Document:

ex10_46.htm

EXHIBIT 10.46

 

PURCHASE AGREEMENT

 

THIS AGREEMENT is made this 11th day of February, 2015

AMONG:

Firma Holdings Corp., a corporation incorporated under the laws of Nevada (“Firma”)

 

- and -

 

Springbok Inc. a corporation incorporated under the laws of Nevada (“Springbok”)

 

WHEREAS:

 

	
A.

	
Firma holds rights, interest and options, as is, in and to all of the real property or mineral interests located in the County of Idaho and State of Idaho as set forth in  Schedule “A” attached hereto (the “Property”).

 

	
B.

	
Firma has agreed to sell fee simple title to the property described in Schedule “A", and Springbok has agreed to purchase fee simple title to the property described in Schedule “A", as well as any and all of Firma’s mineral interests, and rights in the Property.

 

FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

ARTICLE 1

INTERPRETATION

 

1.1                           Definitions.  In this Agreement,

 

 “Applicable Law” has the meaning ascribed thereto in Section 1.6;

 

“Business Day” means any day of the week other than a Saturday, Sunday or day on which banks in New York, New York are authorized or obligated by law to close or are generally closed;

 

“Closing Date” means February, 2, 2015, or such other Business Day as the Parties agree in writing as the date that the Closing will take place;

 

“Closing Time” means 11:00 am (Mountain Standard Time) on the Closing Date, or such other time on the Closing Date as the Parties agree in writing that the Closing will take place;

 

“Disputing Party” has the meaning ascribed thereto in Section 8.2(a);

 

  

 

  

 

“Disputing Notice” has the meaning ascribed thereto in Section 8.2(a);

 

“Included Assets” means:,

 

	
  

	
(a)

	
The Property as described in Schedule “A”,

 

	
  

	
(b)

	
All mining claims associated with the Property described in Schedule “A”.

 

 “including” means “including without limitation” and the term “including” shall not be construed to limit any general statement which it follows to the specific or similar items or matters immediately following it;

 

“Parties” means Firma and Springbok (collectively, the “Parties” and each a “Party”), and “Party” means any of them;

 

“Purchasers” means, collectively, Springbok and/or Nominee or any of its subsidiaries or any surviving entity into which the Property is transferred;

 

“Responding Party” has the meaning ascribed thereto in Section 8.2(b);

 

“Rules” has the meaning ascribed thereto in Section 8.1; and

 

“Sellers” means, collectively Firma or any of its subsidiaries.

 

1.2                          Statutes

 

Unless specified otherwise, reference in this Agreement to a statute or statutory provision refers to that statute or statutory provision as it may be amended, or to any restated or successor statute or statutory provision of comparable effect.  A reference to a statue includes any statutory instruments, rules and regulations made under such statute

 

1.3                          Headings and References

 

The division of this Agreement into articles, sections, subsections and schedules and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.  The article, section, subsection and schedule headings in this Agreement are not intended to be full or precise descriptions of the text to which they refer and are not to be considered part of this Agreement.  All uses of the words “hereto”, “herein”, “hereof”, “hereby” and “hereunder” and similar expressions refer to this Agreement as a whole and not to any particular section or portion of it.  References to an Article, Section, Subsection or Schedule refer to the applicable article, section, subsection or schedule of this Agreement unless otherwise specifically provided.

 

1.4                          Number and Gender

 

In this Agreement, words in the singular include the plural and vice-versa and words in one gender include all genders.

 

  

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1.5                          Schedules

 

The following Schedules form part of this Agreement:

 

	
Schedule “A”

Schedule “B”

	
The Property

Known Property Related Project Debt

 

 

1.6                          Applicable Law

 

This Agreement will be governed by and construed under the laws of the state of Nevada of the United States of America without regard to conflicts of laws principles (herein, “Applicable Law”).

 

1.7                          Currency

 

Unless specified otherwise, all statements of or references to dollar amounts in this Agreement are to United States dollars.

 

1.8                          Performance on Holidays

 

If any action is required to be taken pursuant to this Agreement on or by a specified date which is not a Business Day, then such action will be valid if taken on or by the next Business Day.

 

1.9                          Calculation of Time

 

In this Agreement, a period of days will be deemed to begin on the first day after the event which began the period and to end at 6:00 p.m. (Mountain Standard Time) on the last day of the period.  If, however, the last day of the period does not fall on a Business Day, the period will terminate at 6:00 p.m. (Mountain Standard Time) on the next Business Day.

 

ARTICLE 2

PURCHASE AND SALE OF PURCHASED ASSETS

2.1                          Purchase and Sale of the Property

 

	
  

	
(a)

	
On and subject to the terms and conditions set forth in this Agreement, the Sellers agree to sell and the Purchasers agree to purchase the Property for the consideration set forth in Section 2.2.

 

	
  

	
(b)

	
The Parties acknowledge and agree that all structures and other assets located on the Property, other than the Included Assets, shall remain the property of Firma.  Within 9 months of the date of the Agreement, Firma shall have the option to remove all assets from the Property, except the Included Assets, in such manner as to avoid any damage to the property or any disruption of the operations to be conducted by Springbok on the Property.

 

  

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2.2                          Consideration

 

Total consideration for the Purchased Assets shall be

 

	
  

	
(a)

	
450,000 payable and $130,000 to reimburse and/or satisfy items listed in Schedule “B”  to the Purchasers as follows:

 

	
  

	
(i)

	
$5,000 to Firma concurrent with the signing of this Agreement;

 

	
  

	
(ii)

	
$5,000 to Firma within twenty (20) days of signing of this Agreement;

 

	
  

	
(iii)

	
$20,000 to Firma within seventy-five (75) days of signing of this Agreement;

 

	
  

	
(iv)

	
$20,000 to Firma within one-hunderd-five (105) days of signing of this Agreement;

 

	
  

	
(v)

	
Springbok, working with Firma, will have 30 days from closing to pay $130,000.00 to Firma to satisfy, eliminate, and/or reimburse Firma, regarding the debts or items listed in Schedule “B.” Springbok may, through negotiations with creditors listed, reduce the amount of money paid to Firma, by the correlating listed amount, by providing a full and irrevocable release for that correlated item(s) listed in Schedule “B.” The release must be deemed satisfactory to Firma.

 

	
  

	
(vi)

	
$400,000 to Firma within six (6) months of signing. This debt may be converted by Springbok, upon gaining control of any public corporation/vehicle/shell/entity into which the Property is transferred, into convertible preferred shares of the newly controlled public corporation. The convertible preferred shares issued to Firma, shall then be convertible, at the option of Firma, to ten percent (10%) of the outstanding common shares of the public corporation at the time of the conversion. Within six (6) months of signing this Agreement, Springbok will have the option to buy back the preferred shares for a payment of $400,000 to Firma.

 

2.3                          Failure to Make Payments of the Purchase Price When Due

 

In the event that Springbok fails to make a payment pursuant to Sections Firma shall be entitled to terminate this Agreement pursuant to Section 7.2(b), in which case Firma shall afforded a contractual judgement for the outstanding balance with statutory interest and said judgement shall be placed on the title to the Property pursuant to Section 7.3(b).

 

  

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ARTICLE 3REPRESENTATIONS AND WARRANTIES

 

3.1                          Representations and Warranties of Firma

 

Firma represents, warrants, covenants and agrees with and to the Purchasers that:

 

	
  

	
(a)

	
Firma is duly incorporated and organized and validly existing under the laws set forth apposite such Party’s name on the face page of this Agreement;

 

	
  

	
(b)

	
this Agreement has been duly authorized, executed and delivered by Firma and constitutes a valid and legally binding obligation, enforceable in accordance with its terms, subject to bankruptcy, insolvency and other laws affecting creditors’ rights generally and subject to general principles of equity;

 

	
  

	
(c)

	
neither the execution nor delivery nor performance of this Agreement by Firma will, or with the lapse of time and/or the giving of any notice would, result in any breach, default or violation by such Party of any law or any other liability or obligation of such Party; and

 

	
  

	
(d)

	
no person has any agreement, option, right or privilege capable of becoming an agreement for the purchase of the Property or an interest therein.

 

Representations and Warranties of Springbok

 

Springbok represents, warrants, covenants and agrees with and to the Sellers that:

 

	
  

	
(e)

	
Springbok is duly incorporated and organized and validly existing under the laws set forth apposite such Party’s name on the face page of this Agreement;

 

	
  

	
(f)

	
this Agreement has been duly authorized, executed and delivered by Springbok and constitutes a valid and legally binding obligation,  enforceable in accordance with its terms, subject to bankruptcy, insolvency and other laws affecting creditors’ rights generally and subject to general principles of equity; and

 

	
  

	
(g)

	
neither the execution nor delivery nor performance of this agreement by Springbok will, or with the lapse of time and/or the giving of any notice would, result in any breach, default or violation by such Party of any law or any other liability or obligation of such Party.

 

3.2                          Survival of Representations, Warranties and Covenants

 

	
  

	
(a)

	
All representations and warranties made by the Parties in this Agreement shall survive the Closing as follows:

 

	
  

	
(i)

	
the representations and warranties set forth in Section 3.1 of this Agreement shall survive the Closing for a period of 3 years from the Closing Date.

 

  

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(b)

	
After expiry of the periods set forth above, the Parties will not have any further liability hereunder with respect to such representation and warranties except with respect to claims properly made within such period.

 

3.3                          Joint and Several

 

For greater certainty all of the representations, warranties, covenants and agreements of the Sellers in Section 3.1, and Purchasers in Section 3.2, are joint and several and any claim under this Agreement can be enforced against Firma in the sole discretion of the Purchasers and can be enforced against Purchasers in the sole discretion of the Sellers.

 

ARTICLE 4

COVENANTS

 

4.1                          Closing Documents

 

	
  

	
(a)

	
The Sellers shall deliver the closing documents set forth in section 5.3 to the Purchasers on the Closing Date.

 

	
  

	
(b)

	
The Purchasers shall deliver the closing documents set forth in section 5.4 to the Sellers on the Closing Date.

 

4.2                          Post-Closing Covenants

 

	
  

	
(a)

	
If the Property reverts to Firma under Section 7.3(b):

 

	
  

	
(i)

	
the Purchasers shall forthwith deliver all Property data in their possession to Firma;

 

	
  

	
(ii)

	
the Purchasers shall do such acts and will execute such further documents, conveyances, deeds, assignments, transfers and the like, and will cause the doing of such acts and will cause the execution of such further documents as are within its power as Firma may reasonably request be done and or executed, in order to transfer the Property to Firma; and

 

	
  

	
(iii)

	
from the time that the Property reverts to Firma, Firma shall pay any and all fees and taxes (payable after the date upon which the Property reverts to Firma) required to keep the Property in good standing.

 

ARTICLE 5

CLOSING

 

5.1                          Closing

 

Completion of the transaction contemplated in Article 2 shall take place at the Closing Time on the Closing Date, at the offices of Firma, 181 Arroyo Grande Blvd., Ste. 140B, Henderson, NV 89074, in conjunction with Inland Title Company located at 524 W Main Street, Grangeville, Idaho 83530 who will handle all the escrow and title transfer documents.

 

  

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5.2                          Conditions Precedent to Closing

 

The parties acknowledge and agree that the closing of the transfer of the Property is conditional upon the following:

 

	
  

	
(a)

	
the Parties shall have delivered their respective closing documents as required by section 4.1.

 

5.3                          Sellers’ Closing Documents

 

At the Closing, the Sellers shall deliver the following to the Purchasers:

 

	
  

	
(a)

	
a certificate of status or equivalent for Firma; and

 

	
  

	
(b)

	
a Warranty Deed transferring title to the Property listed in Schedule A

 

	
  

	
(c)

	
a receipt of Firma for the payment made pursuant to Section 2.2(a)(i).

 

5.4                          Purchasers’ Closing Documents

 

At the Closing, the Purchasers shall deliver the following to the Purchasers:

 

	
  

	
(a)

	
a certificate of status or equivalent for Springbok; and

 

	
  

	
(b)

	
receipts of Springbok for the Purchased Assets.

 

5.5                      Concurrent Delivery

 

It shall be a condition of the Closing that all matters of payment and the execution and delivery of documents by any party to the others pursuant to the terms of this Agreement shall be concurrent requirements and that nothing will be complete at the Closing until everything required as a condition precedent to the Closing has been paid, executed and delivered, as the case may be.

 

ARTICLE 6

CONFIDENTIAL INFORMATION AND DATA

 

6.1                          Confidentiality

 

Except as specifically otherwise provided for herein, the Parties will keep confidential all data and information respecting the Property and will refrain from publicly disclosing it unless disclosure is required by law or by the rules and regulations of any regulatory authority or stock exchange having jurisdiction, and only after notice to the non-disclosing Party as set forth in section 6.2; provided, however, that if in the opinion of counsel, a Party is subject to a legal requirement to immediately disclose, that Party shall have the final determination as to the timing and content of such disclosure.

 

The provisions of this section do not apply to information which is or becomes part of the public domain other than through a breach of the terms hereof.

 

  

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6.2                          Public Disclosure

 

	
  

	
(a)

	
Notwithstanding section 6.1, either Party may make a public statement in a press release concerning the engagement of this Agreement if the other Party has given express permission approving the form and content of such press release.  The Parties agree that the disclosing Party shall give the non-disclosing Party a reasonable amount of time to review any press release before permission is granted.

 

	
  

	
(b)

	
Where a request is made for permission under subsection 6.1 to disclose confidential information, a reply thereto will be made no later than two business days after receipt of such request, failing which the Party requesting will be entitled to disclose such information in the limited circumstances specified in such request as if such consent had been given.

 

6.3                          Data

 

From the date hereof, Springbok shall gather data, maintain separate and distinct records of such data until all payments in Section 2 have been made.

 

ARTICLE 7

TERM AND TERMINATION

 

7.1                          Term

 

This Agreement shall continue in full force and effect until terminated by the Parties pursuant to Section 7.2.

 

7.2                          Termination

 

This Agreement may be terminated by:

 

	
  

	
(a)

	
by mutual written agreement of the Parties; or

 

	
  

	
(b)

	
on 5 Business Days’ notice by Firma, if Springbok fails to make a payment pursuant to Section 2 above, Springbok shall have an additional 15 days to rectify the situation and bring the payment status current.

 

7.3                          Effect of Termination

 

If the Agreement is terminated:

 

	
  

	
(a)

	
pursuant to Section 7.2(a), the Parties shall cease to have any further obligations to one another under the terms of this Agreement, unless otherwise determined by mutual written agreement of the Party at the time of termination; and

 

	
  

	
(b)

	
pursuant to Section 7.2(b), the Property shall automatically be encumbered by a lien for ten (10) times the balance owing with statutory interest accruing from the date of default to the benefit of Firma on the date set out in the notice of termination.

 

  

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ARTICLE 8

DISPUTE RESOLUTION

 

8.1                          Arbitration

 

If any question, difference or dispute shall arise between the parties or any of them in respect of any matter arising under this Agreement or in relation to the construction hereof the same shall be determined by arbitration conducted in accordance with the provisions of the commercial arbitration rules (the “Rules”) of the American Arbitration Association.

 

8.2                          Arbitration Procedure

 

The procedure for arbitration pursuant to Section 8.1 shall be as follows:

 

	
  

	
(a)

	
The Party or Parties sharing one side of the dispute (the “Disputing Party”) shall deliver a notice (a “Dispute Notice”) setting forth the nature of the dispute to the other Parties.

 

	
  

	
(b)

	
The party or parties sharing the other side of the dispute (the “Responding Party”) shall, within 14 days of receipt of the Dispute Notice, contact the Disputing Party to attempt to settle the dispute.

 

	
  

	
(c)

	
If, within 30 days, the Parties have not reached an agreement as to the dispute, the Disputing Party shall submit a demand for arbitration to the American Arbitration Association in accordance with the Rules.

 

	
  

	
(d)

	
The arbitration shall be conducted with three arbitrators to be named as follows:

 

	
  

	
(i)

	
Disputing Party shall name an arbitrator;

 

	
  

	
(ii)

	
the Responding Party shall name an arbitrator; and

 

	
  

	
(iii)

	
the two arbitrators so named shall, within 15 days of the naming of the latter of them, select a third arbitrator.

 

	
  

	
(e)

	
The decision of the majority of these arbitrators shall be made within 30 days after the selection of the latter of them.  The expense of the arbitration shall be borne equally by the Parties.  If the Parties on either side of the dispute fail to name their arbitrator within the time limited or proceed with the arbitration, the arbitrator named may decide the question.  The decision of the arbitrator or a majority of the arbitrators, as the case may be, shall be conclusive and binding upon all parties.  The place of arbitration shall be Chicago, Illinois.

 

  

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ARTICLE 9

GENERAL

 

9.1                          Costs

 

Except as otherwise provided herein, each of the Parties shall pay their own costs incurred in connection with the negotiation, preparation, closing and implementation of this Agreement and the transactions contemplated herein, including, without limitation, ISR.

 

9.2                           Notice

 

Any notice, report, payment or other correspondence required or permitted in accordance with this Agreement will be in writing and sent by courier or facsimile and addressed as follows:

 

	
  

	
(a)

	
If to Firma, to:

181 Arroyo Grande Blvd., Ste. 140B

Henderson, NV 89074

Fax: 

E-mail:  rich@firmaholdings.com

Attention:  Francis R. Biscan Jr.

 

	
  

	
(b)

	
If to Springbok, to:

3317 S Higley Rd Suite 114-443 Gilbert AZ 85297

Fax:

E-mail:   tclaridge@springbokdevelopment.com

Attention: Thomas Claridge

 

or to such other address as any of the parties may designate by notice given to the others.

 

9.3                          Time of the Essence

 

Time is of the essence in the performance of each obligation under this Agreement.

 

9.4                          No Partnership

 

Nothing in this Agreement will constitute the Parties a partner of the other.

 

9.5                          Further Assurances

 

Each Party shall do such acts and will execute such further documents, conveyances, deeds, assignments, transfers and the like, and will cause the doing of such acts and will cause the execution of such further documents as are within its power as any other Party may in writing at any time and from time to time reasonably request be done and or executed, in order to give full effect to the provisions of this Agreement and the Closing Documents.

 

  

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9.6                          Remedies Cumulative

 

The rights and remedies of the Parties under this Agreement are cumulative and in addition to and not in substitution for any rights or remedies provided by law.  Any single or partial exercise by any Party hereto of any right or remedy for default or breach of any term, covenant or condition of this Agreement does not waive, alter, affect or prejudice any other right or remedy to which such Party may be lawfully entitled for the same default or breach.

 

9.7                          Entire Agreement

 

This Agreement constitutes the entire agreement between the Parties pertaining to the subject matter hereof and supersedes all prior agreements, negotiations, discussions and understandings, undertakings, statements, arrangements, promises, representations and agreements, whether written or oral, between the Parties.  There are no representations, warranties, conditions, undertakings, commitments, other agreements or acknowledgements, whether direct or collateral, express or implied, that form part of or affect this Agreement, or which induced any Party to enter into this Agreement or on which reliance is placed by any Party, except as specifically set forth in this Agreement or in the Closing Documents.

 

9.8                          Amendment

 

This Agreement may be amended, modified or supplemented only by a written agreement signed by each Party.

 

9.9                          Successors and Assigns

 

This Agreement shall endure to the benefit of and shall be binding on and enforceable by the Parties and their respective successors and permitted assigns.

 

9.10                        Waiver of Rights

 

Any waiver of, or consent to depart from, the requirements of any provision of this Agreement will be effective only if it is in writing and signed by the Party giving it, and only in the specific instance and for the specific purpose for which it has been given.  No failure on the part of any Party to exercise, and no delay in exercising, any right under this Agreement will operate as a waiver of such right.  No single or partial exercise of any such right will preclude any other or further exercise of such right or the exercise of any other right.

 

9.11                        Counterparts

 

This Agreement may be executed in any number of counterparts.  Each executed counterpart will be deemed to be an original.  All executed counterparts taken together will constitute one agreement.

 

  

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9.12                        Electronic Execution

 

To evidence the fact that a Party has executed this Agreement, such Party may send a copy of its executed counterpart to the other Party by Electronic Transmission and if sent by email, in Portable Document File (PDF) format.  That Party will be deemed to have executed this Agreement on the date it sent such Electronic Transmission.  In such event, such sending Party will forthwith deliver to the other Party the originally executed counterpart of this Agreement to the other Party.

 

<remainder of this page left intentionally blank>

 

  

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9.13                       Severability

 

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of this Agreement is not affected in any manner materially adverse to any Party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the terms of this Agreement remain as originally contemplated to the fullest extent possible.

 

9.14                       Indemnification

 

Each Party hereby indemnifies and holds harmless the other Party from and against any and all claims, liabilities, damages and costs arising from any breach by such Party of any representation, warranty or agreement made by such Party hereunder.

 

 

TO WITNESS THEIR AGREEMENT, the Parties have duly executed this Agreement as of the date first written above.

 

	 	
FIRMA HOLDINGS CORP.

	 	
Per:

	 	
/s/ Francis R. Biscan Jr.

	 	
Name:

	 	
Francis R. Biscan Jr.

	 	
Title:

	 	
President and CEO

	 	  	 	  
	 	  	 	  
	 	
SPRINGBOK INC.

	 	
Per:

	 	
/s/ Thomas Claridge

	 	
Name:

	 	
THOMAS CLARIDGE

	 	
Title:

	 	
President

 

  

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Schedule “A”

 

Parcel 1: Fee Interest

The Black Diamond No. 2 Load Claim in the Diamond Group, Mineral Survey No. 2874, in the Dixie Mining District of Idaho County, Idaho in unsurveyed Sections 2, 3, 10 and 11, Township 25 North, Range 8 East of the Boise Meridian,

 

Parcel 2: Fee Interest

The Diamond Load Claim in the Diamond Group, Mineral Survey No. 2874, in the Dixie Mining District of Idaho County, Idaho in unsurveyed Sections 2, 3, 10 and 11, Township 25 North, Range 8 East of the Boise Meridian,

 

Parcel 3: Fee Interest

A tract of land located in the Black Diamond Load Claim in the Diamond Group, Mineral Survey No. 2874, in the Dixie Mining District of Idaho County, Idaho in unsurveyed Sections 2, 3, 10 and 11, Township 25 North, Range 8 East of the Boise Meridian, more particularly described as follows:

BEGINNING at Corner No. 2 of said Black Diamond claim;

Thence South 42° 23' 53" West, 275.94 feet along the southeasterly boundary of said Black Diamond claim to Corner No. 3 of said Black Diamond claim; Thence North 63° 26' 06" West, 300.00 feet along the southwesterly boundary of said Black Diamond claim to a point on the centerline of the Comstock road; Thence North 11° 14' 27" West, 396.23 feet along said road centerline to the point of intersection with the northeasterly boundary of said Black Diamond claim;

Thence leaving said road centerline, South 59° 01' 58" East, 620.00 feet, along said northeasterly boundary to the POINT OF BEGINNING.

 

Together with an equitable interest in easements for ingress, egress and utilities as described in Warranty Deed recorded October 27, 2000 as Instrument Number 0414114, and together with all improvements, easements, mineral rights, privileges and benefits appurtenant thereto,

 

ONTARIO Lode Mining Claim, Mineral Survey 2598 in the Dixie District in unsurveyed Section 33, Township 26 North, Range 8 East, Boise Meridian, Idaho County, Idaho

 

Non-Patented Tara Minerals Mining Claims to include:

 

	
Serial

Number

	
Claim Name

	  	  
	
IMC212769

	
TM #35

	
IMC212770

	
TM #36

	
IMC212771

	
TM #37

	
IMC212772

	
TM #38

	
IMC212773

	
TM #39

 

  

  

  

 

	
IMC212774

	
TM #40

	
IMC212775

	
TM #41

	
IMC212776

	
TM #42

	
IMC212777

	
TM #43

	
IMC212778

	
TM #44

	
IMC212779

	
TM #45

	
IMC212780

	
TM #46

	
IMC212781

	
TM #47

	
IMC212782

	
TM #48

	
IMC212783

	
TM #49

	
IMC212784

	
TM #50

	
IMC212785

	
TM #51

	
IMC212786

	
TM #52

	
IMC212804

	
TM #70

	
IMC212805

	
TM #71

	
IMC212806

	
TM #72

	
IMC212807

	
TM #73

	
IMC212808

	
TM #74

	
IMC212809

	
TM #75

	
IMC212810

	
TM #76

	
IMC212811

	
TM #77

	
IMC212812

	
TM #78

	
IMC212813

	
TM #79

	
IMC212814

	
TM #80

	
IMC212815

	
TM #81

	
IMC212816

	
TM #82

	
IMC212817

	
TM #83

	
IMC212818

	
TM #84

	
IMC212819

	
TM #85

	
IMC212820

	
TM #86

	
IMC212821

	
TM #87

	
IMC212822

	
TM #88

	
IMC212823

	
TM #89

	
IMC212845

	
TM #111

	
IMC212846

	
TM #112

	
IMC212847

	
TM #113

	
IMC212848

	
TM #114

	
IMC212849

	
TM #115

 

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Schedule “B”

 

 

 

 - 3 -ex10_47.htm

EXHIBIT 10.47

 

 

AGREEMENT RELATING TO THE ACQUISITION

OF SICILIAN SUN LTD.

BY FIRMA HOLDINGS CORP.

 

 

 

 

 

 

  

 

  

 

This AGREEMENT, made this 30 day of March 2015, by and between Firma Holdings Corp. (“Firma”) and Sicilian Sun Ltd. (“SSL”), and the members of SSL, is made for the purpose of setting forth the terms and conditions upon which  Firma will acquire all of the outstanding membership interests in of SSL.

In consideration of the mutual promises, covenants, and representations contained herein, THE PARTIES HERETO AGREE AS FOLLOWS:

ARTICLE I

ACQUISITION OF SSL

Subject to the terms and conditions of this Agreement, Firma agrees to acquire all of the outstanding membership interest in SSL for the consideration shown below.

1.01           At Closing, SSL will merge into a wholly owned subsidiary of Firma.  In connection with the merger, Firma will issue 16,000,000 shares of common stock to the members of SSL in consideration for their interests in SSL.

1.02           If the operations of SSL do not generate, during the period ending nine months after the Closing, but prior to the second anniversary of the Closing, more than $7,500,000 of gross revenue with EBITDA of at least $1,125,000, then the members of SSL will return to Firma itional 3,000,000 shares of common stock.

1.03           If the operations of SSL do not generate, during the period ending 12 months after the Closing, but prior to the second anniversary of the Closing, more than $10,000,000 of gross revenue with EBITDA of at least $1,500,000, then the members of SSL will return to Firma 2,000,000 shares of common stock.

1.04           If the operations of SSL do not generate, during the period ending 24 months after the Closing, but prior to the third anniversary of the Closing, more than $15,000,000 of gross revenue with EBITDA of at least $2,250,000, then the members of SSL will return to Firma 3,000,000 shares of common stock.

1.05           If the operations of SSL do not generate, during the period ending 24 months after the Closing, but prior to the third anniversary of the Closing, more than $20,000,000 of gross revenue with EBITDA of at least $3,000,000, then the members of SSL will return to Firma 2,000,000 shares of common stock.

1.06           When EBITDA reaches $1,000,000, 25% of EBITDA will be paid on April 30th of each year to the former members of SSL until $2,000,000 has been paid.

1.07           All shares of Firma’s common stock, and any payments pursuant to Section 1.06, will be delivered, returned or paid, in accordance with Exhibit A.

  

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ARTICLE IIREPRESENTATIONS AND WARRANTIES

SSL and the members of SSL, jointly and severally, represents and warrant to Firma that:

2.0l           Organization.  SSL is a limited liability corporation duly organized, validly existing, and in good standing under the laws of Nevada, has all necessary powers to own its properties and to carry on its business as now owned and operated by it, and is duly qualified to do business and is in good standing in each of the states where its business requires qualification.

2.02           Capital.  The members of SSL, and their respective membership interests in SSL, are shown on Exhibit A.  No person has the right to acquire any additional membership interests in SSL.

2.03           Members, Managers, Officers, Officers’ Compensation; Banks.  Exhibit B to this Agreement contains: (i) the names of all managers and the titles of all officers of SSL and all persons whose compensation from SSL as of the date of this Agreement will equal or its expected to equal or exceed, at an annual rate, the sum of $1,000; (ii) the name and address of each bank with which SSL has an account or safety deposit box, the identification number thereof, and the names of all persons who are authorized to draw thereon or have access thereto; and (iii) the names of all persons who have a power of attorney from SSL and a summary of the terms thereof.

2.04           Absence of Changes.  Since March 29, 2015 there has not been any change in the financial condition or operations of SSL, except changes reflected on Exhibit C or changes in the ordinary course of business, which changes have not in the aggregate been materially adverse.

2.05           Investigation of Financial Condition.  Without in any manner reducing or otherwise mitigating the representations contained herein, Firma shall have the opportunity to meet with SSL's accountants and attorneys to discuss the financial condition of SSL.  SSL shall make available to Firma the books and records of SSL.  The minutes of SSL are a complete and accurate record of all meetings of the managers and members of SSL and accurately reflect all actions taken at such meetings.  The signatures of the managers and members on such minutes are the valid signatures of SSL's managers and members who were duly elected or appointed, or who held such membership interests, on the dates that the minutes were signed by such persons.

2.06           Assets.  Exhibit D attached hereto and made a part hereof lists all assets of SSL.  SSL has good and marketable title to all of its assets, free and clear of all liens or encumbrances, other than those shown on Exhibit D.

2.07           Compliance with Laws.  SSL has complied with, and is not in violation of, applicable federal, state, or local statutes, laws, and regulations affecting its properties or the operation of its business, including but not limited to applicable federal and state securities laws.

 

  

3

  

 

2.08           Litigation.  SSL is not a party to any suit, action, arbitration, or legal, administrative, or other proceeding, or governmental investigation pending or, to the best knowledge of SSL threatened, against or affecting SSL or its business, assets, or financial condition.  SSL is not in default with respect to any order, writ, injunction, or decree of any federal, state, local, or foreign court, department, agency, or instrumentality.  SSL is not engaged in any legal action to recover moneys due to SSL or damages sustained by SSL.

2.09           Full Disclosure.  None of representations and warranties made by SSL, or in any certificate or memorandum furnished or to be furnished by SSL, or on its behalf, contains or will contain any untrue statement of material fact, or omit any material fact the omission of which would be misleading. SSL has disclosed to Firma all reasonably foreseeable contingencies which, if such contingencies transpired, would have a material adverse effect on SSL's business.

 

Firma represents and warrants to SSL and the members of SSL that:

2A.           Organization.  Firma is a corporation duly organized, validly existing, and in good standing under the laws of Nevada, has all necessary corporate powers to own its properties and to carry on its business as now owned and operated by it, and is duly qualified to do business and is in good standing in each of the states where its business requires qualification, except in those states where the failure to be so qualified would not have a material adverse effect on Firma.

2B.           Ability to Carry Out Obligations.  Firma has the right, power, and authority to enter into, and perform its obligations under, this Agreement.  The execution and delivery of this Agreement by Firma and the performance by Firma of its obligations hereunder will not cause, constitute, or conflict with or result in (a) any breach or violation or any of the provisions of, or constitute a default under, any license, indenture, mortgage, charter, instrument, articles of incorporation, by-law, or other agreement or instrument to which Firma is a party, or by which it may be bound, nor will any consents or authorizations of any party other than those hereto be required, (b) an event that would permit any party to any agreement or instrument to terminate it or to accelerate the maturity of any indebtedness or other obligation of Firma, or (c) an event that would result in the creation or imposition or any lien, charge, or encumbrance on any asset of Firma or would create any obligations for which Firma would be liable, except as contemplated by this Agreement.

2C.           Full Disclosure.  None of representations and warranties made by Firma, or in any certificate or memorandum furnished or to be furnished by Firma, or on its behalf, contains or will contain any untrue statement of material fact, or omit any material fact the omission of which would be misleading. Firma has disclosed to SSL and the members of SSL all reasonably foreseeable contingencies which, if such contingencies transpired, would have a material adverse effect on Firma.

  

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ARTICLE III

REPRESENTATIONS

3.01           Authority.     Each member of SSL represents to Firma that he or she has the right, power, and authority to enter into, and perform his or her obligations under this Agreement.  The execution and delivery of this Agreement and the delivery by such member of his or her membership interest in SSL pursuant to Exhibit A will not cause, constitute, or conflict with or result in any breach or violation or any of the provisions of or constitute a default under any license, indenture, mortgage, charter, instrument, or agreement to which he or she is a party, or by which he or she may be bound, nor will any consents or authorizations of any party be required.  Each member of SSL represents and warrants to Firma  that the member interests of SSL that such holder will deliver at closing will be free of any liens or encumbrances.

3.02           Restrictions on Resale.     Each member of SSL understands that the shares being acquired from Firma represent restricted securities as that term is defined in Rule l44 of the Securities and Exchange Commission.

3.03           Intended Amendment. Each member of SSL (Exhibit A), has the right to maintain interests in or operate other businesses within the food harvesting, distribution and manufacturing sector that are not part of the acquisition Assets (Exhibit D). Each member of SSL agrees to negotiate, in good faith, within sixty (60) days of this Agreement, an amendment to this Agreement whereby Firma and members of SSL, at Firma’s sole discretion, may enter into a business relationship for the benefit of all involved parties to address all other such interests and businesses. 

ARTICLE IV

OBLIGATIONS BEFORE CLOSING

4.01           Investigative Rights.  From the date of this Agreement until the date of closing, each party shall provide to the other party, and such other party's counsel, accountants, auditors, and other authorized representatives, full access during normal business hours to all of each party's properties, books, contracts, commitments, records and correspondence and communications with regulatory agencies for the purpose of examining the same.  Each party shall furnish the other party with all information concerning each party's affairs as the other party may reasonably request.  All confidential information obtained from any party in the course of such investigation shall be kept confidential, except for such information which is required to be disclosed by court order or decree or in compliance with applicable laws, rules or regulations of any government agency, or that otherwise becomes available in the public domain without the fault of the party conducting the investigation.

 

4.02           Conduct of Business.  Prior to the closing, and except as contemplated by this Agreement, each party shall conduct its business in the normal course, and shall not sell, pledge, or assign any assets, without the prior written approval of the other party, except in the regular course of business.  Except as contemplated by this Agreement, neither party to this Agreement shall amend its Articles of Incorporation, By-laws, articles of organization, or operating agreements, declare dividends, redeem or sell stock, limited liability interests or other securities, incur additional or newly-funded material liabilities, acquire or dispose of fixed assets, change senior management, change employment terms, enter into any material or long-term contract, guarantee obligations of any third party, settle or discharge any balance sheet receivable for less than its stated amount, pay more on any liability than its stated amount, or enter into any other transaction other than in the regular course of business.

  

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ARTICLE V

CONDITIONS PRECEDENT TO PERFORMANCE BY FIRMA

5.01           Conditions.  Firma's obligations hereunder shall be subject to the satisfaction, at or before the Closing, of all the conditions set forth in this Article V.  Firma may waive any or all of these conditions in whole or in part without prior notice; provided, however, that no such waiver of a condition shall constitute a waiver by Firma of any other condition of or any of Firma's other rights or remedies, at law or in equity, if SSL of the members of SSL shall be in default of any of their representations, warranties, or covenants under this agreement.

5.02           Accuracy of Representations.  Except as otherwise permitted by this Agreement, all representations and warranties by SSL or the members of SSL in this Agreement or in any written statement that shall be delivered to Firma under this Agreement shall be true on and as of the closing date as though made at those times.

5.03           Performance.  SSL and the members of SSL shall have performed, satisfied, and complied with all covenants, agreements, and conditions required by this Agreement to be performed or complied with by them, on or before the Closing.  SSL and the members of SSL shall have obtained all necessary consents and approvals necessary to consummate the transactions contemplated hereby.

5.04           Absence of Litigation.  No action, suit, or proceeding before any court or any governmental body or authority, pertaining to the transaction contemplated by this agreement or to its consummation, shall have been instituted or threatened on or before the closing.

5.05           Other.  In addition to the other provisions of this Article V, Firma’s obligations hereunder shall be subject, at or before Closing, to the following:

	
  

	
·

	
On the closing date SSL will not have liabilities exceeding $3,500,000.00.

 

	
  

	
·

	
SSL will have delivered to Firma, in the form required by the rules and regulations of the Securities and Exchange Commission, the following financial statements:

	
  

	
(i)

	
financial statements, audited by an independent certified public accountanting firm, for its two full fiscal years prior to the date of this Agreement.

 

	
  

	
(ii)

	
interim financial statements for SSL fiscal quarters since the date of the last audited financial statements of SSL.

 

	
  

	
(iii)

	
proforma financial statements giving effect to the acquisition of SSL.

 

  

6

  

 

	
  

	
·

	
completion of business and legal review of SSL, the results of which are satisfactory to Firma;

 

	
  

	
·

	
obtaining all required governmental consents and approvals;

 

	
  

	
·

	
expiration of any required waiting periods;

 

	
  

	
·

	
SSF entering into employment agreements with its management on terms and conditions satisfactory to Firma;

 

	
  

	
·

	
SSF entering into non-competition agreements with Firma, pursuant to which they will agree not to engage in a business similar to the business of SSF and not to solicit any customers, suppliers, employees or business prospects of SSF for a period of five (5) years following the Closing;

 

	
  

	
·

	
Verification of approved vendor status with Kroger Foods.

ARTICLE VI

CONDITIONS PRECEDENT TO PERFORMANCE BY SSL

6.01           Conditions.  SSL's obligations hereunder shall be subject to the satisfaction, at or before the Closing, of the conditions set forth in this Article VI.  SSL may waive any or all of these conditions in whole or in part without prior notice; provided, however, that no such waiver of a condition shall constitute a waiver by SSL of any other condition of or any of SSL's other rights or remedies, at law or in equity, if Firma shall be in default of any of its representations, warranties, or covenants under this agreement.

6.02           Accuracy of Representations.  Except as otherwise permitted by this Agreement, all representations and warranties by Firma in this Agreement or in any written statement that shall be delivered to SSL by Firma under this Agreement shall be true on and as of the closing date as though made at those times.

6.03           Performance.  Firma shall have performed, satisfied, and complied with all covenants, agreements, and conditions required by this Agreement to be performed or complied with by it, on or before the closing.  Firma shall have obtained all necessary consents and approvals necessary to consummate the transactions contemplated hereby.

6.04           Absence of Litigation.  No action, suit, or proceeding before any court or any governmental body or authority, pertaining to the transaction contemplated by this agreement or to its consummation, shall have been instituted or threatened on or before the closing.

6.05           Other.  In addition to the other provisions of this Article VI, the obligations of the members of SSL hereunder shall be subject, at or before the Closing, to the following:

 

	
  

	
·

	
None

 

  

7

  

 

ARTICLE VII

CLOSING

 

7.01           Closing.  The closing of this transaction shall be held at the offices of Firma. Unless the closing of this transaction takes place before April 15, 2015, then either party may terminate this Agreement without liability to the other party, except as otherwise provided in Section 9.12.  At the closing all representations, warranties, covenants, and conditions set forth in this Agreement on behalf of each party will true and correct as of, or will have been fully performed and complied with by, the closing date, except as may be disclosed in writing by one party to the other.

7.02           Exchange of Common Stock and Limited Liability Interests.  On the closing date, each outstanding membership interest of SSL will be exchanged for fully paid and nonassessable shares of Firma in accordance with Exhibit A to this Agreement.

ARTICLE VIII

REMEDIES

8.01           Arbitration.  Any controversy or claim arising out of, or relating to, this Agreement, or the making, performance, or interpretation thereof, shall be settled by binding arbitration in Chicago, Illinois in accordance with the rules of the American Arbitration Association then existing, and judgment on the arbitration award may be entered in any court having jurisdiction over the subject matter of the controversy.

8.02           Costs. If any legal action or any arbitration or other proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute, breach, default, or misrepresentation in connection with any of the provisions of this Agreement, the successful or prevailing party or parties shall be entitled to recover reasonable attorney's fees and other costs incurred in that action or proceeding, in addition to any other relief to which it or they may be entitled.

8.03           Termination.  In addition to the other remedies, Firma or the members of SSL may on or prior to the closing date terminate this Agreement, without liability to the other party:

(i)              If any bona fide action or proceeding shall be pending against Firma, or SSL, or the members of SSL on the closing date that could result in an unfavorable judgment, decree, or order that would prevent or make unlawful the carrying out of this Agreement or if any agency of the federal or of any state government shall have objected at or before the closing date to this acquisition or to any other action required by or in connection with this Agreement;

(ii)             If the legality and sufficiency of all steps taken and to be taken by each party in carrying out this Agreement shall not have been approved by the respective party's counsel, which approval shall not be unreasonably withheld.

 

  

8

  

 

(iii)            If a party breaches any representation, warranty, covenant or obligation of such party set forth herein and such breach is not corrected within ten days of receiving written notice from the other party of such breach.

ARTICLE IX

MISCELLANEOUS

9.01           Captions and Headings.  The Article and paragraph headings throughout this Agreement are for convenience and reference only, and shall in no way be deemed to define, limit, or add to the meaning of any provision of this Agreement.

9.02           No Oral Change.  This Agreement and any provision hereof, may not be waived, changed, modified, or discharged orally, but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, or discharge is sought.

9.03           Non-Waiver.  Except as otherwise expressly provided herein, no waiver of any covenant, condition, or provision of this Agreement shall be deemed to have been made unless expressly in writing and signed by the party against whom such waiver is charged; and (i) the failure of any party to insist in any one or more cases upon the performance of any of the provisions, covenants, or conditions of this Agreement or to exercise any option herein contained shall not be construed as a waiver or relinquishment for the future of any such provisions, convenants, or conditions, (ii) the acceptance of performance of anything required by this Agreement to be performed with knowledge of the breach or failure of a covenant, condition, or provision hereof shall not be deemed a waiver of such breach or failure, and (iii) no waiver by any party of one breach by another party shall be construed as a waiver with respect to any other or subsequent breach.

9.04           Time of Essence.  Time is of the essence of this Agreement and of each and every provision hereof.

9.05           Entire Agreement.  This Agreement contains the entire Agreement and understanding between the parties hereto, and supersedes all prior agreements, understandings and the letters of intent between the parties.

9.06           Governing Law.  This Agreement and its application shall be governed by the laws of Nevada.

9.07           Counterparts.  This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Signature pages may be transmitted by facsimile or other electronice means.

9.08           Notices.  All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have been duly given on the date of service if served personally on the party to whom notice is to be given, or on the third day after mailing if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, and properly addressed as follows:

  

9

  

 

Firma Holdings Corp.

  181 Arroyo Grande Blvd., Suite. 140B

  Henderson, NV 89074

  United States Of America

Siclian Sun Limited, LLC and its Members

  1431 Opus Place, Ste 110

  Downers Grove, IL 60515

9.09           Binding Effect.  This Agreement shall inure to and be binding upon the heirs, executors, personal representatives, successors and assigns of each of the parties to this Agreement.

9.10           Effect of Closing.  All representations, warranties, covenants, and agreements of the parties contained in this Agreement, or in any instrument, certificate, opinion, or other writing provided for in it, shall survive the closing of this Agreement.  In the event there is any material misrepresentation or warranty of any party to this Agreement, then Firma (if such misrepresentation is made by SSL or the SSL members) or the members of SSL ( if such misrepresentation is made by Firma) may recind this Agreement during the 90 day period following the closing of this Agreement.

9.11           Mutual Cooperation.  The parties hereto shall cooperate with each other to achieve the purpose of this Agreement, and shall execute such other and further documents and take such other and further actions as may be necessary or convenient to effect the transaction described herein.  Neither party will intentionally take any action, or omit to take any action, which will cause a breach of such party's obligations pursuant to this Agreement.  SSL and the members of SSL agree that, until the Closing or the Termination of this Agreement pursuant to Section 8.03, neither SSL, nor the members of SSL, shall accept or induce an offer from a third party, enter into negotiations with any third party, or provide information to any third party in anticipation of negotiations with any third party, with respect to any possible sale of SSL, its assets, rights or operations or any securities or other equity interests of SSL or any other transaction that would have the effect of materially reducing the benefit of this Agreement to Firma.

9.12           Expenses.  Each of the parties hereto agrees to pay all of its own expenses (including without limitation, attorneys' and accountants' fees) incurred in connection with this Agreement, the transactions contemplated herein and negotiations leading to the same and the preparations made for carrying the same into effect.  Each of the parties expressly represents and warrants that no finder or broker has been involved in this transaction and each party agrees to indemnify and hold the other party harmless from any commission, fee or claim of any person, firm or corporation employed or retained by such party (or claiming to be employed or retained by such party) to bring about or represent such party in the transactions contemplated by this Agreement.

  

10

  

 

AGREED TO AND ACCEPTED as of the date first above written.

 

	 	

FIRMA HOLDINGS CORP.

	 
	 	 	 	 
	 	
By

	

 

	 
	 	 	
David Barefoot COO

	 

 

	 	

SICILIAN SUN, LLC

	 
	 	 	 	 
	 	 	 	 
	 	
By

	 /s/ Tara Brown	 
	 	 	 	 
	 	 	
Tara Brown, Managing Member

	 

 

	 	

MEMBERS OF SSL

	 
	 	 	 	 
	 	Panormus Trust And Investments, Ltd.	 
	 	 	 	 
	 	 	 	 
	 	By	 /s/ Thomas Franchina_, Managing Member	 

 

 

	 	  /s/ Francis R. Biscan, Jr.	 
	 	
Franics R. Biscan, Jr.

	 
	 	 	 
	 	 	 
	 	  /s/ David Richmond	 
	 	
David Richmond

	 
	 	 	 
	 	 	 
	 	  /s/ Tara Brown	 
	 	Tara M. Brown	 

 

  

11

  

 

EXHIBIT A

Allocation of Shares

 

	
SSL

Member

	 	
Member Interest

in SSL (as a %)

	 	 	
Shares of Firma

to be issued purusnat

to Section 1.01

	 	 	
Shares of Firma to be returned

pursuant to Section

	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	 	 	 	 	1.01	 	 	1.02	 	 	1.03	 	 	1.04	 	 	1.05	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Panormus Trust and

  Investments Ltd

	 	46%	 	 	 	7,360,000	 	 	 	1,380,000	 	 	 	920,000	 	 	 	1,380,000	 	 	 	920,000	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Francis R. Biscan, Jr.

	 	46%	 	 	 	7,360,000	 	 	 	1,380,000	 	 	 	920,000	 	 	 	1,380,000	 	 	 	920,000	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
David Richmond

	 	7.5%	 	 	 	1,200,000	 	 	 	225,000	 	 	 	150,000	 	 	 	225,000	 	 	 	150,000	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Tara M. Brown

	 	0.5%	 	 	 	80,000	 	 	 	15,000	 	 	 	10,000	 	 	 	15,000	 	 	 	10,000	 
	  	 	 	 	 	 	16,000,000	 	 	 	3,000,000	 	 	 	2,000,000	 	 	 	3,000,000	 	 	 	2,000,000	 

 

EBITDA payments will be paid in proportion to the member’s interest in SSL as shown above.

  

12

  

 

EXHIBIT D

ASSETS

Operating Alcamo (Italy) Polar Sud Food Production Plant

Option to buy Catania (Italy) industrial food production plant with frozen storage capacity together with production and accounting software.

All Assets acquired from Eukion S.R.L. pursuant to agreement dated February 25, 2015.

All trademarks, trademark registrations or applications, trade names, service marks, copyrights, copyright registrations or applications which are owned by SSL.  No person other than SSL owns any trademark, trademark registration or application, service mark, trade name, copyright, or copyright registration or application the use of which is necessary or contemplated in connection with the operation of SSL's business.

All contracts, leases, and other agreements of SSL presently in existance or which have been agreed to by SSL (whether written or oral).  SSL is not in default under of these agreements or leases.

 

 

 13

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