Document:

exv10w1

 

Exhibit 10.1

VISTACARE, INC.

1998 STOCK OPTION PLAN

STOCK PURCHASE AGREEMENT

     Section 1. Purchase of Common Stock.

          (a) Purchase. VistaCare, Inc. (the “Company”) maintains the VistaCare, Inc. 1998 Stock
Option Plan (as amended and/or restated from time to time, the “Plan”), a copy of which has been
made available to the Purchaser named in the Summary of Stock Purchase (the “Grant Notice”) set
forth on Exhibit A attached hereto and such Grant Notice is incorporated herein by this
reference. Subject to the terms and conditions set forth in this Stock Purchase Agreement (the
“Agreement”), the Grant Notice and the Plan, the Company hereby agrees to sell and issue to the
Purchaser the number of shares of Common Stock (collectively, the “Purchased Shares”) set forth in
the Grant Notice. Such sale and issuance shall occur at the offices of the Company on the Date of
Purchase set forth in the Grant Notice.

          (b) Consideration. The Purchaser agrees to pay the Purchase Price, if any, set forth in
the Grant Notice for each Purchased Share. Payment shall be made on the Date of Purchase in cash
or cash equivalents.

          (c) Issuance of Shares. After receiving the Aggregate Purchase Price for the Purchased
Shares specified in the Grant Notice, the Company shall cause to be issued a certificate or
certificates for the Purchased Shares, which certificate or certificates shall be registered in the
name of the Purchaser (or in the names of Purchaser and the Purchaser’s spouse as community
property or as joint tenants with right of survivorship). The Company shall cause such certificate
or certificates to be deposited in escrow in accordance with Section 3(f) of this Agreement.

          (d) Withholding Taxes. In the event that the Company determines that the Company or any
Affiliate of the Company is required to withhold any tax as a result of the purchase of the
Purchased Shares, the Purchaser, as a condition to the purchase, shall make arrangements
satisfactory to the Company to enable it to satisfy all such withholding requirements. The
Purchaser shall also make arrangements satisfactory to the Company to enable it to satisfy any
withholding requirements that may arise in connection with the vesting or disposition of any
Purchased Shares.

          (e) Plan and Defined Terms. The transfer of the Purchased Shares pursuant to this
Agreement is in all respects subject to the
terms, conditions and definitions of the Plan, all of which are hereby incorporated herein by
reference. The Purchaser accepts the Purchased Shares subject to all the terms and provisions of
the Plan and agrees that all decisions under and interpretations of the Plan by the Board (or the
Committee, if applicable) shall be final, binding and conclusive upon the Purchaser and his or her
permitted heirs, executors, administrators, successors and assigns. Capitalized defined terms used
herein shall have the meanings assigned to them in the Plan, unless such terms are otherwise
specifically defined herein or in the Grant Notice.

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     Section 2. No Transfer or Assignment of Purchased Shares. Except as otherwise
provided in this Agreement or in the Plan, the Purchaser shall not sell, dispose of, assign,
encumber, pledge, gift or otherwise transfer (all hereinafter referred to as a “transfer”), any of
the Restricted Shares.

     Section 3. Right of Repurchase.

          (a) Scope of Repurchase Right. All of the Purchased Shares shall initially be Restricted
Shares and shall be subject to a Right of Repurchase as set forth in this Section 3. The Purchaser
shall not transfer any Restricted Shares, or any interest in any Restricted Shares, except pursuant
to a Permitted Transfer. As used herein, a “Permitted Transfer” shall mean a transfer of
Restricted Shares by the Purchaser (i) by beneficiary designation, will or intestate succession or
(ii) to the Purchaser’s spouse, children or grandchildren or to a trust established by the
Purchaser for the benefit of the Purchaser or the Purchaser’s spouse, children or grandchildren,
provided that, in either case, the transferee agrees in writing on a form prescribed by the Company
to be bound by all provisions of this Agreement and the Plan.

          (b) Condition Precedent to Exercise. Subject to Section 11(f) of the Plan, the Right of
Repurchase shall be exercisable with respect to any Restricted Shares only during the 90-day period
next following the date (the “Termination Date”) on which the Purchaser’s Continuous Status as an
Employee, Director or Consultant terminates for any reason, including (without limitation) death or
Disability.

          (c) Lapse of Repurchase Right. The Right of Repurchase shall lapse with respect to the
Restricted Shares in accordance with the vesting schedule set forth in the Grant Notice, or
otherwise in accordance with Section 12(b) of the Plan.

          (d) Repurchase Price. If the Purchaser’s Continuous Status as an Employee, Director or
Consultant is terminated other than by the Company or an Affiliate of the Company for “Cause” (as
defined below), the repurchase price for each Restricted Share shall be equal to the Purchase
Price. If the
Purchaser’s Continuous Status as an Employee, Director or Consultant is terminated by the Company
or an Affiliate of the Company for Cause, the repurchase price for each Restricted Share shall be
equal to the lesser of the (i) the Purchase Price and (ii) the Fair Market Value per share of
Common Stock on the date of repurchase.

     For purposes of this Agreement, “Cause” shall mean: (i) the Purchaser’s willful failure to
attempt in good faith to follow the legal directions of the executive officer of the Company to
whom the Purchaser reports (the “Supervising Officer”), which failure is not cured within ten (10)
days following receipt by the Purchaser of written notice from the Supervising Officer specifying
the details thereof, (ii) the Purchaser’s conviction of a felony (other than a felony involving a
traffic violation or as a result of vicarious liability), (iii) the Purchaser’s commission of an
act constituting fraud, embezzlement, larceny or theft with regard to the Company that is of a
material nature (other than good faith expense account reimbursement disputes) or (iv) willful
misconduct by the Purchaser with regard to the Company that has a material adverse effect on the
Company. For purposes of this definition, no act, or failure to act, on the Purchaser’s part shall
be considered “willful” unless done or omitted to be done by him not in good faith and without
reasonable belief that his action or omission was in the best interests of the Company.

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          (e) Exercise of Repurchase Right. The Right of Repurchase shall be exercisable only by
written notice delivered to the Purchaser prior to the expiration of the period specified in
Subsection 3(b) above. The notice shall set forth the date on which the repurchase is to be
effected. Such date shall not be more than 30 days after the date of the notice. The
certificate(s) representing the Restricted Shares to be repurchased shall, prior to the close of
business on the date specified for the repurchase, be delivered to the Company properly endorsed
for transfer free and clear of any encumbrances, restrictions, liens or security interests thereon,
except for the restrictions set forth in this Agreement and under applicable securities laws. The
Company shall, concurrently with the receipt of such certificate(s), pay to the Purchaser the
purchase price determined according to Subsection 3(d) above. Payment shall be made in cash or
cash equivalents or by canceling indebtedness of the Purchaser to the Company. The Right of
Repurchase shall terminate with respect to any Restricted Shares for which it has not been timely
exercised pursuant to this Subsection 3(e).

          (f) Escrow. Upon issuance, the certificate(s) for Restricted Shares shall be deposited by
the Purchaser with the Company together with a stock power endorsed in blank to be held in
accordance with the provisions of this Agreement. In addition, any new, substituted or additional
securities or other property distributed upon Restricted Shares shall immediately be delivered to
the Company to be held in escrow. All regular cash dividends on Restricted Shares (or other
securities at the time held in escrow) shall be paid directly to the Purchaser and shall not be
held in escrow. Restricted Shares, together with any other assets or securities held in escrow
hereunder, shall be (i) surrendered to the Company for repurchase and cancellation upon the
Company’s exercise of its Right of Repurchase or (ii) released to the Purchaser upon the
Purchaser’s request to the extent the Purchased Shares are no longer Restricted Shares (but not
more frequently than once every six months). In any event, when all of the Purchased Shares (and
any other vested assets and securities attributable thereto) are no longer Restricted Shares, the
certificate(s) for such
Purchased Shares shall be released to the Purchaser.

     Section 4. Confidentiality, Non-Competition and Non-Solicitation. In consideration of
the Company’s offer to the Purchaser to purchase the Purchased Shares hereunder, the Purchaser
hereby covenants, warrants and agrees as follows:

The Purchaser will not at any time, directly or indirectly, disclose or divulge, except as required
in connection with the performance of the Purchaser’s duties for the Company, any Confidential
Information acquired by the Purchaser during or in connection with the Purchaser’s affiliation with
or employment by the Company. The Purchaser shall make no use whatsoever, directly or indirectly,
of any Confidential Information, except as required in connection with the performance of the
Purchaser’s duties for the Company. Upon the Company’s request at any time and for any reason, the
Purchaser shall immediately deliver to the Company all materials (including all copies) in the
Purchaser’s possession which contain or relate to Confidential Information. For purposes of this
Agreement, “Confidential Information” means all trade secrets and other information of a business,
financial, marketing, technical or other nature pertaining to the Company or any of its Affiliates,
including information of others that the Company or any of its Affiliates has agreed to keep
confidential; provided, that Confidential Information shall not include any information that has
entered or enters the public domain through no fault of the Purchaser, was known by the Purchaser
prior to the Purchaser’s affiliation with or employment by the Company or which the Purchaser is
required to disclose by legal process.

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The Purchaser agrees that prior to the termination of the Purchaser’s employment with the Company
for whatever reason, and thereafter for two years:

     (i) the Purchaser will not directly or indirectly, individually or as a consultant to,
or employee, officer, director, stockholder, partner or other owner of or participant in any
business entity other than the Company, engage in or assist any other person to engage in
the business of providing hospice services in competition with the Company or any of its
Affiliates; and

     (ii) the Purchaser will not directly or indirectly, individually or as a consultant to,
or employee, officer, director, stockholder, partner or other owner of or participant in any
business entity other than the Company, solicit or hire from the Company or any of its
Affiliates, or otherwise materially interfere with the business relationship of the Company
or any of its Affiliates with, (i) any person who is, or was within the six-month period
immediately prior to the termination of the Purchaser’s employment with the Company,
employed by or associated with the Company or any of its Affiliates or (ii) any person or
entity who is, or was within the six-month period immediately prior to the termination of
the Purchaser’s employment with the Company, a patient referral source for the Company or
any of its Affiliates.

     Section 5. Miscellaneous Provisions.

          (a) Rights as a Stockholder. The Purchaser shall not have any rights as a stockholder with
respect to any Purchased Shares until the Purchaser has paid the full Purchase Price therefor in
accordance with Section 1(b).

          (b) No Retention Rights. Nothing in this Agreement or in the Plan shall confer upon the
Purchaser any right to continue to serve as an Employee or Director of or Consultant to the Company
or any of its Affiliates or interfere with or otherwise restrict in any way the rights of the
Company or any of its Affiliates or of the Purchaser, which rights are hereby expressly reserved by
each, to terminate the Purchaser’s employment or other service to the Company or any of its
Affiliates at any time and for any reason, with or without cause.

          (c) Notice. Any notice required by the terms of this Agreement shall be given in writing
and shall be deemed effective upon (i) personal delivery, (ii) deposit with a nationally recognized
overnight courier or (iii) deposit with the United States Postal Service, by registered or
certified mail, with postage and fees prepaid. Notice shall be addressed to the Company at its
principal executive office and to the Purchaser at the address that the Purchaser most recently
provided to the Company in writing.

          (d) Entire Agreement. This Agreement, together with the Plan and the Grant Notice,
constitutes the entire understanding between the parties hereto with regard to the subject matter
hereof, and supersedes any other agreements, representations or understandings (whether oral or
written and whether express or implied) which relate to the subject matter hereof.

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          (e) Choice of Law. This Agreement shall be governed by, and construed in accordance with,
the laws of, the State of Arizona, without regard to its choice of law principles.

          (f) Termination of Rights as Stockholder. If the Company makes available, at the time and
place and in the amount and form provided in this Agreement, the consideration for the Restricted
Shares to be repurchased in accordance with Section 3, then after such time the person from whom
such Restricted Shares are to be purchased shall no longer have any rights as a holder of such
Restricted Shares (other than the right to receive payment of such consideration in accordance with
this Agreement). Such Restricted Shares shall be deemed to have been purchased in accordance with
the applicable provisions hereof, whether or not the certificate(s) therefor have been delivered as
required by this
Agreement.

          (g) Remedies. The Purchaser agrees that the Company will be irreparably damaged if this
Agreement is not specifically enforced. Upon a breach or threatened breach of the terms, covenants
or conditions of this Agreement by the Purchaser, the Company shall, in addition to all other
remedies available, be entitled to a temporary or permanent injunction or other equitable relief
against the Purchaser, without showing any actual damage, and/or a decree for specific enforcement
in accordance with the provisions hereof.

          (h) Severability. If any provision of this Agreement is found unenforceable or illegal,
the remainder of this Agreement shall remain in full force and effect.

          (i) Amendments; Waivers. This Agreement may only be amended or modified in writing signed
by the Purchaser and the Company. No party shall be deemed to waive any rights hereunder unless
such waiver is in writing and signed by such party. A waiver in writing on or more occasions shall
not be deemed to be a waiver for any future occasions.

          (j) Counterparts. The Grant Notice may be executed in counterparts, including counterparts
by telecopier, each of which shall be deemed an original, but all of which when taken together
shall constitute one and the same instrument.

          (k) Section 83(b) Tax Election. The acquisition of the Purchased Shares may result in
adverse tax consequences that may be avoided or mitigated by the Purchaser’s filing of an election
under Section 83(b) of the Code. Under Section 83 of the Code, the excess of (i) the fair market
value of the Restricted Shares on the date any forfeiture restrictions applicable thereto lapse
over (ii) the Purchase Price paid for such Restricted Shares will be reportable as ordinary income
of the Purchaser on the lapse date. For this purpose, the term “forfeiture restrictions” includes
the Right of Repurchase. The Purchaser may elect under Section 83(b) of the Code to be taxed at
the time the Restricted Shares are acquired, rather than when and as such Restricted Shares cease
to be subject to such forfeiture restrictions. Such election must be filed with the Internal
Revenue Service within 30 days after the Date of Purchase. Even if the fair market value of the
Restricted Shares on the Date of Purchase equals the Purchase Price paid (and thus no tax is
payable), the election must be made to avoid adverse tax consequences in the future.

     The form for making a Section 83(b) election is attached hereto as Exhibit B. The
Purchaser understands that failure to make this filing within the applicable 30 day period will
result in the recognition of ordinary income as the forfeiture restrictions lapse.

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     The Purchaser should consult with his or her tax advisor to determine the tax consequences of
acquiring the Purchased Shares and the advantages and disadvantages of filing the Code Section
83(b) election. The Purchaser acknowledges that it is his or her sole responsibility, and not that
of the Company or any of its Affiliates, to file a timely election under Code Section 83(b), even
if the Purchaser requests the Company or their representatives to make this filing on the
Purchaser’s behalf.

     IN WITNESS WHEREOF, the undersigned have executed this Agreement on ______, ___.

VISTACARE, INC.

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	PURCHASER:	 	 
	 
	 	 	 	 
	 	 	 
	Signature	 	 

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EXHIBIT A

To

THE STOCK PURCHASE AGREEMENT

SUMMARY OF STOCK PURCHASE

(Grant Notice)

Purchaser: [Name]

Number of shares of Common Stock: [Number of Shares]

Purchase
Price per share of Common Stock: [Amount]

Aggregate Purchase Price: [Amount]

Date of Purchase: [Date]

Vesting Terms: All of the Purchased Shares are subject to forfeiture until they are
vested, and shall vest according to the following vesting schedule:

[Vesting Schedule]

	 	 	 	 	 
	VISTACARE, INC.	 	 
	 
	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	PURCHASER:	 	 
	 
	 	 	 	 
	 	 	 
	Signature	 	 

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EXHIBIT B

To

THE STOCK PURCHASE AGREEMENT

SECTION 83(b) ELECTION

This statement is being made under Section 83(b) of the Internal Revenue Code of 1986, as amended,
pursuant to Treasury Regulations Section 1.83-2.

	 	 	 
	(1)

	 	The taxpayer who performed the services is:
	 
	 	 
	 

	 	Name:              
                    
                    
                   
                   
                   
                   
                   
            
	 

	 	Address:              
                    
                    
                    
                    
                     
                     
                    
     
	 

	 	Taxpayer Ident. No.:             
                     
                     
                   
                   
        
	(2)

	 	The property with respect to which
the election is being made
is                         shares of the Common Stock of VistaCare, Inc.
	(3)

	 	The property was transferred on ____________, ______.
	(4)

	 	The taxable year for which the election is being made is the calendar year _________.
	(5)

	 	The property is subject to a repurchase right pursuant to which the issuer has the right to
acquire the property at the original purchase price if for any reason taxpayer’s service with
the issuer terminates. The issuer’s repurchase right will lapse in a series of annual and
monthly installments over a ______ year period ending on _________, 20___.
	(6)

	 	The fair market value at the time of transfer (determined without regard to any restriction
other than a restriction which by its terms will never lapse) is $
____________ per share.
	(7)

	 	The amount paid for such property
is $ ____________ per share.
	(8)

	 	A copy of this statement was furnished to VistaCare, Inc. for whom taxpayer rendered the
services underlying the transfer of property.
	(9)

	 	This statement is executed on ____________, _________.

	 	 	 
	 

	 	 
	Spouse (if any)

	 	Taxpayer

This election must be filed with the Internal Revenue Service Center with which taxpayer files his
or her Federal income tax returns and must be made within 30 days after the date of the purchase.
This filing should be made by registered or certified mail, return receipt requested. Purchaser
must furnish a copy of the completed form to the Company. Purchaser must retain two copies of the
completed form for filing with his or her Federal and state tax returns for the current tax year
and an additional copy for his or her records.

8Exhibit 10.1

    Exhibit
      10.1

    

    Form
      of 15% Debenture

    

    THIS
      SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
      OR
      THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE ON 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 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. 

    

    November
      15, 2006  $___________

     

    15%
      DEBENTURE

     

    FOR
      VALUE RECEIVED,
      the
      undersigned, Theater Xtreme Entertainment Group, Inc., a Florida corporation
      (the “Company”), hereby promises to pay to the order of Daniel Danner, an
      individual (the “Payee”), the sum of _________________ Thousand Dollars
      ($_____________), together with interest on the unpaid principal balance thereof
      as set forth below.

     

    Maturity.
      All
      principal, accrued interest, and other amounts due hereunder shall be due and
      payable on November 30, 2007 (the “Maturity Date”). The Company may prepay the
      amounts due under this Debenture at any time in whole or in part on not less
      than twenty (20) days’ prior written notice to the holder; provided, however,
      that any prepayment of principal shall be accompanied by a prepayment fee equal
      to five percent (5%) of the amount of such principal prepayment.

     

    Interest.
      The
      Company shall pay interest to the holder on the aggregate outstanding principal
      amount of this Debenture at the rate of fifteen percent (15%) per annum, payable
      monthly on the last day of each calendar month commencing on December 31, 2006.
      If any interest payment date is not a Business Day (as defined in subsection
      6(k)), then the applicable payment shall be due on the next succeeding Business
      Day.

     

    Holder’s
      Right to Participate in Offering.

     

    If
      the
      Company, at any time while this Debenture is outstanding, shall sell any Common
      Stock or other securities and the gross proceeds of such sales do not exceed
      One
      Million Dollars ($1,000,000), then the Company shall notify the holder, not
      later than ten (10) days following any such sale, of the price and other
      principal terms of such sale. 

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Thereupon,
      the holder shall have the right, by giving notice to the Company within ten
      (10)
      days of receiving the Company’s notice of such sale, to purchase shares of
      Common Stock or other securities, as the case may be, that were sold by the
      Company in such sale at the same price per share (or per security, as the case
      may be) and on the same other principal terms of such sale as that paid to
      the
      Company in such sale and, if holder so elects in his notice to the Company,
      to

     

    pay
      such
      purchase price by exchange and cancellation of all or a portion of the then
      unpaid principal balance of this Debenture.

     

    In
      no
      case may the holder purchase shares of Common Stock or other securities pursuant
      to this Section 3 for an aggregate purchase price in excess of the then unpaid
      principal balance of this Debenture.

     

    For
      the
      avoidance of doubt, any sale in an aggregate amount in excess of One Million
      Dollars ($1,000,000) shall not give rise to holder’s right to purchase shares of
      Common Stock or other securities in this Section 3.

     

    The
      holder’s rights set forth in this Section 3 shall terminate and be of no further
      force or effect if holder fails to exercise his rights hereunder when first
      given the opportunity to do so.

     

    Time
      is
      of the essence in the exercise of holder’s rights under this Section
      3.

     

    Applications
      of Payment. All payments, whenever made, shall be applied first, to the payment
      of all fees and expenses required to be paid by the Company; second, to the
      payment of accrued interest; and third, to the reduction of the unpaid principal
      balance of this Debenture. All payments required to be made hereunder shall
      be
      made in lawful currency of the United States of America.

     

    Waiver.
      The Company hereby waives presentment for payment, demand, protest, notice
      of
      dishonor, notice of presentment, notice of protest, and all other notices to
      which it may be entitled, and which may be waived in advance.

     

    Miscellaneous.
      

     

    Indulgences,
      Etc. Neither the failure nor any delay on the part of either party to exercise
      any right, remedy, power or privilege under this Debenture shall operate as
      a
      waiver thereof, nor shall any single or partial exercise of any right, remedy,
      power or privilege preclude any other or further exercise of the same or of
      any
      other right, remedy, power or privilege, nor shall any waiver of any right,
      remedy, power or privilege with respect to any occurrence be construed as a
      waiver of such right, remedy, power or privilege with respect to any other
      occurrence. No waiver shall be effective unless it is in writing and is signed
      by the party asserted to have granted such waiver.

     

    Controlling
      Law.
      This
      Debenture and all questions relating to its validity, interpretation,
      performance and enforcement (including, without limitation, provisions
      concerning 

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    limitations
      of actions), shall be governed by and construed in accordance with the laws
      of
      the State of Delaware, notwithstanding any conflict-of-laws doctrines of any
      jurisdiction to the contrary, and without the aid of any canon, custom or rule
      of law requiring construction against the draftsman.

     

    Notices.
      All
      notices, requests, demands and other communications required or permitted under
      this Debenture shall be in writing and shall be deemed to have been duly given,
      made and received only when delivered (personally, by courier service such
      FedEx
      or by other messenger) against receipt or upon actual receipt of registered
      or
      certified mail, postage prepaid, return receipt requested, addressed as set
      forth below:

     

    If
      to the
      Company:

    

    250
      Corporate Boulevard

    Suites
      E&F

    Newark,
      Delaware 19702

    Attention:
      President

    

    If
      to
      Payee, to the address set forth on the signature page.

    

    In
      addition, notice by mail shall be sent by a reputable international courier
      (such as FedEx) if posted outside of the continental United States. Any party
      may alter the address to which communications or copies are to be sent by giving
      notice of such change of address in conformity with the provisions of this
      subsection for the giving of notice.

     

    Exhibits.
      All
      Exhibits attached hereto are hereby incorporated by reference into, and made
      a
      part of, this Debenture.

     

    Binding
      Nature of Debenture; No Assignment.
      This
      Debenture shall be binding upon and inure to the benefit of the Company and
      the
      Payee and their respective heirs, personal representatives, successors and
      assigns, except that neither the Company nor the Payee may assign or transfer
      its rights nor delegate its obligations under this Debenture without the prior
      written consent of the other parties hereto.

     

    Provisions
      Separable.
      The
      provisions of this Debenture are independent of and separable from each other,
      and no provision shall be affected or rendered invalid or unenforceable by
      virtue of the fact that for any reason any other or others of them may be
      invalid or unenforceable in whole or in part.

     

    Entire
      Agreement.
      This
      Debenture contains the entire understanding among the parties hereto with
      respect to the subject matter hereof, and supersedes all prior and
      contemporaneous agreements and understandings, inducements or conditions,
      express or implied, oral or written, except as herein contained. The express
      terms hereof control and supersede any course of performance and/or usage of
      the
      trade inconsistent with any of 

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    the
      terms
      hereof. This Debenture may not be modified or amended other than by an agreement
      in writing.

     

    Section
      Headings.
      The
      Section and subsection headings in this Debenture have been inserted for
      convenience of reference only; they form no part of this Debenture and shall
      not
      affect its interpretation.

     

    Gender,
      Etc.
      Words
      used herein, regardless of the number and gender specifically used, shall be
      deemed and construed to include any other number, singular or plural, and any
      other gender, masculine, feminine or neuter, as the context indicates is
      appropriate.

     

    Number
      of Days.
      In
      computing the number of days for purposes of this Debenture, all days shall
      be
      counted, including Saturdays, Sundays and Holidays; provided, however, that
      if
      the final day of any time period falls on a Saturday, Sunday or Holiday, then
      the final day shall be deemed to be the next day which is not a Saturday, Sunday
      or Holiday. For purposes of this Debenture, the term “Holiday” shall mean a day,
      other than a Saturday or Sunday, on which national banks with branches in the
      State of Delaware are or may elect to be closed. A “Business Day” is a day other
      than a Saturday, Sunday, or Holiday.

     

    IN
      WITNESS WHEREOF,
      the
      Company has executed this Debenture as of the date first above
      written.

     

    

     

    
      	
              THEATER
                XTREME ENTERTAINMENT GROUP, INC.

            
	
               

               

              By:___________________________________

              Name:

              Title:

               

               

            

    

    7

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