Document:

Exhibit 10.12

 

	
        Wigmore Medical Limited (“Wigmore”)
        - Invasix Ltd (“Invasix”)

        Founders Memorandum of Understanding

 

	1.	The Company	 	
        Wigmore,
        on behalf of the Parties, incorporated “Invasix UK Ltd”, a limited liability company in the United Kingdom
        (the “Company”), for the purpose of marketing Invasix Products
        to plastic surgeons, dermatologists, general practices, spa facilities, specialized hair removal clinics and salons in
        the UK, including Ireland and Scotland (the “Market”), including
        providing post-sale services to customers.

         

        The
        Products to be distributed by the Company include BodyTite Platform, Fractora TiteFX Platform, InMode Platform, upgrades
        and disposables of the above and additional products suitable to the Market as agreed from time to time by the Parties
        (the “Products”). The Products shall be supplied by Invasix
        at such prices as detailed in the Price List attached hereto as Schedule A.

	 	 	 	 
	2.	Ownership	 	Initially, the holdings of the Parties in the Company shall be as follows: Wigmore shall hold 49% and Invasix shall hold 51% of the outstanding share capital of the Company.
	 	 	 	 
	3.	Board of Directors, Shareholders Resolutions	 	
        1.    The
        Board of Directors (“Board”) will initially include 2 members:
        Mr. Bedo Eghiayan on behalf of Wigmore and Mr. Moshe Mizrahy on behalf of Invasix. The Board shall be the Company’s
        supreme management body.

        2.    The
        Board shall act by unanimous resolution. If the Board cannot reach such unanimous resolution on a certain matter, the matter shall
        be resolved by the General Meeting.

        3.    Resolutions
        of the General Meeting of the shareholders shall require a simple majority of the voting power, except for resolutions in material
        issues, which shall require a majority of 75% of the voting power (in case such matters require a resolution of the General Meeting).

        4.    Material
        issues which require a special majority of the shareholders:

        (a)resolutions
        which are contrary to the provisions of the Founders Agreement;

        (b)resolutions
        which entail shareholders' investments or obligations beyond those expressly mentioned in the Founders Agreement;

        (c)acquisition
        or disposal of any interest in any legal entity;

        (d)merger
        with any other entity;

        (e)declaration
        or distribution of dividends or profits;

        (f)sale or disposal of the whole or a substantial or material part of the undertaking or goodwill or assets of the Company;

        (g)pledge,
        mortgage or other encumbrances of any of the Company’s assets;

        (h)any
        transaction with a shareholder, director or with any person or entity which is related (directly or indirectly) to any of the Parties;
        and

 

     

     

    

 

	 	 	 	(i)appointment of all office holders in the Company, accountants and legal counsel.
	 	 	 	 
	4.	Financing	 	
        1.    Once
        the initial budget of the Company is agreed between the Parties, the Parties shall provide the Company with a working capital loan,
        according to their pro-rata share of the Company, and subject to such additional terms as determined in the loan documents to be
        executed by the Parties.

        2.    Additional
        capital loans shall be provided by the Parties according to the approved budget and subject to a resolution of the Board.

        3.    No
        dividend shall be distributed to shareholders of the Company before all capital loans are repaid in full and the Company has sufficient
        cash flow to carry out its work plan as determined by the Board.

        4.    In
        case the Board resolves to raise additional funding by equity investments, each shareholder shall have a preemptive right to participate
        in such investments pro-rata to its share of the Company. A shareholder who chooses not to participate in any such investment shall
        be diluted.

	 	 	 	 
	5.	Services Provided by Wigmore	 	Initially, Wigmore shall provide the Company with bookkeeping and accounting services, human resources and secretarial services. The Company shall also lease from Wigmore facilities for its operation, located at Wimpole House, 1 Bashley Road, London, pursuant to such terms as included in the Lease Agreement to be executed between Wigmore and the Company.
	 	 	 	 
	6.	Services Provided by Invasix	 	Invasix shall provide the Company with exclusivity regarding marketing and distribution of the Products in the Market, and shall also provide the Company’s personnel with training regarding use of the Products.
	 	 	 	 
	7.	Non-Compete	 	For as long as they are shareholders of the Company, the Parties will not, directly or indirectly, compete or assist others to compete with the Products in the Market.
	 	 	 	 
	8.	Buy Out upon a Party’s Wish to Sell	 	The Company’s incorporation documents (Articles of Association) will include a no transfer period, a right of first refusal, and a right of first offer. The exiting Party agrees to continue to supply the Company with existing products and/or services for a period of up to nine months from the date of notification of intent to exit or for the period of any existing supply agreements, whichever is longer.
	 	 	 	 
	9.	Buy Out upon Intended Liquidation	 	Any shareholder of the Company (currently only the Parties) requesting the winding up of the Company, must first offer its shares in the Company to the other shareholders, and if the other shareholders or some of them agree to purchase such shares at a price agreed between them, then the shares will be sold to such shareholders at such price, and the 

 

    	 	– 2 –	 

     

    

 

	 	 	 	request for winding up will be canceled. If the Parties do not agree on the price, the Parties shall refer the valuation to a qualified person agreed between them, and if not agreed between them within 14 days, such party that was recommended by the Company’s auditors.
	 	 	 	 
	10.	Equity Swap	 	Wigmore shall be entitled to swap its shares in the Company with Ordinary Shares of Invasix prior to any IPO or M&A transaction of Invasix and its share of Invasix shall be calculated as the product of Wigmore’s share percentage of the Company multiplied by the Company’s sales share out of the total sales of the Invasix group. For example: if Wigmore holds 49% of the Company, the Company’s sales amount to $10M and the total sales of the Invasix group amount to $100M, then Wigmore’s share of Invasix shall be 4.9% (49%* 10%).
	 	 	 	 
	11.	Confidentiality	 	Each Party will keep confidential all non-public information of the other Party or of the Company and will use such information only for the furtherance of this MOU into a Founders Agreement, for the operation of the Company and such other purposes expressly permitted by the other Party. The Parties will publicly disclose the existence or terms of this MOU or the definitive agreements only upon mutual agreement or as required by applicable laws or any securities exchange rules applicable or that may become applicable.
	 	 	 	 
	12.	Change of Control	 	In case that there is a Change of Control (as shall be more specifically defined in the definitive documents) in a Party, such Party is obligated to notify the other Party immediately after such Change of Control becomes public knowledge. In such an event, the No-Sale obligation of the other Party shall terminate. In addition if there has been a Change of Control in a Party then the other Party shall have the right to purchase such Party’s interest in the Company under a procedure to be set forth in the definitive agreements.
	 	 	 	 
	13.	Dispute Settlement	 	The definitive Founders Agreement shall include a dispute resolution mechanism for resolution of conflicts between the Parties.
	 	 	 	 
	14.	Binding Effect and Definitive Documents	 	This MOU is a non-binding document that expresses the Parties’ intentions. The Parties undertake to negotiate in good faith with a mutual desire to conclude the definitive agreements by the beginning of April 2014, containing additional terms customary for transactions of this type.

 

Agreed and accepted on 4/3, 2014

 

	/s/ Moshe Mizrahy	 	/s/ Mr. Bedo Eghiayan
	Invasix
    Ltd.	 	Wigmore
    Medical Limited
	By:
    Mr. Moshe Mizrahy, CEO	 	By:
    Mr. Bedo Eghiayan, CEO

 

    	 	– 3 –	 

     

    

  

SCHEDULE A

 

 

 Invasix UK Purchase
Order Form Colored Line (£)

	PO Number: 	 	Date:	 	 ̈
Ship to is Same as Bill To
	To:	InMode Ltd.	Bill To:	 	Ship To:	 
	Attn:	Eli Varshavsky	Attn:	 	Attn:	 
	Address:	
        Tavor Building-Shaar Yokneam

        POB 533, Yokneam 20692, Israel
	Address:	 	Address:	 
	Phone:	+972-4-9097470	Phone:	 	Phone:	 
	Email:	eliv@invasix.com	Email:	 	Email:	 
	Payment Terms:	 	Ship Via:	 	Special instructions:	 
	 	 	 	 	 	 	 	 	 

	 	 	                           Description	Applicator/HP included	Qty	Price £  	Total £
	AG606992A	 	Triton  (Based on InMode)	1 Diolaze XL	 	£26,500	 
	AG606991A	 	Optimas (Based on InMode)	1 Lumecca SR (515or580), Fractora, Forma	 	£26,500	 
	AG606968A	 	Votiva (Based on InModeRF)	FormaV, Fractora	 	£23,000	 
	AG606969A	 	BodyTite (Based on InModeRF) 	Fractora	 	£24,500	 
	AG604881A     	 	EmbraceRF (Based on InModeRF)	Morpheus8	 	£25,500	 
	AG606970A	 	Contoura (Based on InModeRF) 	BodyFX, Plus	 	£21,500	 
	AG601261A	 	Fractora Applicator	 	 	£3,700	 
	AG607401A	 	Morpheus8 Applicator	 	 	£4,000	 
	AS601654A	 	Firm-Forma Applicator (3 electrodes)	 	 	£3,250	 
	AS601679A	 	Plus Applicator	 	 	£3,700	 
	AG606798A	 	FormaV Applicator	 	 	£4,200	 
	AS600874A	 	BodyFX Applicator	 	 	£4,200	 
	AG604696A	 	MiniFX Applicator	 	 	£3,700	 
	AS601863A     	 	Lumecca 515 Applicator	 	 	£3,250	 
	AS601864A     	 	Lumecca 580 Applicator	 	 	£3,250	 
	AG605985A	 	Diolaze XL 810 Applicator	 	 	£8,400	 
	AG605975A	 	Diolaze XL 755/810 Applicator	 	 	£8,400	 
	AG605976A	 	Diolaze XL 810/1064 Applicator	 	 	£8,400	 
	AG605988A	 	Vasculaze 1064 Applicator	 	 	£8,400	 
	AG602426A     	 	24Pin Fractora tip 5 pack	 	 	£115	 
	AG604108A     	 	24Pin Coated Fractora 5 pack	 	 	£140	 
	AG601260A     	 	60Pin Fractora Tip 5 pack	 	 	£115	 
	AG601819B     	 	126Pin Fractora 5 pack	 	 	£115	 
	AG607563A	 	Morpheus8 Tip 4pack	 	 	£125	 
	AG607017A	 	Fractora Initial Tips Kit-Mix	 	 	£115	 
	AG605906A	 	FormaV Tip 3 Pack	 	 	£115	 
	HP101806A     	 	HP L10 D18 20Pack-FaceTite	 	 	£1,645	 
	HP122506A     	 	HP L12 D25 Type 06 20Pack-NeckTite	 	 	£1,645	 
	HP172503A     	 	HP L17 D25 Type 03 20Pack-CelluTite	 	 	£1,645	 
	HP173906A     	 	HP L17 D39 Type 06 20Pack-BodyTite	 	 	£1,645	 
	HP253906A     	 	HP L25 D39 Type 06 16Pack-BodyTite	 	 	£1,375	 
	HP255006A     	 	HP L25 D50 Type 06 16Pack-BodyTite	 	 	£1,375	 
	HP101306A	FaceTite 2 Sensors HP	20Pack	 	£2,310	 
	aHP172206A	BodyTite 2 Sensors HP	20Pack	 	£2,800	 
	HP172246A	BodyTite 2 Sensors HP, 40W	20Pack	 	£3,155	 
	Authorized by:  __________________________  Date: _____________	S&H	 
	Total	 

Notes & Instructions:

System Power cords: All platforms provided without power cords,
power cords to be purchased locally.

All Prices are Ex-Work, Please e-mail your order to: eliv@invasix.commtwd_ex101.htm

EXHIBIT 10.1
 
STOCK PURCHASE AGREEMENT
 
between
 
CAHAS MOUNTAIN PROPERTIES LLC and METWOOD. INC.
 
AGREEMENT effective as of June 28, 2019 between Cahas Mountain Properties, LLC, a Virginia limited liability company (“Cahas”) and Metwood, Inc., a Nevada colporation (MTWD). MTWD is, from time to time, hereinafter referred to as the “Company”).
 
MTWD is the holder of all the issued and outstanding shares of Metwood of Virginia, Inc., Virginia corporation (“Metwood Virginia”).
 
Cahas, the current majority shareholder of MTWD, wishes to purchase from MTWD and MTWD wishes to sell to Cahas, all its right, title and interest in and to Metwood Virginia, with the exception of the convertible note of June 29, 2016 face amount $50,000 as shown on the Balance Sheet of MTWD.
 
Accordingly, upon the terms and conditions hereinafter set forth, the parties agree as follows:
 
	1.	Purchase Price. The purchase price shall be Four Million, Seven Hundred Thousand Dollars.
	 
	 

	2.	Payment of Purchase Price. Cahas shall pay the purchase price by delivering Nine million (9,400,000) MTWD Common Shares to MTWD.
	 
	 

	3.	Closincy & Closing Date.
	 
	 

 
3.1 The Closing shall occur on June 29, 2019. At the Closing Cahas shall deliver the Metwood Shares to MTWD and MTWD shall deliver all its right, title, and interest in and to Metwood Virginia to Cahas.
 
	4.	Conversion of Shares. Upon the Closing and the receipt by MTWD of the Metwood Shares, MTWD shall cause the shares to be placed in escrow until debt from Emerge Nutraceuticals to Metwood Virginia is paid in full. Upon full payment, the shares will be released from escrow.
	 
	 

	5.	Representations and Warranties of Cahas. Cahas represents and warrants to MTWD as follows:

 
5.1 Due Organization: Authorny of Cahas. Cahas is a limited liability company duiy organized, validly existing and in good standing under the laws of the State of Virginia. Cahas has full right, power and authority to own its properties and assets, and to carry on its business as now being conducted. Cahas is not in breach or violation of any provision of its Charter, Operating Agreement, or any other agreement material to its operation and its ability 10 enter into and effect the transactions contemplated by this Agreement.
 
	 
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5.2 Ownership of the Metwood Shares. Cahas is the sole and exclusive record and beneficial owner of the MTWD Shares. Cahas possesses good and merchantable title to the MTWD Shares and owns the MTWD Shares free and clear of any and ail security interests, agreements, restrictions, claims, liens, pledges and encumbrances of any nature or kind. Cahas has the absolute and unconditional right to sell. assign, transfer and deliver the MTWD Shares to MTWD in accordance with the terms of this Agreement,
 
5.2 Corporate Power and Authority: Due Authorization. Cahas has all appropriate power and authority to execute and deliver this Agreement and to consummate all the transactions contemplated herein. No other proceedings on the part of Cahas are necessary to approve and authorize the execution and delivety of this Agreement and the consummation of the contemplated transactions. Assuming that this Agreement and each of Cahas’s Transaction Documents constitutes a valid and binding agreement of MTWD, this Agreement and each document generated and executed as a part of the contemplated transactions will constitute, when executed and delivered, a valid and binding agreement of’ Cahast enforceable against Cahas in accordance with its terms, subject to laws of general application in effect affecting creditors’ rights and subject to the exercise of judicial discretion in accordance with general equitable principles.  
 
5.4  Validity of Agreement. Cahas has the legal capacity and authority to enter into this Agreement. This Agreement is a valid and legally binding obligation of Cahas and is fully enforceable against Cahas in accordance with its terms.
 
5.5 Agreement Not in Conflict with Other Instruments: Required Approvals Obtained. The execution, delivery and performance of this Agreement by Cahas and the consummation of the transactions contemplated by this Agreement will not (i) violate or require any registration, qualification, consent, approval or filing under, (a) any law, statute, ordinance, rule or regulation of any federal. state or local government, or any agency, bureau, commission or inslmmentality of any Governments, or (b) any judgment, injunction, order, writ or decree of any court, arbitrator, Government or Governmental Agency by which Cahas or any of its assets or properties is bound; (ii) conflict with, require any consent or approval, or result in the breach or termination of any provision or, constitute a default under, result in the acceleration of the performance of any obligation of Cahas, or result in the creation of any claim, security interest, lien, charge or encumbrance on the Metwood Shares pursuant to: (a) The Company’ Charter or Bylaws, (b) any indenture, mortgage, deed of trust, license, permit, approval, consent, franchise. lease, contract, or other insuument or agreement to which The Company is a party or by which Cahas or any of Cahas’s assets or properties are bound, or (c) any judgment, injunction, order, writ or decree of any court, arbitrator, Government or Governmental Agency by which Cahas or any of its assets or properties is bound.
 
	 
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5.6  Legal Proceedings. There is no action, suit, proceeding, claim, arbitration or investigation by any Govemment, Governmental Agency or other Person (i) pending to which Cahas is a party, (ii) Lhreatened against or relating 10 the Melwood Shares or any of Cahas’s assets or businesses, (iii) challenging Cahas’s right to execute, deliver, perfotm under or consummate the transactions contemplated by this Agreement, or (iv) asserting any right with respect to any of the Metwood Shares, and there is no basis for any such action, suit, proceeding, claim, arbitration or investigation.
 
	6.	Representations and Warranties of MTWD. MTWD is the owner of all the authorized, issued and outstanding shares of Metwood Virginia. The Metwood Virginia shares are validly issued, fully paid and nonassessable. Delivery of the Metwood Virginia shares to Cahas as contemplated by this Agreement will transfer to Cahas full and entire legal and equitable title to the Metwood Virginia shares free and clear of any incumbrance or restriction whatsoever.

 
	7.	Covenants and A2reements. The parties covenant and agree as follows:

 
7.1 Conduct of the Metwood Virginia Business. From the date hereof through the Closing .Date, MTWD shall conduct the business of Metwood Virginia in the same manner and consistenc with past practice. Without the prior written consent of Cahas, MTWD shall make no changes in or to the Metwood Virginia business operations.
 
7.2 Litioation. From the date hereof through the Closing Date, MTWD shall promptly notify Cahas of any investigations of Metwood Virginia or any lawsuits, claims or proceedings which after the date hereof are commenced or, to the knowiedge of MTWD, threatened in writing against MTWDn or against any officer, director, employee, consultant, agent, stockholder or other representative, of MTWD, arising out of or relating to the affairs or conduct of the Business of MTWD.
 
7.3 Continued Effectiveness of Re resentations and Watxanties of MTWD. From the date hereof through the Closing Date, MTWD shall assure that the representations and warranties contained in Lhis Agreement shall continue co be true and correct on and as of the Closing Date as if made on and as of the Closing Date. and it shall promptly give Cahas notice of any event, condition or circumstance occurring from the date hereof through the Closing Date which would constitute a violation or breaCh of this Agreement.
 
	8.	Conditions Precedent to the obligations of Cahas. The obligations of Cahas to complete the Closing are subject to the fillfillment on or prior to the Closing Date of the töllowing conditions, any one or more of which may be waived by it.

 
8.1 Representations and Covenants. The representations and warranties of MTWD contained in this Agreement shall be true in all material respects on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date. MTWD shall have performed and complied with all covenants or agreements required by this Agreement to be performed or complied with by
 
	 
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MTWD on the Closing Date.
 
8.2 No Material Adverse Change. Since December 21, 2018, there shall have been no material adverse change in Metwood Virginia or the operations or financial condition of Metwood Virginia taken as a whole, and MTWD shall not know of any such change which is pending or contemplated, nor shall there have been any damage, destruction or loss materially adversely affecting Metwood Virginia or its operations or financial condition taken as a whole.
 
8.3 Litioation. No action, suit or proceeding shall have been instituted by any governmental or regulatory body before any court or governmental or regulatory body to restrain, modify or prevent the carrying out of the transactions contemplated hereby or which has or may have a material adverse effect on Metwood Virginia or its operations or financial condition.
 
	9.	Conditions Precedent to the Oblioation of MTWD. The obligation of MTWD to complete the Closing and transactions contemplated herein are subject to Cahas having performed and complied with all covenants and agreements required by this Agreement to be performed or complied with by Cahas on the Closing.
	 
	 

	10.	Survivai of Representations and Warranties of MTWD. Notwithstanding any right of Cahas fully to investigate the affairs MTWD and Metwood Virginia, Cahas has the right to rely fully upon the representations, warranties, covenants and agreements of MTWD contained in this Agreement or in any document delivered to it by MTWD or any of its representatives in connection with the transactions contemplated by this Agreement. All representations, warranties, covenants and agreements contained in this Agreement shall survive the execution and delivery hereof and the Closing hereunder, and all such representations, warranties, covenants and agreements shall thereafter terminate and expire with respect to any theretofore unasserted claim one (l) years following the Closing Date (and no claim for indemnification shall thereafter be made arising from any breaches of any such representations, warranties. covenants and agreements),
	 
	 

	11.	Indemnification.

 
1 1.1 Indemnification by MTWD. MTWD shall indemnify, defend and hold harmless Cahas. its officers, directors, members, managers, agents, servants and employees, from and against any and all claims, threats, liabilities, suits, actions, proceedings, demands, damages, losses, costs and expenses of every kind and nature arising out of, resulting from, or in connection with any misrepresentation or breach by MTWD of any representation or warranty contained in this Agreement.
 
11.2 Indemnification by Cahas. Cahas shall indemnify, defend anci hoid harmless MTWD, its officers. directorst members, managers, agents, servants and  from and against any and all claims, threats, liabilities, suits, actions, proceedings, demands, damages, losses, costs and expenses of every kind and nature arising out of, resulting from, or in connection with any misrepresentation or breach by Cahas of any representation or warranty contained in this Agreement.
 
	 
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	12.	Miscellaneous.

 
12.1 Survival of Representations. Warranties and Agreements. All of the representations, warranties, covenants, promises and agreements of the parties contained in this Agreement (or in any document delivered or to be delivered pursuant to this Agreement or in connection with the Closing) shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.
 
12.2 Entire Agreement. This Agreement constitutes the full, entire and integrated agreement between the panies hereto with respect to tire subject matter hereof, and supersedes all prior negotiations, correspondence, understandings and agreements among the parties hereto respecting the subject matter hereof.
 
12.3 Assignabilitv. This Agreement and MTWD’s rights and obligations hereunder may not be assigned by MTWD. Cahas may assign this Agreement and its rights, together with its obligations hereunder, to any affiliate of Cahas, without the requirement of the approval of MTWD.
 
12.4 Severability. Any provision of this Agreement which is held by a court of competent jurisdiction to be prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability, without invalidating or rendering unenforceable the remaining provisions of this Agreement.
 
12.5 Amendment: Waiver. No provision of this Agreement may be amended, waived or otherwise modified without the prior written consent of all the parties hereto. No action taken pursuant to this Agreement, including 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 herein contained. The waiver by any party hereto of a breach of any provision or condition contained in this Agreement shall not operate or be construed as a waiver of any subsequent breach or of any other conditions hereof.
 
12.6 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and ali of which together shall be deemed to be one and the same Agreement.
 
12.7 Applicable Law. This Agreement is made and entered into and shall be govemed by and construed in accordance with the laws of the Commonwealth of Virginia.
 
12.8 Further Assurances. MTWD agrees to execute and deliver, after the date hereof, without additional consideration, such further assurances, instruments and documents, and 10 lake such further actions, as Cahas may request in order to fulfill the intent of this Agreenlent and the transactions contemplated hereby.
 
	 
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IN WITNESS WHEREOF, the parties hereto have executed and sealed this Agreement on the date first above written.
 
	 	Cahas Mountain Properties LLC
	 	 	 
			
	 
	By: Robert M. Callahan 	 
	 	Its: Managing Partner	 
	 
	 
	 

	 
	Meiwood Inc. MTWD
	 

	 	  By: Shawn A Callahan 
	 
	 
	Its: President / CFO
	 

	 
	 
	 

 
 
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