Document:

Exhibit 10.61

CONFIDENTIAL
TREATMENT REQUESTED: Certain portions of this document have been
omitted pursuant to a request for confidential treatment and, where
applicable, have been marked with an asterisk
(“[REDACTED*]”) to denote where omissions have
been made. The confidential material has been filed separately with
the Securities and Exchange Commission.

Exhibit 10.61

MASTER ASSIGNMENT AGREEMENT

Date: August 5, 2009

	To: 	 	Axis Operating Company LLC

and

Bank of America, N.A., as Administrative Agent

	Re: 	 	Master Assignment under
the Credit Agreement referred to below

Ladies and Gentlemen:

Please refer to Section 15.6.1 of the Credit Agreement dated as of December 28, 2007
(as amended or otherwise modified from time to time, the “Credit Agreement”) among Axis
Operating Company LLC, a Delaware limited liability company (the “Borrower”), various
financial institutions and Bank of America, N.A., as Administrative Agent. Unless otherwise
defined herein or the context otherwise requires, terms used in this agreement (as amended or
otherwise modified from time to time, this “Assignment Agreement”) have the meanings
provided in the Credit Agreement.

Section 1.
Assignment and Acceptance.

Each of Bank of America, N.A., The CIT Group/Equipment Financing, Inc. and First Bank, in
their capacities as Lenders under the Credit Agreement (collectively, the “Assignors”),
hereby sells and assigns, without recourse, to ARI Component Venture LLC and ASF-Keystone, Inc., a
Delaware corporation (herein, the “Assignees”), on a fifty-fifty pro rata basis as between
the Assignees, and the Assignees hereby purchase and assume from each Assignor, that interest in
and to each Assignor’s rights and obligations under the Credit Agreement as of the date hereof
equal to 100% of all of the Loans, of the participation interests in the Letters of Credit and of
the Commitments (collectively, the “Assigned Interests”), such sales, purchases,
assignments and assumptions of the Assigned Interests (collectively, the “Assignment
Transactions”) to be effective as of the date hereof, subject to receipt by Administrative
Agent, for its benefit and on behalf of the Lenders, of the consideration required hereunder in
respect of such sales and purchases (the “Effective Date”). Set forth as Schedule
1 hereto is a statement of all monetary consideration due and owing to Administrative Agent,
for its benefit and on behalf of the Lenders, on the date hereof in respect of the Assignment
Transactions (the “Cash Consideration”).

 

 

 

Section 2.
Effect of Assignment and Acceptance.

Immediately after giving effect to the Assignment Transactions, (i) the Assignors shall have
no remaining interest in the Assigned Interests, and shall cease being Lenders under the Credit
Agreement and (ii) each Assignee shall have a fifty percent (50%) interest in the Assigned
Interests. Notwithstanding the foregoing, each of the Assignors shall retain all rights under
Section 15.5 of the Credit Agreement (Costs, Expenses and Taxes) and under Sections
15.17 through and including Section 15.20 of the Credit Agreement (Indemnification by
the Borrower, Nonliability of Lenders, Forum Selection and Consent to Jurisdiction and Waiver of
Jury Trial).

Section 3.
Settlement Matters.

Each Assignor hereby acknowledges, consents and agrees that, pursuant to a certain Agreement
Regarding Agency Resignation, Appointment and Acceptance of even date herewith (as amended or
otherwise modified from time to time the “Agent Resignation Agreement”) among Bank of
America, N.A., Borrower and the Assignees, each as a co-Agent and collectively as Administrative
Agent (herein, the “New Agent”), immediately following the consummation of the Assignment
Transactions, Bank of America shall resign as Administrative Agent, and the Assignees shall be
appointed as the New Agent. Each Assignor hereby instructs the New Agent to make all payments from
and after the Effective Date in respect of the interest assigned hereby directly to the Assignees;
provided, that the Assignors and the Assignees agree that all interest and fees accrued up
to, but not including, the Effective Date are the property of the Assignors, and not the Assignees.

Section 4. Representations and Warranties.

Each Assignor represents and warrants to each other party hereto that it is the legal and
beneficial owner of the Assigned Interests being assigned by it hereunder, representing one-third
of the total Assigned Interests being assigned hereunder, and that each such Assigned Interest is
free and clear of any adverse claims (other than any such claims of the Borrower or any Guarantor
arising under the Credit Agreement). Each party hereto represents and warrants to each other party
hereto that (i) it is duly authorized to execute and deliver this Assignment Agreement, and to
perform its obligations hereunder and (ii) this Assignment Agreement is the legal, valid and
binding obligation of such party, enforceable against such party in accordance with its terms,
subject to bankruptcy, insolvency and similar laws affecting the enforceability of creditors’
rights generally and to general principles of equity. Each Assignee acknowledges that, except as
otherwise set forth in this Section 4, neither Administrative Agent nor any Assignor has
made any representation or warranty to it with regard to the Credit Agreement, the other Loan
Documents, the Collateral or any transactions contemplated by the Loan Documents. In furtherance
of the preceding, each Assignee acknowledges that neither Administrative Agent nor any Assignor has
made any representation or warranty to it
regarding the existence of any Liens securing or purporting to secure the Assigned Interests,
or with respect to the priority of any such Lien. Each Assignee represents to the Administrative
Agent and to each Assignor that it has, independently and without reliance upon the Administrative
Agent or any Assignor and based on such documents and information as it has deemed appropriate,
made its own appraisal of and investigation into the business, prospects, operations, property,
financial and other condition and creditworthiness of the Loan Parties, and made its own decision
to enter into this Assignment Agreement and, in connection therewith, to extend credit to the
Borrower.

 

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Section 5.
Certain Waivers.

Each of the Assignors, the Borrower and the Assignees waives compliance with any notice or
timing provisions set forth in Section 15.6 of the Credit Agreement insofar as such notice
or timing provision would otherwise preclude consummation of the Assignment Transactions on the
Effective Date.

Section 6. Administrative Matters.

Each Assignee hereby confirms that it has received a copy of the Credit Agreement and each
other Loan Document in effect on the date hereof. Except as otherwise provided in the Credit
Agreement, effective as of the Effective Date:

(a) each Assignee (i) shall be deemed automatically to have become a party to
the Credit Agreement and to have all the rights and obligations of a “Lender”
under the Credit Agreement as if it were an original signatory thereto to the
extent specified in the second paragraph hereof; and (ii) agrees to be bound by
the terms and conditions set forth in the Credit Agreement as if it were an
original signatory thereto; and

(b) each Assignor shall be fully released from its obligations under the
Credit Agreement as a Lender, other than any obligations under Section
15.5 of the Credit Agreement (Costs, Expenses and Taxes) and under
Sections 15.17 through and including Section 15.20 of the Credit
Agreement (Indemnification by the Borrower, Nonliability of Lenders, Forum
Selection and Consent to Jurisdiction and Waiver of Jury Trial).

The parties hereto agree that all Cash Consideration shall be delivered by wire transfer to
Bank of America, N.A. in its capacity as Administrative Agent and on behalf of each of the
Assignors (for further pro rata distribution to the Lenders in accordance with Sections 7.1
and 7.2.1 of the Credit Agreement) in accordance with the following wire instructions:

Bank of America, N.A.

ABA #026-0095-93

Credit Account #375-08-36479

Attn: Credit Svcs/Sue Pfohl

Ref: Axis Operating Co.

 

-3-

 

Section 7.
Release.

In consideration of the agreements of Assignors contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower,
each Guarantor, JV Rep (as such term is defined in the Agent Resignation Agreement) and each
Assignee, on behalf of itself and its successors and assigns, and its predecessors, and legal
representatives (Borrower, each Guarantor, JV Rep, each Assignee and all such other Persons being
hereinafter referred to collectively as the “Releasing Parties” and individually as a
“Releasing Party”), hereby absolutely, unconditionally and irrevocably releases, remises
and forever discharges each Assignor and Bank of America, N.A., in its capacity as Administrative
Agent and Issuing Lender, and each of their respective successors and assigns, and each of their
present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors,
officers, attorneys, employees, agents, legal representatives and other representatives (each
Assignor, Bank of America, N.A., in its capacity as Administrative Agent and Issuing Lender, and
all such other Persons being hereinafter referred to collectively as the “Releasees” and
individually as a “Releasee”), of and from all demands, actions, causes of action, suits,
covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills,
reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off,
demands and liabilities whatsoever, in each case only to the extent for or on account of, or in
relation to, or in any way in connection with this Assignment Agreement, the Credit Agreement or
any other Loan Document, or any of the transactions hereunder or thereunder (individually, a
“Claim” and collectively, “Claims”) of every kind and nature, known or unknown,
suspected or unsuspected, at law or in equity, which any Releasing Party may now or hereafter own,
hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any
circumstance, action, cause or thing whatsoever which arises at any time on or prior to the date of
this Assignment Agreement, in each case only to the extent (i) for or on account of, or in relation
to, or in any way in connection with this Assignment Agreement, the Credit Agreement or any other
Loan Document, or any of the transactions hereunder or thereunder and (ii) not arising from any
Releasee’s gross negligence or willful misconduct as determined by a final, nonappealable judgment
by a court of competent jurisdiction.

Borrower, each Guarantor, JV Rep and each Assignee understands, acknowledges and agrees that
the release set forth above may be pleaded as a full and complete defense to any Claim and may be
used as a basis for an injunction against any action, suit or other proceeding which may be
instituted, prosecuted or attempted in breach of the provisions of such release. Borrower, each
Guarantor, JV Rep and each Assignee agrees that no fact, event, circumstance, evidence or
transaction which
could now be asserted or which may hereafter be discovered shall affect in any manner the
final, absolute and unconditional nature of the release set forth above.

 

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For purposes of this Assignment Agreement and the Agent Resignation Agreement,
“Guarantors” shall mean each of American Railcar Inc., a Delaware corporation, and Amsted
Industries Incorporated, a Delaware corporation.

Section 8. Covenant Not To Sue.

Each of the Releasing Parties hereby absolutely, unconditionally and irrevocably, covenants
and agrees with and in favor of each Releasee that it will not sue (at law, in equity, in any
regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and
discharged by any Releasing Party pursuant to this Assignment Agreement. If any Releasing Party
violates the foregoing covenant, Borrower, each Guarantor, JV Rep and each Assignee, for itself and
its successors and assigns, predecessors, and legal representatives, agrees to pay, on a joint and
several basis (subject to clauses (y) and (z) below), in addition to such other damages as any
Releasee may sustain as a result of such violation, all attorneys’ fees and costs incurred by any
Releasee as a result of such violation, except that (x) Releasing Parties shall have no liability
to the Releasees for any damages, fees and costs arising (i) on account of the applicable
Releasee’s gross negligence or willful misconduct as determined by a final, nonappealable judgment
by a court of competent jurisdiction and/or (ii) in respect of any fees or costs incurred or
damages sustained by any Releasee prior to the date hereof; (y) the maximum collective liability of
ARI Component Venture LLC and American Railcar Industries, Inc. and their respective successors and
assigns, and their respective legal representatives, in the aggregate, shall in no event exceed the
damages, fees, and costs recoverable under this Section 8 as a consequence of a violation
of the foregoing covenant by one or more of ARI Component Venture LLC, American Railcar Industries,
Inc. and their respective successors and assigns, and their respective predecessors and legal
representatives; and (z) the maximum collective liability of ASF-Keystone, Inc. and Amsted
Industries Incorporated and their respective successors and assigns, and its predecessors and legal
representatives, in the aggregate, shall in no event exceed the damages, fees, and costs
recoverable under this Section 8 as a consequence of a violation of the foregoing covenant
by one or more of ASF-Keystone, Inc. and Amsted Industries Incorporated and their respective
successors and assigns, and their respective predecessors and legal representatives.

Section 9. Successors and Assigns.

This Assignment Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of the parties hereto.

 

-5-

 

Section 10. Counterparts.

This Assignment Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original, but all of which taken
together shall be one and the same instrument. The parties agree that this Assignment
Agreement will be considered signed when the signature of a party is delivered by facsimile or
electronic mail transmission. Such facsimile or electronic mail signature shall be treated in all
respects as having the same effect as an original signature.

Section 11. Headings.

The paragraph headings used in this Assignment Agreement are for convenience only and shall
not affect the interpretation of any of the provisions hereof.

Section 12. Entire Agreement; Amendments.

This Assignment Agreement sets forth in full the terms of agreement between the parties with
respect to the transactions contemplated herein and is intended as the full, complete and exclusive
contract governing the relationship between the parties with respect to the transactions
contemplated herein, superseding all other discussions, promises, representations, warranties,
agreements and understandings, whether written or oral, between the parties with respect thereto.
No term of this Assignment Agreement may be waived, modified or amended except in a writing signed
by the party against whom enforcement of the waiver, modification or amendment is sought.

Section 13. Indemnification.

IN FURTHER CONSIDERATION OF THE EXECUTION AND DELIVERY OF THIS ASSIGNMENT AGREEMENT BY THE
ADMINISTRATIVE AGENT AND THE ASSIGNORS, THE ASSIGNEES AND THE GUARANTORS HEREBY AGREE, JOINTLY AND
SEVERALLY, TO INDEMNIFY, EXONERATE AND HOLD THE ADMINISTRATIVE AGENT, EACH ASSIGNOR AND EACH OTHER
RELEASEE FREE AND HARMLESS FROM AND AGAINST ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, LOSSES,
LIABILITIES, DAMAGES AND EXPENSES, INCLUDING ATTORNEY COSTS (COLLECTIVELY, THE “INDEMNIFIED
LIABILITIES”), INCURRED BY THE RELEASEES OR ANY OF THEM AS A RESULT OF, OR ARISING OUT OF, OR
RELATING TO (A) ANY PURCHASE OF ASSETS OR OTHER SIMILAR TRANSACTION FINANCED IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, WITH THE PROCEEDS OF ANY OF THE LOANS, (B) THE USE, HANDLING, RELEASE,
EMISSION, DISCHARGE, TRANSPORTATION, STORAGE, TREATMENT OR DISPOSAL OF ANY HAZARDOUS SUBSTANCE AT
ANY PROPERTY OWNED OR LEASED BY ANY LOAN PARTY, (C) ANY VIOLATION OF ANY ENVIRONMENTAL LAWS WITH
RESPECT TO CONDITIONS AT ANY PROPERTY OWNED OR LEASED BY ANY LOAN PARTY OR THE OPERATIONS CONDUCTED
THEREON, (D) THE INVESTIGATION, CLEANUP OR REMEDIATION OF OFFSITE LOCATIONS AT WHICH ANY LOAN 

 

-6-

 

PARTY
OR THEIR RESPECTIVE PREDECESSORS ARE ALLEGED TO HAVE DIRECTLY OR INDIRECTLY DISPOSED OF HAZARDOUS SUBSTANCES OR
(E) THE EXECUTION, DELIVERY, PERFORMANCE OR ENFORCEMENT OF THE CREDIT AGREEMENT OR ANY OTHER LOAN
DOCUMENT BY ANY OF THE RELEASEES, EXCEPT FOR ANY SUCH INDEMNIFIED LIABILITIES ARISING (I) ON
ACCOUNT OF THE APPLICABLE RELEASEE’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS DETERMINED BY A
FINAL, NONAPPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION AND/OR (II) IN RESPECT OF ANY
ACTION TAKEN OR NOT TAKEN (AS THE CASE MAY BE) BY ANY RELEASEE PRIOR TO THE DATE HEREOF. IF AND TO
THE EXTENT THAT THE FOREGOING UNDERTAKING MAY BE UNENFORCEABLE FOR ANY REASON, EACH ASSIGNEE AND
EACH GUARANTOR HEREBY AGREES TO MAKE THE MAXIMUM CONTRIBUTION TO THE PAYMENT AND SATISFACTION OF
EACH OF THE INDEMNIFIED LIABILITIES WHICH IS PERMISSIBLE UNDER APPLICABLE LAW.

Section 14.
Submission to Jurisdiction.

ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS ASSIGNMENT
AGREEMENT SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF ILLINOIS OR IN
THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS. EACH OF THE PARTIES HERETO
HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF ILLINOIS
AND OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS FOR THE PURPOSE OF
ANY SUCH LITIGATION AS SET FORTH ABOVE. THE BORROWER AND EACH ASSIGNEE FURTHER IRREVOCABLY
CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE
WITHIN OR WITHOUT THE STATE OF ILLINOIS. EACH OF THE PARTIES HERETO HEREBY EXPRESSLY AND
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO
ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

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Section 15. Jury Waiver.

EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS ASSIGNMENT AGREEMENT OR ANY AMENDMENT,
INSTRUMENT, DOCUMENT OR
AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR
THEREWITH OR ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE
FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT
BEFORE A JURY.

Section 16. Choice of Law.

THIS ASSIGNMENT AGREEMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF
THE STATE OF ILLINOIS APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE,
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

 

-8-

 

The parties hereto have caused this Assignment Agreement to be duly executed and delivered by
their authorized officers as of the date first set forth above.

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as
Administrative Agent,
 as an Assignor and as Issuing Lender

 	 
	 	By:  	/s/ Rob Hart 	 
	 	 	Title:  	Senior
Vice President 	 
	 
	 	THE CIT GROUP/EQUIPMENT FINANCING, INC.,
 as an Assignor

 	 
	 	By:  	/s/
Nicholas Patushan	 
	 	 	Title:  	Senior
Vice President 	 
	 
	 	FIRST BANK, as an Assignor

 	 
	 	By:  	/s/
Brenda Laux 	 
	 	 	Title:  	Executive
Vice President 	 
	 
	 	AXIS OPERATING COMPANY, LLC, as Borrower

 	 
	 	By:  	/s/
James J. Unger 	 
	 	 	Title:  	Director 	 
	 

Master Assignment Agreement Signature Page

 

 

 

	 	 	 	 	 
	 	ASF-KEYSTONE, INC., as an Assignee

 	 
	 	By:  	/s/ Matt Hower 	 
	 	 	Title:  	Vice President — Treasurer 	 
	 
	 	AMSTED INDUSTRIES INCORPORATED,
 as a Guarantor

 	 
	 	By:  	/s/ Matt Hower 	 
	 	 	Title:  	Vice
President — Treasurer	 
	 
	 	ARI COMPONENT VENTURE LLC, 
as an Assignee

 	 
	 	By:  	/s/ James J. Unger 	 
	 	 	Title:  	Manager 	 
	 
	 	AMERICAN RAILCAR INDUSTRIES, INC., 
as a Guarantor

 	 
	 	By:  	/s/ Dale C. Davies 	 
	 	 	Title:  	Senior
Vice President, CFO and Treasurer 	 

Master Assignment Agreement Signature Page

 

 

 

SCHEDULE 1

[REDACTED*]exh101.htm

Exhibit 10.1

    

     

    ESCROW
AGREEMENT

     

    THIS
AGREEMENT is made effective the 2nd day
of November, 2009.

     

    

     

    BETWEEN:

     

    INSIGHTFULMIND LEARNING INC.,
a company incorporated under the laws of Canada and having registered office at
1600 – 609 Granville Street, Vancouver, British Columbia, V7Y 1C3

     

    (hereinafter
called the "Company")

     

    AND:

     

    MARK BURGERT, an individual,
having a place of residence at 14446 North Bluff Road, White Rock, British
Columbia, V4B 3C8

     

    (hereinafter
called "MB")

     

    AND:

     

    JEFFERSON THACHUK, an
individual, having a place of residence at 1120 Martin Street, White Rock,
British Columbia, V4B 3V7

     

    (hereinafter
called "JT")

     

    

     

    WHEREAS:

     

    A.                    The
parties hereto are, together with others, parties to a share purchase agreement
(the "Purchase
Agreement") made effective the 10th day
of August, 2009, pursuant to which the Company is to acquire all of the issued
and outstanding share capital of Coronus Energy Corp. ("Coronus");

     

    B.                   
Pursuant
to the terms of the Purchase Agreement, upon completion of the Acquisition and
the Transfer (each as defined in the Purchase Agreement):

     

    
      	
                 
      (a)  

            	
              MB
      is required to enter into an escrow agreement pursuant to which (i) the
      1,000,000 common shares of the Company acquired by him as a result of the
      Acquisition, (ii) the 1,012,500 common shares acquired by him as a result
      of the Transfer, and (iii) the 250,000 common shares of the Company
      currently held by him, will be escrowed (collectively, the "MB Shares");
      and

            

    

     

    
      	
                
       (b)  

            	
              JT
      is required to enter into an escrow agreement pursuant to which the
      balance of 2,262,500 common shares of the Company held by him, after
      giving effect to the Transfer, will be escrowed (the "JT
    Shares");

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    -2-

     

    C.      This
Agreement is intended to be the escrow agreement and to give effect to and
govern the escrow set out in Recital B hereto;

     

     

     

    NOW THEREFORE, this
Agreement witness that for good and valuable consideration, the receipt and
sufficiency of which is acknowledged, the parties agree as follows:

     

    ARTICLE 1

     

    INTERPRETATION

     

    1.1           
Number, gender,
persons.  Words importing the singular number shall include the
plural, and vice versa; words importing gender shall include the other gender;
words importing individuals shall include corporations, societies, partnerships,
proprietorships, trusts and other legal constructs and entities, and vice versa;
and words importing any particular form of legal construct or entity shall
include all other forms of legal constructs and entities
interchangeably.

     

    1.2         Time and
currency.  Unless otherwise expressly stated, all references to
time are references to Pacific Time, and all references to currency are
references to lawful currency of the United States.

     

    1.3                 
Headings.  The use
of headings in this Agreement and the schedules hereto are solely for ease of
reference and shall not affect the interpretation or the construction of any
provision hereof.

     

    1.4                 
References.  Unless
otherwise stated, a reference to an Article, Section or other organizational
division shall refer to the respective Article, Section or other organizational
division of this Agreement.

     

    ARTICLE 2

     

    ESCROW

     

    2.1                 
Condition
Precedent.  This Agreement and the parties' rights and
obligations hereunder shall be subject to the completion of both the Acquisition
and the Transfer (both as defined in the Purchase Agreement).

     

    2.2                  Delivery into
Escrow.  Upon completion of both the Acquisition and the
Transfer:

     

    
      	
                
      (a)  

            	
              MB
      shall immediately deliver to the Company or its designated escrow agent,
      certificates representing the MB Shares;
and

            

    

     

    
      	
                
      (b)  

            	
              JT
      shall immediately deliver to the Company or its designated escrow agent,
      certificates representing the JT
Shares,

            

    

     

    to be
held in escrow pursuant to the terms hereof until released pursuant to Article 3
hereof.  For greater certainty, each of MB and JT (collectively, the
"Escrowed Persons")
irrevocably directs the Company or its designated agent to retain their
respective MB Shares and the JT Shares (collectively, the "Escrowed Shares") pursuant to
the terms of this Agreement.

     

    2.3                  Effect of
Escrow.  Except as specifically provided herein, no Escrowed
Person shall sell, assign, transfer, encumber or otherwise dispose of or deal
with, in any manner whatsoever, any of the Escrowed Shares or any beneficial
ownership thereof or any interest therein, or otherwise agree to or permit any
of the foregoing, unless, until and to the extent that such Escrowed Shares are
released from escrow pursuant to Article 3 hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    -3-

     

    2.4                  Corporate Enforcement of
Escrow.  Except as specifically provided herein, the Company
shall not accept or acknowledge any sale, assignment, transfer, encumbrance or
other disposition of or dealing with any of the Escrowed Shares, or any
beneficial ownership thereof or any interest therein, unless, until and to the
extent that such Escrowed Shares are released from escrow pursuant to the terms
hereof, including but not limited to any declaration of trust or any other
documents or acts evidencing any change in legal or beneficial ownership of or
any interest in the Escrowed Shares.

     

    2.5                 
Other Shareholder
Rights.  The Escrowed Persons waive no other shareholder rights
or privileges attached to the Escrowed Shares, except as required by section 2.4
herein.  For greater certainty, the Escrowed Persons may exercise all
voting rights attached to the Escrowed Shares and are entitled to receive all
dividends and other distributions on the Escrowed Shares if, as and when
declared.

     

    2.6                 
Death of Escrowed
Person.  Upon the death of an Escrowed Person, his respective
Escrowed Shares remaining in escrow may be transferred to the persons legally
entitled thereto, but such Escrowed Shares shall remain in escrow pursuant to
the terms hereof until released from escrow pursuant to Article 3
hereof.  For greater certainty, each recipient of Escrowed Shares
shall thereafter be an Escrowed Person bound by the provisions
hereof.

     

    2.7                  Termination.  This
Agreement shall automatically terminate upon the release from escrow pursuant to
the terms hereof of all Escrowed Shares.  This Agreement and the
rights and obligations of the parties hereto shall not otherwise be terminated
without the express written consent of all the parties hereto.

     

    ARTICLE 3

     

    RELEASE FROM
ESCROW

     

    3.1                 
Release from
Escrow.  As soon as practicable after the end of each calendar
quarter (being a three month period ending on March 31, June 30, September 30
and December 31), the Company shall determine the consolidated revenue earned by
it in said calendar quarter, and upon such determination shall immediately
release from escrow hereunder:

     

    
      	
                
      (a)  

            	
              one
      MB Share to the account of MB; and

            

    

     

    
      	
                
      (b)  

            	
              one
      JT Share to the account of JT,

            

    

     

    for each
$1.00 in consolidated revenue earned by the Company in said calendar
quarter.  For greater certainty, in the event that the MB Shares (or
JT Shares) in escrow are held by more than one person, the Escrowed Shares
released to the account of MB or JT, as the case may be, shall be released on a
pro-rata basis amongst the subsequent holders of the MB Shares or JT Shares in
escrow, as the case may be.

     

    3.2                 
Capital
Adjustments.  If at any time during the Term of this Agreement,
there shall be a reclassification of the Issuer's common shares, a change in the
Issuer's common shares into other shares or securities, a subdivision or
consolidation of the Issuer's common shares into a greater or lesser number of
common shares, or any other capital reorganization, the respective number of MB
Shares and JT Shares releasable pursuant to section 3.1 shall be adjusted
proportionately

     

    ARTICLE 4

     

    ESCROW
AGENT

     

    4.1                 
Escrow Agent.  The
Company shall be entitled, but shall not be required, to appoint an agent for
the purpose of implementing and maintaining the escrow provided for
herein.  The parties hereto irrevocably and unconditionally
acknowledge and agree with each other that the person from time to time
implementing and maintaining the escrow provided for herein (the "Escrow Agent"), whether it be
the Company or another appointed by it, shall have the following rights and
protections:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      -4-

       

    

    
      	
                
      (a)  

            	
              The
      Escrow Agent shall not have any duties or responsibilities except those
      set forth in this Agreement.  The Escrow Agent is not a party
      to, and is not bound by, any provisions which may be evidenced by, or
      arise out of, any agreement or understanding related to the Escrowed
      Shares or the escrow thereof other than as herein set
    forth.

            

    

     

    
      	
                
      (b)  

            	
              The
      Escrow Agent is not a registrar or transfer agent for any shares, options
      or other securities in the capital of the Company and has no obligation to
      inquire about the issuance of, ownership of or title to any such
      securities.

            

    

     

    
      	
                
      (c)  

            	
              The
      Escrow Agent acts hereunder as a depository only and is not responsible or
      liable in any manner whatever for the genuineness, validity, correctness
      or sufficiency of any instrument deposited with it, or for the form of
      execution of any such instrument, or for the identity or authority or
      right of any person or party executing such
  instrument.

            

    

     

    
      	
                
      (d)  

            	
              The
      Escrow Agent shall not be responsible for or incur any liability for
      acting on any signature, request, consent, waiver, receipt or other
      notice, authorizations or documents believed by the Escrow Agent to be
      genuine, and the Escrow Agent may, acting reasonably, assume that any
      person purporting to give it any notice, authorization or document on
      behalf of any party in accordance with the provisions of this Agreement
      has been duly authorized and has the right to do
  so.

            

    

     

    
      	
                
      (e)  

            	
              The
      Escrow Agent shall be entitled to rely on all documents provided to it
      without further investigation or inquiry into the genuineness, validity,
      correctness, sufficiency or reasonableness of such
      document.  The Escrow Agent shall not be required to construe
      any contract or instrument deposited with it, if
  any.

            

    

     

    
      	
                
      (f)  

            	
              The
      Escrow Agent shall not be required to take notice of any default or to
      take any action with respect to such default involving any expense or
      liability, unless notice in writing of such default is formally given to
      the Escrow Agent and unless it is indemnified, in a manner satisfactory to
      it, against such expense or
liability.

            

    

     

    
      	
                
      (g)  

            	
              The
      Escrow Agent may, at its discretion, seek the advice of legal counsel in
      the event of any question or dispute as to the construction of any of the
      provisions hereof or its duties hereunder, and it shall incur no liability
      and shall be entitled to act or refrain from acting in accordance with the
      advice or instructions of such legal
counsel.

            

    

     

    
      	
                
      (h)  

            	
              The
      Escrow Agent shall not be answerable for the default or misconduct of any
      agent or legal counsel employed or appointed by it if such agent or legal
      counsel shall have been selected with reasonable
  care.

            

    

     

    
      	
                
      (i)  

            	
              In
      the event of any disagreement between any of the parties to this
      Agreement, or between them or any of them and any other person, resulting
      in demands or adverse claims being made in connection with or for any
      asset involved herein or affected hereby, the Escrow Agent shall be
      entitled, at its discretion, to refuse to comply with any demands or
      claims on it, so long as such disagreement shall continue, and in so
      refusing the Escrow Agent may make no delivery or other disposition of any
      asset involved herein or affected hereby, and in so doing the Escrow Agent
      shall not be or become liable in any way or to any party or person for its
      failure or refusal to comply with such conflicting demands or adverse
      claims, and it shall be entitled to continue to so refrain from acting and
      to so refuse to act until the right of such party or person shall have
      finally been adjudicated in a court assuming and having jurisdiction over
      the assets involved herein or affected hereby, or all differences shall
      have been resolved and the Escrow Agent shall have been notified thereof
      in writing signed by all parties
thereto.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      -5-

       

    

    
      	
                
      (j)  

            	
              The
      Escrow Agent shall be entitled to comply with and obey all judgments or
      orders granted, made or issued by any court of the Province of British
      Columbia whether the said court shall have jurisdiction to make such
      judgment or order or not, and in the event that the Escrow Agent complies
      with or obeys any such judgment or order of any such court, it shall not
      be liable to any of the parties or to any other person by reason of it
      notwithstanding the fact that the judgment or order may have been entered
      by a court not having jurisdiction to grant the judgment or order, or the
      judgment or order is thereafter modified, reversed, annulled, set aside or
      vacated.  In the event that the Escrow Agent is made a party to
      any such action or proceeding affecting the Escrowed Shares, it shall be
      entitled to receive from the Company or any other parties payment of any
      reasonable legal fees it may be required to incur, whether the solicitors
      were retained by it on a regular basis or are employed for the purpose of
      such action or proceeding only, and any other expense which it may have
      incurred or become liable to pay because of the deposit with it of the
      Escrowed Shares, and the Company agrees to jointly and severally with any
      other parties pay to the Escrow Agent on demand all such fees and expenses
      incurred by it and any costs or other amounts that may be imposed on it in
      any judgment or order granted as stated in this
  Agreement.

            

    

     

    
      	
                
      (k)  

            	
              The
      Escrow Agent shall not be responsible for any act or failure to act on its
      part except in the case of its own wilful default or gross
      negligence.  The Escrow Agent shall be automatically released
      from all responsibility and liability under this Agreement on the Escrow
      Agent's delivery of the Escrowed Shares in accordance with the provisions
      of this Agreement.

            

    

     

    
      	
                
      (l)  

            	
              The
      Escrowed Persons and the Company agree to jointly and severally indemnify
      and hold harmless the Escrow Agent for any claims, losses, damages, costs
      and expenses, including any fees, disbursements and out-of-pocket expenses
      of any agent or legal counsel retained by the Escrow Agent, related to the
      performance of its obligations
hereunder.

            

    

     

    
      	
                
      (m)  

            	
              Notwithstanding
      anything to the contrary, the Escrow Agent shall have no duty to determine
      the performance or non-performance of any term or condition of any
      contract or agreement between the parties, including this Agreement, and
      the duties and responsibilities of the Escrow Agent are limited to those
      specifically stated in this
Agreement.

            

    

     

    4.2                 
For
greater certainty, upon the Company's appointment from time to time of another
as Escrow Agent, the parties hereto irrevocably and unconditionally acknowledge
and agree with each other and said Escrow Agent (who shall be deemed to be a
party to this Agreement) that the Company's rights and protections as Escrow
Agent hereunder are assigned to said Escrow Agent without further act or
notice.

     

    ARTICLE 5

     

    ESCROWED PERSONS'
REPRESENTATIONS AND WARRANTIES

     

    5.1                 
Escrowed Persons' representations and
warranties.  Each Escrowed Person represents and warrants to
the Company that:

     

    
      	
                
      (a)  

            	
              the
      Escrowed Person has not sold, assigned, transferred, encumbered or
      otherwise disposed of or dealt with, directly or indirectly, in any manner
      whatsoever, any of his respective Escrowed Shares or any beneficial
      ownership thereof or any interest therein, or otherwise agreed to or
      permitted any of the foregoing,

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      -6-

       

    

    
      	
                
      (b)  

            	
              no
      person has any option, agreement or other right or privilege to acquire
      any of the Escrowed Person's respective Escrowed Shares or any interest
      therein;

            

    

     

    
      	
                
      (c)  

            	
              the
      Escrowed Person has the full power and authority and lawful right, and in
      the case of a corporation or other legal construct or entity, has taken
      all such corporate and other action and received all such authorizations
      as are necessary or advisable, to enter into and to perform its
      obligations under this Agreement;
and

            

    

     

    
      	
                
      (d)  

            	
              this
      Agreement has been duly and validly executed and delivered by the Escrowed
      Person and is binding upon and enforceable against it in accordance with
      its terms.

            

    

     

    ARTICLE 6

     

    GENERAL

     

    6.1                 
Notices.  All
notices and communications required or permitted to be given hereunder shall be
in writing and shall be personally delivered or sent by facsimile (with
confirmed receipt) or prepaid mail to the recipient at its respective address
indicated on the face page hereof.  Such shall be deemed to be validly
given and received: (i) if personally delivered or sent by facsimile
transmission (with confirmed receipt), on the date of delivery or transmission
if delivered or transmitted during normal business hours and on the next
business day following the date of delivery or transmission if delivered or
transmitted after normal business hours; and (ii) if sent by prepaid mail, on
the date which is five (5) business days after the date of mailing excluding all
days in which postal service is disrupted.  Either party may from time
to time change its address by notice to the other in accordance with this
section.

     

    6.2                 
Entire agreement and
Amendment.  This Agreement sets forth the entire agreement
between the parties with respect to the subject matter hereof and supersedes all
prior communications, understandings and agreements between the parties or any
of them with respect to the subject matter hereof.  This Agreement may
only be amended by instrument in writing signed by the parties hereto, including
as applicable the Escrow Agent in respect of any amendment to Article
4.

     

    6.3                 
Further
Assurances.  Each party hereto agrees to execute and deliver,
or cause to be executed and delivered, such further instruments and assurances,
and to do such further acts and things, as may be necessary or desirable to give
effect to this Agreement.

     

    6.4                  Assignment and
enurement.  This Agreement is personal in nature and shall not
be assigned or otherwise transferred, in whole or in part, without the express
written consent of the parties hereto.  This Agreement shall enure to
the benefit of and be binding on the parties and their respective executors,
heirs, administrators, successors and permitted assigns.

     

    6.5                  Governing law.  This
Agreement and the rights and obligations and relations of the parties shall be
governed by and construed in accordance with the laws of the Province of British
Columbia and the federal laws of Canada applicable therein.  The
parties agree that the courts of British Columbia shall have sole jurisdiction
to entertain any action or other legal proceedings based on any provisions of
this Agreement, and the parties agree to attorn to the jurisdiction of such
courts.

     

    6.6                  Construction.  This
Agreement has been negotiated and approved by the parties hereto and,
notwithstanding any rule or maxim of construction to the contrary, any ambiguity
or uncertainty will not be construed against any party hereto by reason of the
authorship thereof.

     

    6.7                  Counterparts and
delivery.  This Agreement may be executed in counterparts and
delivered by facsimile, and such counterparts and facsimiles when howsoever
signed or delivered shall be deemed to be originally executed documents and
together constitute one and the same executed instrument bearing the date set
forth above notwithstanding the date of actual execution.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    -7-

     

    6.8                 
Time.  Time shall be
of the essence hereof.

     

    IN WITNESS WHEREOF the
parties have executed this Agreement as of the date first above
written.

     

     

    INSIGHTFULMIND
LEARNING INC.

     

     

    Per:   DAVID HOLMES

            Authorized
Signatory, David Holmes, Director

     

     

     

    
      	Signed by MARK BURGERT	 )	 	 
	in the presence
      of:	 )	 	 
	 	 )	 	 
	Jefferson
      Thachuk	 )	 	 
	Print
      Name 	 )	 	 
	
              JEFFERSON
      THACHUK

            	 )	MARK BURGERT	 
	Signature 	 )	MARK
      BURGERT	 
	
               

              1120 Martin St. White Rock,
      B.C.

            	 )	 	 
	Address 	 )	 	 
	
               

              Businessman

            	 )	 	 
	Occupation 	 )	 	 
	 	 	 	 
	 	 	 	 
	
              Signed by JEFFERSON
      THACHUK

              in the presence
    of: 

            	 )	 	 
	
               

              Mark Burgert

            	 )	 	 
	Print
      Name 	 )	 	 
	
              MARK
      BURGERT

            	 )	JEFFERSON THACHUK	 
	Signature 	 )	JEFFERSON
      THACHUK	 
	
               

              14446 North Bluff Rd, White Rock,
      B.C.

            	 )	 	 
	Address 	 )	 	 
	
               

              Businessman

            	 )	 	 
	Occupation 	 )

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