Document:

Unassociated Document

Exhibit 10.3

 

STOCK PURCHASE AGREEMENT

 

 

THIS STOCK PURCHASE AGREEMENT (the “Agreement”) is made as of January __, 2012 (the “Effective Date”), by and among GEORGE NORMAN, an individual, DONNA NORMAN, an individual, and LANE CLISSOLD, an individual (collectively, the “Sellers”), and TRUNITY HOLDINGS, INC., a Delaware corporation (the “Buyer”), and TRUNITY, INC., a Delaware corporation which owns 100% of the capital stock of Buyer (“Trunity”). The Sellers, Buyer and Trunity are sometimes referred to individu­ally in this Agreement as a “Party” and collectively as the “Parties.”  All other capitalized terms used in this Agreement and not otherwise defined herein have the meanings set forth in Article 6 of this Agreement.

 

RECITALS:

 

WHEREAS, Sellers collectively own 961,975 shares of common stock (the “Stock”) of Brain Tree International, Inc., a Utah corporation (the “Company”), representing  90.1% of the issued and outstanding capital stock of the Company as set forth on Exhibit “A” attached hereto; and

 

WHEREAS, Buyer desires to purchase from Sellers, and Sellers desire to sell to Buyer, the Stock, on the terms and subject to the conditions set forth in this Agreement;

 

NOW, THEREFORE, in consideration of the foregoing recitals, and the mutual premises, representations, warranties, and covenants contained herein, and intending to be legally bound hereto, the parties agree as follows:

 

ARTICLE 1 - PRINCIPAL TRANSACTION

 

Section 1.1           Sale and Purchase of Stock.

 

  On the terms and subject to the conditions of this Agreement, Sellers agree to sell and transfer to Buyer, and Buyer agrees to purchase from Sellers, all of Sellers’ Stock free and clear of all Encumbrances.

 

Section 1.2           Purchase Consideration.

 

  In consideration of the transfer of the Stock to Buyer and the other undertakings set forth in this Agreement, Buyer agrees to (i) pay to Sellers an aggregate amount of $325,000, which shall be divided among them pro rata in accordance with their ownership of Stock; and (ii) cause the issuance to Sellers pro rata of 325,000 shares of common stock of Trunity (the “Trunity Shares”) (the “Purchase Consideration”).  Sellers acknowledge that Buyer has delivered $175,000 of the Purchase Consideration to Sellers prior to the date hereof. The balance of the Purchase Consideration, i.e., $150,000 and the Trunity Shares, shall be delivered to Sellers on the Effective Date.  Buyer acknowledges and agrees that immediately prior to the execution of this Agreement, the Company has assigned all of its patents and related intellectual property to Sellers in exchange for cancellation of 21,250 shares of Company common stock held by Sellers, resulting in Sellers owning an aggregate of 961,975 shares of Company common stock.

 

Section 1.3          Closing.

 

  The closing of the transactions contemplated by this Agreement (the “Closing”) will take place as of the Effective Date.

 

  

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Section 1.4           Delivery of Certificates at Closing. At the Closing, Sellers will execute and/or deliver to Buyer certificates rep­resenting the Stock duly endorsed in blank or accompanied by irrevocable stock powers duly endorsed in blank and sufficient to transfer the Stock to Buyer free and clear of all Encumbrances.  At the Closing, Buyer will deliver to Sellers newly issued certificates rep­resenting the Trunity Shares free and clear of all Encumbrances.

 

ARTICLE 2 - REPRESENTATIONS AND WARRANTIES OF SELLERS

 

In order to induce Buyer to enter into this Agreement and purchase the Stock, the Sellers, jointly and severally, make the following representations and warranties to Buyer, which representations and warranties will be true and correct as of the Effective Date as well as on the date hereof:

 

Section 2.1           Authorization and Enforceability; No Conflict with Other Instruments or Proceedings.

 

(a)          Sellers have full capacity, power and authority to enter into and perform this Agreement and to carry out the transactions contemplated by this Agreement.  This Agreement is binding upon Sellers and is enforceable against each of them in accordance with its terms.

 

(b)          The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement will not (i) contravene the organizational documents of the Company; or (ii) violate any law, rule or order of any governmental authority.

 

Section 2.2           Capitalization.

 

  The authorized capital stock of the Company consists of 47,000,000 shares of common stock, of which 1,067,038 shares are issued and outstanding, and 3,000,000 shares of preferred stock, none of which are issued and outstanding.  There are no other authorized classes or series of capital stock or other equity securities of the Company.  All of the shares of common stock of the Company, including the Stock, were validly issued, are fully paid and nonassessable, and were not issued in violation of any preemptive or similar rights of any shareholder.  There are no outstanding contracts that require Sellers to sell any shares of common stock of the Company, including the Stock, or that require the Company to issue or sell any shares of capital stock of the Company, including the Stock or any securities convertible into shares of capital stock of the Company, including the Stock.  As of the date of this Agreement, the Stock represents 90.1% of the outstanding capital stock of the Company.

       Section 2.3            Organization and Good Standing.

 

  The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Utah, with full corporate power and authority to conduct its business as now being conducted, to own or use the properties and assets that it purports to own or use, and to perform its obligations under all applicable contracts.  The Company is duly qualified to do business as a foreign corporation and is in good standing in each state or other jurisdiction in which either the ownership or use of the properties owned or used by it or the nature of the activities conducted by it requires such qualification.

  

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Section 2.4            Ownership. Sellers beneficially own all of the Stock free and clear of all Encumbrances.

 

Section 2.5            Title. At the Closing, Sellers will deliver to Buyer good and marketable title to all of the issued and outstanding Stock free and clear of all Encumbrances.

 

Section 2.6            No Undisclosed Liabilities.

 

  The Company does not have any liability or obligation of any nature (whether known or unknown and whether absolute, accrued, contingent or otherwise), except as set forth on Exhibit “A” attached hereto.

 

Section 2.7            Permits and Licenses; Compliance with Legal Requirements.

 

  All governmental authorizations or permits necessary for the Company to carry on its business as presently conducted have been timely obtained, are in full force and effect and have been complied with.  All fees and charges incident to those governmental authorizations or permits have been fully paid and are current and no suspension or cancellation of any governmental authorization or permit has been threatened or could result by reason of the transactions contemplated by this Agreement.  The Company is not subject to, nor has it been threatened with, any adverse consequence as the result of a failure to comply with any legal requirement applicable to it or the conduct or operation of its business or the ownership or use of any of its properties or assets.  The Company is presently, and during all applicable limitations periods has been, in full compliance with all applicable legal requirements.

 

Section 2.8            Litigation.

 

  There is no legal proceeding or court order pending against the Company or that otherwise relates to or may affect the business of, or any of the property or assets owned, leased or used by, the Company or that may interfere with the transactions contemplated by this Agreement.  No such proceeding or court order has been threatened and no event has occurred or circumstance exists that may give rise to or serve as a basis for any such proceeding or court order.

 

Section 2.9            Taxes.

 

  All federal, state, local and foreign reports, declarations, statements and returns of any kind with respect to taxes that are required to be filed for the Company have been filed within the times and in the manner prescribed by applicable law and the Company has paid all taxes due and owing by it.  All taxes required to have been collected or withheld with respect to the Company have been duly collected or withheld and, to the extent required before the Closing, have been duly paid to the proper governmental authority.  There are no audits of or other proceedings pending with respect to any tax returns of the Company.

 

Section 2.10          Contracts.

 

  Each contract necessary for the business of the Company is in full force and effect and is valid and enforceable in accordance with its terms.  The Company and each other person that is a party to any such contract has complied and is fully complying with the terms of the applicable contract, and no event has occurred or circumstance exists that (with or without notice or lapse of time) may contravene, conflict with or result in a violation or breach of any such contract.

 

Section 2.11          Solvency. The Company is solvent, is not in the hands of a receiver, no application for receivership of the Company is pending, has never changed its name, is a going business, has never suspended its business nor contemplated doing so, nor does it contemplate insolvency.  No proceedings are pending by or against it in bankruptcy or reorganization in any state or federal court, nor has it committed any act of bankruptcy.

 

  

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Section 2.12           Books and Records.

 

  The books of account, minute books, stock record books and other records of the Company are complete and accurate and have been maintained in accordance with sound business practices.

 

Section 2.13           No Broker’s Fees.

 

  Neither Sellers nor anyone acting on Sellers’ behalf has incurred any liability or obligation to pay fees or commissions to any broker, finder or agent with respect to the transactions contemplated by this Agreement for which Buyer or the Company or any Subsidiary could be liable.

 

Section 2.14           No Other Agreements. The Sellers have not entered into any agreement, contract, plan, arrangement, commitment, or understanding with any person with respect to (i) any sale, transfer, assignment, pledge, or other disposition, in whole or in part, of any of the shares of Stock, (ii) the sale of any assets of the Company, or (iii) any acquisition of the Stock, or any options, warrants, rights to subscribe to or acquire, calls or commitments of any character whatsoever relating to, or securities or rights convertible into or exchangeable for, any of the shares of Stock.

 

Section 2.15           Accuracy of Statements.

 

  The Company’s reports filed with the SEC since January 1, 2011, are true and correct in all material respects and there has been no material adverse change in the Company’s business or financial condition since the date of the last such report. No representation or warranty made by Sellers in this Agreement, or any statement, certificate or schedule furnished, or to be furnished, to Buyer pursuant to this Agreement or in connection with the transactions contemplated by this Agreement contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained therein not misleading.  The representations and warranties of Sellers will be deemed to be made as of the date of this Agreement and again as of the Effective Date.

 

ARTICLE 3 - REPRESENTATIONS AND WARRANTIES OF BUYER

 

In order to induce Sellers to enter into this Agreement and sell the Stock, Buyer makes the following representations and warranties, which representations and warranties will be true and correct as of the Effective Date:

 

Section 3.1            Authorization and Enforceability; No Conflict with Other Instruments or Proceedings. Buyer has full capacity, power and authority to enter into and perform this Agreement and to carry out the transactions contemplated by this Agreement.  This Agreement is binding upon the Buyer and is enforceable against Buyer in accordance with its terms.

 

Section 3.2            Investment Intent.

 

    Buyer is acquiring the Stock for its own account and not with a view to distribution within the meaning of the Securities Act of 1933, as amended.

 

Section 3.3            No Broker’s Fees.

 

  Neither Buyer nor anyone acting on Buyer’s behalf has incurred any liability or obligation to pay fees or commissions to any broker, finder or agent with respect to the transactions contemplated by this Agreement for which Sellers could become liable.

 

  

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ARTICLE 4 - COVENANTS AND AGREEMENTS

 

The Parties (as applicable) covenant and agree as follows:

 

Section 4.1            Reasonable Best Efforts; Notice of Breach or Failure of Condition.

 

  Each Party will use his, her or its reasonable best efforts to fulfill the conditions required to be fulfilled by him, her or it to bring about the timely consummation of the transactions contemplated by this Agreement.  Each Party will give prompt notice to the other of the occurrence of any event or the failure of any event to occur that might preclude or interfere with (i) the satisfaction of any condition precedent to the obligations of any Party under this Agreement; (ii) the truth and accuracy of any Party’s representations and warranties under this Agreement; or (iii) the timely consum­mation of the transactions contemplated by this Agreement.

 

Section 4.2           Publicity.

 

  Except as otherwise required by applicable law, from the date of this Agreement to the Effective Date, neither Buyer nor Sellers will issue any press release or otherwise make any public statements or announcement concerning this Agreement or the transactions contemplated by this Agreement without the prior written consent of the other Parties.

 

Section 4.3           Survival of Representations, Warranties, and Covenants.  The representations, warranties, covenants and agreements of the Sellers and Buyer made in this Agreement shall survive this Agreement indefinitely.

 

Section 4.4           Further Assurances.

 

  Buyer and Sellers will execute all documents and take all further actions as may be reasonably required or desirable to carry out the provisions of this Agreement and the transactions contemplated by this Agreement at or after the Closing to evidence the consummation of the transactions contemplated by this Agreement.  Upon the terms and subject to the conditions of this Agreement, Buyer and Sellers will take all actions and do, or cause to be done, all other things necessary, proper or advisable to consummate and make effective as promptly as practicable the transactions contemplated by this Agreement.  Each Party will use its, his or her reasonable best efforts to obtain all governmental authorizations and non-governmental third parties which may be or become necessary for its execution and delivery of, and the performance of that Party’s obligations pursuant to, this Agreement, and will cooperate fully with each other Party in promptly seeking to obtain all such authorizations, consents, orders and approvals.

 

ARTICLE 5 - CERTAIN DEFINITIONS

 

For purposes of this Agreement, the following terms have the meanings specified or referred to in this Article 5:

 

“Affiliate” means any Person directly or indirectly controlling, controlled by, or under common control with, that Person and any officer, director or controlling Person of that Person.

 

“Encumbrance” means any charge, claim, community property interest, condition, equitable interest, mortgage, lien, option, pledge, security interest, right of first refusal or restriction of any kind, including any restriction on use, voting (in the case of any security), transfer, receipt of income or exercise of any other attribute of ownership.

 

“Person” means any individual, corporation (including any non-profit corporation), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization or other entity or governmental agency.

 

  

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ARTICLE 6 - GENERAL

 

Section 6.1            Review of Counsel. Both parties have been advised and have had the opportunity to consult with and have this Agreement reviewed by separate and independent counsel prior to the execution hereof, and by each party’s execution and delivery of this Agreement such party shall be deemed to either have had such a review or to voluntarily waive such review.  The parties acknowledge that they have executed this Agreement only after due consideration and they were not coerced or intimidated to execute this Agreement, and that in executing this Agreement, the parties and their respective counsel have not relied upon any oral or written statements or acts made by any other party other than as expressly set forth in this Agreement.

 

Section 6.2            Binding Effect; Benefits; Assignment.

 

  All of the terms of this Agreement will be binding upon, inure to the benefit of and be enforceable by and against the successors and authorized assigns of Buyer and Sellers.  Except as otherwise expressly provided in this Agreement, nothing in this Agreement, express or implied, is intended to confer upon any other Person any rights or remedies under or by reason of this Agreement, this Agreement being for the exclusive benefit of the Parties and their respective successors and assigns.  Neither Buyer nor Sellers will assign any of its, his or her respective rights or obligations under this Agreement to any other Person without the prior written consent of the other.

 

Section 6.3            Entire Agreement.

 

  This Agreement, the exhibits and schedules to this Agreement and the agreements referred to in this Agreement, set forth the entire agreement and understanding of the Parties in respect of the transactions contemplated by this Agreement and supersede all prior agreements, arrangements and understandings relating to the subject matter hereof.

 

Section 6.4            Amendment and Waiver.

 

  This Agreement may be amended, modified, superseded or canceled and any of the terms, covenants, representations, warranties or conditions hereof may be waived only by a written instrument executed by the Parties or, in the case of a waiver, by or on behalf of the Party waiving compliance.  The failure of any Party at any time to require performance of any provision of this Agreement will in no manner affect the right of that Party at a later time to enforce such provision.  No waiver by any Party of any condition or of any Breach of any term, covenant, representation or warranty contained in this Agreement, in any one or more instances, will be deemed to be or construed as a further or continuing waiver of any such condition or of any breach of the term, covenant, representation or warranty or any other term, covenant, representation or warranty set forth in this Agreement.

 

Section 6.5            Governing Law.

 

  This Agreement will be governed by and construed in accordance with the laws of the State of Florida as applicable to contracts made and to be performed in the State of Florida without regard to conflicts of laws principles.

 

  

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Section 6.6            Notices.

 

  All notices, requests, demands and other communications to be given pursuant to the terms of this Agreement will be in writing and will be deemed to have been duly given if delivered by hand, sent by facsimile with confirmation, sent by a nationally recognized overnight mail service, or mailed first class, postage prepaid:

 

	  	
(a)

	
If to Buyer

	
Trunity, Inc.

	  	  	
or Trunity:

	
Trunity Holdings, Inc.

	  	  	  	
15 Green Street

	  	  	  	
Newburyport, Mass 01950

	  	  	  	
Attention:  Terry Anderton, President

	  	  	  	  
	  	  	
with a copy to:

	
Robert B. Macaulay, Esq.

	  	  	  	
Carlton Fields, P.A.

	  	  	  	
100 SE 2nd Street

	  	  	  	
Suite 4200

	  	  	  	
Miami, FL 33131

	  	  	  	  
	  	
(b)

	
If to Sellers

	
George Norman

	  	  	  	
Donna Norman

	  	  	  	
Lane Clissold

	  	  	  	
1390 South 1100 East #204

	  	  	  	
Salt Lake City, Utah 84105

	  	  	  	  
	  	  	
With a copy to:

	
Leonard E Neilson, Esq.

	  	  	  	
Attorney at Law

	  	  	  	
8160 S. Highland Drive Ste. 104

	  	  	  	
Sandy, UT  84093

 

  Any Party may change its address, telephone number or facsimile number by prior written notice to the other Parties.

 

Section 6.7            Counterparts.

 

  This Agreement may be executed in counterparts, each of which when so executed will be deemed to be an original and such counterparts will together constitute one and the same agreement.

 

Section 6.8            Expenses.

 

  Except as otherwise provided herein, each Party will pay its or his own respective expenses, costs and fees (including attorneys’ and accountants’ fees) incurred in connection with the negotiation, preparation, execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement, and none of such expenses, costs or fees will be paid by the Company.

 

Section 6.9            Severability.

 

  Any provision, or clause of any provision, of this Agreement that may be found to be contrary to Florida law or otherwise unenforceable will not affect the remaining terms of this Agreement, which will be construed as if the unenforceable provision or clause were absent from this Agreement.

 

Section 6.10          Headings; Construction; Time of Essence.

 

  The headings of the sections and paragraphs in this Agreement have been inserted for convenience of reference only and will not restrict or otherwise modify any of the terms or provisions of this Agreement.  Unless otherwise expressly provided, the word “including” whenever used in this Agreement does not limit the preceding words or terms. With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence.

 

[Signatures Begin on Following Page]

  

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date stated in the first paragraph of this Agreement.

 

	 	SELLERS:
	 	 
	
 

	/s/ George Norman
	 	George Norman
	 	 	 
	 	/s/ Donna Norman
	 	Donna Norman
	 	 	 
	 	/s/ Lane Clissold
	 	Lane Clissold
	 	 	 
	 	BUYER:
	 	 
	 	TRUNITY HOLDINGS, INC.
	 	 	 
	 	

By:

	/s/ Terry B. Anderton
	 	 	Name: Terry B. Anderton
	 	 	

Its: President

  

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Exhibit “A”

Sellers’ Ownership of

Brain Tree International, Inc.

Common Stock

 

	
Name

	 	
Number of Shares

	 
	  	 	 	 
	
Lane Clissold

	 	 	448,159	 
	
George Norman

	 	 	256,908	 
	
Donna Norman

	 	 	256,908	 
	  	 	 	 	 
	
Total

	 	 	961,975	 

  

9Unassociated Document

Exhibit 10.4

 

AGREEMENT AND PLAN OF MERGER

 

This AGREEMENT AND PLAN OF MERGER (this “Agreement”) effective as of January 24, 2012, by and among Brain Tree International, Inc., a Utah corporation (“Brain Tree” or the “Merging Company”), Trunity Holdings, Inc., a Delaware corporation (“THI” or the “Surviving Corporation”), and Trunity, Inc., a Delaware corporation (“Trunity”).

 

WHEREAS, THI owns 90.1% of the issued common stock of Brain Tree and THI (the “Constituent Companies”) wish to effect a business combination through a merger (the “Merger”) of the Merging Company with and into THI, with THI being the surviving corporation, on the terms and conditions set forth in this Agreement and in accordance with section 253 of the Delaware General Corporation Law, as amended (the “DGCL”); and section 704 of the Utah Revised Business Corporation Act.

 

WHEREAS, the Board of Directors of the Merging Company has approved and adopted this Agreement, the Merger and the other transactions contemplated hereby and determined that this Agreement, the Merger and the other transactions contemplated hereby are advisable and in the best interest of the Merging Company’s stockholders; and

 

WHEREAS, the Board of Directors of THI has approved and adopted this Agreement, the Merger and the other transactions contemplated hereby, and have determined that this Agreement, the Merger and the other transactions contemplated hereby are in the best interest of its stockholders.

 

NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.        The Merger.

 

.  Subject to the terms and conditions of this Agreement, at the Effective Date (as defined in Section 2), Brain Tree and THI shall consummate the Merger pursuant to which (a) the Merging Company shall be merged with and into THI and the separate corporate existence of the Merging Company shall thereupon cease, (b) THI shall be the surviving corporation in the Merger and shall continue to be governed by the laws of the State of Delaware, and (c) the separate corporate existence of THI with all its rights, privileges, immunities, powers and franchises, shall continue unaffected by the Merger.  The Merger shall have the effects specified in the DGCL.

 

2.        Effective Date.

 

 Upon the terms and subject to the conditions set forth in this Agreement, on the Closing Date (as defined in Section 4), the Surviving Corporation shall duly execute a Certificate of  Ownership and Merger in the form attached hereto as Exhibit A (the “Certificate of Merger”) and file such Certificate of Merger with the Secretary of State of the State of Delaware in accordance with the DGCL.  The Merger shall become effective upon filing with the Delaware Secretary of State and at such time as the Certificate of Merger, accompanied by payment of the filing fee (as provided in the DGCL), has been examined by and received the endorsed approval of the Secretary of State of the State of Delaware (the “Effective Date”).

 

  

  

  

 

3.        Certificate of Incorporation and Bylaws.

 

  As of the Effective Date, by virtue of the Merger and without any action on the part of the Constituent Companies or any other person being required, the Certificate of Incorporation of the Surviving Corporation shall be the same as the Certificate of Incorporation of Trunity as in effect immediately prior to the Effective Date until thereafter amended as provided by law and the terms of such Certificate of Incorporation.  As of the Effective Date, the bylaws of the Surviving Corporation shall be the same as the bylaws of THI as in effect immediately prior to the Effective Date until thereafter amended as provided by law and the terms of such bylaws.

 

4.        Closing.

 

 The closing of the Merger (the “Closing”) shall occur on a date agreed upon in writing by the Constituent Companies.  The date on which the Closing occurs pursuant to the foregoing sentence is referred to in this Agreement as the “Closing Date.”  The Closing shall take place at the offices of Carlton Fields, P.A., 100 SE Second Street, Suite 4200, Miami, Florida 33131, or at such other place as agreed to by the Constituent Companies.  “Business Day” means any day other than a day on which the office of the Secretary of State of the State of Delaware is closed.

 

5.        Effect on Capital Stock.

 

As of the Effective Date, by virtue of the Merger and without any action on the part of the stockholders of the Constituent Companies:

 

(a)      Each of the 100 shares of common stock of THI issued and outstanding and held by Trunity, representing 100% of THI’s issued and outstanding capital stock, shall be cancelled, and in exchange therefor Trunity shall receive 961,975 shares of the common stock of the Surviving Corporation.

 

(b)      Each of the 961,975 shares of common stock of the Merging Company held by THI shall be cancelled and shall cease to exist and no cash or other consideration shall be delivered or deliverable in exchange therefor except as set forth in Section 5(a) above.

 

(c)      Each of the Merging Company’s 105,063 shares of common stock issued and outstanding immediately prior to the Effective Date and held by shareholders other than THI shall automatically be converted into one share of the common stock of the Surviving Corporation.

 

       6.         Choice of Law/Consent to Jurisdiction.

 

All disputes, claims or controversies arising out of or relating to this Agreement, or the negotiation, validity or performance of this Agreement, or the transactions contemplated hereby shall be governed by and construed in accordance with the laws of the State of Delaware.  Each of the parties hereby consents to personal jurisdiction, service of process and venue in the federal or state courts of the State of Delaware for any claim, suit or proceeding arising under this Agreement.

 

  

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7.        Miscellaneous.

 

 This Agreement (a) constitutes, together with the Exhibit attached hereto and the documents, instruments and certificates which are entered into in connection herewith, the entire agreement and supersedes all of the prior agreements and understandings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof, (b) shall be binding upon and inure to the benefits of the parties hereto and their respective successors and assigns and is not intended to confer upon any other person any rights or remedies hereunder, and (c) may be executed in two or more counterparts which together shall constitute a single agreement.

 

[Signatures on following page.]

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement, or have caused this Agreement to be executed by their respective officers thereunto duly authorized, all effective as of the date first written above.

 

	 	
BRAIN TREE INTERNATIONAL, INC., a

Utah corporation

	 	 	 
	
 

	
By:

	/s/ Donna T. Norman
	 	 	Donna T. Norman, President

	 	
TRUNITY HOLDINGS, INC., a

Delaware corporation

	 	 	 
	
 

	
By: 

	/s/ Terry Anderton
	 	 	Terry Anderton, CEO

 

	 	
TRUNITY, INC., a

Delaware corporation

	 	 	 
	
 

	
By: 

	/s/ Terry Anderton
	 	 	Terry Anderton, President

  

  

  

 

EXHIBIT A

Certificate of Ownership and Merger

Please see attached.

 

 

 

 

 

 

 

  

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STATE OF DELAWARE

CERTIFICATE OF OWNERSHIP

 SUBSIDIARY INTO PARENT

 Section 253

CERTIFICATE OF OWNERSHIP

MERGING

 

BRAIN TREE INTERNATIONAL, INC.

a Utah corporation

 

INTO

 

TRUNITY HOLDINGS, INC.

a Delaware corporation

(Pursuant to Section 253 of the General Corporation Law of Delaware)

Trunity Holdings Inc. (“Trunity”), a corporation incorporated on the 18th day of  January, 2012 pursuant to the provisions of the General Corporation Law of the State of Delaware (the “Corporation”);

DOES HEREBY CERTIFY that this Corporation owns 90.1% of the capital stock of Brain Tree International Inc. (“Brain Tree”), a corporation incorporated on the 26th day of July, 1983, pursuant to the provisions of the Utah Revised Business Corporation Act by a resolution of its Board of Directors duly adopted by unanimous written consent signed on the 24th day of January, 2012, determined to and did merge into itself said Brain Tree, which resolution is in the following words to wit:

WHEREAS this Corporation lawfully owns 90.1% of the outstanding stock of Brain Tree International, Inc., a corporation organized and existing under the laws of  Utah; and

WHEREAS, this Corporation desires to merge into itself the said Brain Tree, pursuant to the Agreement and Plan of Merger which is attached as Exhibit “A,” and to be possessed of all of the estate, property rights, privileges and franchises of said corporation,

NOW, THEREFORE, BE IT RESOLVED, that this Corporation merge into itself said Brain Tree and assume all of its liabilities and obligations;

FURTHER RESOLVED that Brain Tree relinquishes its corporate name and assumes in place thereof the name Trunity Holdings, Inc.;

 

  

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FURTHER RESOLVED, that an authorized officer of this Corporation be and he/she is hereby directed to make and execute a certificate of ownership setting forth a copy of the resolution to merge said Brain Tree and assume its liabilities and obligations, and the date of adoption thereof, and to file the same in the office of the Secretary of State of Delaware, and a certified copy thereof in the office of the Recorder of Deeds of Kent County; and

FURTHER RESOLVED, that the officers of this Corporation be and they hereby are authorized and directed to do all acts and things whatsoever, whether within or without the State of Delaware; which may be in any way necessary or proper to effect said merger.

IN WITNESS WHEREOF, said parent Corporation has caused its corporate seal to be affixed and this certificate to be signed by an authorized officer this 24th day of January, 2012.

 

 

	 	
TRUNITY HOLDINGS, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Terry Anderton	 
	 	Name: Terry Anderton	 
	 	Title:  President

  

4

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