Document:

November 2, 2009

 

VIA HAND-DELIVERY

PERSONAL AND CONFIDENTIAL

 

Michael L. McClanahan

218 Shadow Bay Boulevard South

Longwood, Florida  32779

 

Dear Michael:

This letter agreement (“Agreement”), when countersigned by you, will set forth and constitute our agreement regarding the cessation of your employment with Orange Bank of Florida (“Orange Bank”), as well as its past and present officers, shareholders, directors, investors and employees (collectively the “Released Parties”) as follows:

1.         This Agreement is subject to the Older Workers Benefit Protection Act (the “Act”).  Under the Act, we are required to afford you twenty-one (21) days from November 2, 2009 (the date on which Orange Bank first informed you in writing of these matters) until November 23, 2009 to consider and decide whether to accept or reject its terms.  Of course, you may accept the terms of this Agreement in less time if you so desire.  We strongly urge that you use as much of the time afforded as you deem appropriate, not only to consider it yourself but also to consult about it with an attorney or whomever you desire.

If you choose to enter into this Agreement, the Act also affords you the absolute right to revoke this Agreement within seven (7) days of the date on which you sign the Agreement.  In order to make certain that you have not revoked the Agreement, no payments will be paid pursuant to this Agreement until at least ten (10) business days after the date on which you sign the Agreement.

Should you not enter into this Agreement on or before November 23, 2009 or should you revoke it within the seven (7) day revocation period described above, the only payments Orange Bank will make to you are those which ordinarily would be paid under your written Employment Agreement with Orange Bank of Florida dated June 1, 2008 (the “Employment Agreement”) as a result of your decision to resign your employment with Orange Bank, without good cause.  

2.         You acknowledge that you actively worked for Orange Bank as President from March 15, 2005 through November 2, 2009, and further acknowledge that while you claim that certain actions taken by Orange Bank allegedly enable you to resign for “good reason” under the terms of the Employment Agreement dated June 1, 2008 between Orange Bank and you, Orange Bank disputes and rejects that contention.  Nevertheless, you and Orange Bank mutually desire to settle these matters including, without limitation, all disputes arising out of or in any way related to your employment with Orange Bank pursuant to the June 1, 2008 Employment Agreement between you and Orange Bank, as well as the cessation of your employment with Orange Bank.  Therefore, you and Orange Bank recognize and agree that (a) this Agreement represents a compromise of
disputed claims, (b) that the terms and conditions of this Agreement are not to be construed as an admission of liability on the part of you or Orange Bank; (c) that you and Orange Bank enter into this Agreement only to avoid the expense and uncertainty of further disputes or litigation; and (d) that this Agreement is entered into voluntarily and in good faith.

 

        

        

        

Michael L. McClanahan

November 2, 2009

Page 2

 

 

3.         In consideration of your signing and returning the original of this Agreement to me on or before November 23, 2009, not revoking this Agreement by delivering to me a written revocation within the seven (7) day revocation period described above, and your agreement (evidenced by your signature below) to voluntarily, knowingly and willingly generally release Orange Bank, as well as the Released Parties from any and all claims, whether in tort, contract or under statute, regulation, common law or otherwise, including without limitation, all claims existing under or relating in any way to the June 1, 2008 Employment Agreement between you and Orange Bank, as well as any aspect of your employment with or separation from employment with Orange Bank, including, but not limited to, claims under all federal, state or local constitutions and
statutory provisions, ordinances and regulations prohibiting employment discrimination based upon age, race, color, sex, religion, disability, national origin, veterans’ status, marital status, retaliation, or any other protected activity under Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Acts of 1866, 1870 and 1871; the Civil Rights Act of 1991; the Constitution of the United States; the Constitution of the State of Florida; the Employee Retirement Income Securities Act of 1974, as amended; the Americans with Disabilities Act, as amended; the Florida Civil Rights Act of 1992, as amended; the Family and Medical Leave Act of 1993, as amended; the Florida Whistleblower Act; the Age Discrimination in Employment Act of 1967, as amended; the Fair Labor Standards Act; the Equal Pay Act; the Older Workers Benefit Protection Act; and any other federal, state or local statute, regulation or judicial decision relating to any term, condition or termination of
employment, you will receive the following: (i) payment of your current base salary, less deductions required by law, which will be paid at Orange Bank’s ordinary payroll periods, through May 31, 2011 (beginning at the time specified in Paragraph 1 above); (ii) continuation through May 31, 2011 of the medical and insurance benefits which you presently receive; and (iii) a revised stock option agreement in the form attached hereto marked Exhibit “1” which are not incentive stock options and which will entirely replace the Orange Bank of Florida Incentive Stock Option Agreements dated October 17, 2007 and June 20, 2005, as amended on March 31, 2008 which you presently hold and which will afford you 52,500 vested option shares at a strike price of $12.50 per share (and which will be signed and delivered to you after you sign and do not timely revoke this Agreement).  Except as specified in this Paragraph 3, you will receive no other payments or benefits from Orange Bank.

Orange Bank releases you from any and all claims, known or unknown, whether in tort, contract or under statute, regulation, common law or otherwise, which it may have against you relating to your performance under the June 1, 2009 employment agreement between you and Orange Bank.

4.         While you will remain an employee of Orange Bank through May 31, 2011, by signing below you voluntarily resign, immediately, from any offices you may occupy or as a director of Orange Bank.  Moreover, after November 2, 2009 you will neither be expected nor required to regularly report to work at Orange Bank despite the fact that you will continue to receive your regular base salary, less deductions required by law, at regular payroll intervals beginning on the date specified above.  Nevertheless, throughout the time you receive salary continuation payments from Orange Bank under this Agreement Orange Bank reserves the right to ask that you to provide information, without other or additional compensation, regarding business development matters which may arise from time to time through May 31, 2011 or on other matters on which you
were working as of October 28, 2009. If requested to provide such information, you agree to provide such information promptly, in a diligent, careful, thorough, professional and confidential matter consistent with good business practices.  You also agree, throughout the time you are receiving payments hereunder to fully cooperate with Orange Bank and the Released Parties and to effect an orderly transition of your work responsibilities and duties. However, nothing contained in this Agreement will prohibit you from seeking or accepting other employment prior to May 31, 2011, except as may be prohibited by other provisions of this Agreement.

 

 

        

        

        

Michael L. McClanahan

November 2, 2009

Page 3

 

 

5.         You agree that as an employee of Orange Bank you had access to confidential information of Orange Bank and the Released Parties and that Orange Bank has a legitimate interest in protecting its confidential information.  Accordingly, you agree that you will not release or divulge any confidential information whatsoever relating to Orange Bank or the Released Parties to any person or entity without the prior written consent of the CEO of Orange Bank and further agree not to disparage or engage in conduct which is inimical, contrary or harmful to the interests of Orange Bank or any of the Released Parties.  Confidential information does not include information that is available to the public other than through a breach of this Agreement.  You further agree that you shall return any papers, lists, books, files, and computer stored or
generated information, including any information stored on any computer hard drive, diskettes, tapes, or other format which you received as a result of your employment with Orange Bank within seven (7) days of executing this Agreement and that you will retain no copies of any format.

6.         You agree to not remove from Orange Bank, in any form or medium, any property, document or form of Orange Bank without the prior written authorization of the CEO of Orange Bank nor any property, document or form of any customer or client or prospective customer or client of Orange Bank without the prior written authorization of both the client or customer and the CEO of Orange Bank.

7.         You agree that Orange Bank has a legitimate business interest in protecting during the term of your employment with Orange Bank, its investment in you as an employee.  Accordingly, during the period of time you receive payments from Orange Bank hereunder, namely, until May 31, 2011 you agree that you will not enter into the employ of, directly or indirectly, either as an executive, partner, director, officer, consultant, principle, agent, or employee, or have any ownership interest (or any other interest of any variety), direct or indirect, in any other FDIC insured depository institution (whether presently existing or subsequently established) which has an office located within a radius of fifty (50) miles of any office of Orange Bank.  Notwithstanding the foregoing, Orange Bank hereby consents that you may retain any passive stock
ownership interest which you presently possess in a banking institution but you may not expand that ownership interest by purchasing or otherwise receiving grants, options, pledges, or any other form of ownership interest, whatsoever, directly or indirectly, in exchange for any working effort on your part.

8.         You agree that Orange Bank has a legitimate business interest in protecting its relationships with its customers and employees.  Accordingly, you agree that during the period of time you are receiving payments by Orange Bank and for a period of two (2) years thereafter you will not, directly or indirectly, (a) solicit for employment by yourself, or on behalf of anyone else, or employ, directly or indirectly, any employee of Orange Bank or any person who was an employee of Orange Bank within twelve (12) months prior to any such solicitation of employment; (b) directly or indirectly induce, or attempt to induce, any employee of Orange Bank to terminate such employee’s employment with Orange Bank; (c) directly or indirectly solicit or induce, or attempt to induce, anyone having a customer, vendor or business relationship with
Orange Bank to terminate or curtail such relationship with Orange Bank; (d) make any untrue statement concerning Orange Bank, or any of the Released Parties to anyone or (e) permit anyone controlled by you, or any person acting on behalf of you, to do any of the foregoing.

9.         Notwithstanding any other provision of this Agreement or the attached stock option agreement, if, at any time prior to May 31, 2011 or your exercise of any options granted you in the attached stock option agreement you, in the determination of Orange Bank violate this Agreement, you shall forfeit any unexercised options granted to you by the attached stock option agreement and Orange Bank shall have the further right to cease to pay you any further monies which may be remaining under the terms of this Agreement. Additionally, and because the foregoing sentence is expressly not intended by you and Orange Bank to constitute a liquidated 

 

 

        

        

        

Michael L. McClanahan

November 2, 2009

Page 4

 

 

damages provision, you further agree that any breach by you of the provisions of Paragraphs 5 through 8 of this Agreement will give rise to an action for breach of contract which cannot be reasonably or be adequately remedied by monetary damages alone.  Accordingly, you understand and agree that because the agreements hereunder are special, unique and extraordinary in character, in the event of a breach by you, Orange Bank shall be entitled to equitable relief, including a temporary, preliminary and permanent injunction to remedy any such breach in addition to Orange Bank’s cessation of payments and cancellation of any remaining unexercised options or pursuit of any other available remedy.

10.       You agree that the terms of this Agreement require that you not regularly report to work between November 2, 2009 and May 31, 2011, that Orange Bank is not obligated to provide to you the stock option agreement attached hereto marked Exhibit “1” and that absent entry into this Agreement you are presently obligated not to compete with Orange Bank for two years following the cessation of your employment with Orange Bank.  As such, you acknowledge and agree that the payments and other considerations that you will receive hereunder constitute adequate and full consideration for the provisions of this Agreement including, specifically, the release provided by you in favor of Orange Bank and the Released Parties in Paragraph 3 above.

11.       You agree that at no time in the future will you apply for employment or otherwise request to be considered for employment with Orange Bank or any of the Released Parties.  In the event that Orange Bank or any of the Released Parties hires you, you understand and agree that Orange Bank or the Released Parties will have automatic cause to release you and such release shall not constitute a violation of the United States Constitution or the Constitution of any state nor violate any state or federal law, judicial decision, order or regulation.  You further agree and acknowledge that you hereby voluntarily waive, release, discharge and acquit any such cause of action, if any.

12.       You acknowledge and agree that this Agreement (and its attachment) represents the complete and entire understanding and agreement between you, Orange Bank and the Released Parties concerning its subject matter, and that it supersedes, cancels and replaces all prior agreements, discussions and understandings, whether written or oral, with respect to your employment at Orange Bank, the cessation of your employment at Orange Bank, including, for example, the June 1, 2008 Employment Agreement between you and Orange Bank, and the Orange Bank of Florida Incentive Stock Option Agreements dated October 17, 2007 and June 20, 2005, as amended on March 31, 2008.  You further agree that this Agreement may not be modified, changed or amended in any manner except by a written document signed by you and the CEO of Orange Bank and further agree that the
provisions of Paragraphs 5 through 8 survive the termination of this Agreement.  You also agree that each provision of this Agreement shall be interpreted exclusively under Florida law in such a manner as to be effective and valid under Florida law.  You further agree that if any provision of this Agreement, in whole or in part, is held to be invalid or unenforceable under Florida law such invalidity will not affect the enforceability of any other provision.  Moreover, if any provision of the Agreement is found invalid you and Orange Bank agree that the Court shall reform such provision so that it may be enforced to the fullest extent permitted by Florida law or excised from the Agreement without affecting the validity, legality or enforceability of any remaining provision(s).

In order to confirm your agreement to the foregoing terms of this Agreement, please sign at the place provided below and return the original countersigned Agreement to me on or before 5:00 p.m. November 23, 2009.  Of course, if you have any questions, please direct them to me and I will provide you with a prompt response.

Thank you for your service to, and efforts on behalf of, Orange Bank.  We wish you well.

 

 

        

        

        

Michael L. McClanahan

November 2, 2009

Page 5

 

 

Very truly yours,

/s/ Charlie W. Brinkley, Jr.

Charlie W. Brinkley, Jr.

Chief Executive Officer

 

I have read each of the foregoing provisions of this Agreement and have had an opportunity to ask questions about its terms.  I fully understand and agree with the terms of this Agreement and to be bound by the same.  I fully recognize and understand that this Agreement includes a settlement of disputed claims and a release of all claims by me against Orange Bank and the Released Parties, as defined above, and is intended to be, and is, a voluntary and complete release by me of all claims, if any, whether known or unknown, which I may have against Orange Bank and any of the Released Parties, through the date on which I sign this Agreement, regarding any and all aspects of my employment with Orange Bank, including the cessation of my employment with Orange Bank effective May 31, 2011, as well as my resignation as an officer or director of Orange Bank or any of the Released Parties as of
today’s date.

 

	
 
 	
/s/ Michael L. McClanahan
 

	
 
 	
Michael L. McClanahan
 

 

	
 
 	
Date :November 20, 2009ex101.htm

    EXHIBIT 10.1

     

    
 

    COMMON
STOCK PURCHASE AGREEMENT

    

    THIS
COMMON STOCK PURCHASE AGREEMENT (this "Agreement") is dated
as of December 14, 2009 (the “Effective Date”) by
and between CoConnect, Inc., a Nevada corporation (the “Company”) and
Turnaround Advisors, L.C., a Utah limited liability company (the "Investor").

    

    RECITALS

    

    WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to
Section 4(2) of the Securities Act (as defined below), the Company desires to
issue and sell to the Investor, and the Investor desires to purchase from the
Company certain securities of the Company, as more fully described in this
Agreement.

    

    WHEREAS, the Company is offering up to
166,666 shares of its common stock, par value $0.001 per share (the “Common Stock” and,
the shares being offered herein, the “Shares”) to the
Investor at a purchase price of $0.45 per share (the “Price Per Share”) for
total offering amount of $75,000.

    

    AGREEMENT

    

    NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement,
and for other good and valuable consideration the receipt and adequacy of which
are hereby acknowledged, the Company and the Investors agree as
follows:

    

    1.           Agreement to
Purchase.

    

    1.1           Closing.                      The
Investor hereby agrees to purchase, and the Company hereby agrees to sell,
166,666 shares of the Company’s common stock, par value $.001 per share (the
“Shares”)
pursuant to the conditions set forth herein.  The aggregate purchase
price of the Shares being sold to the Investor hereunder is $75,000 (the “Total Purchase
Price”) at the Price Per Share. The Investor shall initially deliver to
the Company’s escrow agent $5,000 of the Total Purchase Price (the “Initial Payment”)
according to instructions provided by the Company. The remaining $70,000 of the
Total Purchase Price (the “Final Payment”) shall
be delivered to the Company on or before the one year anniversary of the
Effective Date herein. The Company’s escrow agent will hold the Initial Payment
in escrow pending execution of the Agreement, at which time the Agreement will
be deemed complete and the Shares will be issued to the Investor for accepted
subscriptions therefor.

    

    1.2           Closing
Deliveries.

    

    (a)  Following
the execution of this Agreement, the Company shall deliver or cause to be
delivered to the Investor a certificate evidencing the Shares, registered in the
name of the Investor (provided that originals of the same are delivered to the
address provided by the Investor) and a signed copy of this
Agreement.

    

    (b)  Following
the execution of this Agreement, the Investor shall deliver or cause to be
delivered to the Company or the Company’s escrow agent the Initial Payment, in
United States Dollars and in immediately available funds, by wire transfer to
the account or accounts designated by the Company for such purpose and, for
avoidance of doubt, any funds held in escrow by the Company or its escrow agent,
representing funds for accepted subscriptions shall be released to the Company
and Shares subsequently delivered to the Investor or its/his designee. The Final
Payment shall be delivered on or before the one year anniversary of the
Effective Date herein and shall not in any way affect the closing of this
Agreement.

    

    2.           Representations,
Warranties and Covenants of the Investor.  The Investor
represents and warrants to the Company, and covenants for the benefit of the
Company, as follows:

    

    (a)           Organization and
Qualification.  The Investor is duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation, with the requisite power and authority to own
and use its properties and assets and to carry on its business as currently
conducted.  The Investor is not in any material violation of any of
the provisions of its certificate of incorporation, bylaws or other
organizational or charter documents.

    

    (b)           The
Investor is an "accredited investor" as defined under Rule 501 of Regulation D
promulgated under the Securities Act of 1933, as amended (the "Securities
Act");

    

    (c)           The
Investor is acquiring the Shares for its own account and not with a view to any
distribution of the Shares in violation of the Securities Act;

    

    (d)           The
Investor acknowledges that it has significant prior investment experience,
including investment in non-listed and non-registered securities, and that the
Investor recognizes the highly speculative nature of this
investment.  In particular, and without limitation, the Investor
represents that it understands that the Company’s securities have suffered
significant illiquidity and decline in stock price and that other restricted
shareholders are eligible to sell securities pursuant to Rule 144 of the
Securities Act.  The Investor represents that it has been furnished
with, and has reviewed, all of the Company’s securities filings and all
documents and other information regarding the Company that the Investor had
requested or desired to know and all other documents which could be reasonably
provided have been made available for the Investor’s inspection and
review;

    

    (e)           The
Investor acknowledges that the Shares have not been passed upon or reviewed by
the Securities and Exchange Commission.  The Investor agrees that it
will not sell, transfer or otherwise dispose of any of the Shares until they are
registered under the Securities Act, or unless an exemption from such
registration is available and that a legend substantially in the form as
provided in Section 4 below will be placed on the certificate(s) representing
the shares to such effect;

    

    (f)           This
Agreement constitutes a valid and binding agreement and obligation of the
Investor enforceable against the Investor in accordance with its terms, subject
to limitations on enforcement by general principles of equity and bankruptcy or
other laws affecting the enforcement of creditors' rights
generally;

    

    (g)           Investor
is not acquiring the Shares as part of a group, as such term is defined in
Section 13 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and
is not acting in concert with any person acting in such
manner.  Investor makes its own voting and dispositive decisions and
has not agreed to grant any proxy or enter into any form of voting trust,
agreement or similar arrangement with respect to the Shares; and

    

    (h)           This
Agreement has been duly authorized, validly executed and delivered on behalf of
the Investor, and the Investor has full power and authority to execute and
deliver this Agreement and the other agreements and documents contemplated
hereby and to perform his obligations hereunder and thereunder; and

    

    (i)           The
Investor understands that Investor is investing in the Company which has nominal
revenues, operating history or assets and a limited trading history, is, or at
one time was a “shell company” as that term is defined in Rule 405 of the
Securities Act and that, the Company is a startup with limited assets and no
operating or revenue history.  Additionally, limited information is
available to the Company or Investor, about the market generally and the
business prospects of the Company.  Additionally, the Company will
need substantial additional cash in order to be effective with the execution of
its business plan, and no commitments for capital have been
obtained.  Accordingly, an investment in the Shares entails an
extremely high degree of risk, uncertainty and illiquidity, including the risk
of loss of one’s entire investment.

    

    3.           Representations,
Warranties and Covenants of the Seller.  The Company
represents and warrants to the Investor, and covenants for the benefit of the
Investor, as follows:

    

    (a)           Organization and
Qualification.  The Company is duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation, with the requisite power and authority to own
and use its properties and assets and to carry on its business as currently
conducted.  The Company is not in any material violation of any of the
provisions of its certificate of incorporation, bylaws or other organizational
or charter documents.

    

    (b)           Authorization;
Enforcement.  The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated herein
and otherwise to carry out its obligations hereunder, subject to consents and
waiver of anti dilution provisions of various existing
shareholders.  The execution and delivery of this Agreement by the
Company and the consummation by it of the transactions contemplated thereby have
been duly authorized by all necessary corporate action on the part of the
Company and no further action is required by the Company in connection
therewith.  This Agreement has been duly executed by the Company and,
when delivered in accordance with the terms hereof, will constitute the valid
and binding obligation of the Company enforceable against the Company in
accordance with its terms, except as such enforceability may be limited by (i)
applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies, or (ii) laws relating to the availability of specific
performance, injunctive relief or other equitable principles of general
application.

    

    (c)           Issuance of the
Shares.  The Shares have been duly authorized and, when issued
in accordance with this Agreement, will be duly and validly issued, fully paid
and nonassessable, free and clear of all liens.  Any claims by the
Company against the Investor in connection with the delivery of the Final
Payment shall not affect the ownership rights of the Shares and shall represent
a wholly separate claim by the Company against the Investor limited to monetary
damages.

    

    (d)           SEC Reports; Financial
Statements.  The Company has filed all reports required to be
filed by it under the Securities Act and the Exchange Act, including pursuant to
Section 13(a) or 15(d) thereof, for the twelve months preceding the date hereof
(or such shorter period as the Company was required by law to file such reports)
(the foregoing materials being collectively referred to herein as the "SEC Reports") on a
timely basis or has timely filed a valid extension of such time of filing and
has filed any such SEC Reports prior to the expiration of any such
extension.  As of their respective dates, the SEC Reports complied in
all material respects with the requirements of the Securities Act and the
Exchange Act and the rules and regulations of the Commission promulgated
thereunder, and none of the SEC Reports, when filed, contained any untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading, except to the
extent that such SEC Reports may have been subsequently amended or supplemented
to correct such misstatement or omission.  The financial statements of
the Company included in the SEC Reports comply in all material respects with
applicable accounting requirements and the rules and regulations of the
Commission with respect thereto as in effect at the time of filing.

    

    (e)           Certain Registration
Matters. Assuming the accuracy of the Investor’s representations and
warranties, no registration under the Securities Act is required for the offer
and sale of the Shares by the Company to the Investor under this
Agreement.

    

    4.           Other
Agreements of the Parties. 

    

    (a)           The
Company and the Investor agree that the Shares may only be disposed of in
compliance with state and federal securities laws.  In connection with
any transfer of the Shares other than pursuant to an effective registration
statement, to the Company or to an affiliate of an Investor, the Company may
require the transferor thereof to provide to the Company with an opinion of
counsel selected by the transferor, the form and substance of which opinion
shall be reasonably satisfactory to the Company, to the effect that such
transfer does not require registration of such transferred Shares under the
Securities Act.  As a condition of transfer, any such transferee shall
agree in writing to be bound by the terms of this Agreement.

    

    (b)           Certificates
evidencing the Shares will contain substantially the following legend, until
such time as they are not required under Section 4(c):

    

    THESE
SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY’S COUNSEL.  THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH
A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

    

    (c)           Certificates
evidencing the Shares shall not contain any legend (including the legend set
forth in Section 4(b)) following a sale or transfer of such Shares pursuant to
Rule 144 (assuming the transferor is not, and does not become, an affiliate of
the Company).  The Company may not make any notation on its records or
give instructions to any transfer agent of the Company that enlarge the
restrictions on transfer set forth in this Section.  Notwithstanding
the foregoing, the Investor represents that it understands that the Company was
and is a shell company and, accordingly, its ability to utilize the resale
exemptions provided pursuant to Rule 144 in the event that the Company becomes
non compliant with its ongoing requirements to file all required SEC Reports, or
to request a legend removal without a sale, is accordingly limited.

    

    5.           Delivery
of Share Certificates.  As soon as
practicable after the delivery of the Initial Payment, the Company agrees to
cause manually executed originals of a certificate evidencing the Shares,
registered in the name of such Investor to be delivered to such Investor at the
address specified by the Investor to the Company in writing, or otherwise
electronically delivered to the qualifying investment bank or custodian
requested by Investor.

    

    6.           Binding
Effect; Assignment.  This Agreement is
not assignable by the Company or the Investor without the prior written consent
of the other party.  This Agreement and the provisions hereof shall be
binding and shall inure to the benefit of the Company and its successors and
permitted assigns with respect to the obligations of the Investor under this
Agreement, and to the benefit of the Investor and its successors and permitted
assigns with respect to the obligations of the Company under this
Agreement.

    

    7.           Governing
Law; Jurisdiction.  This Agreement
shall be governed by and interpreted in accordance with the laws of the State of
Nevada without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction.

    

    8.           Entire
Agreement.  This Agreement constitutes the entire understanding
and agreement of the parties with respect to the subject matter hereof and
supersedes all prior and/or contemporaneous oral or written proposals or
agreements relating thereto all of which are merged herein.  This
Agreement may not be amended or any provision hereof waived in whole or in part,
except by a written amendment signed by both of the parties.

    

    9.           Survival.  The
representations and warranties of the Company and the Investor shall survive the
closing hereunder.

    

    

    ***SIGNATURE
PAGE FOLLOWS***

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    
 

    SIGNATURE
PAGE

    

    IN
WITNESS WHEREOF, this Agreement was duly executed on the date first written
above.

    

    
      	
              COMPANY

              CoConnect,
      Inc.

               

              /s/
      Brad M. Bingham

              _________________________

              By:
      Brad M. Bingham

              Its:
      Interim Chief Executive Officer

            	
              INVESTOR

              Turnaround
      Advisors, L.C.

               

              /s/
      David Hunt

              _________________________

              By:
      David Hunt

              Its:
      Managing Member

            

    

    

    

    

    A FACSIMILE COPY OF THIS AGREEMENT
SHALL HAVE THE SAME LEGAL EFFECT AS AN ORIGINAL OF THE SAME.

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