Document:

World of Tea Inc.: Exhibit 10.34 - Prepared by TNT Filings Inc.

  

Form of

Lock Up Agreement

February 12, 2008

WORLD OF TEA, INC.

c/o BroadWebAsia, Inc.

9255 Sunset Blvd, Suite 1010

West Hollywood, CA 90069

Re:

World of Tea, Inc. – Share Exchange Agreement

Dear Sirs:

In order to induce BroadWebAsia, Inc., a British Virgin Islands corporation (“BWA”) to enter into that certain Share Exchange Agreement, dated as of February 12, 2008, by and among BWA, World of Tea, Inc., a Nevada corporation (the “Company”) and each of Bradley David Greenspan, Daniel Piin Shyan Yeh and James Edward Yacabucci, Jr., the undersigned hereby agrees that for a period (the “lock-up period”) of one hundred twenty (120) days following the date hereof, the undersigned will not, without the prior written consent of the Company, directly or indirectly, (i) offer, sell, assign, transfer, pledge, contract to sell, or otherwise dispose of, any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock (including, without limitation, shares of Common Stock or any such securities which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations promulgated under the Securities Act of 1933, as the same may be amended or supplemented from time to time (such shares or securities, the “Beneficially Owned Shares”)), (ii) enter into any swap, hedge or other agreement or arrangement that transfers in whole or in part, the economic risk of ownership of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock, or (iii) engage in any short selling of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock at a price per share, in each of the foregoing cases, that is less than $0.88 (subject to appropriate adjustments for any stock dividend, stock split, stock combination, reclassification or similar transaction after the date hereof). Notwithstanding the foregoing, this Lock Up shall only be applicable with respect to an aggregate of ______________________ shares of Common Stock currently held by the undersigned.

Notwithstanding the foregoing, the undersigned may transfer any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock (i) as a bona fide gift or gifts, provided that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein, (ii) by will or intestate, (iii) to any trust, partnership or limited liability company for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, provided that the trustee of the trust, partnership or the limited liability company, as the case may be, agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, (iv) to the extent applicable, as distributions to a wholly-owned subsidiary of the undersigned or to the direct or indirect members or partners of the undersigned, provided, however, that (A) it shall be a condition to such transfer that the transferee (if not already subject to this Lock Up Agreement) execute an agreement stating that such transferee is receiving and holding such capital stock subject to the provisions of this Lock Up Agreement and there shall be no further transfer of such capital stock except in accordance with this Lock Up Agreement, and (B) such transfer shall not involve a disposition for value, (v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iv), or (vi) with the prior written consent of the Company. For purposes of this Lock Up Agreement, “immediate family” shall mean any relationship by blood,  marriage or adoption, not more remote than first cousin.

This Lock Up Agreement shall be governed by and construed in accordance with the laws of the New York.

This Lock Up Agreement (and the agreements reflected herein) may be terminated by the mutual agreement of the Company and the undersigned, and if not sooner terminated, will terminate upon the expiration date of the lock-up period.  This Lock Up Agreement may be duly executed by facsimile and in any number of counterparts, each of which shall be deemed an original, and all of which together shall be deemed to constitute one and the same instrument. Signature pages from separate identical counterparts may be combined with the same effect as if the parties signing such signature page had signed the same counterpart.  This Lock Up Agreement may be modified or waived only by a separate writing signed by each of the parties hereto expressly so modifying or waiving such agreement.

Signatory: ____________________

By:                                                                                                   

Name:  

Title:   

2f8k021108ex10a_redmile.htm

    

    REVOLVING
LINE OF CREDIT AGREEMENT

    

    

    This
Revolving Line of Credit Agreement, dated as of February 11, 2008 (the “Agreement”), is made by and
among Red Mile, Inc., a Delaware corporation whose principal office is located
at 4000 Bridgeway, Suite 101, Sausalito, CA 94965 and its subsidiaries
(collectively, the “Borrower”) and Tiger Paw
Capital Corp., an Alberta Company with its principal place of business located
at 1802 16th Street
SW, Calgery, Alberta, T2T E42 (“Lender”).

    

    AGREEMENT

    

    In consideration of the mutual promises
set forth herein, and intending to be legally bound, the Borrower and Lender
hereby agree as follows:

    

    
      	
              1.

            	
              Background.  Lender
      has approved an uncommitted line of credit up to One Million Dollars
      ($1,000,000.00) for Borrower’s use pursuant to this
    Agreement.

            

    

    

    
      	
              2.

            	
              Uncommitted Revolving
      Line of Credit.  Lender hereby establishes, subject to
      the terms and conditions of this Agreement, a secured, uncommitted,
      revolving line of credit facility in favor of Borrower in an aggregated
      principal amount not to exceed One Million Dollars
      ($1,000,000.00).

            

    

    

    
      	
              3.

            	
              Promise to
      Repay.  Borrower promises to pay UPON DEMAND or Final
      Maturity (as defined herein) the aggregate principal amount of all amounts
      provided by Lender to Borrower, up to One Million Dollars ($1,000,000.00),
      which are outstanding at any time under this Agreement, together with all
      accrued and unpaid Interest (as defined herein), if any, outstanding on
      such principal amount.

            

    

    

    
      	
              4.

            	
              Interest.  Interest
      shall accrue on the unpaid principal balance outstanding hereunder at a
      simple rate equal to ten percent (10%) per annum, calculated on a daily
      basis (the “Interest”).

            

    

    

    
      	
              5.

            	
              Interest
      Payments.  Borrower shall make payments to the order of
      Lender of all Interest that accrues during the term of the Agreement UPON
      DEMAND or on or before Final
Maturity.

            

    

    

    
      	
              6.

            	
              Purpose of
      Loan.  The line of credit shall be used for general
      corporate business purposes for the sole benefit of the Borrower; provided
      however, that advances made by the Lender to the Borrower under the line
      of credit shall not be used for purposes of paying intra-company debt,
      distributions to any shareholders, or corporate debt of any kind without
      the express written consent of Lender.  Prior to each advance
      made under this line of credit, Borrower shall submit to Lender a detailed
      written spreadsheet showing the intended use of such funds relating to
      such advance, which shall be subject to the Lender’s approval, and
      thereafter Borrower agrees to promptly and only use such funds solely for
      each use as shown in such spreadsheet and only in the amounts shown on
      such spreadsheet.

            

    

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              7.

            	
              Maturity.  In
      the event all advances are not converted into an Alternative Financing (as
      defined herein), all advances (if any) made under this line of credit will
      be due and payable to the order of Lender UPON DEMAND, but in no event
      later than 90 days from the date each respective draw is made, (the “Final Maturity”), and at
      all times will be subject to the terms and conditions set forth in this
      Agreement and in the Promissory Note of even date herewith, a copy of
      which is attached hereto as Exhibit A and incorporated as if fully set
      forth herein, as given by Borrower in the principal amount of One Million
      Dollars ($1,000,000.00), payable to the order of Lender (the “Promissory
      Note”).  The Borrower agrees to execute the Promissory
      Note at the same time that Borrower executes this Agreement. In the event
      all advances are converted into an Alternative Financing, this revolving
      line of credit facility shall automatically mature and any payment
      obligations under this facility shall be converted into payment
      obligations pursuant to such the Alternative
  Financing.

            

    

    

    
      	
               
      

            	
              BORROWER
      ACKNOWLEDGES AND AGREES THAT LENDER MAY AT ANY TIME AND IN ITS SOLE
      DISCRETION DEMAND PAYMENT OF ALL AMOUNTS OUTSTANDING UNDER THIS AGREEMENT
      OR THE PROMISSORY NOTE WITHOUT PRIOR NOTICE TO THE
    BORROWER.

            

    

    

    
      	
              8.

            	
              Draw
      Requests.  Borrower may request an advance under this
      Agreement in any amount by a written draw request signed by any authorized
      signatory of Borrower subject to the submission of a spreadsheet for
      Lender approval contemplated in Section 6 of this
    Agreement.

            

    

    

    
      	
              9.

            	
              Collateral.  All
      advances (if any) made under this line of credit shall be secured under a
      security agreement, a copy of which is attached hereto as Exhibit B and
      incorporated as if fully set forth herein (the “Security Agreement”),
      pursuant to which Borrower hereby authorizes, subject to any applicable
      laws, regulations, or contractual restrictions prohibiting Borrower as set
      forth on Schedule A attached hereto and incorporated herein by Reference,
      liens to be filed in the appropriate jurisdictions pursuant to the terms
      and conditions of the Security Agreement.  The Borrower agrees
      to execute the Security Agreement at the same time that Borrower executes
      this Agreement.

            

    

    

    
      	
              10.

            	
              Calculation of
      Interest.  Interest shall be calculated on the basis of a
      year comprised of 360 days over the actual number of days in the
      period.

            

    

    

    
      	
              11.

            	
              Credit of
      Payments.  Any payment of principal or Interest under
      this Agreement must be received by Lender at its principal office (or at
      such other office or depository institution as Lender may from time to
      time designate by written notice to Borrower) by 2:00 p.m. prevailing
      Eastern Time on a business day in the jurisdiction where such office or
      institution is situated, in order to be credited on such
    date.

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    
 

    
      	
              12.

            	
              Application of
      Payments.  Payments received by Lender shall be applied
      to charges, fees and expenses (including attorneys’ fees), accrued
      Interest, and principal in any order Lender may in its sole discretion
      choose.

            

    

    

    
      	
              13.

            	
              Revolving Nature of
      Facility.  This Agreement and the Promissory Note
      evidence a revolving line of credit.  Borrower agrees to be
      liable for all sums advanced hereunder.  The unpaid principal
      balance owing on this facility at any time may be evidenced by
      endorsements on the Promissory Note, or by Lender’s records, which shall
      be conclusive of indebtedness.

            

    

     

    
      	14.	Prepayment.
      The
      indebtedness evidenced by this Agreement and the Promissory Note may be
      prepaid in whole or in part at any time without
      penalty.

    

     

    
      	
              15.

            	
              No Commitment to
      Fund.  This is not a committed line of
      credit.  The Borrower acknowledges and agrees that advances made
      under this line of credit, if any, shall be made at the sole discretion of
      Lender.  Lender, through its officers, may decline to make
      advances under the line, or terminate the line, at any time and for any
      reason without prior notice to the Borrower.  In no event shall
      Borrower be entitled to further advances once the total principal amount
      of this facility has been advanced unless (and then only to the extent
      that) repayment of advances is received by Lender.  This
      Agreement sets forth certain terms and conditions solely to assure that
      the parties understand each other’s expectations and to assist the parties
      in evaluating and monitoring the line of
credit.

            

    

    

    
      	
              16.

            	
              Obligations of
      Borrower.  Lender’s willingness to consider making
      advances under this facility is subject to the Borrower’s ongoing
      agreement (a) to promptly furnish Lender, upon Lender’s written request,
      the Borrower’s unaudited financial statements and such other financial
      information as Lender may reasonably request from time to time, and (b) to
      notify Lender as soon as practicable following the occurrence of any Event
      of Default as defined herein (or event that, with the passage of time or
      giving of notice or both, would become an Event of
    Default).

            

    

    

    
      	
              17.

            	
              Event of
      Default.  An “Event of Default” shall
      exist under this Agreement or the Promissory Note if any of the following
      occurs:  (a) Borrower fails to make any payment required by this
      Agreement or the Promissory Note when due and the same is not cured within
      five (5) business days;  (b) Borrower breaks any promise that
      Borrower has made to Lender, or fails to perform promptly at the time and
      strictly in the manner provided in this Agreement, the Promissory Note, or
      the Security Agreement;  (c) any representation or statement
      made to Lender by Borrower or on Borrower’s behalf is false or misleading
      in any material respect;  (d) Borrower becomes insolvent or a
      receiver is appointed for any part of Borrower’s property;  (e)
      Borrower makes any material assignment for the benefit of
      creditors;  (f) any proceeding is commenced either by Borrower
      or against Borrower under any bankruptcy or insolvency law without prior
      written notice to Lender and such proceeding is not cured within sixty
      (60) calendar days; or (g) Borrower commits an actual default in the
      prompt payment or other performance required with respect to any of its
      indebtedness (including but not limited to with respect to Lender
      hereunder) for loans, advances or any other forms of borrowings or under
      any agreement under which such indebtedness is outstanding or
      secured.

            

    

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    
 

    
      	
              18.

            	
              Lender’s Rights Upon
      Default.  (a) During the existence of an Event of
      Default, Lender may:  (i) increase the applicable rate of
      interest to a rate per annum that shall be two percentage points (2%) in
      excess of the rate otherwise in effect at any time under this Agreement,
      but not more than the maximum rate allowed by law (the “Default Interest Rate”);
      (ii) demand payment in full or in part of all principal amounts
      outstanding hereunder, and accelerate any and all accrued and unpaid
      Interest due hereunder to be immediately due and payable; and/or (iii)
      exercise all of its rights under this Agreement, the Promissory Note,
      and/or the Security Agreement, or at law or in equity, in order to satisfy
      the indebtedness of Borrower.  In the event that Lender elects
      to apply the Default Interest Rate to any principal balance due hereunder,
      the Default Interest Rate shall continue to apply whether or not judgment
      shall be entered on this Agreement.

            

    

    

    
      	
               
      

            	
               (b)
      Lender’s Rights
      Upon Change in Control; In the event that the majority Borrower’s
      capital stock or substantially all of the net assets of the Borrower are
      sold in a single transaction or a series of related transactions (a
      “Change of Control”), Lender will receive additional consideration equal
      to thirty percent (30%) of the aggregate amounts of indebtedness
      outstanding at the time of the sale.  In the event of a Change
      of Control, the terms of this Agreement, the Note and the Security
      Agreement shall remain in full force and effect.  Prior to any
      Change of Control Borrower shall procure evidence sufficient to the Lender
      of the written assumption of the terms of this Agreement, the Note and the
      Security Agreement by the buyer(s) in connection with such Change of
      Control.

            

    

    

    
      	
              19.

            	
              Late
      Fees.  If any payment of interest or principal due
      hereunder is ten (10) or more calendar days late, Lender, is its sole
      discretion, may charge Borrower a late fee equal to Two Per Cent (2%) of
      the unpaid portion of such payment (the “Late Fee”), in addition
      to any other remedies authorized in this Agreement.  Lender may
      not charge Interest against any Late Fee, or assess a Late Fee against any
      single unpaid amount on more than one
occasion.

            

    

    

    
      	
              20.

            	
              Governing
      Law.  This Agreement will be deemed to have been made,
      executed and delivered by Borrower, Guarantor and Lender in the State of
      Delaware.  This Agreement will be interpreted and the rights and
      liabilities of the parties hereto determined in accordance with the laws
      of the State of Delaware.

            

    

    

    
      	
              21.

            	
              Jurisdiction.  The
      Borrower hereby agrees, consents and submits to the jurisdiction and venue
      of any state or federal court located within New Castle County, Delaware,
      and consents that all service of process be made by certified mail or
      overnight delivery service directed to the Borrower at the Borrower’s
      address set forth below, and service so made will be deemed to be
      completed either three (3) business days after the same has been deposited
      in the U.S. mail, postage prepaid or (ii) the next business day after
      being deposited with an overnight delivery service; provided that nothing
      contained herein shall prevent Lender from bringing any action or
      exercising any right against any security or against the Borrower or
      against any property of the Borrower, within any other state or nation to
      enforce any award or judgment obtained in the forum specified
      above.  The Borrower waives any objection to venue and any
      objection based on a more convenient forum in any action instituted
      hereunder.

            

    

     

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
 

    22.           Notices.

    

    For
Lender:

    

    Tiger Paw
Capital Corp.

    1802
16th St
SW

    Calgary, Alberta

    T2T
4E2

    

    

    

    For
Borrower:

    

    Red Mile, Inc.

    4000
Bridgeway, Suite 101,

    Sausalito,
CA 94965

    

    ATTN:  Chief Financial
Officer

    

    

    23.           Waivers.

    

    THE
BORROWER HEREBY FOREVER WAIVES ALL OF ITS RESPECTIVE RIGHT TO PRESENTMENT,
DEMAND, PROTEST, NOTICE OF DISHONOR, NONPAYMENT OR DEFAULT AND ANY OTHER NOTICES
OF ANY KIND.  THE BORROWER WAIVES ANY AND ALL RIGHTS THE BORROWER MAY
HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE
RELATING TO THIS AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS
AGREEMENT (INCLUDING THE PROMISSORY NOTE, THE SECURITY AGREEMENT) OR ANY
TRANSACTION CONTEMPLATED IN ANY OR SUCH DOCUMENTS AND ACKNOWLEDGES THAT THE
FOREGOING WAIVER IS KNOWING AND VOLUNTARY.

    

    
      	
              24.

            	
              All Rights To Be
      Preserved.  No failure to exercise, and no delay in
      exercising, on the part of Lender, any right, power or privilege hereunder
      shall operate as a waiver of the same, nor shall any single or partial
      exercise of any right, power or privilege preclude any other or future
      exercise thereof, or the exercise of any other power or
      right.  The rights and remedies herein provided are cumulative
      and not exclusive of any rights or remedies provided by
    law.

            

    

     

    
      	25.	Successors in
      Interest. This
      Agreement shall bind the Borrower and the successors and assigns of the
      Borrower, and the benefits hereof shall inure to the benefit of Lender and
      its successors and assigns.  All references herein to “Borrower”
      shall be deemed to apply to Borrower, all of its subsidiaries, and all of
      its successors and assigns.  All references herein to “Lender”
      shall be deemed to apply to Lender and its successors and
      assigns.

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
 

    
      	
              26.

            	
              Assignment.  This
      Agreement shall not be assigned by the Borrower without the prior express
      written consent of Lender, but may be assigned by Lender without the
      consent of Borrower.

            

    

    

    

    
      	
              27.

            	
              Duly Executed
      Documents.  Prior to the making of any advances
      hereunder, Borrower must deliver to Lender a duly executed original of the
      Promissory Note, Security Agreement, and any such other documents that
      Lender may reasonably request.  All actions of Borrower under
      each of this Agreement, the Promissory Note, and the Security Agreement
      have been duly approved by Borrower and represents the duly authorized and
      legally enforceable actions of
Borrower.

            

    

    

    
      	
              28.

            	
              Exchange  Option.  Lender
      agrees to exchange its right to be repaid any advances made pursuant to
      this Agreement into a subsequent financing to be negotiated between the
      Borrower and certain as yet undetermined investors (referred to herein as
      an “Alternative Financing”); provided, however, that Lender must give his
      written consent to the terms of such Alternative Financing prior to being
      required to exchange his right to repayment under this Agreement or any
      related agreements.   Any amounts advanced pursuant to this
      Agreement, once converted upon the occurrence of an Alternative Financing
      shall no longer be due and payable pursuant to the terms of this
      Agreement.

            

    

    

    
      	
              29.

            	
              Survival.  If
      any provision of this Agreement shall be held by a court of competent
      jurisdiction to be invalid or unenforceable, such invalidity or
      unenforceability shall not affect the remainder of the Agreement, which
      may be given effect without the invalid or unenforceable provision, and to
      this end the provisions of this Agreement shall be
    severable.

            

    

    

    
      	
              30.

            	
              Entire
      Understanding.  This Agreement contains the entire
      understanding of the parties hereto with respect to the subject matter
      hereof and supersedes all prior understandings and
    agreements.

            

    

    

    
      	
              31.

            	
              Headings.  All
      section headings in this Agreement are for convenience of reference only
      and do not form part of this Agreement and shall not affect in any way the
      meaning or interpretation of this
Agreement.

            

    

     

    
      	32.	Counterparts.
      This
      Agreement may be executed in counterparts, each of which when so executed
      and delivered shall constitute a complete and original instrument, but all
      of which together shall constitute one and the same agreement, and it
      shall not be necessary when making proof of this Agreement or any
      counterpart thereof to account for any other
      counterpart.

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

    IN
WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the
11th day of February
2008.

    

    

    BORROWER:                                                                                                                                     
LENDER:

    REDMILE,
INC.                                                                                                                                    
TIGER PAW CAPITAL CORP.

    

    By:           _______________________________                                                                         By:       
_____________________________

    Name:      _______________________________                                                                         Name:    _____________________________

    Title:        _______________________________                                                                         Title:      _____________________________

    

    

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
 

    SCHEDULE
A

    ASSETS SUBJECT TO
CONTRACTUAL RESTRICTION

    

    1. Red
Mile's Merchandise License Agreement With MTV Networks, a division of Viacom,
for use of the Jackass Name and Likeness and Images of the Jackass Talent in
making video games.

    

    2. Sin
City License Agreement with Frank Miller Inc. for developing and publishing
video games based on the Sin City Comic Series and Graphic Novels.

    

    

    8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]