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exad-8k_ex1011.htm - Generated by SEC Publisher for SEC Filing

  

EXHIBIT 10.11

STOCK REDEMPTION AGREEMENT

THIS STOCK REDEMPTION AGREEMENT ("Agreement") made and entered into as of May 7, 2013 (the "Effective Date") by and between Arthur John Carter, an individual ("Stockholder") and Clear System Recycling, Inc., a Nevada corporation (the "Company"). 

R E C I T A L S: 

WHEREAS, the Company is a Nevada corporation with its principal place of business at 73 Raynor Place, Oakville, Ontario, Canada L6J 6MF;

 

WHEREAS, Stockholder owns Twenty-Three Million (23,000,000) of the issued and outstanding shares of common stock of the Company, which are represented by certificate no. 1090 (the "Shares"); and

WHEREAS, Stockholder desires to sell and the Company desires to purchase the Shares from Stockholder (the "Redemption Shares") upon the terms and conditions contained in this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, do hereby covenant and agree as follows:

1.         Recitals.  The above recitals are true and correct and are incorporated herein by this reference.

2.         Stock Redemption.  As of the Effective Date, the Company hereby acquires the Redemption Shares in exchange for the aggregate purchase price in cash of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are acknowledged by the Company and Stockholder (collectively, the "Purchase Price").  Stockholder hereby agrees to duly execute the stock power, attached hereto at the end of this Agreement and incorporated herein by this reference, authorizing the transfer to the Company of the Redemption Shares upon the books of the Company.  A new certificate for remaining shares represented by the certificate in excess of 23,000,000 shares, if any, shall be reissued in the name of the Stockholder containing appropriate restrictive legends as required under the Securities Act of 1933, as amended, and should be delivered to the address of the Stockholder as reflected on the Company’s stock transfer records.

3.         Representations and Warranties.  Effective as of the date of this Agreement Stockholder represents and warrants to the Company as follows:

(a)                Noncontravention.  The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby will not:  (1) violate any order, judgment, injunction, award or decree of any court, arbitrator or governmental or regulatory body against, or binding upon Stockholder; (2) violate any statute, law or regulation of any jurisdiction applicable to Stockholder in connection with the transactions contemplated herein; or (3) violate or constitute a default under any mortgage, indenture, deed of trust, lease, contract, obligation, agreement, license or instrument to which Stockholder is a party.

 

(b)               Enforceability of Agreement. Stockholder has executed and delivered this Agreement, which constitutes, the legal, valid and binding obligation of Stockholder, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or other laws relating to, or affecting generally, the 

 

1

 

  

enforcement
of creditors' rights and remedies or by other equitable principles of general
application.

 

(c)               
Title to the Redemption Shares. 
Stockholder: (1) is the lawful owner, of record and beneficially, of the
Redemption Shares; and (2) has good and marketable title to the Redemption
Shares, free and clear of any and all liens, encumbrances, restrictions and
claims of every kind and with no restriction on the voting rights and other
incidents of record and beneficial ownership pertaining thereto. 
Stockholder is not the subject of any bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or similar proceeding affecting
creditors' rights and remedies generally.  Except for this Agreement, there
are no contracts or other understandings or arrangements between Stockholder and
any other person with respect to the acquisition, disposition, transfer,
registration or voting of, or any other matters in any way pertaining or
relating to, any of the securities of the Company.  Stockholder does not
have any right whatsoever to receive or acquire any additional securities of the
Company.

 

(d)              
Pending Actions. 
There are no existing, pending or threatened lawsuits, or appeals of prior
lawsuits or proceedings before any judicial, administrative, bankruptcy,
governmental, quasi-governmental or municipal tribunal affecting the Redemption
Shares or, to Stockholder's knowledge, the Company.

 

(e)       
Acknowledgment.  Stockholder acknowledges, understands
and is aware that the Company is currently (and has been) considering various
transactions which may affect the market value of the Redemption Shares. 
Such transactions include but are not limited to, various types of merger
agreements, acquisitions of stock or assets, initial public offerings and other
similar transactions.  Stockholder further acknowledges and understands
that the consummation of such transactions may result in the value of the
Redemption Shares exceeding the Purchase Price, and that Stockholder enters into
this Agreement with such knowledge and upon Stockholder's sole
accord.

 

(f)       
Survival of Representations and
Warranties.  The representations and warranties set forth in
this Agreement shall survive the Effective Date.

4.        
Release and Indemnification.  Effective as
of the Effective Date, Stockholder, regardless of any prior knowledge,
inspection or investigation on the part of the Company, hereby releases the
Company and agrees to indemnify and hold harmless the Company (and its
respective affiliates, directors, officers, fiduciaries, employees and
agents),  against and in respect of:  (1) any loss, claim, liability,
obligation, or damage (collectively, "Damages") which the Company
may suffer or incur after the Effective Date resulting from or arising in
connection with the breach of any representations or warranties, or
non-fulfillment of any covenant or agreement on the part of Stockholder
contained in this Agreement or any of the documents executed by Stockholder in
connection with the transactions contemplated by this Agreement; and (2) all
actions, suits, investigations, proceedings, demands, assessments, judgments,
reasonable attorneys' fees, costs and expenses incident to the foregoing,
including, but not limited to, any audit or investigation by any governmental
entity. 

 

5.        
Future Assurances.  After the
redemption, either party upon request of the other party will execute and
deliver such further instruments of assignment, conveyance and transfer
documents as are reasonable to assure, complete and evidence the full and
effective closing of this Agreement.

6.        
Governing Law and Jurisdiction.  This Agreement
is to be construed in accordance with and shall be governed by the laws of the
State of Nevada the exclusive venue for any dispute arising under this Agreement
shall be in Nevada.

2

 
  

7.        
Complete Agreement.  This Agreement
constitutes the complete agreement between the parties and incorporates all
prior agreements and representations.  This Agreement may not be amended,
changed or otherwise modified except by a writing signed by the party to be
charged by said amendment, change and modification.

IN WITNESS
WHEREOF, Stockholder and the Company has each caused this Stock
Redemption Agreement to be executed as of the day and year first written
above.

 

	
       
	
      "Stockholder"

       

      /s/ Arthur John Carter  

      Arthur John Carter

       

	
       
	
      "Company"

      CLEAR SYSTEM RECYCLING, INC., a Nevada
      corporation

      /s/ Michael Noonan  

      By: Michael Noonan

      Chief Financial
Officer

 

3exad-8k_ex1012.htm - Generated by SEC Publisher for SEC Filing

 

EXHIBIT
10.12

IRREVOCABLE APPOINTMENT
OF PROXY

            I,
Arthur John Carter, being a holder of Experience Art + Design, Inc. f/k/a Clear
System Recycling, Inc., a Nevada corporation (the “Corporation”), hereby
appoint during the Proxy Period (as defined below) Kenneth Kepp, or failing
him, Gordon Root, as my proxyholder with full power of substitution and to
attend, act and to vote for and on my behalf on all matters that may properly
come before any general or special meeting of shareholders of the Corporation and
at any adjournment or postponement thereof and to execute on my behalf any
written action taken by the shareholders of the Corporation without a meeting.
This appointment is coupled with an interest and shall be irrevocable during
the Proxy Period. For purposes of this appointment, the Proxy Period shall mean
any meeting or written action taken the shareholders of the Corporation called
between May  7 , 2013 [closing date]
through May  7 , 2014 [one year
following the closing date]. This Appointment shall automatically expire
and be null and void for all purposes on May 7 , 2014.

            Upon
the execution hereof, all prior proxies given by me with respect to voting of
my shares of the Corporation and any and all other securities issued or
issuable in respect thereof during the Proxy Period are hereby revoked and no
subsequent proxies will be given during the Proxy Period.

            In
order to carry out my obligations and fulfill my agreements hereunder, I hereby
agree to, upon request of the Corporation or its transfer agent, execute any
and all further reasonable agreements, certificates, documents or instruments
including without limitation any number of proxy substitutions, and to do or
cause to be done any and all such other acts as may be deemed necessary or
advisable to carry out the agreements contemplated herein.

 

Date:

            May 7, 2013                

                                                                                     /s/
Arthur John Carter                         

                                                                                    Arthur
John Carter

                                                                         

SUBSCRIBED AND SWORN TO BEFORE ME

 

THIS    7     DAY OF MAY, 2013.

 

                        /s/ Notary Public                                  

                        NOTARY
PUBLIC

(SEAL)

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