Document:

EX 10.21 Employment Agreement

Exhibit 10.21

EMPLOYMENT AGREEMENT

This Employment Agreement (this "Agreement") is made and entered into as of April 21, 2011, between Inergy Propane, LLC, a Delaware limited liability company (the "Company"), and William C. Gautreaux, an individual ("Employee").
The Company and Employee hereby agree as follows: 
1.Employment.  Employee is being employed by the Company as the Company's  President – Inergy Services upon and subject to the terms and conditions of this Agreement.  During the term of his employment under this Agreement, Employee will report to the Company's Chief Operating Officer and President – Propane Operations  (currently Phillip L. Elbert) or to such other person as the Company may designate from time to time.  Employee will begin his employment with the Company under this Agreement on February 1, 2011.
2.    Duties.  During the term of his employment under this Agreement, Employee will perform his duties hereunder at such time or times as the Company may reasonably request.  Employee's duties may be varied by the Company from time to time without violating the terms of this Agreement and will include:  (i) devoting his best efforts and his entire business time to further properly the interests of the Company to the satisfaction of the Company, (ii) being subject to the Company's direction and control at all times with respect to his activities on behalf of the Company, (iii) complying with all rules, orders, regulations, policies, practices and decisions of the Company, (iv) truthfully and accurately maintaining and preserving all records and making all reports as the Company may require, and (v) fully accounting for all monies and other property of the Company of which he may from time to time have custody and delivering the same to the Company whenever and however directed to do so.
3.    Compensation.  For all services rendered by Employee to the Company, the Company will pay Employee a salary (the "Salary") at the annual rate of Two Hundred Thousand Dollars ($200,000), payable in arrears in accordance with the Company's general payroll practices.  All payments and benefits provided pursuant to this Agreement are subject to income tax withholding and other applicable tax and withholding requirements. 
4.    Expenses.  The Company will reimburse Employee for all ordinary and necessary out-of-pocket expenses incurred and paid by Employee in the course of the performance of Employee's duties pursuant to this Agreement and consistent with the Company's policies in effect from time to time with respect to travel, entertainment and other business expenses, and subject to the Company's requirements with respect to the manner of approval and reporting of such expenses.
5.    Additional Benefits and Compensation.
(a)    Employee will be eligible for such fringe benefits, if any, by way of insurance, hospitalization and vacations normally provided to employees of the Company generally and such additional benefits as may be from time to time agreed upon in writing between Employee and the Company.

(b)    For the fiscal year ending September 30, 2011, and for each subsequent fiscal year during the term of this Agreement, the Company agrees to pay Employee a performance bonus based on the achievement of certain annual financial and/or non-financial objectives and performance goals established by the Company in its sole discretion for such fiscal year.  For each fiscal year as to which Employee is eligible to receive a bonus under this Section 5(b), the Company will establish the annual targets for the Employee (which criteria and targets to be determined by the Company in its sole discretion).  Although the amount of the bonus under this Section 5(b) will be determined by the Company from time to time in its sole discretion, the target bonus is expected to be $300,000 per year (the “Target Bonus”).
Notwithstanding the foregoing, in order to receive a bonus pursuant to this Section 5(b), Employee must have been continuously employed by the Company from the date set forth in Section 1 until the end of the relevant fiscal year. Any bonus earned hereunder shall be payable within 30 days after the audited financial statements of the Company are completed for the relevant fiscal year.

6.    Covenant Not to Disclose Confidential Information.  Employee acknowledges that during the course of his employment with the Company Employee has had and will continue to have access to and knowledge of certain information and data that the Company or any subsidiary, parent or affiliate of the Company considers confidential and that the release of such information or data to unauthorized persons or entities would be extremely detrimental to the Company.  As a consequence, Employee hereby agrees and acknowledges that he owes a duty to the Company not to disclose, and agrees that, during and after the term of his employment, without the prior written consent of the Company, he will not communicate, publish or disclose, to any person or entity anywhere or use (for his own benefit or the benefit of others) any Confidential Information (as defined below) for any purpose other than carrying out his duties as contemplated by this Agreement.  Employee will use his best efforts at all times to hold in confidence and to safeguard any Confidential Information to ensure that any unauthorized persons and entities do not gain possession of any Confidential Information and, in particular, will not permit any Confidential Information to be read, duplicated or copied.  Employee will return to the Company all originals and copies of documents and other materials, whether in printed or electronic format or otherwise, containing or derived from Confidential Information in Employee's possession or under Employee's control when the duties of Employee no longer require Employee's possession thereof, or whenever the Company requests, and in any event will return all such Confidential Information within ten days if the employment relationship with the Company is terminated for any or no reason and will not retain any copies thereof.  Employee acknowledges that Employee is obligated to protect the Confidential Information from disclosure or use even after termination of the employment relationship.  The term "Confidential Information" means any information or data used by or belonging or relating to the Company or any subsidiary, parent or affiliate of the Company, or any party to whom the Company owes a duty of confidentiality that is not known generally to the industry in which the Company or any subsidiary, parent or affiliate of the Company, or any party to whom the Company owes a duty of confidentiality is or may be engaged, including any and all trade secrets, proprietary data and information relating to the Company's or any subsidiary, parent or affiliate of the Company's, or any party to whom the Company owes a duty of confidentiality past, present or future business 

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and products, price lists, customer lists, acquisition candidates and criteria relating to potential acquisition candidates, processes, procedures or standards, know‐how, manuals, hardware, software, source code, business strategies, records, marketing plans, drawings, technical information, specifications, designs, patent information, financial information, whether or not reduced to writing, or information or data that the Company or any subsidiary, parent or affiliate of the Company or any party to whom the Company owes a duty of confidentiality advises Employee should be treated as confidential information.  Confidential Information does not include any information that:  (i) is rightfully known to Employee prior to Employee's employment, and independent of any disclosure or access to the information via the Company as evidenced by Employee's written records; or (ii) is or later becomes part of the public domain and known within the relevant industry through no fault of Employee.
7.    Disclosure and Assignment of Intellectual Property.
(a)    Employee agrees that the Company will become the owner of all inventions, discoveries, developments, ideas, writings, and expressions, including any and all concepts, improvements, techniques, know-how, innovations, systems, processes, machines, current or proposed products, works, information, reports, papers, logos, computer programs, designs, marketing materials, and methods of manufacture, distribution, management or other methods (whether or not reduced to writing and whether or not patentable or protectable by copyright), that Employee conceives, develops, creates, makes, perfects or reduces to practice in whole or in part while employed by the Company or within one year after termination of Employee's employment for any or no reason, and that:  (i) directly or indirectly relate to or arise out of Employee's job responsibilities for the Company or the performance of the duties of Employee's employment by the Company; (ii) result from research, development, or other activities of the Company; or (iii) relate or pertain in any way to the existing or reasonably anticipated scope, business or products of the Company or any subsidiary, parent or affiliate of the Company (collectively, the "Intellectual Property").  All of the right, title and interest in and to the Intellectual Property will become exclusively owned by the Company or its nominee regardless of whether or not the conception, development, creation, making, perfection or reduction to practice of such Intellectual Property involved the use of the Company's time, facilities or materials and regardless of where such Intellectual Property may be conceived, made or perfected.
(b)    Employee agrees to promptly and fully disclose in writing to the Company all inventions, discoveries, developments, ideas, writings, and expressions conceived, developed, created, made, perfected or reduced to practice, in whole or in part, while employed by the Company or within one year after termination of Employee's employment for any or no reason, regardless of whether Employee believes the invention, discovery, development, writing, expression or idea should be considered Intellectual Property of the Company under any provision of this Agreement, in order to enable the Company to make a determination as to its rights with respect to the same.

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(c)    Any and all information relating to Intellectual Property will be considered Confidential Information and may not be disclosed by Employee to any person or entity outside of the Company.
(d)    Any Intellectual Property that is the subject of copyright will be considered a "work made for hire" within the meaning of the Copyright Act of 1976, as amended, and is the sole property of the Company or its nominee.  To the extent that the Company does not automatically own any such Intellectual Property as a work made for hire, Employee will assign all right, title and interest in and to such Intellectual Property to the Company.  All right, title and interest in and to any other Intellectual Property, including patent, industrial design, trademark, trade dress and trade secret rights will be assigned and is hereby assigned exclusively to the Company or its nominee.  Employee further agrees to execute and deliver all documents and do all acts that the Company considers necessary or desirable to secure to the Company or its nominee the entire right, title and interest in and to the Intellectual Property, including executing applications for any United States and/or foreign patents or copyright registrations, disclosing relevant prior art, reviewing office actions and providing technical input to assist the Company in overcoming any rejections.  Any document prepared and filed pursuant to this Section 7(d) will be prepared and filed at the Company's expense.  Employee further agrees to cooperate with the Company as reasonably necessary to maintain or enforce the Company's rights in the Intellectual Property.  Employee hereby irrevocably appoints the President of the Company as Employee's attorney‐in‐fact with authority to execute for Employee and on Employee's behalf any and all assignments, patent or copyright applications, or other instruments and documents required to be executed by Employee pursuant to this Section 7(d), if Employee is unwilling or unable to execute same.
(e)    The Company will have no obligation to use, attempt to protect by patent or copyright, or promote any of the Intellectual Property; provided, however, that the Company, in its sole discretion, may reward Employee for any especially meritorious contributions in any manner it deems appropriate or may provide Employee with full or partial releases as to any subject matter contributed by Employee in which the Company is not interested.
8.    Legal Proceedings to Compel Disclosure.  If Employee is requested pursuant to, or required by, applicable law, regulation, or legal process, to disclose any Confidential Information or Intellectual Property, Employee will notify the Company of such request within five days of such request being made and will enable the Company or any subsidiary, parent or affiliate of the Company to seek an appropriate protective order.  If such a protective order or other protective remedy is not obtained, Employee will furnish only that portion of the Confidential Information or Intellectual Property that, in the opinion of Employee's counsel, is legally required and will exercise Employee's best efforts to obtain reliable assurances that confidential treatment will be accorded the Confidential Information or Intellectual Property.
9.    Covenant Not to Compete.  Employee acknowledges that during his employment with the Company he, at the expense of the Company, has been and will continue to be specially trained in the business of the Company, has established and will continue to establish favorable 

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relations with the customers, clients and accounts of the Company or any subsidiary, parent or affiliate of the Company and has had and will continue to have access to the Intellectual Property, trade secrets and Confidential Information of the Company or any subsidiary, parent or affiliate of the Company.  Therefore, in consideration of such training and relations, and in consideration of his employment with the Company, and to further protect the Intellectual Property, trade secrets and Confidential Information of the Company or any subsidiary, parent or affiliate of the Company, Employee agrees that during the term of his employment by the Company and for a period of two (2) years from and after the voluntary or involuntary termination of such employment for any or no reason, he will not, directly or indirectly, without the express written consent of the Company, except when and as requested to do in and about the performing of his duties under this Agreement:
(a)    own, manage, operate, control or participate in the ownership, management, operation or control of, or have any interest, financial or otherwise, in or act as an officer, director, partner, manager, member, principal, employee, agent, representative, consultant or independent contractor of, or in any way assist, any individual or entity in the conduct of any business in the United States that trades, markets, sells or distributes propane gas (at retail, wholesale or otherwise), gathers, processes, stores, transports, trades, markets or distributes natural gas or liquefied by-products of natural gas or petroleum (at retail, wholesale or otherwise) or sells, services and installs parts, appliances or supplies related thereto;
(b)    divert or attempt to divert clients or customers (whether or not such persons have done business with the Company or any subsidiary, parent or affiliate of the Company once or more than once) or accounts of the Company or any subsidiary, parent or affiliate of the Company; or
(c)    entice or induce or in any manner influence any person who is or becomes in the employ or service of the Company or any subsidiary, parent or affiliate of the Company to leave such employ or service for the purpose of engaging in a business that may be in competition with any business now or at any time during the period hereof engaged in by the Company or any subsidiary, parent or affiliate of the Company.
Notwithstanding the foregoing provisions, Employee may (i) take action for, on behalf of, and at the direction of the Company pursuant to a written agreement with the Company or otherwise, and (ii) own up to 5% of the outstanding equity securities in any corporation or entity (including units in a master limited partnership) that is listed upon a national stock exchange or actively traded in the over‐the‐counter market.
10.    Specific Performance.  Recognizing that irreparable damage will result to the Company in the event of the breach or threatened breach of any of the foregoing covenants and assurances by Employee contained in Sections 6, 7, 8 or 9, and that the Company's remedies at law for any such breach or threatened breach will be inadequate, the Company and its successors and assigns, in addition to such other remedies which may be available to them, will be entitled to an injunction, including a mandatory injunction, to be issued by any court of competent jurisdiction ordering compliance with this Agreement or enjoining and restraining Employee, and 

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each and every person and entity acting in concert or participation with him, from the continuation of such breach and, in addition thereto, he will pay to the Company all ascertainable damages, including costs and reasonable attorneys' fees sustained by the Company by reason of the breach or threatened breach of such covenants and assurances.  The covenants and obligations of Employee set forth in Sections 6, 7, 8 and 9 are in addition to and not in lieu of or exclusive of any other obligations and duties of Employee to the Company, whether express or implied in fact or in law.
11.    Company Policies.  Employee agrees to affirmatively support the Company's policies and practices as they may from time to time be adopted by the Company, including policies against discrimination and harassment in the workplace.
12.    Term and Termination.
(a)    Subject to earlier termination as provided in Sections 12(b) and 12(c) below, the term of Employee's employment under this Agreement will be five (5) years from the date set forth in Section 1 and automatically be extended for consecutive one year periods thereafter unless either party elects to terminate such employment and notifies the other party of such election at least 30 days prior to the end of the then-current term.
(b)    Notwithstanding Section 12(a), Employee's employment with the Company will terminate immediately upon the death, disability or adjudication of legal incompetence of Employee, or upon the Company's ceasing to carry on its business without assigning this Agreement pursuant to Section 18 or becoming bankrupt.  For purposes of this Agreement, Employee will be deemed to be disabled when Employee has become unable, by reason of physical or mental disability, to satisfactorily perform the essential functions of his job and there is no reasonable accommodation that can be provided to enable him to perform satisfactorily those essential functions.  Such matters will be determined by, or to the reasonable satisfaction of, the Company.
(c)    Notwithstanding Section 12(a), the Company may terminate Employee's employment at any time for Cause or without Cause.  "Cause" means:  (i) Employee has failed to perform his duties as an employee of the Company, to perform any obligation under this Agreement or to observe and abide by the Company's policies and decisions, provided that the Company has given Employee reasonable notice of that failure and Employee is unsuccessful in correcting that failure or in preventing its reoccurrence; (ii) Employee has refused to comply with specific directions of his supervisor or other superior, provided that such directions are consistent with Employee's position of employment; (iii) Employee has engaged in negligence (through act or omission) or misconduct that is injurious to the Company or any subsidiary, parent or affiliate of the Company; (iv) Employee has been convicted of, or has entered a plea of nolo contendere to, any crime involving the theft or willful destruction of money or other property, any crime involving moral turpitude or fraud, or any crime constituting a felony; (v) Employee has engaged in acts or omissions against the Company or any subsidiary, parent or affiliate of the Company constituting dishonesty, breach of fiduciary obligation, 

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or intentional wrongdoing or misfeasance; or (vi) Employee has engaged in the use of alcohol or drugs on the job, or has engaged in excessive absenteeism from the performance of his duties as the Company's employee, other than for reasons of illness.
(d)    If Employee's employment with the Company is terminated (i) as a result of the death, disability, adjudication of legal incompetence of Employee, (ii) as a result of the Company ceasing to carry on its business without assigning this Agreement pursuant to Section 18, (iii) as a result of the Company becoming bankrupt, (iv) by the Company for Cause, or (v) by Employee for any or no reason, the Company will pay or provide to Employee:
(i)    such Salary as Employee has earned and not yet received through the date of such employment termination, determined on a pro rata basis based on the number of work days in the month of termination; 
(ii)    such earned but unpaid performance bonus, if any, pursuant to Section 5(b); and
(iii)    such other fringe benefits (other than any bonus, severance pay benefit or participation in the Company's 401(k) employee benefit plan) normally provided to employees of the Company as Employee has earned and not yet received through the date of such employment termination, determined on a pro rata basis based on the number of work days in the month of termination.
(e)    If the Company terminates Employee's employment with the Company without Cause (and not due to the death, disability, adjudication of legal incompetence of Employee, or as a result of the Company ceasing to carry on its business without assigning this Agreement pursuant to Section 18, or becoming bankrupt), the Company will pay or provide to Employee:
(i)    such Salary as Employee has earned and not yet received through the date of such employment termination, determined on a pro rata basis based on the number of work days in the month of termination;
(ii)    an amount equal to two years Salary ($400,000) payable in six equal monthly installments on the last payroll date of the month, commencing with the month immediately following the month in which such employment is terminated;
(iii)    such earned but unpaid performance bonus, if any, pursuant to Section 5(b); and
(iv)    such other fringe benefits (other than any bonus, severance pay benefit or participation in the Company's 401(k) employee benefit plan) normally provided to employees of the Company as Employee has earned and not yet received through the date of such employment termination, determined on a pro rata basis based on the number of work days in the month of termination.

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13.    Survival of Obligations.  All obligations of Employee that by their nature involve performance, in any particular, after the expiration or termination of Employee's employment with the Company, or that cannot be ascertained to have been fully performed until after the expiration or termination of Employee's employment with the Company, will survive the expiration or termination of this Agreement.  Except as otherwise specifically provided in this Agreement, all of the Company's obligations under this Agreement will terminate at the time this Agreement or Employee's employment with the Company is terminated for any reason.
14.    Notice.  Any notice, request, consent or communication under this Agreement is effective only if it is in writing and personally delivered or sent by certified mail, return receipt requested, postage prepaid, or by a nationally recognized overnight delivery service, with delivery confirmed, addressed as follows:
If to the Company:
	
		
	Name:
	With copy to:

	John J. Sherman
Inergy Propane, LLC
Two Brush Creek Blvd., Suite 200
Kansas City, Missouri 64112
	Laura Ozenberger
Inergy Propane, LLC
Two Brush Creek Blvd., Suite 200
Kansas City, Missouri 64112

If to Employee:
Name:                
William C. Gautreaux
200 W. 54th Street
Kansas City, MO 64112

or such other persons and/or addresses as may be furnished in writing by any party to the other party, and will be deemed to have been given only upon its delivery in accordance with this Section 14.
15.    No Conflicts.  Employee represents and warrants to the Company that neither the execution nor delivery of this Agreement, nor the performance of Employee's obligations hereunder will conflict with, or result in a breach of, any term, condition, or provision of, or constitute a default under, any obligation, contract, agreement, covenant or instrument to which Employee is a party or under which Employee is bound, including the breach by Employee of a fiduciary duty to any former employers.
16.    Entire Agreement; Amendment.  This Agreement cancels and supersedes all previous agreements relating to the subject matter of this Agreement, written or oral, between the parties hereto, including that certain Amended and Restated Employment Agreement between Employee and Company dated November 1, 2007,  and contains the entire understanding of the parties hereto with respect to the subject matter hereof and may not be amended, modified or supplemented in any manner whatsoever except as otherwise provided herein or in writing signed by each of the parties hereto.  

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17.    Potential Unenforceability of Any Provision.  If a final judicial determination is made that any provision of this Agreement is an unenforceable restriction against Employee, the provisions of this Agreement will be rendered void only to the extent that such judicial determination finds such provisions unenforceable, and such unenforceable provisions will automatically be reconstituted and become a part of this Agreement, effective as of the date of this Agreement, to the maximum extent in favor of the Company that is lawfully enforceable.  A judicial determination that any provision of this Agreement is unenforceable will in no instance render the entire Agreement unenforceable, but rather this Agreement will continue in full force and effect absent any unenforceable provision to the maximum extent permitted by law.
18.    Assignment.  This Agreement is personal and not assignable by Employee but it may be assigned by the Company without notice to or consent of Employee to, and will thereafter be binding upon and enforceable by, any affiliate of the Company and any person or entity who acquires or succeeds to substantially all of the business or assets of the Company or substantially all of the business or assets of the principal operating unit that Employee oversees or to which Employee is assigned (and such person or entity will be deemed included in the definition of the "Company" for all purposes of this Agreement) but is not otherwise assignable by the Company.
19.    Waiver of Breach.  Failure of the Company to demand strict compliance with any of the terms, covenants or conditions of this Agreement will not be deemed a waiver of the term, covenant or condition, nor will any waiver or relinquishment by the Company of any right or power hereunder at any one time or more times be deemed a waiver or relinquishment of the right or power at any other time or times.
20.    Expenses.  If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party is entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.
21.    Headings.  The headings of the sections of this Agreement have been inserted for convenience of reference only and do not restrict or otherwise modify any of the terms or provisions of this Agreement.
22.    Governing Law.  This Agreement and all rights and obligations of the parties hereunder are governed by the laws of the State of Missouri applicable to agreements made and to be performed entirely within the State, including all matters of enforcement, validity and performance.
23.    Counterparts.  This Agreement may be executed in any number of counterparts, each of which are deemed to be an original and all of which constitute one agreement that is binding upon both of the parties hereto, notwithstanding that both parties are not signatories to the same counterpart.

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The parties have executed this Employment Agreement as of the date set forth in the introductory clause.
INERGY PROPANE, LLC
By:  /s/ John J. Sherman            
Name: John J. Sherman
Title:  President and Chief Executive Officer

/s/ William C. Gautreaux        
WILLIAM C. GAUTREAUX

10green_ex101.htm

EXHIBIT 10.1

 

ASSET PURCHASE AGREEMENT

THIS ASSET PURCHASE AGREEMENT (the “Agreement”) is made and entered into this 19th day of November, 2012, by and between Sensational Brands, Inc., a Florida corporation (the “Purchaser,” “SBI-FL,” or the “Company”) and Sensational Brands, Inc., a Texas corporation (the “Seller,” “SBI-TX”).

WHEREAS, the Purchaser agrees to buy certain Sensational brand related assets owned by the Seller, as described in Schedule A, and operate as Sensational Brands, Inc., a Florida corporation which is wholly-owned by Green Hygienics, Inc. (“GHI”), a Florida corporation.  This Agreement is for the purchase price of five hundred thousand (500,000) warrants for common stock of Green Innovations Ltd. (OTCBB: GNIN), the parent company of GHI, with an exercise price of $0.01 per share (see Schedule D).

NOW THEREFORE BE IT RESOLVED, in consideration of the mutual covenants, promises, warranties and other good and valuable consideration set forth herein, the Parties agree as follows:

1. Assets. Upon the closing of this Agreement (the “Closing”), Seller shall transfer and convey, and Purchaser shall acquire, all of Seller’s right, title and interest in the assets listed in Schedule A, free and clear of any liens, encumbrances or liabilities.

2. Liabilities. Purchaser is acquiring no liabilities of SBI-TX.

3. No Undisclosed Liabilities.  Seller does not have any liability, indebtedness, obligation, expense, claim, deficiency, guaranty or endorsement of any type, in regards to the assets being acquired, whether accrued, absolute, contingent, matured, unmatured or other (whether or not required to be reflected in financial statements in accordance with GAAP).

4. Seller’s Representations and Warranties. Seller represents and warrants as follows:

a) Seller has clear and marketable title to all of the Assets, and there are no liens, liabilities or encumbrances attached to or otherwise encumbering the Assets, nor will Seller take any action that may result in the encumbering of any Asset prior to Closing.

b) Seller has the legal authority and power to sell the Assets to the Purchaser, and no consent is required from any other person or entity to authorize the sale of the Assets.

c) There is no litigation, arbitration, or other legal proceeding currently ongoing, pending, or threatened against Seller in regards to the certain assets being acquired, nor does Seller have any reason to believe that any such proceeding will be brought or threatened in the future.

d) Seller has all permits, licenses, rights, registrations, and other approvals (the “Approvals”) necessary to operate its business as it is currently operated.  All Approvals are current and in full effect, and Seller is in compliance with the terms and conditions imposed by all such Approvals.

e) Seller’s business is currently in material compliance with all laws, rules, regulations and ordinances to which it is subject.

 

f) the Assets do not constitute all of the assets of the Seller and the Seller is able to carry on its business after the sale of the Assets.

 

  

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5. Indemnification. Seller shall indemnify Purchaser and hold harmless Purchaser from any claim, damage, lawsuit, action, complaint, or other costs arising out of any breach of Seller warranties set forth in this Agreement, or of any other representation or warranty contained within this Agreement.

6. Contracts. Seller warrants that they are not a party to any contract, lease, agreement, or other commitment relating to Seller’s business or to the Assets.

7. Not used.

8. Not used.

9. Arm’s-Length Transactions. This transaction, even though between related parties as the principal of SBI-TX is an employee of Green Hygienics, Inc., shall be considered an arm’s-length transaction as all parties agree to the terms and conditions of the Agreement.  Future transactions shall be governed by normal and customary arm’s-length specifications, if deemed necessary.

10. Risk of Loss or Damage. Seller assumes the risk of any loss of or damage to the Assets from the date of this Agreement through the Closing Date. After the Closing, the risk of loss shall be borne by the Purchaser thereafter.

11. Further Actions. Seller agrees to execute any further documents and to perform any further actions necessary to perfect Purchaser’s ownership of all right, title and interest to the Assets.

12. Assignment. Neither Party may assign their respective rights or obligations under this Agreement without prior written consent from the other Party.

13. Closing Deliveries.  At the Closing, Seller and Purchaser shall deliver, or cause to be delivered, to the other party:

a) A fully executed Bill of Sale and Assignment and Assumption in the form of Exhibit C to this Agreement (the “Bill of Sale”) conveying to Purchaser all personal property to be acquired by Purchaser pursuant to this Agreement and providing for (i) the assignment to Purchaser of the contract rights, and all other intangible personal property included in the Purchased Assets and (ii) Purchaser’s assumption of the Assumed Liabilities;

b) A Certificate of an officer of Seller (i) certifying to the attached resolutions of the board of directors and shareholders, if the board of directors deems it necessary, of Seller authorizing this transaction, and (ii) attesting to the incumbency of the authorized officers of Seller executing this Agreement and the Seller’s closing documents;

c) A duly authorized and executed Release Agreement required by required by Schedule D;

d) A Certificate of an authorized officer of the each party certifying as to the accuracy of their respective representations and warranties under Section 6;

 

  

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e) All Consents necessary to permit Seller to transfer the Purchased Assets to Purchaser; and

f) To the Purchaser, all of the books and records of Seller.

14. Additional Covenants: Release of Purchaser and Seller.  At Closing, Purchaser and Seller shall enter into a release agreement (the “Release Agreement”) in the form of Schedule D attached hereto.

15. Governing Law. This Agreement shall be construed in accordance with, and governed in all respects by, the laws of the State of Florida, without regard to conflicts of law principles.

16. Counterparts. This Agreement may be executed in several counterparts, each of which shall constitute an original and all of which, when taken together, shall constitute one agreement.

17. Severability. If any part or parts of this Agreement shall be held unenforceable for any reason, the remainder of this Agreement shall continue in full force and effect. If any provision of this Agreement is deemed invalid or unenforceable by any court of competent jurisdiction, and if limiting such provision would make the provision valid, then such provision shall be deemed to be construed as so limited.

 

18. Notice. Any notice required or otherwise given pursuant to this Agreement shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service, addressed as follows:

 

	
If to Seller:

	
Sensational Brands, Inc., a Texas corporation

	  
	 	Tray Harrison	  
	 	
2807 Allen Street #657

	  
	
 

	Dallas, Texas  75204	 
	  	  	  
	
If to Purchaser:

	
Sensational Brands, Inc., a Florida corporation

	  
	 	Attn: Bruce Harmon	  
	
 

	1222 SE 47th Street	 
	
 

	Cape Coral, Florida 33904	 

19. Headings. The headings for section herein are for convenience only and shall not affect the meaning of the provisions of this Agreement.

20. Entire Agreement. This Agreement constitutes the entire agreement between the Seller and the transferee, and supersedes any prior understanding or representation of any kind preceding the date of this Agreement. There are no other promises, conditions, understandings or other agreements, whether oral or written, relating to the subject matter of this Agreement.

21. Seller Business Activities through Closing. Seller promises and hereby agrees to maintain its current business activities, including all ongoing relationships with customers, clients, suppliers, contractors, or other related parties, until the Closing is complete. Seller further promises that it shall continue to operate its business in the ordinary course, and shall make no sale of assets prior to the completion of the Closing other than those within the ordinary course of business, save for the asset sale pursuant to this Agreement.

22. Closing. The Closing shall take place at 1222 SE 47th Street, Cape Coral, Florida 33904 on November 19, 2012, (the “Closing Date”), unless the Parties agree to another location, date and/or time in writing.

 

  

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed the day and year first above written.

 

	
SENSATIONAL BRANDS, INC., 

a Texas corporation

	 	 	
SENSATIONAL BRANDS, INC.,

a Florida corporation

	 
	SELLER 	 	 	PURCHASER	 
	 	 	 	 	 
	
/s/ Tray Harrison

	 	 	
/s/ Bruce Harmon

	 
	
Signature 

	 	 	
Signature

	 
	 	 	 	 	 
	Tray Harrison	 	 	Bruce Harmon	 
	
Print Name 

	 	 	
Print Name

	 
	 	 	 	 	 
	President	 	 	Chief Executive Officer	 
	Title	 	 	Title   	 

 

  

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SCHEDULE A

 

Assets to be Purchased

Trademark: SENSATIONAL, Reg. No. 4,050,382, registered November 1, 2011 (see attached), as assigned from Southwest Tissue and Paper Solutions, Inc., a Texas corporation, to Sensational Brands, Inc., a Texas corporation (see attached).

 

 

  

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SENSATIONAL designs, art work and plates.

  

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SCHEDULE B

 

BILL OF SALE

 

AND

 

ASSIGNMENT AND ASSUMPTION

This Bill of Sale and Assignment and Assumption Agreement (this “Bill of Sale”), dated as of November 19, 2012 (the “Effective Date”), by and between Sensational Brands, Inc., a Texas corporation (“SBI-TX” or “Seller”), and Sensational Brands, Inc., a Florida corporation (“SBI-FL” or “Purchaser”).

Recitals:

A.  SBI-TX and SBI-FL entered into that certain Asset Purchase Agreement, November _, 2012 (the “Agreement”), which provides, on the terms and conditions set forth therein, for the transfer by Seller and purchase by Purchaser of certain assets of Seller as set forth in the Agreement.  Capitalized terms used herein without definition shall have the meanings ascribed to them in the Agreement.

 

B.  The assets being sold by Seller and purchased by Purchaser are certain of Seller’s tangible and intangible property (the “Purchased Assets”) as set forth in the Agreement.

C.  Purchaser desires to obtain all right, title and interest in and to any and all of the Purchased Assets.

D.  This Bill of Sale is being executed and delivered in order to effect the transfer of the Purchased Assets to Purchaser, as provided in the Agreement.

NOW THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller agree as follows:

1.  Assignment.  Seller hereby sells, grants, conveys, bargains, transfers, assigns and delivers to Purchaser, and to Purchaser’s successors and assigns, all of Seller’s rights, titles and interests, legal and equitable, throughout the world, in and to the Purchased Assets, to have and to hold the same forever.  This is a transfer and conveyance by Seller to Purchaser of good and marketable title to the Purchased Assets, free and clear of all encumbrances except as provided in the Agreement or on the Schedules thereto.  Subject to the conditions and limitations contained in the Agreement, Seller hereby covenants and agrees to warrant and defend title to the Purchased Assets against any and all claims whatsoever to the extent represented and warranted to in the Agreement.

2.  Not Used.

 

  

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3.  Further Assurances.  Seller agrees that it will, at Purchaser’s request at any time and from time to time after the date hereof and without further consideration, do, execute, acknowledge and deliver or will cause to be done, executed, acknowledged and delivered all such further acts, deeds, assignments, transfers, conveyances, powers of attorney and other instruments and assurances as may be considered by Purchaser, its successors and assigns, to be necessary or proper to better effect the sale, conveyance, transfer, assignment, assurance, confirmation and delivery of ownership of the Purchased Assets to Purchaser, or to aid and assist in collecting and reducing to the possession of Purchaser, any and all Purchased Assets.

 

4.  Amendment or Termination; Successors and Assigns. This Bill of Sale may not be amended or terminated except by a written instrument duly signed by each of the parties hereto.  This Bill of Sale shall inure to the benefit of, and be binding upon, each of the parties hereto and their respective successors and assigns.

 

5.  No Third Parties.  Nothing in this Bill of Sale, expressed or implied, is intended or shall be construed to confer upon or give to any person, firm or corporation other than Purchaser and Seller, their successors and assigns, any remedy or claim under or by reason of this instrument or any term, covenant or condition hereof, and all of the terms, covenants, conditions, promises and agreements contained in this instrument shall be for the sole and exclusive benefit of the Purchaser and Seller, their successors and assigns.

 

6.  Construction.  This Bill of Sale, being further documentation of a portion of the conveyances, transfers and assignments provided for in and by the Agreement, neither supersedes, amends, or modifies any of the terms or provisions of the Agreement nor does it expand upon or limit the rights, obligations or warranties of the parties under the Agreement.  In the event of a conflict or ambiguity between the provisions of this Bill of Sale and the Agreement, the provisions of the Agreement will be controlling.

7.  Governing Law.  The rights and obligations of the parties under this Bill of Sale will be construed under and governed by the internal laws of the State of Florida (regardless of its or any other jurisdiction’s conflict-of-law provisions).

8.  Counterparts.  This Bill of Sale may be executed by facsimile in one or more counterparts and by facsimile, each of which shall be deemed an original and all of which taken together shall constitute one and the same instrument.

  

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IN WITNESS WHEREOF, the parties have executed this Bill of Sale as of the Effective Date.

 

	 	
SENSATIONAL BRANDS, INC.

a Texas corporation

	 
	SELLER:     	 	 	 
	
 

	
By: 

	/s/ Tray Harrison	 
	 	Name:	Tray Harrison	 
	 	Its:	President	 
	 	 	 	 
	 PURCHASER:	
SENSATIONAL BRANDS, INC.

a Florida corporation

	 
	 	 	 	 
	 	
By: 

	/s/ Bruce Harmon	 
	 	Name:	Bruce Harmon	 
	 	Its:	Chief Executive Officer	 

 

  

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SCHEDULE C

MUTUAL RELEASE AGREEMENT

This Mutual Release Agreement (this “Release Agreement”), dated as of November 19, 2012 (the “Effective Date”), by and between Sensational Brands, Inc., a Texas corporation (“SBI-TX”) and Sensational Brands, Inc., a Florida corporation (“SBI-FL”).

 

RECITALS

WHEREAS, SBI-TX and SBI-FL are parties to that certain Asset Purchase Agreement, dated November __, 2012 (the “Asset Purchase Agreement”), and this Release Agreement is that certain Release Agreement as that term is defined in the Asset Purchase Agreement; and

WHEREAS, SBI-TX and SBI-FL now wish to enter into this Release Agreement with respect to the consummation of the Asset Purchase Agreement.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

1. Definitions.  Any capitalized term used in this Release Agreement without definition shall have the meaning given to such term in the Asset Purchase Agreement.

2. Release by SBI-TX.  SBI-TX hereby fully, forever, irrevocably, and unconditionally releases and discharges SBI-FL, including, as applicable, all past and present officers, directors, stockholders, affiliates (including, but not limited to, parent, subsidiary and affiliated corporations), agents, employees, representatives, lawyers, administrators, spouses, and all persons acting by, through, under, or in concert with them, from any and all claims, damages or other sums, including attorneys' fees and costs, which CardWeb may have against them, or any of them, which could have arisen out of any act or omission occurring from the beginning of time to the effective date of this Agreement, whether now known or unknown, and whether asserted or unasserted.

3. Release by SBI-FL.  SBI-FL hereby fully, forever, irrevocably, and unconditionally releases and discharges SBI-TX, including, as applicable, all past and present officers, directors, stockholders, affiliates (including, but not limited to, parent, subsidiary and affiliated corporations), agents, employees, representatives, lawyers, administrators, spouses, and all persons acting by, through, under, or in concert with them, from any and all claims, damages or other sums, including attorneys' fees and costs, which SBI-TX may have against them, or any of them, which could have arisen out of any act or omission occurring from the beginning of time to the effective date of this Agreement, whether now known or unknown, and whether asserted or unasserted.

 

  

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4. Miscellaneous.

 4.1           Severability.  The invalidity of all or any part of this Release Agreement shall not render invalid the remainder of this Release Agreement.  In the event a court of competent jurisdiction should decline to enforce any provision of this Release Agreement, such provision shall be reformed to the extent necessary in the judgment of such court to make such provision enforceable to the maximum extent that the court shall find enforceable.

 4.2           Notices.  Any notice hereunder shall be sufficient if in writing and telefaxed to the party or sent by certified mail, return receipt requested and addressed as follows:

 

	
If to SBI-TX:

	
Sensational Brands, Inc.

	 	Attn: Tray Harrison
	  	2807 Allen Street #657
	  	Dallas, TX  75204
	  	  
	
If to SBI-FL:

	
Green Innovations Ltd.

	 	Attn: Bruce Harmon
	 	80 SW 8th Street, Suite 2000
	 	Miami, FL  33130

 

 4.3           Governing Law.  This Agreement is made and shall be construed and performed in accordance with the laws of the State of Florida.

 4.4           Waiver of Agreement.  Any term or condition of this Release Agreement may be waived at any time by the party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the party waiving such term or condition.  No waiver by any party of any term or condition of this Release Agreement, in any one or more instance, shall be deemed to be or construed as a waiver of the same or any other term or condition of this Release Agreement on any future occasion.  All remedies, either under this Release Agreement, by law or otherwise, will be cumulative and not alternative.

 4.5           Headings.  The headings of the sections of this Release Agreement are for convenience and reference only and are not to be used to interpret or define the provisions hereof.

 4.6           Counterparts.  This Release Agreement may be executed by facsimile and in two (2) or more counterparts, each of which shall be deemed an original and all of which shall constitute one (1) instrument.

[SIGNATURE PAGE FOLLOWS]

 

  

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IN WITNESS WHEREOF, each of the parties has caused this Release Agreement to be executed as of the Effective Date.

 

	SBI-TX:	
SENSATIONAL BRANDS, INC.

a Texas corporation

	 
	      	 	 	 
	
 

	
By: 

	/s/ Tray Harrison	 
	 	Name:	Tray Harrison	 
	 	Its:	President	 
	 	 	 	 
	     SBI - FL:    	
Sensational Brands, Inc.,

a Florida corporation

	 
	 	 	 	 
	 	
By: 

	/s/ Bruce Harmon	 
	 	Name:	Bruce Harmon	 
	 	Its:	Chief Executive Officer	 

  

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SCHEDULE D

WARRANT FOR COMMON STOCK OF

GREEN INNOVATIONS LTD.

 

WARRANT NO. 1

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION UNDER THE ACT.

WARRANT TO PURCHASE SHARES OF COMMON STOCK

of

Green Innovations Ltd.

This certifies that, for value received, Tray Harrison or its assignees (the “Holder”) is entitled, subject to the terms set forth below, to purchase from Green Innovations Ltd., a Nevada corporation (the “Company”), five hundred thousand (500,000) shares of Common Stock of the Company, $0.0001 par value per share (the “Warrant Shares”), as constituted on the date hereof (the “Warrant Issue Date”), upon surrender hereof, at the principal office of the Company referred to below, with the subscription form attached hereto duly executed, and simultaneous payment therefor in lawful money of the United States or otherwise as hereinafter provided, at the exercise price as set forth in Section 2 below (the “Exercise Price”).  The number, character and Exercise Price of the Warrant Shares is subject to adjustment as provided below.  The term “Warrant” as used herein shall include this Warrant and any warrants delivered in substitution or exchange therefor as provided herein.

This Warrant is dated November 19, 2012.

1.           Term of Warrant.  The purchase right represented by this Warrant shall terminate on or before 5:30 p.m., Eastern Standard Time, on the fifth (5th) anniversary of the date of this Warrant (the “Expiration Date”).

2.           Exercise Price.  The Exercise Price at which this Warrant may be exercised shall be no Dollars and one Cent ($0.01) per share of Common Stock, as adjusted from time to time pursuant to Section 11 hereof.

3.           Exercise of Warrant.  There is no obligation to exercise all or any portion of the Warrant.  The Warrant (or any portion thereof) may be exercised at any time after the date hereof only by delivery to the Company of:

(a)           Written notice of exercise in form and substance identical to Exhibit “A” attached to this Warrant; and

(b)           Payment of the Exercise Price of the Warrant Shares being purchased, may be made by (1) cash or by check, (2) cancellation of indebtedness of the Company to the Holder equal to the Exercise Price, (3) cashless exercise procedure whereby the Warrant Shares issued upon exercise of this Warrant will be sold with the Holder receiving the difference between the Exercise Price and the sale price, in cash, and the Company receiving the Exercise Price for the Warrant Shares, in cash, (4) cashless exercise procedure whereby warrants having a Market Value (as defined) equal to the Exercise Price for such Warrant Shares are surrendered to the Company, or (5) any combination of the foregoing. For purposes of computing Market Value, Warrants shall be valued at the difference between the Exercise Price therefore and the value of the underlying security, which: (x) if is a publicly traded security shall be valued at the average of its closing price (as reported in The Wall Street Journal) for the five trading days prior to the closing of the transaction, and otherwise shall be (y) valued at the fair market value thereof on the day prior to closing as determined in good faith by the Company’s board of directors.

 

  

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4.           No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  In lieu of any fractional share to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the Exercise Price multiplied by such fraction.

5.           Replacement of Warrant.  On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

6.           Rights of Shareholders.  Except as otherwise provided herein, this Warrant shall not entitle its Holder to any of the rights of a shareholder of the Company.

7.           Transfer of Warrant.

(a)           Restrictions on transfer of Warrant.  This Warrant may not be transferred or assigned in whole or in part, except that the Warrant may be transferred in whole or in part to an employee, affiliate or person controlling or controlled by or under the common control with the original Holder or by operation of law as the result of the death or divorce of any transferee to whom the Warrants may have been transferred.

(b)           Exchange of Warrant Upon a Transfer.  On surrender of this Warrant for exchange and subject to the provisions of this Warrant with respect to compliance with the limitations on transfers contained in this Section 7, the Company at its expense shall issue to or on the order of the Holder a new warrant or warrants of like tenor, in such names as the Holder may direct, for the number of shares issuable upon exercise hereof.

8.           Reservation of Stock.  The Company covenants that during the term this Warrant is exercisable, the Company will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of Common Stock upon the exercise of this Warrant and, from time to time, will take all steps necessary to amend its Amended and Restated Articles of Incorporation (the “Articles”) to provide sufficient reserves of shares of Common Stock issuable upon exercise of the Warrant.  The Company further covenants that all shares that may be issued upon the exercise of rights represented by this Warrant and payment of the Exercise Price, all as set forth herein, will be free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein).  The Company agrees 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 shares of Common Stock upon the exercise of this Warrant, and that such certificates shall be issued in the names of, or in such names as may be directed by, the Holder.

 

  

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9.           Notices.

(a)           Whenever the Exercise Price or number of shares purchasable hereunder shall be adjusted pursuant to Section 11 hereof, the Company shall issue a certificate signed by its Chief Financial Officer setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Exercise Price and number of shares purchasable hereunder after giving effect to such adjustment, and shall cause a copy of such certificate to be delivered to the Holder of this Warrant.

(b)          In case:

(i)           the Company shall take a record of the holders of its Common Stock (or other stock or securities at the time receivable upon the exercise of this Warrant) for the purpose of entitling them to receive any dividend or other distribution, or any right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right, or

(ii)           of any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation or merger of the Company with or into another corporation, or any conveyance of all or substantially all of the assets of the Company to another corporation, or

 

(iii)          of any voluntary dissolution, liquidation or winding-up of the Company, then, and in each such case, the Company will deliver or cause to be delivered to the Holder or Holders a notice specifying, as the case may be, (A) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or (B) the date on which such reorganization, reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other stock or securities at the time receivable upon the exercise of this Warrant) shall be entitled to exchange their shares of Common Stock (or such other stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding-up.  Such notice shall be delivered at least 15 days prior to the date therein specified.

10.         Amendments.

(a)           Any term of this Warrant may be amended with the written consent of the Company and the holders of warrants representing not less than fifty percent (50%) of the shares of Common Stock issuable upon exercise of any and all outstanding Warrants.  Any amendment effected in accordance with this Section 10 shall be binding upon each holder of any of the Warrants, each future holder of all such Warrants, and the Company; provided, however, that no special consideration or inducement may be given to any such holder in connection with such consent that is not given ratably to all such holders, and that such amendment must apply to all such holders equally and ratably in accordance with the number of shares of Common Stock issuable upon exercise of their Warrants.  The Company shall promptly give notice to all holders of Warrants of any amendment effected in accordance with this Section 10.

 

  

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(b)           No waivers of, or exceptions to, any term, condition or provision of this Warrant, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.

11.        Adjustments.   Prior to the Expiration Date, the Exercise Price and the number of Warrant Shares purchasable upon the exercise of each Warrant are subject to adjustment from time to time upon the occurrence of any of the events enumerated in this Section 11.

(a)           In the event that the Company shall at any time after the date of this Warrant (i) declare a dividend on Common Stock in shares or other securities of the Company, (ii) split or subdivide the outstanding Common Stock, (iii) combine the outstanding Common Stock into a smaller number of shares, or (iv) issue by reclassification of its Common Stock any shares or other securities of the Company, then, in each such event, the Exercise Price in effect at the time shall be adjusted so that the holder shall be entitled to receive the kind and number of such shares or other securities of the Company which the holder would have owned or have been entitled to receive after the happening of any of the events described above had such Warrant been exercised immediately prior to the happening of such event (or any record date with respect thereto).  Such adjustment shall be made whenever any of the events listed above shall occur.  An adjustment made pursuant to this paragraph (a) shall become effective immediately after the effective date of the event retroactive to the record date, if any, for the event.

(b)           No adjustment in the number of Warrant Shares shall be required unless such adjustment would require an increase or decrease of at least 0.1% in the aggregate number of Warrant Shares purchasable upon exercise of all Warrants; provided that any adjustments which by reason of this Section 11(c) are not required to be made shall be carried forward and taken into account in any subsequent adjustment; provided, however, that notwithstanding the foregoing, all such adjustments shall be made no later than three years from the date of the first event that would have required an adjustment but for this paragraph.  All calculations under this Section 11 shall be made to the nearest cent or to the nearest hundredth of a share, as the case may be.

(c)           Whenever the Exercise Price payable upon exercise of each Warrant is adjusted pursuant to this Section 11, the Warrant Shares shall be adjusted by multiplying the number of Warrant Shares immediately prior to such adjustment by a fraction, the numerator of which shall be the Exercise Price in effect immediately prior to such adjustment, and the denominator of which shall be the Exercise Price as adjusted.

(d)           Irrespective of any adjustments in the Exercise Price or the number or kind of shares purchasable upon exercise of the Warrants, Warrant Certificates theretofore or thereafter issued may continue to express the same Exercise Price per share and number and kind of shares as are stated on the Warrant Certificates initially issuable pursuant to this Warrant.

 

  

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13.        Miscellaneous.

(a)           All notices shall be in writing and shall be delivered personally, electronically, or by express, certified or registered mail or by private overnight express mail service. Delivery shall be deemed conclusively made (i) at the time of delivery if personally delivered, (ii) immediately in the event notice is delivered by confirmed facsimile, (iii) twenty-four (24) hours after delivery to the carrier if served by any private, overnight express mail service, (iv) twenty-four (24) hours after deposit thereof in the United States mail, properly addressed and postage prepaid, return receipt requested, if served by express mail, or (v) five (5) days after deposit thereof in the United States mail, properly addressed and postage prepaid, return receipt requested, if served by certified or registered mail.

Any notice to the Company shall be given to:

Green Innovations Ltd.

80 SW 8th Street

Suite 2000

Miami, FL  33130

Attn:  Chief Executive Officer

Any notice or demand to Holder shall be given to:

Tray Harrison

2807 Allen Street #657

Dallas, TX 75204

Any party may, by virtue of written notice in compliance with this paragraph, alter or change the address or the identity of the person to whom any notice, or copy thereof, is to be delivered.

 

  

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(b)           The Company and Holder shall each execute and deliver all such further instruments, documents and papers, and shall perform any and all acts necessary, to give full force and effect to all of the terms and provisions of this Warrant.

(c)           This Warrant shall inure to the benefit of and be binding upon the parties hereto, and their successors in interest.

(d)           This Warrant incorporates the entire understanding of the parties and supersedes all previous agreements relating to the subject matter hereof should they exist. This Warrant and any issue arising out of or relating to the parties’ relationship hereunder shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflicts of law. In all matters of interpretation, whenever necessary to give effect to any provision of this Warrant, each gender shall include the others, the singular shall include the plural, and the plural shall include the singular.  The titles of the paragraphs of this Warrant are for convenience only and shall not in any way affect the interpretation of any provision or condition of this Warrant.

(e)           In the event of any litigation or arbitration between the parties hereto respecting or arising out of this Warrant, the prevailing party shall be entitled to recover reasonable legal fees, whether or not such litigation or arbitration proceeds to final judgment or determination.

(f)           Jurisdiction, Venue and Governing Law.  Each party hereto consents specifically to the exclusive jurisdiction of the federal courts of the United States in Nevada, or if such federal court declines to exercise jurisdiction over any action filed pursuant to this Warrant, the courts of the Nevada sitting in the County of _____, and any court to which an appeal may be taken in connection with any action filed pursuant to this Warrant, for the purposes of all legal proceedings arising out of or relating to this Warrant.  In connection with the foregoing consent, each party irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the court's exercise of personal jurisdiction over each party to this Warrant or the laying of venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.  Each party further irrevocably waives its right to a trial by jury and consents that service of process may be effected in any manner permitted under the laws of the State of Nevada. This Warrant shall be deemed to be a contract made under the laws of the State of Nevada and for all purposes shall be governed by and construed and enforced in accordance with the internal laws of Nevada without regard to Nevada’s principles of conflict of laws.

(g)           If any clause or provision of this Warrant is illegal, invalid or unenforceable under present or future laws effective during the term of this Warrant, then and, in that event, the remainder of this Warrant shall not be affected thereby, and in lieu of each clause or provision of this Warrant that is illegal, invalid or unenforceable, there shall be added a clause or provision as similar in terms and in amount to such illegal, invalid or unenforceable clause or provision as may be possible and be legal, valid and enforceable, as long as it does not otherwise frustrate the principal purposes of this Warrant.

 

  

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IN WITNESS WHEREOF, Green Innovations Ltd. has caused this Warrant to be executed by its officers thereunto duly authorized.

 

	 	Green Innovations Ltd.	 
	 	 	 	 
	
Dated:  November 19, 2012

	
By: 

	/s/ Bruce Harmon	 
	 	Printed Name: Bruce Harmon	 
	 	Its: Chief Executive Officer	 
	 	 	 	 

  

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EXHIBIT “A”

NOTICE OF EXERCISE

(To be signed only upon exercise of the Warrant)

TO:  Green Innovations Ltd.

The undersigned, hereby irrevocably elects to exercise the purchase rights represented by the Warrant granted to the undersigned on ______________ and to purchase thereunder __________ shares of Common Stock of Green Innovations Ltd., (the “Company”) and herewith encloses either payment of $____________ or instructions regarding the manner of exercise permitted under Section 3(b) of the Warrant, in full payment of the purchase price of such shares being purchased.

Dated: ________________

 

 

	 	 
	 	(Signature must conform in all respects to name 

of holder as specified on the face of the Warrant)

	 	 
	 	 
	 	(Please Print Name)
	 	 
	 	 
	 	(Address)

 

 

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