendment No.1 to License Agreement dated
as of April 25, 2007, pursuant to which Licensee terminated its right to exploit
the Property under the Agreement in the territory comprising the European Union
and other European countries.

    

    C.           Licensor
is prepared to terminate the Agreement based on, among other matters, specified
material breaches of Licensee arising under the Agreement.

    

    D.           Licensee
and Licensor desire to mutually terminate the Agreement, release each other from
any and all future performance under the Agreement, and to fully and finally
settle any and all claims and/or disputes that may have arisen in the course of
the prior performance of their obligations under the Agreement.

    

    E.           All
capitalized terms used and not otherwise defined herein shall have the
respective meanings ascribed to such terms under the Agreement.

    

    AGREEMENT:

    

    In
consideration of the facts recited above and the mutual promises contained
herein, the parties agree as follows:

    

    1.           Termination.

    
 

    (a)           The
Agreement is hereby terminated in all respects, effective immediately, and each
of the parties acknowledge and agree that any and all rights and licenses
granted to Licensee pursuant to the Agreement, including, without limitation, in
and to the Property, shall hereby terminate and any and all such rights shall
immediately, and without further action on the part of the parties, revert to
Licensor.  Except as otherwise specifically provided in this Release,
neither party will have any rights or further obligations to the other party
under the Agreement.  Without limiting any portion of the foregoing,
the parties expressly acknowledge and agree that Licensee shall immediately, and
without delay, cease any further manufacture, distribution or sale of any
products, whether or not developed and/or manufactured by or for Licensee, based
on or utilizing the Property (the “Licensee
Products”)

    
      
         

      

      
        1

        
          

        

      

       

    

    
       

    

    (b)           Notwithstanding
the provisions of Section 1(a) above,
Licensee shall have the right to sell off any of its existing on hand inventory
of Licensee Products, provided, and only to the extent previously approved in
writing by Licensor, and to the extent Licensee abides by the following
procedures:

    

    i.           From
the date hereof until the expiration of any mutually approved Sell-Off Period
(as defined below), and within five (5) calendar days of any request delivered
by Licensor, Licensee will permit Licensor, or a designated representative
thereof, access to inspect all Licensee Products inventory in possession of, or
controlled by, Licensee, including, without limitation, Licensed Products
inventory located on Licensee’s premises or on any other premises where such
products are kept or stored.

    

    ii.           Within
ten (10) calendar days of the completion of any inspection by Licensor, Licensor
shall provide written notice detailing those particular Licensee Products, if
any, thereby authorized by Licensor for sell-off by Licensee.  Such
notice shall include the approved distribution channels for any such Licensee
Products.  For the avoidance of doubt, failure to deliver written
notice within such ten (10) calendar day period shall be deemed as though no
sell off is approved by Licensor.

    

    iii.           Following
the execution hereof, the parties will negotiate in good faith as to a mutually
acceptable sell off period for previously approved Licensee Products, which
period shall be not less than sixty (60) calendar days from the date hereof
(collectively, the “Sell-Off
Period”).  In the event that the parties are unable to agree
upon a mutually agreeable Sell-Off Period, then the Sell-Off Period shall be
deemed to expire on the date that is sixty (60) calendar days from the date
hereof.  Upon expiration of the Sell-Off Period, Licensee shall cause
all distribution rights and licenses granted by Licensee to third parties with
regard to the Licensee Products to terminate.

    

    (c)           For
purposes of clarity, (A) no Licensee Products may be sold during the Sell-Off
Period unless such products (and the distribution channels thereof) have been
previously approved in writing by Licensor; and (B) during the Sell-Off Period,
Licensor may use or license the use of the Property in any manner, at any time,
anywhere in the world.

    

    2.           General
Release.  In consideration of the promises, agreements and
obligations set forth in this Release, each of the parties
hereby releases the other and its agents, employees, representatives, officers,
directors, parent and subsidiary corporations, shareholders, attorneys,
successors, assigns and affiliated persons and companies, from any and all
claims, suits, damages, losses and causes of action, whether known or unknown,
suspected or unsuspected, arising out of the Agreement or its termination,
except in all cases for any and all obligations arising under this
Release.

    

    3.           Effect of
Release.  The parties
covenant and agree never to commence, prosecute, or cause to be commenced
against one another any action or proceeding based upon any of the matters
released by this Release, except in the event of a breach of this
Release.  The parties further agree that this Release shall be deemed
in breach and a cause of action shall accrue to the other party thereon
immediately upon the commencement of any such action or the performance of any
act contrary to this paragraph.  In the event that an action is
brought, this Release may be pleaded as a defense or it may be asserted by way
of cross-complaint, counterclaim, or cross-claim in any such action, or may be
used, as necessary to establish its terms.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    4.           Consideration.  In
consideration of Licensee’s entering this Release, and as additional
consideration for the prior amendment of the Agreement, Licensor agrees to pay
Licensee an amount equal to Eighty Thousand Dollars (US $80,000) within thirty
(30) calendar days of the date of this Release, which amount shall be payable to
Licensee or a designee thereof, as may be identified by Licensee in writing
following the date of this Release and prior to any payment made by
Licensor.

    

    5.           Representations
and Warranties.   Each party
to this Release represents and warrants to the other party as
follows:

    

    (a)  Such
party has not heretofore assigned or transferred or purported to transfer or
assign to any person, firm or corporation, any claim, demand, damage, debt,
liability, account, action, or cause of action herein released.  Such
party agrees to indemnify and hold the other harmless against any claim, demand,
damage, debt, liability, account, action, cause of action, cost or expense,
including reasonable attorneys' fees actually paid or incurred, arising out of
or in connection with any such transfer or assignment, or any such purported
transfer or assignment.

    

    (b)  Neither
such party nor any of its agents or attorneys has made any promise,
representation or warranty whatsoever, expressed, implied or statutory, not
contained herein concerning the subject matter hereof to induce the other party
to execute this instrument, and such party acknowledges that it has not executed
this instrument in reliance on any promise, representation or warranty not
contained herein, and that this Release contains all of the terms and conditions
of the Release that have been reached by and between the parties.

    

    (c)  The
persons signing this Release on behalf of Licensor and Licensee warrant,
covenant and represent that they are authorized to execute this document and
enter into this Release on behalf of said parties.

    

    (d)  Such
party has carefully read this Release, knows the contents thereof and has
received independent legal advice from the attorneys of its choosing with
respect to the claims and disputes released pursuant to, and the advisability of
entering into, this Release.

    

    (e)  Such
party agrees to indemnify and hold the other harmless against any and all
claims, demands, debts, actions, rights or action, causes of action, suits,
damages, losses and liabilities, including reasonable attorneys' fees, actually
paid or incurred, arising out of or in connection with any breach by such party
of any representation or warranty set forth in this Section
5.

    

    The
representations and warranties set forth in this Release are deemed to and shall
each survive the execution of this Release and shall each constitute continuing
representations and warranties of Licensee and Licensor.

    

    6.           Civil
Code §1542.  Each party to
this Release understands, agrees and stipulates that all rights and benefits of
Section 1542 of the Civil Code of California are expressly and voluntarily
waived.  Section 1542 states:

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    "A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE WHICH IF
KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE
DEBTOR."

    

    7.           Non-Disparagement.  Each of Licensor
and Licensee covenant and agree that from the date of this Release forward
(provided that no breach of this Release occurs) each party shall refrain from
making any disparaging, derogatory or negative remarks concerning the other
party or concerning their respective officers, directors, shareholders,
employees, agents or representatives.

    

    8.           Attorneys'
Fees and Costs.  In the event that
any party commences an action to enforce the provisions of this Release, the
prevailing party in any such action shall be entitled to an award of its
reasonable attorneys' fees and all costs incurred in connection therewith as
determined by the court in any such action.

    

    9.           Governing
Law.  This Release will
be deemed entered into in Los Angeles, California and will be governed by and
interpreted in accordance with the substantive laws of the State of California.
The parties agree that any dispute arising under this Release will be resolved
in the state or federal courts in Los Angeles County and Licensor expressly
consents to exclusive jurisdiction therein.

    

    10.         Confidentiality.  This Release and
its terms shall forever be maintained by the parties, their officers, directors,
agents and employees and their attorneys in strict confidence, and neither
party, nor their officers, directors, agents, employees nor their attorneys
shall disclose directly or indirectly any of the terms of this Release or any
communications, written, oral or otherwise, constituting or concerning the
negotiation of this Release or any aspect of the subject dispute to any person
or entity without the express written consent of the other party, provided,
however, this Release and its terms and conditions may be disclosed if required
by law, rule or regulation (including, without limitation, the applicable United
States securities laws and any rules or regulations promulgated thereunder), or
if otherwise expressly set forth herein.  Licensee understands,
acknowledges and agrees that in the course of its relationship with Licensor, it
has acquired confidential information and trade secrets concerning the Company’s
past, present or future clients, operations, plans, methods of doing business
(including, without limitation, customer lists), projected and historical
revenues, sales, marketing, costs, production, growth and distribution, and
confidential business strategies (“Confidential
Information”).  Licensee understands, acknowledges and agrees
that it would be extremely damaging to the Licensor if such information were
disclosed to a competitor or made available to any other person or
entity.  Licensee understands and agrees that such Confidential
Information has been disclosed to Licensee in confidence, that it will keep such
information secret and confidential and that it will not in any way use,
distribute or disclose such information.  In view of the nature of
Licensee’s relationship and the Confidential Information and trade secrets that
Licensee has received during the term of the Agreement, and without limiting the
generality of any other provision of this Release, Licensee also agrees that
Licensor would be irreparably harmed by any violation or threatened violation of
this Release (including the provisions of this Section 10) and that,
therefore, Licensor shall be entitled to an injunction prohibiting Licensee from
any violation or threatened violation of this Release, in addition to any other
relief, including monetary damages, to which Licensor may be
entitled.  It is expressly acknowledged and agreed that this
confidentiality agreement is an essential aspect of the consideration paid by
the parties.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    11.         Binding
on Successors.
This Release shall be binding on and inure to the benefit of the heirs,
assigns and successors in interest of the parties.  The parties agree
that notwithstanding Section 1 of this
Release, the following provisions of the Agreement shall continue in full force
and effect: Sections.  In the event any terms of the Agreement
conflict with the terms of this Release, the terms of this Release shall
govern.

    

    12.         Integrated
Agreement.  This Release
constitutes the entire agreement between the parties hereto with respect to the
termination of the Agreement referenced in the recitals above.  This
Release is the final embodiment of the parties’ agreement and all prior
discussions relating to or in any way connected with the subject matters of this
Release are merged into and superseded by the terms of this
Release.

    

    13.         Modification.  It is expressly
understood and agreed that this Release may not be altered, amended, modified or
otherwise changed in any respect or particular whatsoever, except by a writing
duly executed by the parties hereto, or their authorized representatives, and
the parties hereto, and each of them, acknowledge and agree that none of them
will make any claim that this Release has been orally altered or modified in any
respect whatsoever.

    

    14.         No
Admission.  This Release is
entered into for the purpose of settlement and resolution of disputes only and
nothing contained herein shall in any way be used to imply the existence of any
liability of any party, one to the other, or to suggest that anyone has acted
improperly or in violation of the rights of any party hereto.

    

    15.         Severability.  Should any
provision of this Release be declared or be determined by any court of competent
jurisdic­tion to be wholly or partially illegal, invalid, or unenforceable,
the legality, validity, and enforceability of the remaining parts, terms, or
provisions shall not be affected thereby, and said illegal, unenforceable, or
invalid part, term, or provision shall be deemed not to be a part of this
Release.

    

    16.         Counterparts.  This Release may
be executed in counterparts with the same force and effect as if all signatures
were set forth in a single instrument.  This Release may be executed
on facsimile copies with the same force and effect as an executed original of
the same.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the duly-authorized representatives of the parties have
executed this Release and rendered it effective as of the date first set forth
above.

    

    
      	
              LICENSOR:

            	
              LICENSEE:

            
	
              ANTIK
      DENIM LLC

            	
              NORTH
      STAR LLC

            
	 
      	 	 	 
      	 	 
      
	 
      	 	 	 
      	 	 
      
	
              By:

            	/s/
      Glenn S. Palmer	 	
              By:

            	/s/
      Benat Serge	 
      
	 
      	 	 	 
      	 	 
      
	
              Name:

            	Glenn
      S. Palmer	 	
              Name:

            	Benat
      Serge	 
      
	 
      	 	 	 
      	 	 
      
	
              Title:

            	CEO	 	
              Title:

            	President	 
      

    

     

     

    6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]