Document:

Unassociated Document

     

    COMMON
STOCK PURCHASE AGREEMENT

    

    Private
and Confidential

    

    THIS COMMON STOCK PURCHASE AGREEMENT,
(the “Agreement”) made as of the last executed date below (the “Effective
Date”), by and among Mr. Tsoi Tik Man  (the “Buyer”) and Belmont
Partners, LLC a Virginia limited liability company with a principal address of
360 Main Street, Washington Virginia 22747 (“Seller”), and iDcentrix, Inc. a
public vehicle organized in the state of Nevada and traded under the symbol
“IDCX” (the “Company”) (Buyer, Seller and Company each a “Party” and
collectively the “Parties”).

    

    W I T N E
S S E T H:

    

    WHEREAS,
the Company has one hundred million (100,000,000) authorized common stock shares
and no preferred shares authorized;

    

    WHEREAS,
the Company currently 68,176,300 issued and outstanding common stock shares and
the Seller owns a majority of the issued and outstanding capital stock of the
Company; and

    

    WHEREAS,
the Buyer wishes to purchase a control block of stock consisting
of  36,688,800 shares of the Company’s common stock which represents
fifty-three and eighty-one hundredths percent (53.81%) of the capital stock of
the Company (the “Stock”);

    

    NOW, THEREFORE, in consideration of the
mutual promises, covenants, and representations contained herein, and subject to
the terms and conditions hereof, the Parties agree as follows:

    

    1.           Agreement to Purchase and
Sell.  Seller will sell to Buyer and Buyer agrees to purchase
the Stock in exchange for:

    

    a)           Three
hundred thousand U.S. dollars ($300,000.00) (the “Purchase Price”), to be paid
to Seller according to the terms and conditions set forth in Section 3 herein;
and,

    

    b)           Ten
percent (10.00%) of the issued and outstanding common stock of the Company
according to the terms and conditions set forth in Section 3(c) herein (the
“Position”).

    

    2.           Closing.  On
or about five (5) business days from the Effective Date (the “Closing”) the
Parties shall perform,:

    

    a)           At
Closing, the Company shall execute a resolution approving the terms of this
Agreement, attached hereto as Exhibit 3;

    

    b)           Within
ten (10) business days from the Closing, the Company shall deliver to Seller and
Buyer, a resolution of the board of directors of the Company and Irrevocable
Transfer Agent Instructions signed by an authorized officer of the Company to
effectuate performance of Sections 1(b) and 3(c) of this Agreement (attached
hereto as Exhibit 1 and 2) (the “Board Resolution”);

     

    
      Dandong
Longsheng Flower Plantlet Tech. Co. Ltd./IDCX/Stock Purchase Agreement,
Page  of 25

      Buyer:
_____

      Seller:
_____

      Company:
_____

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    c)           Seller
shall deliver to Buyer, to the extent reasonably available to Seller, and after
the full performance of Section 3(a), true and correct copies of the Company’s
business, financial and corporate records including but not limited to:
correspondence files, bank statements, checkbooks, minutes of shareholder and
directors meetings, financial statements, shareholder listings, stock transfer
records, agreements and contracts;

    

    d)           At
Closing, Seller shall deliver a fully executed copy of this Agreement to
Buyer;

    

    e)           At
Closing, Company shall deliver a fully executed copy of this Agreement to Buyer
and Seller;

    

    f)           At
Closing, Buyer shall deliver to Seller a copy of this Agreement executed by
Buyer;

    

    g)           At
Closing, the board of directors of the Company shall execute a resolution
appointing Buyer, or Buyer’s designee, a director and officer of the Company
(the “Appointment”) attached hereto as Exhibit 4.  The officer
appointment shall be immediate and the director appointment shall be effective
on the tenth day following the mailing by the Company of an information
statement that complies with the requirements of Section 14f-1 of the Exchange
Act;

    

    h)           At
Closing, Seller shall deliver to Buyer the Appointment and letters of
resignation from the current directors and officers of the Company;

    

    i)           The
Purchase Price (defined in Section 3(a) herein) shall be released to
Seller;

    

    j)           Seller
shall deliver to Buyer, as soon as practicable after the full performance of
Buyer’s obligations in Sections 2(a) through 2(i) herein, the stock
certificate(s) evidencing the Stock together with valid signed stock power, gold
medallion guaranteed together with all documents necessary to effectuate the
transfer of the shares, including by not limited to a board resolution
demonstrating signature authority if shares are in the name of a legal
entity.

     

    3.           Payment
Terms.

    

    a)           Buyer
shall wire the Purchase Price to Seller on or before the Closing
date.

     

    
      Mr. Tsoi
Tik Man./IDCX/Stock Purchase Agreement, Page  of 25

      Buyer:
_____

      Seller:
_____

      Company:
_____

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    b)           The
Purchase Price shall be made by wire transfer of immediately available funds to
Seller’s account as follows:

    

    Wachovia
Bank, N.A.

    155
Broadview Avenue, Suite 100

    Warrenton,
VA 20186

    

    SWIFT:
PNBPUS33

    ABA:
051400549

    Account:
Belmont Partners, LLC

    Acct
Number:  2000049859375

    

    c)           Stock
Position.

    

    (i)           In
consideration of the benefits provided to the Company hereby, Company shall
issue and deliver to Seller, such fully paid, non-assessable restricted shares
of the Company’s common stock equal to a ten percent (10.00%) post Merger (as
defined in Section 9 herein) ownership interest in the Company (the
“Position”).  The Position shall be based on the capital structure of
the Company post Merger (taking into account any and all shares issued relating
to the Merger, initial contracts, and initial acquisition of any assets), post
reverse stock split (if any), post initial financing (whether that initial
financing be a single round or in multiple tranches over a period of time), and
after any other initial issuance of stock (including issuance to the Company’s
directors and/or officers), provided such subsequent issuances, when viewed as a
whole, are part of the Merger transaction.  Buyer shall take all steps
necessary to fully effectuate the provisions of this Section 3.

    

    (ii)           Certificate(s)
evidencing the Position shall be issued and delivered to the Seller immediately
following the actions anticipated by Section 3(c)(i) herein (the “Actions”), but
in no case later than eleven (11) months following the Effective Date
hereof.  In the event that all Actions have not been completed by the
eleventh month anniversary of this Agreement, Seller shall transfer to Buyer
shares comprising the Position on that date and shall issue additional shares as
necessary following completion of the Actions.

    

    (iii)           The
Parties acknowledge that the Seller is accepting the Position as consideration
for entering into this Agreement and undertaking the risk of taking equity as
consideration as of the effective date of this Agreement, therefore the
effective date of all Shares transferred pursuant to this Section 3 shall be the
Effective Date of this Agreement and shall be memorialized on the face of the
certificates evidencing such shares.

    

    d)           The
Parties acknowledge and agree that the Position shall be newly issued,
restricted common shares of the Company.  Buyer and Company agree to
accept as valid any legal opinion of Seller’s counsel regarding the removal of
restrictions from the Position in a form reasonably acceptable to the
Company.  In the event that, in one year from the date of the
execution of this Agreement, the Position can not be sold in accordance with
Rule 144 of the Securities Act of 1933, the Company agrees to include and
register the shares representing the Position in the event the Company files a
registration statement with the Securities and Exchange
Commission.  In the event that Buyer does not provide for the removal
of restrictions from the shares comprising the Position in accordance with Rule
144 upon Seller’s request (except in the event it is unlawful to do so in the
reasonable opinion of Company’s counsel), or does not recognize any opinion of
Seller’s counsel regarding the removal of such restrictions in a form reasonably
acceptable to the Company, the Company and the Buyer, jointly and severally,
shall pay to Seller liquidated damages in the amount of the bid price per share
as of the one year anniversary of this Agreement (as reported by the national
market on which the shares trade) multiplied by the number of shares in the
Position and upon payment of the liquidated damages to Seller, the Seller shall
transfer the Position to the Company.  The Parties agree that the
liquidated damages hereunder are not a penalty.

     

    
      Mr. Tsoi
Tik Man./IDCX/Stock Purchase Agreement, Page  of 25

      Buyer:
_____

      Seller:
_____

      Company:
_____

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    e)           In
consideration of the benefits provided to the Company hereby, Company and Buyer
agree to be jointly and severally liable for all amounts due
hereunder.

    

    4.           Transfer
Agent.  Until such time as the terms and conditions of Section
3(c) herein are fully performed, Buyer agrees that Pacific Stock Transfer, LLC
(the “Transfer Agent”) shall act as the Company’s sole transfer agency.

    

    5.           Representations and
Warranties of Seller.  Seller hereby represents and warrants,
to Buyer that the statements in the following paragraphs of this Section 5 are
all true and complete as of the date hereof:

    

    a)           Title
to Stock.  Seller is the record and beneficial owner and has sole
managerial and dispositive authority with respect to the Stock and has not
granted any person a proxy that has not expired or been validly
withdrawn.  The sale and delivery of the Stock to Buyer pursuant to
this Agreement will vest in Buyer the legal and valid title to the Stock, free
and clear of all liens, security interests, adverse claims or other encumbrances
of any character whatsoever (“Encumbrances”) (other than Encumbrances created by
Buyer and restrictions on resales of the Stock under applicable securities
laws).

    

    b)           Liabilities
of the Company. The Company has no liability or liabilities that have not been
previously disclosed to Buyer and listed on Schedule A
herein.  Notwithstanding the foregoing, the representation contained
in this Section 11(b) shall terminate 24 months following the Effective
Date.

    

    c)           Full
Power and Authority. Seller represents that it has full power and authority to
enter into this Agreement.

    

    6.           Representations and
Warranties of Buyer.   Buyer hereby represents and
warrants to Seller that the statements in the following paragraphs of this
Section 6 are all true and complete as of the date hereof:

     

    
      Mr. Tsoi
Tik Man./IDCX/Stock Purchase Agreement, Page  of 25

      Buyer:
_____

      Seller:
_____

      Company:
_____

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    a)           Affidavit
of Source of Funds. Prior to any transfer of funds to
Seller,  Buyer shall execute an Affidavit of Source of Funds (attached
hereto as Exhibit 5), which attests that the funds to be transferred are not the
proceeds of nor are intended for or being transferred in the furtherance of any
illegal activity or activity prohibited by federal or state laws. Such activity
may include, but is not limited to: tax evasion; financial misconduct;
environmental crimes; activity involving drugs and other controlled substances;
counterfeiting; espionage; kidnapping; smuggling; copyright infringement; entry
of goods into the United States by means of false statements; terrorism;
terrorist financing or other material support of terrorists or terrorism; arms
dealing; bank fraud; wire fraud; mail fraud; concealment of assets or any effort
by conspiracy or otherwise to defeat, defraud or otherwise evade, any party or
the Court in a bankruptcy proceeding, a receiver, a custodian, a trustee, a
marshal, or any other officer of the court or government or regulatory official;
bribery or any violation of the Foreign Corrupt Practices Act; trading with
enemies of the United States; forgery; or fraud of any kind.  Buyer
further warrants that all transfers of monies will be in accordance with the
Money Laundering Control Act of 1986 as amended.

    

    b)           Exempt
Transaction.  Buyer understands that the offering and sale of the
Stock is intended to be exempt from registration under the Securities Act of
1933, as amended (the “Act”) and exempt from registration or qualification under
any state law.

    

    c)           Full
Power and Authority.  Buyer represents that it has full power and
authority to enter into this Agreement.

    

    d)           
Stock.  The Stock to be purchased by Buyer hereunder will be acquired
for investment for Buyer’s own account, not as a nominee or agent, and not with
a view to the public resale or distribution thereof, and Buyer has no present
intention of selling, granting any participation in, or otherwise distributing
the same.

    

    e)           Information
Concerning the Company.  Buyer has conducted its own due diligence
with respect to the Company and its liabilities and believes it has enough
information upon which to base an investment decision in the Stock.

    

    f)           Investment
Experience.  The Buyer understands that purchase of the Stock involves
substantial risk.  The Buyer:

    

    (i)           has
experience as a purchaser in securities of companies in the development stage
and acknowledges that he can bear the economic risk of Buyer’s investment in the
Stock; and,

    

    (ii)           has
such knowledge and experience in financial, tax, and business matters so as to
enable Buyer to evaluate the merits and risks of an investment in the Stock, to
protect Buyer’s own interests in connection with the investment and to make an
informed investment decision with respect thereto.

     

    
      Mr. Tsoi
Tik Man./IDCX/Stock Purchase Agreement, Page  of 25

      Buyer:
_____

      Seller:
_____

      Company:
_____

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    g)           No
Oral Representations.  No oral or written representations have been
made other than or in addition to those stated in this Agreement. Buyer is not
relying on any oral statements made by Seller, Seller's representatives,
employee’s or affiliates in purchasing the Stock.

    

    h)           Restricted
Securities.  Buyer understands that the Stock is characterized as
“restricted securities” under the Act inasmuch as they were acquired from the
Company in a transaction not involving a public offering.

    

    i)           Opinion
Necessary.  Buyer acknowledges that if any transfer of the Stock is
proposed to be made in reliance upon an exemption under the Act, the Company may
require an opinion of counsel satisfactory to the Company that such transfer may
be made pursuant to an applicable exemption under the Act.  Buyer
acknowledges that a restrictive legend appears on the Stock and must remain on
the Stock until such time as it may be removed under the Act.

    

    j)           Shareholder
Value.  Buyer represents that Buyer intends to implement a business
plan designed to return value to the shareholders of the Company.

    

    k)           Compliance.  Buyer
shall comply with all applicable securities laws, rules and regulations
regarding this Agreement, the Merger and all related transactions, including but
not limited to filing any forms required by the U.S. Securities and Exchange
Commission.

    

    7.           Indemnification.

     

    a)           Indemnification.
Buyer covenants and agrees it
shall indemnify and hold harmless the Seller, its members, officers, directors,
agents, employees, attorneys, accountants, consultants, subsidiaries,
successors, affiliates and assigns (collectively the “Seller Covenantees”) from and against any and all losses,
damages, expenses and liabilities (collectively “Liabilities”) or actions, investigations, inquiries,
arbitrations, claims or other proceedings as a result of or relating to any
breach of any of the representations,
warranties, covenants or agreements made by the Buyer in this Agreement
(collectively “Actions”) (Liabilities and Actions are herein
collectively referred to as “Losses”).  Seller covenants and
agrees it shall indemnify and hold harmless the Buyer, its members,
officers, directors, agents, employees, attorneys, accountants, consultants,
subsidiaries, successors, affiliates and assigns (collectively the “Buyer Covenantees”) from and against any Losses as a
result of or relating to any breach of any of the
representations, warranties, covenants or agreements made by the Seller in this
Agreement. Losses include, but are not limited to all reasonable legal fees,
court costs and other expenses incurred in connection with investigating, preparing, defending, paying,
settling or compromising any suit in law or equity arising out of this Agreement
or for any breach of this Agreement by the indemnifying
party.  Notwithstanding the foregoing, nothing shall prevent Seller or
Buyer from pursuing any remedies available enforce
the Parties’ obligation under the
Agreement.

     

    
      Mr. Tsoi
Tik Man./IDCX/Stock Purchase Agreement, Page  of 25

      Buyer:
_____

      Seller:
_____

      Company:
_____

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    8.           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Virginia, U.S.A. without giving
effect to any other choice or conflict of law provision that would cause the
application of the laws of any other jurisdiction other than the Commonwealth of
Virginia.

    

    9.           Merger and Exchange of
Stock.  Buyer shall, as soon as practicable, effect a merger
(the “Merger”), between the Company, or a wholly owned subsidiary of the
Company, and a target corporation (the “Sub”).  The Company, or its
wholly owned subsidiary, shall be the surviving corporation of the Merger, and
shall continue unimpaired by the Merger.  Upon Merger, the Company
shall succeed to and shall possess all the assets, properties, rights,
privileges, powers, franchises, immunities and purposes, and be subject to all
the debts, liabilities, obligations, restrictions and duties of the
Sub.  A reverse acquisition transaction where the Company becomes the
operating subsidiary of a public company shall be deemed a “Merger” under this
section even if a merger does not occur.

    

    10.           Term /
Survival.  The terms of this Agreement shall be effective as of
the Effective Date, and continue until such time as the payment of the Purchase
Price and all other amounts due hereunder are fully satisfied, however; the
terms, conditions, and obligations of Sections 10, 11, 15, 16, 19, 21 and 22
hereof shall survive the termination of this Agreement.

    

    11.           Successors and
Assigns.  The terms and conditions of this Agreement shall
inure to the benefit of and be binding upon the respective successors and
assigns of the parties, except that Buyer may not assign or transfer any of its
rights or obligations under this Agreement.

    

    12.           Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
agreement.  A telefaxed
copy of this Agreement shall be deemed an original.

    

    13.           Headings.  The
headings used in this Agreement are for convenience of reference only and shall
not be deemed to limit, characterize or in any way affect the interpretation of
any provision of this Agreement.

    

    14.           Costs, Expenses.
 Each party hereto shall bear its own costs in connection with the
preparation, execution and delivery of this Agreement.

    

    15.           Modifications and
Waivers.  No change, modification or waiver of any provision of
this Agreement shall be valid or binding unless it is in writing, dated
subsequent to the Effective Date of this Agreement, and signed by both the Buyer
and Seller. No waiver of any breach, term, condition or remedy of this Agreement
by any party shall constitute a subsequent waiver of the same or any other
breach, term, condition or remedy.  All remedies, either under this
agreement, by law, or otherwise afforded the Buyer shall be cumulative and not
alternative.

    

    16.           Severability.  If
one or more provisions of this Agreement are held to be unenforceable under
applicable law, such provision(s) shall be excluded from this Agreement and the
balance of the Agreement shall be interpreted as if such provision(s) were so
excluded and shall be enforceable in accordance with its terms.

     

    
      Mr. Tsoi
Tik Man./IDCX/Stock Purchase Agreement, Page  of 25

      Buyer:
_____

      Seller:
_____

      Company:
_____

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    17.           Termination.  Buyer
or Seller may, upon written notice to the other party, terminate this Agreement
upon their own discretion prior to any funds being distributed.  Upon
the distribution of any funds, this termination clause is null and
void.

    

    18.           Entire
Agreement.  This Agreement constitutes the entire agreement and
understanding of the Parties with respect to the subject matter hereof and
supersedes any and all prior negotiations, correspondence, agreements,
understandings duties or obligations between the parties with respect to the
subject matter hereof.

    

    19.           Further
Assurances.  From and after the date of this Agreement, upon
the request of the Buyer or Seller, Buyer and Seller shall execute and deliver
such instruments, documents or other writings as may be reasonably necessary or
desirable to confirm and carry out and to effectuate fully the intent and
purposes of this Agreement.

    

    20.           Notices.  All
notices or other communications required or permitted by this Agreement shall be
in writing and shall be deemed to have been duly received:

    

    a)           if
given by telecopier, when transmitted and the appropriate telephonic
confirmation received if transmitted on a business day and during normal
business hours of the recipient, and otherwise on the next business day
following transmission,

    

    b)           if
given by certified or registered mail, return receipt requested, postage
prepaid, three business days after being deposited in the U.S. mails
and

    

    c)           if
given by courier or other means, when received or personally delivered, and, in
any such case, addressed as indicated herein, or to such other addresses as may
be specified by any such Person to the other Person pursuant to notice given by
such Person in accordance with the provisions of this Section 20.

    

    21.           Insider
Trading.  Seller and Buyer hereby certify that they have not
themselves, nor through any third parties, purchased nor caused to be purchased
in the public marketplace any publicly traded shares of the
Company.  Seller and Buyer further certify they have not communicated
the nature of the transactions contemplated by the Agreement, are not aware of
any disclosure of non public information concerning said transactions, and are
not a party to any insider trading of Company shares.

     

    
      Mr. Tsoi
Tik Man./IDCX/Stock Purchase Agreement, Page  of 25

      Buyer:
_____

      Seller:
_____

      Company:
_____

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    22.           Binding
Arbitration.  In the event of any dispute, claim, question, or
disagreement arising from or relating to this agreement or the breach thereof,
the Parties hereto shall use their best efforts to settle the dispute, claim
question, or disagreement. To this effect, they shall consult and negotiate with
each other in good faith and, recognizing their mutual interests, attempt to
reach a just and equitable solution satisfactory to both parties. If they do not
reach such a solution within a period of sixty (60) days, then, upon notice by
either party to the other, all disputes, claims, questions, or disagreements
shall be settled by arbitration administered by the American Arbitration
Association in accordance with its Commercial Arbitration Rules including the
Optional Rules for Emergency Measures of Protection, and judgment on any award
rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof.

     

    [Balance
of Page Intentionally Left Blank]

    [Signature
Page Follows]

     

     

     

     

     

     

     

     

    
      Mr. Tsoi
Tik Man./IDCX/Stock Purchase Agreement, Page  of 25

      Buyer:
_____

      Seller:
_____

      Company:
_____

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    In Witness
Whereof, the Parties hereto have executed this Agreement as of the last
date written below.

     

    
      
        	SELLER   	 	BUYER	 
	 	 	 	 
	BELMONT
      PARTNERS, LLC 	 	TSOI
      TIK MAN	 
	 	 	 	 	 	 
	 	  	 	 	  	 
	By:	
                Joseph Meuse, Managing
      Member  

              	 	By:	
                Tsoi Tik
    Man

              	 
	Date:  	
                 
      

              	 	Date:  	  	 

      

    

    
       

      
        
          	COMPANY	 	 	 
	 	 	 	 
	IDCENTRIX,
      INC.	 	 	 
	 	 	 	 	 	 
	 	  	 	 	
                	 
	By:	
                  Joseph Meuse,
      Director

                	 	 	
                	 
	Date: 	
                	 	 	
                	 

        

      

       

       

       

      
        Mr. Tsoi
Tik Man./IDCX/Stock Purchase Agreement, Page  of 25

        Buyer:
_____

        Seller:
_____

        Company:
_____

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
1

    UNANIMOUS
WRITTEN CONSENT

    OF
THE BOARD OF DIRECTORS

    IN
LIEU OF A SPECIAL MEETING

    

    In lieu
of a Special Meeting of the Board of Directors of iDcentrix, Inc. a corporation
organized in the State of Nevada (the "Company"), the
undersigned, being all of the Directors of the Company, take the following
actions by unanimous written consent; said actions to have the same force and
effect as if adopted at a meeting of the Board of Directors duly called and
held:

    

    WHEREAS, the Company has
determined that it is in the best interests of the Company to enter into an
agreement with Belmont Partners, LLC (“Belmont”) dated __________, 2010 (the
“Agreement”) requiring the Company to provide Belmont a ten percent (10.00%)
common stock shares position in the Company (the “Position”).  The
Position shall be based on the capital structure of the Company after merger
with a target corporation (taking into account any and all shares issued
relating to the merger, initial contracts, and initial acquisition of any
assets), post reverse stock split (if any), post initial financing (whether that
initial financing be a single round or in multiple tranches over a period of
time), and after any other initial issuance of stock (including issuance to the
Company’s directors and/or officers, provided such subsequent issuances, when
viewed as a whole, are part of the Merger transaction (collectively the
“Merger”);

    

    WHEREAS, the Company has
entered into the Agreement with Belmont;

    

    WHEREAS, the Company has
received full and adequate consideration from Belmont for the
Position;

    

    WHEREAS, it is in the best
interests of the Company to issue such shares of the Company’s common stock to
Belmont as necessary to provide Belmont the Position according to the terms of
the Agreement;

    

    WHEREAS, all shares
transferred to Belmont hereby shall be deemed to have a valuation of par
value;

    

    NOW,
THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:

     

    
      	
               
      

            	
              (a)

            	
              it
      is in the best interests of the Company to undertake the transactions
      contemplated hereby; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      transactions are hereby approved, ratified and confirmed;
    and

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Company will issue shares of the Company’s common stock to Belmont
      necessary to provide Belmont the Position according to the terms of the
      Agreement; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              any
      transfer agent acting for or on behalf of the Company or a Surviving
      Company (a “Transfer Agent”) shall be entitled to rely upon these
      resolutions to execute the issuance of the Position as aforesaid;
      and

            

    

     

    
      	
               
      

            	
              (e)

            	
              certificate(s)
      evidencing the Position shall be issued and delivered to Belmont Partners,
      LLC immediately following the actions anticipated by the Merger, but in no
      case later than the eleventh (11th)
      month anniversary of the Effective Date of the Stock Purchase
      Agreement.  In the event that all actions contemplated by the
      Merger have not been completed by the eleventh month anniversary of the
      Effective Date of the Stock Purchase Agreement, Belmont Partners, LLC
      shall be issued shares comprising the Position on that date and shall be
      issued additional shares as necessary following any reverse stock split,
      share issuances relating to the merger and initial contracts, initial
      acquisition of any assets, initial financing, and after any other initial
      issuance of stock, provided such subsequent issuances, when viewed as a
      whole, are part of the Merger transaction;
and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (f)

            	
              the
      effective date of all shares transferred pursuant to this Board Resolution
      shall be the Effective Date of the Stock Purchase Agreement and shall be
      memorialized on the face of the certificates evidencing such
      shares.  Company shall accept as valid any legal opinion of
      Belmont Partners, LLC’s counsel regarding the removal of restrictions from
      all shares hereby issued in a form reasonably acceptable to the Company,
      and any transfer agent acting on behalf of the Company shall be entitled
      to rely upon these resolutions to remove such restrictions from such
      shares; and

            

    

     

    
      	
               
      

            	
              (g)

            	
              the
      Company agrees to indemnify and hold harmless the Transfer Agent from and
      against any and all claims, liabilities, losses, damages and expenses,
      including fees and expenses of counsel, accountants and other advisors
      (collectively, “Losses”), related thereto or arising out of or in
      connection therewith the issuance of the Position;
  and

            

    

     

    
      	
               
      

            	
              (h)

            	
              the
      Company gives the Transfer Agent authorization to deliver said shares as
      specified herein to Belmont Partners, LLC at 360 Main Street, Washington,
      Virginia 22747 via Federal Express or Hand Delivery;
  and

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      value of all shares hereby transferred shall be par
  value.

            

    

     

    Each
Director, by signing this Unanimous Written Consent of the Board of Directors in
Lieu of a Special Meeting, waives notice of the time, place and purpose of a
special Board of Directors’ meeting and agrees to the transaction of the
business set forth in this unanimous written consent in lieu of such
meeting.

    

    IN WITNESS WHEREOF, we have
each signed this Unanimous Written Consent of the Board of Directors in Lieu of
a Special Meeting, which may be signed in one or more counterparts, each of
which, when taken together, shall constitute one and the same instrument,
effective as of the date executed below.

     

    
      
        	 	 	 	 
	 	 	 	,
      Director

      

       

    

    
      
        	STATE OF	 
      	COUNTY
      OF 	  	 

      
On this
the ____ day of _____________, 2010, _________________ personally appeared and
is known by me or has satisfactorily proven to be the person whose name is
subscribed within this instrument and acknowledged that he executed the same for
the purposes therein contained. In witness whereof I hereunto set my hand and
official seal.

    
      
        

        
          
            	   	 	 	 	 

          

          
            	Notary Public, Reg # 	 
      	,
      My Commission Expires:	  	 

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
2

    IRREVOCABLE
TRANSFER AGENT INSTRUCTIONS

    

    

    TO:           Pacific
Stock Transfer

    4045 South Spencer Street, Suite 403,
Las Vegas, NV 89919

    

    Re:           
iDcentrix, Inc.

    

    Ladies
and Gentlemen:

    

    Reference
is made to that certain Common Stock Purchase Agreement between iDcentrix, Inc.
(the “Company”), Belmont Partners, LLC (“Belmont”) and Mr. Tsoi Tik Man(the
“Buyer”), dated _________ __, 2010 pursuant to which the Company shall issue to
Belmont a number of shares of the common stock of the Company equal to ten
percent (10.00%) of the Company capital stock (the “Position”).  This
letter shall serve as the Company’s irrevocable authorization and direction to
Pacific Stock Transfer, and to any subsequent Transfer Agent of the Company,
(collectively the “Transfer Agent”) to issue shares of the common stock of the
Company to Belmont as set forth below, and no subsequent direction, order,
resolution or other order or request of the Company shall be effective to
rescind, modify, nullify, or otherwise cancel these instructions, the attached
resolutions, or the shares issued hereby.

     

    Specifically,
the Transfer Agent is hereby instructed to issue ten percent (10.00%) of the
Company’s capital to Belmont based on the capital structure of the Company
after  merger  with a target corporation (taking into
account any and all shares issued relating to the merger, initial contracts, and
initial acquisition of any assets), post reverse stock split (if any), post
initial financing (whether that initial financing be a single round or in
multiple tranches over a period of time), and after any other initial issuance
of stock (including issuance to the Company’s directors and/or officers,
provided such subsequent issuances, when viewed as a whole, are part of the
Merger transaction (collectively, the “Actions”).

    

    The
Transfer Agent shall deliver certificate(s) evidencing the shares in the
Position to Belmont Partners, LLC, at the address indicated below immediately
following the Actions, but in no case later than the eleventh month anniversary
of the Effective Date of the Stock Purchase Agreement.  In the event
that all Actions have not been completed by the Effective Date of the Stock
Purchase Agreement, the Transfer Agent shall transfer to Belmont certificate(s)
evidencing the shares comprising the Position on the eleventh month anniversary
of the Effective Date of the Stock Purchase Agreement, and shall further issue
additional shares to Belmont as necessary following completion of the
Actions.

    

    The
shares comprising the Position shall be newly issued restricted common shares of
the Company, and the Effective date of all shares in the Position shall be the
Effective Date of the Stock Purchase Agreement regardless of the date on which
the certificate(s) evidencing such shares are issued, and such effective date
shall be evidenced on the face of such certificate(s).

     

    The
Company hereby confirms to the Transfer Agent and Belmont that the shares
comprising the Position shall not be subject to any stop-transfer restrictions
and shall otherwise be freely transferable on the books and records of the
Company, and that if the shares comprising the Position are not registered for
sale under the Securities Act of 1933, as amended, then the certificates
evidencing such shares shall bear the requisite restrictive
legend.  The Transfer Agent is hereby instructed to accept as valid
any opinion of Belmont’s counsel regarding removal of any restriction from the
shares comprising the Position in a form reasonably acceptable to the Company,
and upon receipt of such opinion of counsel the Transfer Agent shall promptly
remove such legend.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
Company hereby represents, acknowledges and agrees that: (i) Belmont has relied
upon the representations and covenants made by the Company hereunder as a
material inducement to Belmont entering into the Common Stock Purchase
Agreement; (ii) that without such representations and covenants Belmont would
not enter into the Common Stock Purchase Agreement; (iii) in the event of any
breach or threatened breach of any provision hereof, Belmont would be
irreparably damaged and damages at law would be an inadequate remedy if these
Irrevocable Transfer Agent Instructions were not specifically
enforced.  Therefore, in the event of a breach or threatened breach of
the representations and covenants hereunder, or a breach or threatened breach of
the Transfer Agent’s duties and obligations herein defined, Belmont shall be
entitled in addition to all other rights and remedies, to an injunction
restraining such breach, without being required to show any actual damages or to
post any bond or other security, and/or to a decree of specific performance of
the provisions of these Irrevocable Transfer Agent Instructions.

     

    Delivery
of the certificate(s) evidencing the Position shall be delivered to Belmont by
Federal Express to Belmont Partners, LLC, 360 Main Street, Washington, Virginia
22747, or to such other address as specified in writing by Belmont.

     

    IN WITNESS WHEREOF, the
Parties have caused this agreement and letter of Irrevocable Transfer Agent
Instructions to be duly executed and delivered as of the date first written
above.

    
      
         

         

        
          
            	IDCENTRIX,
      INC.	 	 	BELMONT
      PARTNERS, LLC	 
	 	 	 	 	 
	 
      	 	 	  	 

          

          
            	 	, Director	 	 	Joseph Meuse, Director	 

          

        

         

        
          
            
              
                	PACIFIC
      STOCK TRANSFER	 	 	 	 
	 	 	 	 	 
	 	 	 	
                      	 
	 
                                                
      ,	 	 	
                      	 
	Date:  	 	 	 	
                      	 

              

            

             

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
3

    UNANIMOUS
WRITTEN CONSENT

    OF
THE BOARD OF DIRECTORS

    IN
LIEU OF A SPECIAL MEETING

    

    In lieu
of a Special Meeting of the Board of Directors of iDcentrix, Inc., a corporation
organized in the State of Nevada (the "Company"), the
undersigned, being all of the Directors of the Company, take the following
actions by unanimous written consent; said actions to have the same force and
effect as if adopted at a meeting of the Board of Directors duly called and
held:

    

    WHEREAS, the Company has
determined that it is in the best interests of the Company to enter into a
Common Stock Purchase Agreement by and among Mr. Tsoi Tik Man, Belmont Partners,
LLC (“Belmont”) and the Company (the “Stock Purchase Agreement”), which
contemplates, among other things, the transfer of approximately 53.81% of the
Company’s capital stock from Belmont to Mr. Tsoi Tik Man.

    

    NOW,
THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:

     

    
      	
               
      

            	
              (j)

            	
              it
      is in the best interests of the Company to enter into the Stock Purchase
      Agreement and undertake the transactions contemplated therein;
      and,

            

    

     

    
      	
               
      

            	
              (k)

            	
              the
      transactions are hereby approved, ratified and confirmed;
    and,

            

    

     

    
      	
               
      

            	
              (l)

            	
              any
      transfer agent acting for or on behalf of the Company or a Surviving
      Company (a “Transfer Agent”) shall be entitled to rely upon these
      resolutions to execute the issuance of the shares as aforesaid;
      and,

            

    

     

    
      	
               
      

            	
              (m)

            	
              the
      effective date of all Shares transferred pursuant to this Board Resolution
      shall be the Effective Date of the Stock Purchase Agreement and shall be
      memorialized on the face of the certificates evidencing such shares;
      and,

            

    

     

    
      	
               
      

            	
              (n)

            	
              the
      Company agrees to indemnify and hold harmless the Transfer Agent from and
      against any and all claims, liabilities, losses, damages and expenses,
      including fees and expenses of counsel, accountants and other advisors
      (collectively, “Losses”), related thereto or arising out of or in
      connection therewith the issuance of shares;
  and,

            

    

     

    
      	
               
      

            	
              (o)

            	
              the
      value of all shares hereby transferred shall be par
  value.

            

    

     

    Each
Director, by signing this Unanimous Written Consent of the Board of Directors in
Lieu of a Special Meeting, waives notice of the time, place and purpose of a
special Board of Directors’ meeting and agrees to the transactions of the
business set forth in this unanimous written consent in lieu of such
meeting.

    

    IN WITNESS WHEREOF, we have
each signed this Unanimous Written Consent of the Board of Directors in Lieu of
a Special Meeting, which may be signed in one or more counterparts, each of
which, when taken together, shall constitute one and the same instrument,
effective as of the date executed below.

     

    
      
        
          	 	 	 	 
	 	 	Joseph Meuse, Director	 

        

        
          	 	 	Date:
      	 	 

        

         

      

      
        	STATE OF	 
      	COUNTY
      OF 	  	 

      

    

    On this
the ____ day of _____________, 2010, Joseph Meuse personally appeared and is
known by me or has satisfactorily proven to be the person whose name is
subscribed within this instrument and acknowledged that he executed the same for
the purposes therein contained. In witness whereof I hereunto set my hand and
official seal.

    
      
        

        
          
            	   	 	 	 	 

          

          
            	Notary Public, Reg # 	 
      	,
      My Commission Expires:	  	 

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
4

    UNANIMOUS
WRITTEN CONSENT

    OF
THE BOARD OF DIRECTORS

    IN
LIEU OF A SPECIAL MEETING

    

    In lieu
of a Special Meeting of the Board of Directors of iDcentrix, Inc., a corporation
organized in the State of Nevada (the "Company"), the
undersigned, being all of the Directors of the Company, take the following
actions by unanimous written consent; said actions to have the same force and
effect as if adopted at a meeting of the Board of Directors duly called and
held:

    

    WHEREAS, the Board wishes to
appoint _________________ as the Director and President of the
Company.

    

    NOW,
THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:

     

    
      	
               
      

            	
              (a)

            	
              it
      is in the best interests of the Company to undertake the transactions
      contemplated hereby; and,

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      transactions are hereby approved, ratified and confirmed;
    and,

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Company appoints _________________ as the Director, President and
      Secretary of the Company.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      appointment as President shall be immediate and the director appointment
      as a director shall be effective on the tenth day following the mailing by
      the Company of an information statement that complies with the
      requirements of Section 14f-1 of the Exchange
  Act;

            

    

     

    Each
Director, by signing this Unanimous Written Consent of the Board of Directors in
Lieu of a Special Meeting, waives notice of the time, place and purpose of a
special Board of Directors’ meeting and agrees to the transaction of the
business set forth in this unanimous written consent in lieu of such
meeting.

    

    IN WITNESS WHEREOF, we have
each signed this Unanimous Written Consent of the Board of Directors in Lieu of
a Special Meeting, which may be signed in one or more counterparts, each of
which, when taken together, shall constitute one and the same instrument,
effective as of the date executed below.

     

    
      
        
          
            	 	 	 	 
	 	 	Joseph Meuse, Director	 

          

          
            	 	 	Date:
      	 	 

          

           

        

        
          	STATE OF	 
      	COUNTY
      OF 	  	 

        

      

    

    On this
the ____ day of _____________, 2010, Joseph Meuse personally appeared and is
known by me or has satisfactorily proven to be the person whose name is
subscribed within this instrument and acknowledged that he executed the same for
the purposes therein contained. In witness whereof I hereunto set my hand and
official seal.

    
      
        

        
          
            	   	 	 	 	 

          

          
            	Notary Public, Reg # 	 
      	,
      My Commission Expires:	  	 

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
5

    AFFIDAVIT
OF SOURCE OF FUNDS

    

    

    Fax
form to: 540-675-3369

    

    

    The
undersigned, _________________ (“Transferor”), who being first duly sworn upon
oath, deposes and states as follows:

    

    1.
Transferor hereby swears, warrants and affirms under pain and penalty of perjury
that the information in the following Affidavit of Source of Funds is true and
accurate, and all funds referenced herein are free of all claims, debts, liens
or contingent liabilities immediately prior to any transfer by Transferor to the
accounts of Belmont Partners, LLC, its agents or assigns (collectively
“Belmont”).

    

    2.
Transferor does not contemplate filing for relief under the provision of any
applicable Bankruptcy Code, nor is Transferor involved in any situation that
Transferor reasonably anticipates would cause Transferor to file for relief
under any Chapter of any applicable Bankruptcy Code in the future. Transferor
further sears, warrants and affirms that any funds which Transferor may transfer
to the accounts of Belmont are not the proceeds of nor are intended for or being
transferred in the furtherance of any concealment of assets or any effort by
conspiracy or otherwise to defeat, defraud or otherwise evade, any party or the
Court in any bankruptcy proceeding, a receiver, a custodian, a trustee, a
marshal, or any other officer of the Court or government or regulatory official
of any kind.

    

    3.
Transferor is not transferring assets in an attempt to defeat the collection of
any U.S. government obligation(s), U.S. government-backed obligation(s), or any
state, local, or national government (be it foreign or domestic) obligation(s)
and Transferor is aware that doing so may be a crime.

    

    4.  Transferor
hereby swears, warrants, and affirms that any funds which Transferor may
transfer to the accounts of Belmont are not the proceeds of nor are they
intended for or being transferred in the furtherance of any illegal activity or
activity prohibited by federal, state, local or foreign laws. Such activity may
include, but is not limited to: securities fraud or other financial misconduct
of any kind; tax evasion; environmental crimes; activity involving drugs or
other controlled substances; counterfeiting; espionage; kidnapping; piracy;
smuggling; copyright infringement; entry of goods into the United States by
means of false statements; terrorism; terrorist financing or other material
support of terrorists or terrorism; arms dealing; bank fraud; wire fraud; mail
fraud; bribery or any violation of the Foreign Corrupt Practices Act; theft;
embezzlement; misappropriation of public funds; violations of export or import
controls of the United States or any other nation; any crime of violence;
computer fraud and abuse; trading with enemies of the United States; forgery; or
fraud of any kind. Transferor further warrants that all transfers of funds will
be in accordance with the Money Laundering Control Act of 1986, as amended; the
Bank Secrecy Act of 1970, as amended; the International Money Laundering
Abatement and Anti-Terrorist Financing Act of 2001, as amended; and all other
applicable federal, state, local and foreign laws, rules and
regulations.

    

    5.  Transferor
understands that Belmont acts in compliance with various laws and regulations
intended to detect and report unlawful financial transactions relating, but not
limited, to money laundering and terrorist financing. Transferor understands
that Belmont may disclose personal financial information relating to customers
and transactions to appropriate law enforcement agencies without providing
notice to the individual or object of any such investigation.

    

    6. This
Affidavit applies to the Deposit of ____________ ($________) which will be
transferred by Transferor to accounts of Belmont by (please check one) □wire
transfer or □check; and this Affidavit applies to the Balance of the Purchase
Price which will be transferred by Transferor to the accounts of Belmont by
(please check one)
□wire transfer or □check.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    I HEREBY
SWEAR, WARRANT AND AFFIRM, UNDER PAIN AND PENALTY OF PERJURY THAT THE FOREGOING
STATEMENTS ARE TRUE AND CORRECT.

    

    
      
        	 	 	 	 	 
	   	 	 	 	 
	
                Signature

              	 	 	
              	 
	 	 	 	 	 
	  	 	 	 	 
	
                Print
      Name

              	 	 	 	 

      

    

    
      
        
        

         

         

         

        
          	STATE OF	 
      	COUNTY
      OF 	  	 

        

      

    

    On this
the ____ day of _____________, 2010, _________________ personally appeared and
is known by me or has satisfactorily proven to be the person whose name is
subscribed within this instrument and acknowledged that he executed the same for
the purposes therein contained. In witness whereof I hereunto set my hand and
official seal.

    
      

      
        
          	   	 	 	 	 

        

        
          	Notary Public, Reg # 	 
      	,
      My Commission Expires:STOCK PURCHASE AGREEMENT

AMONG

MANHATTAN SCIENTIFICS, INC.,

METALLICUM, INC.

AND

THE SHAREHOLDERS OF METALLICUM, INC.

 

 

Dated June o, 2008

 

 

TABLE OF CONTENTS

	Section	 	 	   		   	Page
	Article I SALE AND PURCHASE OF SHARES
	    	1	  
	1.1
	   	   	   	Sale and Purchase of Shares.
	   	    	1	   
	Article II PURCHASE PRICE AND PAYMENT

	    	1	  
	2.1
	   	   	   	Amount and Payment of Purchase Price.
	   	    	1	   
	Article III CLOSING AND TERMINATION

	    	3	  
	3.1
	   	   	   	Closing Date.
	   	    	3	   
	3.2
	   	   	   	Termination of Agreement.
	   	    	3	   
	Article IV REPRESENTATIONS AND WARRANTIES OF THE SELLERS

	    	3	  
	4.1
	   	   	   	Organization and Good Standing of Metallicum.
	   	    	3	   
	4.2
	   	   	   	Authority.
	   	    	3	   
	4.3
	   	   	   	Shares.
	   	    	4	   
	4.4
	   	   	   	Basic Corporate Records.
	   	    	4	   
	4.5
	   	   	   	Subsidiaries and Affiliates.
	   	    	5	   
	4.6
	   	   	   	Consents.
	   	    	5	   
	4.7
	   	   	   	Financial Statements.
	   	    	5	   
	4.8
	   	   	   	Taxes.
	   	    	5	   
	4.9
	   	   	   	Real Property Matters.
	   	    	6	   
	4.10
	   	   	   	Patents, Software, Trademarks, Etc.
	   	    	6	   
	4.11
	   	   	   	Machinery and Equipment.
	   	    	7	   
	4.12
	   	   	   	Lists of Contracts, Etc.
	   	    	7	   
	4.13
	   	   	   	Compliance With the Law.
	   	    	8	   
	4.14
	   	   	   	Litigation.
	   	    	8	   
	4.15
	   	   	   	Absence of Certain Changes or Events.
	   	    	8	   
	4.16
	   	   	   	Absence of Certain Commercial Practices.
	   	    	9	   
	4.17
	   	   	   	Environmental Matters.
	   	    	9	   
	4.18
	   	   	   	Investment Intent.
	   	    	9	   
	4.19
	   	   	   	Investment Experience; Suitability.
	   	    	10	   
	4.20
	   	   	   	Accreditation.
	   	    	10	   
	Article V REPRESENTATIONS AND WARRANTIES OF PURCHASER

	    	10	  
	5.1
	   	   	   	Organization and Good Standing of the Purchaser.
	   	    	10	   
	5.2
	   	   	   	Authority.
	   	    	10	   
	5.3
	   	   	   	Consents.
	   	    	10	   
	5.4
	   	   	   	Litigation.
	   	    	11	   

  

i 

	Section	 	 	   		   	Page
	5.5
	   	   	   	Investment Intent.
	   	    	11	   
	5.6
	   	   	   	Due Authorization of Purchaser Shares.
	   	    	11	   
	Article VI COVENANTS

	    	11	  
	6.1
	   	   	   	Access to Information.
	   	    	11	   
	6.2
	   	   	   	Conduct of the Business Pending the Closing.
	   	    	12	   
	6.3
	   	   	   	Other Actions.
	   	    	13	   
	6.4
	   	   	   	Use of Name.
	   	    	13	   
	6.5
	   	   	   	Employment Agreements.
	   	    	13	   
	6.6
	   	   	   	Tax Election.
	   	    	13	   
	6.7
	   	   	   	Tax Matters.
	   	    	14	   
	6.8
	   	   	   	Non-Competition.
	   	    	14	   
	Article VII CONDITIONS TO CLOSING

	    	15	  
	7.1
	   	   	   	Conditions Precedent to Obligations of Purchaser.
	   	    	15	   
	7.2
	   	   	   	Conditions Precedent to Obligations of the Sellers.
	   	    	15	   
	Article VIII DOCUMENTS TO BE DELIVERED

	    	16	  
	8.1
	   	   	   	Documents to be Delivered by the Sellers.
	   	    	16	   
	8.2
	   	   	   	Documents to be Delivered by the Purchaser.
	   	    	16	   
	Article IX INDEMNIFICATION

	    	16	  
	9.1
	   	   	   	Indemnification.
	   	    	16	   
	9.2
	   	   	   	Limitations on Indemnification for Breaches of Representations and Warranties.
	   	    	17	   
	Article X MISCELLANEOUS

	    	18	  
	10.1
	   	   	   	Survival of Representations and Warranties.
	   	    	18	   
	10.2
	   	   	   	Expenses.
	   	    	18	   
	10.3
	   	   	   	Further Assurances.
	   	    	18	   
	10.4
	   	   	   	Governing Law; Submission to Jurisdiction.
	   	    	18	   
	10.5
	   	   	   	Entire Agreement; Amendments and Waivers.
	   	    	18	   
	10.6
	   	   	   	Counterparts.
	   	    	19	   
	10.7
	   	   	   	Notices.
	   	    	19	   
	10.8
	   	   	   	Binding Effect; Assignment; Severability
	   	    	20	   

  

ii 

STOCK PURCHASE AGREEMENT

THIS STOCK PURCHASE AGREEMENT is made as of June [•], 2008 (the “Agreement”), among Manhattan Scientifics, Inc., a corporation existing under the laws of Delaware (the “Purchaser”), Metallicum, Inc., a corporation existing under the laws of New Mexico (“Metallicum”), and the shareholders of Metallicum listed on Schedule 1 hereof (collectively the “Sellers”).

W I T N E S S E T H:

WHEREAS, the Sellers own an aggregate of 2,000 shares of common stock, no par value per share (the “Shares”), of Metallicum, which Shares constitute all of the issued and outstanding shares of capital stock of Metallicum; and

WHEREAS, the Sellers desire to sell to Purchaser, and the Purchaser desires to purchase from the Sellers, the upon the terms and conditions hereinafter set forth; 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements hereinafter contained, the parties hereby agree as follows:

ARTICLE I   SALE AND PURCHASE OF SHARES

 

	
            1.1
 	
            Sale and Purchase of Shares.
 

Upon the terms and subject to the conditions contained herein, on the Closing Date each Seller shall sell, assign, transfer, convey and deliver to the Purchaser, and the Purchaser shall purchase from each Seller, all Shares of Metallicum owned by such Seller set forth opposite such Seller's name on Schedule 1 attached hereto.  

ARTICLE II   PURCHASE PRICE AND PAYMENT

 

	
            2.1
 	
            Amount and Payment of Purchase Price.  
 

	
             
  	
            (a)
 	
            On the Closing Date, the Purchaser shall issue 15,000,000 shares of Purchaser’s common stock (the “Common Stock”) to the Sellers based on the percentages set forth on Schedule 1.  
 

	
             
  	
            (b)
 	
            After the Closing Date, an additional 15,000,000 shares of Common Stock will be payable to the Sellers in the event:
 

	
             
  	
            (i)
 	
            Metallicum is granted an exclusive license by The Los Alamos National Laboratory on patents US7152448 and US6399215 related to nanostructured materials;
 

	
             
  	
            (ii)
 	
            Metallicum manufactures and sells in the United States a nanostructured titanium dental implant product and receives, if required, Food and Drug Administration approval; 
 

 

	
             
  	
            (iii)
 	
            Metallicum, with Purchaser’s cooperation, develops and submits U.S. patent applications to protect the current titanium nanostructuring technology for dental implant and additional medical device applications; 
 

	
             
  	
            (iv)
 	
            Metallicum secures commercial contracts for, in Purchaser’s reasonable good faith judgment, material sales of nanostructured metal with at least two customers; provided that any commercial contract for the sale of nanostructured metal;
 

	
             
  	
            (v)
 	
            Metallicum is a subsidiary of the Purchaser on May 30, 2010; provided that Terry C. Lowe is employed by Metallicum on such date.
 

Upon achieving both milestones listed in (i) and (ii) above, the Sellers will receive 6,000,000 shares of Common Stock based on the percentages set forth on Schedule 1.  Upon achieving each of the milestones listed in (iii), (iv) and (v) above, the Sellers will receive 3,000,000 shares of Common Stock based on the percentages set forth on Schedule 1; provided, that both of the milestones listed in (i) and (ii) above have been achieved.  If the Purchaser sells Metallicum, prior to May 30, 2010, all milestones shall be considered achieved and the Purchase will deliver the shares of Common Stock to the Sellers for all milestones.

If, one year from the Closing Date, Metallicum has not achieved the milestones described in subsection (b)(i) and (b)(ii) of this Section 2.1, Purchaser shall have the ability, by sending a notice to the shareholders of Metallicum, to rescind the purchase of Metallicum by Purchaser.  As a result of such rescission, the Purchaser shall exchange the Shares of Metallicum received on the Closing Date for the shares of the Purchaser’s Common Stock issued to the shareholders of Metallicum on and after the Closing Date.

Purchaser agrees and acknowledges that it shall be required to support Metallicum and provide resources, in its good faith judgment, to Metallicum to achieve the above milestones.

	
             
  	
            (c)
 	
            If, one year from the Closing Date, Purchaser is not current in its periodic reporting obligations under the Securities Exchange Act of 1934, Metallicum’s shareholders shall have the ability, by sending a notice to the Purchaser, to rescind the purchase of Metallicum by Purchaser.  As a result of such rescission, the shareholders of Metallicum will exchange any shares of the Purchaser’s Common Stock received on and from the Closing Date for the number of Metallicum Shares owned by such stockholder on the Closing Date.
 

	
             
  	
            (d)
 	
            The shareholders of Metallicum shall not sell shares of the Purchaser’s Common Stock until after the one-year anniversary of the Closing Date; provided, however, after six months from the Closing Date, the shareholders of Metallicum may sell shares in accordance with the provisions in subsection (e) hereof after any 20 consecutive trading day period when (i) the average daily trading volume is 10 times the 20-day trading period immediately preceding the Closing Date and (ii) the daily closing price during such trading period shall have increased on each consecutive day during the trading period.  
 

 

2

 

	
             
  	
            (e)
 	
            Notwithstanding anything herein to the contrary, after the one-year anniversary of the Closing Date, each shareholder of Metallicum may sell in any three-month period up to 25% of the average weekly trading volume of the security for the four calendar weeks prior to the sale.
 

ARTICLE III   CLOSING AND TERMINATION

	
            3.1
 	
            Closing Date.   
 

Subject to the satisfaction of the conditions set forth in Sections 7.1 and 7.2 hereof (or the waiver thereof by the party entitled to waive that condition), the closing of the sale and purchase of the Shares provided for in Section 2 hereof (the “Closing”) shall take place at the offices of Sichenzia Ross Friedman Ference LLP, 61 Broadway, New York, NY 10006 (or at such other place as the parties may designate in writing) on such date as the Sellers and the Purchaser may designate.  The Closing may also take place through the delivery of documents in electronic or telefaxed format or through courier delivery of actual signatures to counsel for the parties. 

 

	
            3.2
 	
            Termination of Agreement.
 

This Agreement may be terminated prior to the Closing by either (a) mutual written consent of the Sellers and the Purchaser or (b) the failure to complete the Closing by June 30.  In the event that this Agreement is validly terminated as provided herein, then each of the parties shall be relieved of their duties and obligations arising under this Agreement after the date of such termination and such termination shall be without liability to the Purchaser, Metallicum or any Seller; provided, however, that nothing in this Section 3.2 shall relieve the Purchaser or any Seller of any liability for a breach of this Agreement.

ARTICLE IV   REPRESENTATIONS AND WARRANTIES OF THE SELLERS

For purposes of this Agreement, any statement made to the knowledge of Metallicum shall mean the knowledge of the Sellers.  A Seller shall be deemed to have “knowledge” of a particular fact or other matter if such Seller is actually aware of such fact or other matter, or should, by reason of his or her position as an owner, director or executive officer of Metallicum, reasonably be expected to be aware of such fact or other matter.

The Sellers hereby jointly and severally represent and warrant to the Purchaser that:

 

	
            4.1
 	
            Organization and Good Standing of Metallicum.   
 

Metallicum is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation as set forth above. 

 

	
            4.2
 	
            Authority.
 

	
             
  	
            (a)
 	
            Metallicum has full power and authority (corporate and otherwise) to carry on its business and has all permits and licenses that are necessary to the conduct of its business or to the ownership, lease or operation of its properties and assets, except 
 

 

3

 

where the failure to have such permits and licenses would not have a Material Adverse Effect.

	
             
  	
            (b)
 	
            The execution of this Agreement and the delivery hereof to the Purchaser and the sale contemplated herein have been, or will be prior to Closing, duly authorized by Metallicum’s Board of Directors and by Metallicum’s stockholders having full power and authority to authorize such actions.
 

	
             
  	
            (c)
 	
            Neither the execution and delivery of this Agreement, the consummation of the transactions herein contemplated, nor compliance with the terms of this Agreement will violate, conflict with, result in a breach of, or constitute a default under any statute, regulation or other agreement to which Metallicum or any Seller is a party or by which it or any of them is bound, any charter, regulation, or bylaw provision of Metallicum, or any decree, order, or rule of any court or governmental authority or arbitrator that is binding on Metallicum or any Seller in any way, except where such would not have a Material Adverse Effect.
 

	
            4.3
 	
            Shares.
 

	
             
  	
            (a)
 	
            Metallicum’s authorized capital stock consists of 2,000 shares of Common Stock, no par value per share, of which 2,000 shares have been issued to Sellers and constitute the Shares as defined above.  All of the Shares are duly authorized, validly issued, fully paid and non-assessable.
 

	
             
  	
            (b)
 	
            The Sellers are the lawful record and beneficial owners of all the Shares, free and clear of any liens, pledges, encumbrances, charges, claims or restrictions of any kind and have, or will have on the Closing Date, the absolute, unilateral right, power, authority and capacity to enter into and perform this Agreement without any other or further authorization, action or proceeding, except as specified herein.
 

	
             
  	
            (c)
 	
            There are no authorized or outstanding subscriptions, options, warrants, calls, contracts, demands, commitments, convertible securities or other agreements or arrangements of any character or nature whatever under which any Seller or Metallicum are or may become obligated to issue, assign or transfer any shares of capital stock of Metallicum.  Upon the delivery to Purchaser on the Closing Date of the certificate(s) representing the Shares, Purchaser will have good, legal, valid, marketable and indefeasible title to all the then issued and outstanding shares of capital stock of Metallicum, free and clear of any liens, pledges, encumbrances, charges, agreements, options, claims or other arrangements or restrictions of any kind.
 

 

	
            4.4
 	
            Basic Corporate Records.   
 

The copies of the Articles of Incorporation of Metallicum (certified by the Secretary of State or other authorized official of the jurisdiction of incorporation), and the Bylaws of Metallicum, all of which have been delivered to the Purchaser, are true, correct and complete as of the date of this Agreement.

 

4

 

 

The minute books of Metallicum, which shall be exhibited to the Purchaser between the date hereof and the Closing Date, each contain true, correct and complete minutes and records of all meetings, proceedings and other actions of the shareholders and Board of Directors of Metallicum, except where such would not have a Material Adverse Effect and, on the Closing Date, will, to the best of Sellers’ knowledge, contain true, correct and complete minutes and records of any meetings, proceedings and other actions of the shareholders and the Board of Directors of Metallicum.

 

	
            4.5
 	
            Subsidiaries and Affiliates.   
 

Any and all businesses, entities, enterprises and organizations in which Metallicum has any ownership, voting or profit and loss sharing percentage interest (the “Subsidiaries”) are identified in Schedule 4.5 hereto, together with Metallicum’s interest therein.  

 

	
            4.6
 	
            Consents.   
 

No consents or approvals of any public body or authority and no consents or waivers from other parties to leases, licenses, franchises, permits, indentures, agreements or other instruments are (i) required for the lawful consummation of the transactions contemplated hereby, or (ii) necessary in order that the business currently conducted by Metallicum can be conducted by the Purchaser in the same manner after the Closing as heretofore conducted by Metallicum, nor will the consummation of the transactions contemplated hereby result in creating, accelerating or increasing any liability of Metallicum, except where the failure of any of the foregoing would not have a Material Adverse Effect.

 

	
            4.7
 	
            Financial Statements.   
 

The Sellers have delivered, or will deliver prior to Closing, to the Purchaser copies of the financial statements dated December 31, 2007 and the period then ended, all of which are true, complete and correct, have been prepared from the books and records of Metallicum.  The records and books of the Company reflect all material assets, liabilities and accruals.

There are no liabilities or obligations of Metallicum of any kind whatsoever exceeding $10,000, individually or in the aggregate, whether accrued, fixed, absolute, contingent, determined or determinable, except as identified in Schedule 4.14.

 

	
            4.8
 	
            Taxes.   
 

 

For purposes of this Agreement, “Tax” or “Taxes” refers to any and all federal taxes, assessments and other governmental charges, duties, impositions and liabilities relating to taxes, including taxes based upon or measured by gross receipts, income, profits, sales, use and occupation, and value added, ad valorem, transfer, franchise, withholding, payroll, recapture, employment, excise and property taxes and escheatment payments, together with all interest, penalties and additions imposed with respect to such amounts and any obligations under any agreements or arrangements with any other person with respect to such amounts and including any liability for taxes of a predecessor entity.

 

5

 

 

Metallicum has timely filed all federal returns, estimates, information statements and reports (“Tax Returns”) relating to Taxes required to be filed by Metallicum with any Tax authority effective through the Closing Date.  All such Returns are true, correct and complete in all respects, except for immaterial amounts where such would not have a Material Adverse Effect.  

Metallicum has not been delinquent in the payment of any Tax nor is there any Tax deficiency outstanding or assessed against Metallicum.  Metallicum has not executed any unexpired waiver of any statute of limitations on or extending the period for the assessment or collection of any Tax.

 

	
            4.9
 	
            Real Property Matters.   
 

Metallicum does not own any real property as of the date hereof and has not owned any real property during the three years preceding the date hereof. 

 

	
            4.10
 	
            Patents, Software, Trademarks, Etc.   
 

Metallicum owns, or possesses adequate licenses or other rights to use, all patents, software, trademarks, service marks, trade names and copyrights and trade secrets, if any, necessary to conduct its Business as now operated by it.  The patents, software, trademarks, service marks, copyrights, trade names and trade secrets, if any, registered in the name of or owned or used by or licensed to Metallicum and applications for any thereof (hereinafter the “Intangibles”) are described or referenced in Schedule 4.10.  Sellers hereby specifically acknowledge that all right, title and interest in and to all patents and software listed on Schedule 4.10 as patents owned by Metallicum are owned by Metallicum or Metallicum has a right to use
same and that the ownership of such patents and software will be transferred as part of Metallicum to Purchaser as part of the transaction contemplated hereby.  No officer, director, shareholder or employee of Metallicum or any relative or spouse of any such person owns any patents or patent applications or any inventions, software, secret formulae or processes, trade secrets or other similar rights, nor is any of them a party to any license agreement, used by or useful to Metallicum or related to its business except as listed in Schedule 4.10.  

All of said Intangibles are valid and in good standing to the best of Sellers’ knowledge, and are free and clear of all liens, security interests, charges, restrictions and encumbrances of any kind whatsoever, and have not been licensed to any third party except as described in Schedule 4.10.  Metallicum has not been charged with, nor to Sellers’ knowledge has it infringed or is it threatened to be charged with infringement of, any patent, proprietary rights or trade secrets of others in the conduct of its business, and, to the date hereof, neither the Sellers nor Metallicum has received any notice of conflict with or violation of the asserted rights in intangibles or trade secrets of others.  Metallicum is not now manufacturing any goods under a present permit, franchise or license, except as set forth in said Schedule 4.10.  The consummation of the transactions contemplated hereby will not alter or impair any rights of Metallicum in any such Intangibles or in any such permit, franchise or license, except as described in Schedule 4.10.  The Intangibles and Metallicum’s tooling, manufacturing and engineering drawings, process sheets, specifications, bills of material and other like information and data are in such form and of such quality and will be maintained in such a manner that 

 

6

 

 

Metallicum can, following the Closing, design, produce, manufacture, assemble and sell the products and provide the services heretofore provided by it so that such products and services meet applicable specifications and conform with the standards of quality and cost of production standards heretofore met by it.  To Sellers’ knowledge, Metallicum has the sole and exclusive right to use its corporate and trade names in the jurisdictions where it transacts business.

 

	
            4.11
 	
            Machinery and Equipment.
 

Except for items disposed of in the ordinary course of business, all machinery, tools, furniture, fixtures, equipment, vehicles, leasehold improvements and all other tangible personal property (hereinafter “Fixed Assets”) of the Company currently being used in the conduct of its business (the “Business”), together with any machinery or equipment that is leased or operated by the Company, are in fully serviceable working condition and repair.  Schedule 4.11 describes all Fixed Assets owned by Metallicum.  All Fixed Assets owned, used or held by the Company are situated at its business premises and are currently used in its Business.  

 

	
            4.12
 	
            Lists of Contracts, Etc.   
 

There is included in Schedule 4.12 a list of the following items (whether written or oral) relating to Metallicum, which list identifies and fairly summarizes each item (collectively, “Contracts”):

	
             
  	
            (a)
 	
            All joint venture contracts of Metallicum or affiliates relating to the Business;
 

	
             
  	
            (b)
 	
            All contracts of Metallicum relating to (a) obligations for borrowed money and (b) obligations under capital leases, (e) debt of others secured by a lien on any asset of Metallicum, and (f) debts of others guaranteed by Metallicum;
 

	
             
  	
            (c)
 	
            All agreements of Metallicum relating to the supply of raw materials for and the distribution of the products of its business, including without limitation all sales agreements, manufacturer’s representative agreements and distribution agreements of whatever magnitude and nature, and any commitments therefor;
 

	
             
  	
            (d)
 	
            All contracts that individually provide for aggregate future payments to or from Metallicum of $50,000 or more, to the extent not included in (a) through (c) above;
 

	
             
  	
            (e)
 	
            All contracts of Metallicum that have a term exceeding one year and that may not be cancelled without any liability, penalty or premium, to the extent not included in (a) through (d) above;
 

	
             
  	
            (f)
 	
            All contracts, agreements and commitments of Metallicum set forth in Schedule 4.12 are valid, binding and in full force and effect, and (ii) neither Metallicum nor, to the best of Sellers’ knowledge, any other party to any such contract, agreement, or commitment has materially breached any provision thereof or is in default thereunder.  Immediately after the Closing, each such contract, agreement or commitment will continue in full force and effect without 
 

 

7

 

 

the imposition or acceleration of any burdensome condition or other obligation on Metallicum resulting from the sale of the Shares by the Sellers.  

 

	
            4.13
 	
            Compliance With the Law.   
 

Metallicum is not in violation of any applicable federal, state, local or foreign law, regulation or order or any other, decree or requirement of any governmental, regulatory or administrative agency or authority or court or other tribunal (including, but not limited to, any law, regulation order or requirement relating to securities, properties, business, products, manufacturing processes, advertising, sales or employment practices, terms and conditions of employment, occupational safety, health and welfare, conditions of occupied premises, product safety and liability, civil rights, or environmental protection, including, but not limited to, those related to waste management, air pollution control, waste water treatment or noise abatement), except where such would not have a Material Adverse Effect.  Metallicum has not been and is not now charged with, or to the best knowledge of the
Sellers or Metallicum under investigation with respect to, any violation of any applicable law, regulation, order or requirement relating to any of the foregoing, nor, to the best knowledge of any Seller or Metallicum after due inquiry, are there any circumstances that would or might give rise to any such violation.  Metallicum has filed all reports required to be filed with any governmental, regulatory or administrative agency or authority, except where the failure to file such would not have a Material Adverse Effect.

 

	
            4.14
 	
            Litigation.   
 

Except as specifically identified on the Balance Sheet or footnotes thereto or set forth in Schedule 4.14:

	
             
  	
            (a)
 	
            There are no legal, administrative, arbitration or other proceedings or governmental investigations pending or, to the best knowledge of Sellers or Metallicum, threatened, against the Sellers or Metallicum, relating to its Business or Metallicum or its properties (including leased property), or the transactions contemplated by this Agreement, nor is there any basis known to Metallicum or any Seller for any such action.
 

	
             
  	
            (b)
 	
            There are no judgments, decrees or orders of any court, or any governmental department, commission, board, agency or instrumentality binding upon Sellers or Metallicum relating to its Business or Metallicum the effect of which is to prohibit any business practice or the acquisition of any property or the conduct of any business by Metallicum or which limit or control or otherwise would have a Material Adverse Affect on its method or manner of doing business.
 

 

	
            4.15
 	
            Absence of Certain Changes or Events.   
 

Metallicum has not, since December 31, 2008:

	
             
  	
            (a)
 	
            Incurred any material obligation or liability (absolute, accrued, contingent or otherwise), except in the ordinary course of its business consistent with past practice or in connection with the performance of this Agreement;
 

 

8

 

	
             
  	
            (b)
 	
            Disposed of or permitted to lapse any patents or trademarks or any patent or trademark applications material to the operation of its Business; or
 

	
             
  	
            (c)
 	
            Issued any stocks, bonds, or other corporate securities, or made any declaration or payment of any dividend or any distribution in respect of its capital stock.
 

 

	
            4.16
 	
            Absence of Certain Commercial Practices.   
 

Metallicum nor any Seller has made any payment (directly or by secret commissions, discounts, compensation or other payments) or given any gifts to another business concern, to an agent or employee of another business concern or of any governmental entity (domestic or foreign) or to a political party or candidate for political office (domestic or foreign), to obtain or retain business for Metallicum or to receive favorable or preferential treatment, except for gifts and entertainment given to representatives of customers or potential customers of sufficiently limited value and in a form (other than cash) that would not be construed as a bribe or payoff.

 

	
            4.17
 	
            Environmental Matters.  
 

The operations of Metallicum, to the best knowledge of Sellers, are in compliance with all applicable laws promulgated by any governmental entity which prohibit, regulate or control any hazardous material or any hazardous material activity (“Environmental Laws”) and all permits issued pursuant to Environmental Laws or otherwise except for where noncompliance or the absence of such permits would not, individually or in the aggregate, have a Material Adverse Effect;

Metallicum has obtained all permits required under all applicable Environmental Laws necessary to operate its business, except for any failures of such which would not have a Material Adverse Effect;

Metallicum is not the subject of any outstanding written order or Contract with any governmental authority or person respecting Environmental Laws or any violation or potential violations thereof; and

Metallicum has not received any written communication alleging either or both that Metallicum may be in violation of any Environmental Law, or any permit issued pursuant to Environmental Law, or may have any liability under any Environmental Law.

 

	
            4.18
 	
            Investment Intent.
 

The Purchaser Shares are being acquired hereunder by the Sellers for investment purposes only, for their own account, not as a nominee or agent and not with a view to the distribution thereof.  The Sellers have no present intention to sell or otherwise dispose of the Purchaser Shares and they will not do so except in compliance with the provisions of the Securities Act of 1933, as amended, and applicable law.  The Sellers understand that the Purchaser Shares which may be acquired hereunder must be held by them indefinitely unless a subsequent disposition or transfer of any of said shares is registered under the Securities Act of 1933, as amended, or is exempt from registration therefrom.  The Sellers further understand that the exemption from registration afforded by Rule 144 (the provisions of which are known to 

 

9

 

 

such Seller) promulgated under the Securities Act of 1933, as amended, depends on the satisfaction of various conditions, and that, if and when applicable, Rule 144 may afford the basis for sales only in limited amounts.  

 

	
            4.19
 	
            Investment Experience; Suitability.
 

The Sellers are each sophisticated investors familiar with the type of risks inherent in the acquisition of securities such as the Purchaser Shares and the Sellers’ financial position is such that the Sellers can afford to retain the shares of Purchaser Shares for an indefinite period of time without realizing any direct or indirect cash return on its investment.

 

	
            4.20
 	
            Accreditation.
 

 [•] are “accredited investors” within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended.  The Sellers understand that the Purchaser Shares are being offered to them in reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and that the Purchaser is relying upon the truth and accuracy of, and the Sellers’ compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Sellers set forth herein in order to determine the availability of such exemptions and the eligibility of the Sellers to acquire the Purchaser Shares.

ARTICLE V   REPRESENTATIONS AND WARRANTIES OF PURCHASER

 

	
            5.1
 	
            Organization and Good Standing of the Purchaser.
 

The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.  

 

	
            5.2
 	
            Authority.
 

(a)       The execution and delivery of this Agreement and the consummation of the transactions contemplated herein have been, or will prior to Closing be, duly and validly approved and acknowledged by all necessary corporate action on the part of the Purchaser.

(b)       The execution of this Agreement and the delivery hereof to the Sellers and the purchase contemplated herein have been, or will be prior to Closing, duly authorized by the Purchaser’s Board of Directors having full power and authority to authorize such actions.

 

	
            5.3
 	
            Consents.   
 

	
             
  	
            (a)
 	
            The execution and delivery of this Agreement, the acquisition of the Shares by Purchaser and the consummation of the transactions herein contemplated, and the compliance with the provisions and terms of this Agreement, are not prohibited by the Articles of Incorporation or Bylaws of the Purchaser and will not violate, conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any court order, indenture, mortgage, loan agreement, 
 

 

10

 

 

or other agreement or instrument to which the Purchaser is a party or by which it is bound.

	
             
  	
            (b)
 	
            No consent, waiver, approval, order, permit or authorization of, or declaration or filing with, or notification to, any person or governmental body is required on the part of the Purchaser in connection with the execution and delivery of this Agreement or any other agreement referenced herein or the compliance by Purchaser with any of the provisions hereof or thereof.
 

 

	
            5.4
 	
            Litigation.
 

There are no legal proceedings pending or, to the best knowledge of the Purchaser, threatened that are reasonably likely to prohibit or restrain the ability of the Purchaser to enter into this Agreement or consummate the transactions contemplated hereby.

 

	
            5.5
 	
            Investment Intent.
 

The Purchaser is acquiring the Shares for its own account, for investment purposes only and not with a view to the distribution (as such term is used in Section 2(11) of the Securities Act of 1933, as amended (the “Securities Act”)) thereof.  Purchaser understands that the Shares have not been registered under the Securities Act and cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available.

 

	
            5.6
 	
            Due Authorization of Purchaser Shares.   
 

The shares of Purchaser Common Stock, when delivered to the Sellers, shall be validly issued and outstanding as fully paid and non-assessable, free and clear of any liens, pledges, encumbrances, charges, agreements, options, claims or other arrangements or restrictions of any kind.

ARTICLE VI   COVENANTS

 

	
            6.1
 	
            Access to Information.
 

Metallicum agrees that, prior to the Closing Date, the Purchaser shall be entitled, through its officers, employees and representatives (including, without limitation, its legal advisors and accountants), to make such investigation of the properties, businesses and operations of Metallicum and such examination of the books, records and financial condition of Metallicum and its Subsidiaries as it reasonably requests and to make extracts and copies of such books and records.  

Purchaser agrees that, prior to the Closing Date, Metallicum shall be entitled, through its officers, employees and representatives (including, without limitation, its legal advisors and accountants), to make such investigation of the properties, businesses and operations of the Purchaser and such examination of the books, records and financial condition of the Purchaser as it reasonably requests and to make extracts and copies of such books and records.  

 

11

 

 

No investigation prior to or after the date of this Agreement shall diminish or obviate any of the representations, warranties, covenants or agreements contained in this Agreement or any other agreement referenced herein.

 

	
            6.2
 	
            Conduct of the Business Pending the Closing.
 

	
             
  	
            (a)
 	
            Except as otherwise expressly contemplated by this Agreement or with the prior written consent of the Purchaser, prior to the Closing the Sellers shall, and shall cause Metallicum to:
 

	
             
  	
            (i)
 	
            Conduct the respective businesses of Metallicum only in the ordinary course consistent with past practice;
 

	
             
  	
            (ii)
 	
            Use its best efforts to (A) preserve its present business operations, organization (including, without limitation, management and the sales force) and goodwill of Metallicum and (B) preserve its present relationship with parties having business dealings with Metallicum; and
 

	
             
  	
            (iii)
 	
            Comply in all material respects with applicable laws.
 

	
             
  	
            (b)
 	
            Except as otherwise expressly contemplated by this Agreement or with the prior written consent of the Purchaser, prior to the Closing the Sellers shall not, and shall cause Metallicum not to:
 

	
             
  	
            (i)
 	
            Transfer, issue, sell or dispose of any shares of capital stock or other securities of Metallicum or grant options, warrants, calls or other rights to purchase or otherwise acquire shares of the capital stock or other securities of Metallicum;
 

	
             
  	
            (ii)
 	
            Amend the Articles of Incorporation or Bylaws of Metallicum;
 

	
             
  	
            (iii)
 	
            Subject to any lien (except for leases that do not materially impair the use of the property subject thereto in their respective businesses as presently conducted), any of the properties or assets (whether tangible or intangible) of Metallicum;
 

	
             
  	
            (iv)
 	
            Acquire any material properties or assets or sell, assign, transfer, convey, lease or otherwise dispose of any of the material properties or assets (except for fair consideration in the ordinary course of business consistent with past practice) of Metallicum;
 

	
             
  	
            (v)
 	
            Enter into any commitment for capital expenditures out of the ordinary course;
 

	
             
  	
            (vi)
 	
            Permit Metallicum to enter into any transaction or to make or enter into any Contract which by reason of its size or otherwise is not in the ordinary course of business consistent with past practice;
 

 

12

 

	
             
  	
            (vii)
 	
            Permit Metallicum to enter into or agree to enter into any merger or consolidation with any corporation or other entity, and not engage in any new business or invest in, make a loan, advance or capital contribution to or otherwise acquire the securities of any other party;
 

	
             
  	
            (viii)
 	
            Agree to do anything prohibited by this Section 6.2 or anything which would make any of the representations and warranties of the Sellers in this Agreement or any other agreement referenced herein untrue or incorrect in any material respect as of any time through and including the Closing.
 

 

	
            6.3
 	
            Other Actions.
 

Each of the Sellers and the Purchaser shall use its best efforts to (i) take all actions necessary or appropriate to consummate the transactions contemplated by this Agreement, and (ii) cause the fulfillment at the earliest practicable date of all of the conditions to their respective obligations to consummate the transactions contemplated by this Agreement.

 

	
            6.4
 	
            Use of Name.   
 

The Sellers hereby agree that upon the consummation of the transactions contemplated hereby, the Purchaser and Metallicum shall have the sole right to the use of the name “Metallicum, Inc.” and the Sellers shall not, and shall not cause or permit any affiliate to, use such name or any variation or simulation thereof.

 

	
            6.5
 	
            Employment Agreements.   
 

Terry Lowe shall enter into an employment agreement with Metallicum or the Purchaser as soon as possible after Closing, contingent on approval from Los Alamos National Security LLC, including terms or restriction imposed under Los Alamos National Laboratory’s conflict of interest management policy.

 

	
            6.6
 	
            Tax Election.   
 

At the sole discretion of the Purchaser, the Sellers agree to make a timely election under Internal Revenue Code Section 338(h)(10) (“338(h)(10) election”), and Purchaser shall indemnify and hold harmless Sellers from and against any Tax liabilities imposed on Sellers as a result of having made any such 338(h)(10) election to the extent that such Tax liabilities exceed the Tax liabilities that the Sellers would incur in the absence of such election (the “Purchaser Tax Payments”).  In the event that the Sellers incur any Tax obligations as a result of the 338(h)(10) election which are in excess of amounts due had the transactions set forth herein been taxed as a stock sale, then the amount that the Purchaser shall be required to reimburse Sellers under this paragraph (1) shall
be grossed up to assure that Sellers do not incur any Tax cost as a result of the 338(h)(10) election and the reimbursement payments under this paragraph and (2) shall take into account the highest marginal income tax rate applicable to payments of this type at the applicable times as applies to any of the Sellers.  Any Purchaser Tax Payments shall be treated by the parties as additional Purchase Price and shall be paid to Sellers not less than seven (7) days prior to the time Sellers are required to pay such amounts with a Federal tax return or 

 

13

 

estimate.  Any amounts payable hereunder to the Sellers shall be paid in cash unless otherwise agreed to in writing by the Sellers.

 

	
            6.7
 	
            Tax Matters.  
 

 

	
             
  	
            (a)
 	
            Tax Periods Ending on or Before the Closing Date.  
 

 

The Sellers shall prepare or cause to be prepared and file or cause to be filed all Tax Returns for Metallicum for all periods ending on or prior to the Closing Date which are filed after the Closing Date as soon as practicable and prior to the date due (including any proper extensions thereof).  

	
             
  	
            (b)
 	
            Tax Periods Beginning Before and Ending After the Closing Date.  
 

Metallicum or the Purchaser shall prepare or cause to be prepared and file or cause to be filed any Tax Returns of Metallicum for Tax periods that begin before the Closing Date and end after the Closing Date.  

 

	
            6.8
 	
            Non-Competition.  
 

For a period of two years after the later of the Closing Date or the termination of Terry Lowe’s employment by Metallicum, Terry Lowe agrees not to engage in any of the following competitive activities: (a) engaging directly or indirectly in any business or activity substantially similar to any business or activity engaged in (or scheduled to be engaged) by Metallicum or the Purchaser in any areas where Metallicum or the Purchaser engage in business; (b) engaging directly or indirectly in any business or activity competitive with any business or activity engaged in (or scheduled to be engaged) by Metallicum or the Purchaser in any areas where Metallicum or the Purchaser engage in business; (c) soliciting or taking away any employee, agent, representative, contractor, supplier, vendor, customer, franchisee, lender or investor of Metallicum or the Purchaser, or attempting to so
solicit or take away; (d) interfering with any contractual or other relationship between Metallicum or the Purchaser and any employee, agent, representative, contractor, supplier, vendor, customer, franchisee, lender or investor; or (e) using, for the benefit of any person or entity other than Metallicum, any confidential information of Metallicum or the Purchaser. Nothing in this Section 6.9 shall be deemed, however, to prevent Terry Lowe from owning securities of any publicly-owned corporation engaged in any such business, provided that the total amount of securities of each class owned by such individual in such publicly-owned corporation (other than Purchaser) does not exceed two percent (2%) of the outstanding securities of such class. In addition, no Seller shall make any negative statement of any kind concerning Metallicum, the Purchaser or their affiliates, or their directors, officers or agents, except as such may be compelled by legal proceeding or governmental action or
authority.

 

14

 

 

ARTICLE VII   CONDITIONS TO CLOSING

 

	
            7.1
 	
            Conditions Precedent to Obligations of Purchaser.   
 

The obligation of the Purchaser to consummate the transactions contemplated by this Agreement is subject to the fulfillment, on or prior to the Closing Date, of each of the following conditions (any or all of which may be waived by the Purchaser in whole or in part to the extent permitted by applicable law):

	
             
  	
            (a)
 	
            all representations and warranties of the Sellers contained herein shall be true and correct as of the date hereof;
 

	
             
  	
            (b)
 	
            the Sellers shall have performed and complied in all material respects with all obligations and covenants required by this Agreement to be performed or complied with by  them on or prior to the Closing Date;
 

	
             
  	
            (c)
 	
            the Sellers shall have obtained all consents and waivers with respect to the transactions contemplated by this Agreement;
 

	
             
  	
            (d)
 	
            no legal proceedings shall have been instituted or threatened or claim or demand made against the Sellers, Metallicum, or the Purchaser seeking to restrain or prohibit or to obtain substantial damages with respect to the consummation of the transactions contemplated hereby, and there shall not be in effect any order by a governmental body of competent jurisdiction restraining, enjoining or otherwise prohibiting the consummation of the transactions contemplated hereby;
 

	
             
  	
            (e)
 	
            the Purchaser shall have received the written resignations of each director of Metallicum.
 

Metallicum may provide the Purchaser with information required by Article IV of this Agreement within thirty days after the Closing Date.  The Purchaser shall consummate the transaction on the Closing Date without receiving that information.  

 

 

	
            7.2
 	
            Conditions Precedent to Obligations of the Sellers.   
 

The obligations of the Sellers to consummate the transactions contemplated by this Agreement are subject to the fulfillment, prior to or on the Closing Date, of each of the following conditions (any or all of which may be waived by the Sellers in whole or in part to the extent permitted by applicable law):

	
             
  	
            (a)
 	
            all representations and warranties of the Purchaser contained herein shall be true and correct as of the date hereof;
 

	
             
  	
            (b)
 	
            the Purchaser shall have performed and complied in all material respects with all obligations and covenants required by this Agreement to be performed or complied with by Purchaser on or prior to the Closing Date; and
 

 

15

 

	
             
  	
            (c)
 	
            no legal proceedings shall have been instituted or threatened or claim or demand made against the Sellers, Metallicum, or the Purchaser seeking to restrain or prohibit or to obtain substantial damages with respect to the consummation of the transactions contemplated hereby, and there shall not be in effect any order by a governmental body of competent jurisdiction restraining, enjoining or otherwise prohibiting the consummation of the transactions contemplated hereby.
 

ARTICLE VIII   DOCUMENTS TO BE DELIVERED

 

	
            8.1
 	
            Documents to be Delivered by the Sellers.   
 

At the Closing, the Sellers shall deliver, or cause to be delivered, to the Purchaser the following:

	
             
  	
            (a)
 	
            stock certificates representing the Shares referred to in Section 7.1(c) hereof, duly endorsed in blank or accompanied by stock transfer powers and with all requisite stock transfer tax stamps attached; 
 

	
             
  	
            (b)
 	
            written resignations of each of the directors of Metallicum;
 

	
             
  	
            (c)
 	
            certificate of good standing with respect to Metallicum issued by the Secretary of State of the State of incorporation, and for each state, if any, in which Metallicum is qualified to do business as a foreign corporation; and
 

	
             
  	
            (d)
 	
            such other documents as the Purchaser shall reasonably request.
 

 

	
            8.2
 	
            Documents to be Delivered by the Purchaser.   
 

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

	
             
  	
            (a)
 	
            The shares to be delivered pursuant to 2.1(a) are delivered to the Sellers; and
 

	
             
  	
            (b)
 	
            such other documents as the Sellers shall reasonably request.
 

 

ARTICLE IX   INDEMNIFICATION

 

	
            9.1
 	
            Indemnification.
 

	
             
  	
            (a)
 	
            Terry Lowe hereby agrees to indemnify and hold the Purchaser, Metallicum, and their respective directors, officers, employees, affiliates, agents, successors and assigns (collectively, the “Purchaser Indemnified Parties”) harmless from and against:
 

	
             
  	
            (i)
 	
            any and all liabilities of Metallicum of every kind, nature and description, absolute or contingent, existing as against Metallicum prior to and including the Closing Date or thereafter coming into being or arising by reason of any state of facts existing, or any transaction entered into, on or 
 

 

16

 

prior to the Closing Date, except to the extent that the same have been disclosed in this Agreement, fully provided for in the Balance Sheet, or disclosed in the notes thereto or were incurred in the ordinary course of business between the Balance Sheet Date and the Closing Date;

	
             
  	
            (ii)
 	
            any and all losses, liabilities, obligations, damages, costs and expenses based upon, attributable to or resulting from the failure of any representation or warranty of the Sellers set forth in Section 4 hereof to be true and correct in all respects as of the date made; and
 

	
             
  	
            (iii)
 	
            any and all Expenses incident to the foregoing.
 

	
             
  	
            (b)
 	
            Purchaser hereby agrees to indemnify and hold the Sellers and their respective affiliates, agents, successors and assigns (collectively, the “Seller Indemnified Parties”) harmless from and against:
 

	
             
  	
            (i)
 	
            any and all Losses based upon, attributable to or resulting from the failure of any representation or warranty of the Purchaser set forth in Section 5 hereof to be true and correct as of the date made;
 

	
             
  	
            (ii)
 	
            any and all Losses based upon, attributable to or resulting from the breach of any covenant or other agreement on the part of the Purchaser under this Agreement or arising from the ownership or operation of Metallicum from and after the Closing Date, unless such claim is for a pre-Closing matter; and
 

	
             
  	
            (iii)
 	
            any and all losses, liabilities, obligations, damages, costs and expenses based upon, attributable to or resulting from the breach of any covenant or other agreement on the part of the Sellers under this Agreement; 
 

	
             
  	
            (iv)
 	
            any and all notices, actions, suits, proceedings, claims, demands, assessments, judgments, costs, penalties and expenses, including reasonable attorneys' and other professionals' fees and disbursements (collectively, “Expenses”) incident to any and all losses, liabilities, obligations, damages, costs and expenses with respect to which indemnification is provided hereunder (collectively, “Losses”).
 

 

	
            9.2
 	
            Limitations on Indemnification for Breaches of Representations and Warranties.
 

Notwithstanding anything else contained herein, the maximum liability Terry Lowe shall be required to pay hereunder, in the aggregate, shall be the monetary value of the aggregate amount of shares of the Purchaser paid or delivered to Terry Lowe on the Closing Date (the “Cap”).  In addition, if any Loss or Expense of Purchaser is covered by insurance, Terry Lowe shall not be required to indemnify Purchaser for the amount of such Losses or Expenses to the extent of such insurance proceeds and Terry Lowe shall only pay Purchaser the excess of the Losses and Expenses, if any, over such insurance proceeds, subject to the Cap.  Following the Closing, other than in cases of fraud, this Article 9 shall be the sole and exclusive remedy of the 

 

17

 

parties hereto and their successors and assigns with respect to any and all claims for Losses and Expenses sustained or incurred arising out of this Agreement.

ARTICLE X   MISCELLANEOUS

 

	
            10.1
 	
            Survival of Representations and Warranties.   
 

The parties hereto hereby agree that the representations and warranties contained in this Agreement or in any certificate, document or instrument delivered in connection herewith, shall survive the execution and delivery of this Agreement, and the Closing hereunder, regardless of any investigation made by the parties hereto.

 

	
            10.2
 	
            Expenses.   
 

Except as otherwise provided in this Agreement, the Sellers and the Purchaser shall each bear its own expenses incurred in connection with the negotiation and execution of this Agreement and each other agreement, document and instrument contemplated by this Agreement and the consummation of the transactions contemplated hereby and thereby, it being understood that in no event shall Metallicum bear any of such costs and expenses.

All sales, use, transfer, intangible, recordation, documentary stamp or similar Taxes or charges, of any nature whatsoever, applicable to, or resulting from, the transactions contemplated by this Agreement shall be borne by the Sellers.

 

	
            10.3
 	
            Further Assurances.   
 

The Sellers and the Purchaser each agrees to execute and deliver such other documents or agreements and to take such other action as may be reasonably necessary or desirable for the implementation of this Agreement and the consummation of the transactions contemplated hereby.

 

	
            10.4
 	
            Governing Law; Submission to Jurisdiction.
 

This Agreement shall be governed by and construed in accordance with the laws of the United States of America and the State of New York, both substantive and remedial, without regard to New York conflicts of law principles. Any judicial proceeding brought against either of the parties to this Agreement or any dispute arising out of this Agreement or any matter related hereto shall be brought in the courts of the State of New York, New York County, or in the United States District Court for the Southern District of New York and, by its execution and delivery of this Agreement, each party to this Agreement accepts the jurisdiction of such courts. The foregoing consent to jurisdiction shall not be deemed to confer rights on any person other than the parties to this Agreement

 

	
            10.5
 	
            Entire Agreement; Amendments and Waivers.   
 

This Agreement represents the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and can be amended, supplemented or changed, and any provision hereof can be waived, only by written instrument making specific reference to 

 

18

 

 

this Agreement signed by the party against whom enforcement of any such amendment, supplement, modification or waiver is sought.  No action taken pursuant to this Agreement, including without limitation, any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or agreement contained herein.  The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach.  No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the
exercise of any other right, power or remedy.  All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law.

 

	
            10.6
 	
            Counterparts.   
 

This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument.  In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof.

 

	
            10.7
 	
            Notices.   
 

All notices and other communications under this Agreement shall be in writing and shall be deemed given when delivered personally, mailed by certified mail, return receipt requested, or via recognized overnight courier service with all charges prepaid or billed to the account of the sender to the parties (and shall also be transmitted by facsimile to the parties receiving copies thereof) at the following addresses (or to such other address as a party may have specified by notice given to the other party pursuant to this provision):

 

	
             
  	
            (a)
 	
            Purchaser:
 

Manhattan Scientifics, Inc. 

Chrysler Building 

405 Lexington Avenue

New York, NY 10174 

Phone:  (212) 752-0505 

Facsimile: (212) 752-0077

 

Copy to:

 

Gregory Sichenzia, Esq.

Sichenzia Ross Friedman Ference LLP

61 Broadway

New York, New York 10006

 

19

 

 

Phone:  (212) 930-9700

Facsimile: (212) 930-9725

 

	
             
  	
            (b)
 	
            Sellers:
 

Metallicum, Inc.

1207 Callejon Arias

Santa Fe, NM 87501

Attn:  Terry Lowe

Phone:  505-670-8755

Facsimile:  505.989.9955

 

 

	
            10.8
 	
            Binding Effect; Assignment; Severability
 

This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.  Nothing in this Agreement shall create or be deemed to create any third party beneficiary rights in any person or entity not a party to this Agreement except as provided below.  No assignment of this Agreement or of any rights or obligations hereunder may be made by either the Sellers or the Purchaser (by operation of law or otherwise) without the prior written consent of the other parties hereto and any attempted assignment without the required consents shall be void. 

If any provision of this Agreement is invalid or unenforceable, the balance of this Agreement shall remain in effect.

 

[intentionally blank]

 

20

 

 

IN WITNESS WHEREOF, the parties hereto have executed or caused to be duly executed this Stock Purchase Agreement as of the date first set forth above.

 

MANHATTAN SCIENTIFICS, INC.

 

	
             
 	
            By:
 	
            ________________________________
 

	
             
 	
            Emmanuel Tsoupanarias,
 

	
             
 	
            Chief Executive Officer
 

 

METALLICUM, INC.

 

By:________________________________ 

	
             
 	
            Terry Lowe,
 

	
             
 	
            Chief Executive Officer and President
 

 

21

 

 

SELLER

 

By:________________________________ 

 

Name:_____________________________

 

22

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